FS Bancorp, Inc. Reports Third Quarter Net Income of $9.2 Million or $1.18 Per Diluted Share and Declares 51st Consecutive Quarterly Cash Dividend

MOUNTLAKE TERRACE, Wash., Oct. 21, 2025 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2025 third quarter net income of $9.2 million, or $1.18 per diluted share, compared to $10.3 million, or $1.29 per diluted share, for the comparable quarter one year ago. For the nine months ended September 30, 2025, net income was $24.9 million, or $3.18 per diluted share, compared to net income of $27.6 million, or $3.45 per diluted share, for the comparable nine-month period in 2024. “We continue to manage our strong net interest margins (NIM) with expanding yields on earning assets while maintaining a stable, well positioned mix of funding liabilities,” stated Matthew Mullet, CEO and President of 1st Security Bank. “Shareholder returns were balanced in the third quarter with share repurchases, a paid special dividend, and the payment of our 50th quarterly dividend," stated Joe Adams, CEO of FS Bancorp, Inc. "We are also pleased to announce that our Board of Directors has approved our 51st consecutive quarterly cash dividend of $0.28 per common share, demonstrating our commitment to long-term shareholders. The cash dividend will be paid on November 20, 2025, to shareholders of record as of November 6, 2025,” concluded Adams. 2025 Third Quarter Highlights Net income was $9.2 million for the third quarter of 2025, compared to $7.7 million for the previous quarter, and $10.3 million for the comparable quarter one year ago;Total deposits increased $133.1 million, or 5.2%, to $2.69 billion at September 30, 2025, compared to $2.55 billion at June 30, 2025, and increased $259.2 million, or 10.7%, from $2.43 billion at September 30, 2024, primarily due to an increase in brokered certificates of deposit (“CDs”) and, to a lesser extent, other deposits. Noninterest-bearing deposits were $665.9 million at September 30, 2025, $654.1 million at June 30, 2025, and $657.8 million at September 30, 2024;Borrowings decreased $105.0 million, or 44.8%, to $129.3 million at September 30, 2025, compared to $234.3 million at June 30, 2025, and decreased $34.5 million, or 21.1%, from $163.8 million at September 30, 2024;Loans receivable, net increased $17.3 million, or 0.7%, to $2.60 billion at September 30, 2025, compared to $2.58 billion at June 30, 2025, and increased $135.9 million, or 5.5%, from $2.46 billion at September 30, 2024;Consumer loans were $600.8 million at September 30, 2025, a decrease of $5.5 million, or 0.91%, from $606.3 million in the previous quarter, and a decrease of $31.6 million, or 5.0%, from $632.4 million in the comparable quarter one year ago. During the three months ended September 30, 2025, consumer loan originations included 83.3% of home improvement loans originated with a Fair Isaac Corporation (“FICO”) score above 720;Repurchased 134,413 shares of the Company's common stock in the third quarter of 2025 at an average price of $41.15 per share, with $826,000 remaining for future purchases under the existing share repurchase plan as of September 30, 2025;Book value per share increased $0.88 to $40.43 at September 30, 2025, compared to $39.55 at June 30, 2025, and increased $2.98 from $37.45 at September 30, 2024. Tangible book value per share (non-GAAP financial measure) increased $0.97 to $38.43 at September 30, 2025, compared to $37.46 at June 30, 2025, and increased $3.33 from $35.10 at September 30, 2024. See, “Non-GAAP Financial Measures;”Segment reporting in the third quarter of 2025 reflected net income of $8.4 million for the Commercial and Consumer Banking segment and $775,000 for the Home Lending segment, compared to net income of $7.4 million and $351,000 in the prior quarter, and net income of $9.3 million and $1.0 million in the third quarter of 2024, respectively; andRegulatory capital ratios at the Bank were 13.8% for total risk-based capital and 11.0% for Tier 1 leverage capital at September 30, 2025, compared to 14.1% for total risk-based capital and 11.2% for Tier 1 leverage capital at June 30, 2025. Segment Reporting The Company operates through two reportable segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment also manages the Bank's investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment. The tables below provide a summary of segment reporting at or for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands): At or For the Three Months Ended September 30, 2025 Condensed income statement: Commercial andConsumerBanking Home Lending Total Net interest income (1) $30,810 $2,880 $33,690 Provision for credit losses (2,150) (159) (2,309)Noninterest income (2) 2,079 3,515 5,594 Noninterest expense (3) (20,134) (5,254) (25,388)Income before provision for income taxes 10,605 982 11,587 Provision for income taxes (2,203) (207) (2,410)Net income $8,402 $775 $9,177 Total average assets for period ended $2,523,410 $662,047 $3,185,457 Full-time employees ("FTEs") 460 115 575 At or For the Three Months Ended September 30, 2024Condensed income statement: Commercial andConsumer Banking Home Lending TotalNet interest income (1) $28,612 $2,632 $31,244 Provision for credit losses (1,331) (182) (1,513)Noninterest income (2) 2,257 3,710 5,967 Noninterest expense (3) (20,199) (5,633) (25,832)Income before provision for income taxes 9,339 527 9,866 (Provision) benefit for income taxes (71) 491 420 Net income $9,268 $1,018 $10,286 Total average assets for period ended $2,347,854 $612,935 $2,960,789 FTEs 442 117 559 At or For the Nine Months Ended September 30, 2025 Condensed income statement: Commercial andConsumer Banking Home Lending Total Net interest income (1) $88,397 $8,387 $96,784 Provision for credit losses (5,320) (602) (5,922)Noninterest income (2) 6,621 9,269 15,890 Noninterest expense (3) (60,624) (15,321) (75,945)Income before provision for income taxes 29,074 1,733 30,807 Provision for income taxes (5,517) (364) (5,881)Net income $23,557 $1,369 $24,926 Total average assets for period ended $2,468,543 $643,460 $3,112,003 FTEs 460 115 575 At or For the Nine Months Ended September 30, 2024 Condensed income statement: Commercial andConsumerBanking Home Lending Total Net interest income (1) $84,749 $7,242 $91,991 Provision for credit losses (3,796) (193) (3,989)Noninterest income (2) 6,919 10,027 16,946 Noninterest expense (3) (58,250) (14,968) (73,218)Income before provision for income taxes 29,622 2,108 31,730 (Provision) benefit for income taxes (4,253) 165 (4,088)Net income $25,369 $2,273 $27,642 Total average assets for period ended $2,369,740 $586,001 $2,955,741 FTEs 442 117 559 __________________________ (1)Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.(2)Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three and nine months ended September 30, 2025, the Company recorded a net increase in fair value of $203,000 and $469,000, respectively, compared to a net increase in fair value of $262,000 and $448,000, respectively for the three and nine months ended September 30, 2024. As of September 30, 2025 and 2024, there were $12.8 million and $13.9 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.(3)Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three and nine months ended September 30, 2025 and 2024, the Home Lending segment included allocated overhead expenses of $1.8 million and $5.5 million, compared to $1.8 million and $4.8 million for the same periods in 2024, respectively. Asset Summary The following table presents the components and changes in total assets as of the dates indicated. ASSETS Linked Quarter Prior Year (Dollars in thousands) Sep 30, Jun 30, Sep 30, Change Quarter Change 2025 2025 2024 $ % $ % Cash and due from banks $12,391 $15,168 $17,950 $(2,777) (18)% $(5,559) (31)%Interest-bearing deposits at other financial institutions 48,889 18,027 22,390 30,862 171 26,499 118 Total cash and cash equivalents 61,280 33,195 40,340 28,085 85 20,940 52 Certificates of deposit at other financial institutions — 248 12,001 (248) NM (12,001) NM Securities available-for-sale, at fair value 311,695 302,692 228,199 9,003 3 83,496 37 Securities held-to-maturity, net 31,386 31,562 8,455 (176) (1) 22,931 271 Loans held for sale, at fair value 38,579 53,630 49,373 (15,051) (28) (10,794) (22)Loans receivable, net 2,599,601 2,582,272 2,463,697 17,329 1 135,904 6 Accrued interest receivable 15,122 14,270 14,014 852 6 1,108 8 Premises and equipment, net 32,444 30,098 30,026 2,346 8 2,418 8 Operating lease right-of-use 6,832 7,969 5,365 (1,137) (14) 1,467 27 Federal Home Loan Bank stock, at cost 7,975 11,579 9,504 (3,604) (31) (1,529) (16)Deferred tax asset, net 6,767 7,782 4,222 (1,015) (13) 2,545 60 Bank owned life insurance (“BOLI”), net 38,531 38,262 38,453 269 1 78 — MSRs, held at the lower of cost or fair value 8,506 8,652 8,739 (146) (2) (233) (3)Goodwill 3,592 3,592 3,592 — — — — Core deposit intangible, net 11,284 12,071 14,586 (787) (7) (3,302) (23)Other assets 35,231 38,139 39,642 (2,908) (8) (4,411) (11)TOTAL ASSETS $3,208,825 $3,176,013 $2,970,208 $32,812 1% $238,617 8% The increase in total assets reflects the Company's continued focus on balance sheet growth through loan origination and selective investment activity, funded by a combination of on-balance sheet liquidity and borrowings. Prior LOAN PORTFOLIO Linked Year (Dollars in thousands) Quarter Quarter COMMERCIAL REAL ESTATE September 30, 2025 June 30, 2025 September 30, 2024 $ $ ("CRE") LOANS Amount Percent Amount Percent Amount Percent Change Change CRE owner occupied $170,714 6.5% $180,250 6.8% $176,661 7.1% $(9,536) $(5,947)CRE non-owner occupied 172,713 6.6 171,979 6.6 176,272 7.1 734 (3,559)Commercial and speculative construction and development 326,684 12.4 300,723 11.5 240,618 9.6 25,961 86,066 Multi-family 262,578 10.0 263,185 10.1 238,462 9.6 (607) 24,116 Total CRE loans 932,689 35.5 916,137 35.0 832,013 33.4 16,552 100,676 RESIDENTIAL REAL ESTATE LOANS One-to-four-family (excludes HFS) 629,712 23.9 639,881 24.4 591,666 23.7 (10,169) 38,046 Home equity 86,895 3.3 85,613 3.3 75,063 3.0 1,282 11,832 Residential custom construction 53,296 2.0 54,024 2.1 51,748 2.1 (728) 1,548 Total residential real estate loans 769,903 29.2 779,518 29.8 718,477 28.8 (9,615) 51,426 CONSUMER LOANS Indirect home improvement 527,597 20.1 530,375 20.3 552,226 22.1 (2,778) (24,629)Marine 70,220 2.7 72,765 2.8 76,845 3.1 (2,545) (6,625)Other consumer 2,962 0.1 3,151 0.1 3,346 0.1 (189) (384)Total consumer loans 600,779 22.9 606,291 23.2 632,417 25.3 (5,512) (31,638) COMMERCIAL BUSINESS LOANS Commercial and industrial (“C&I”) 311,173 11.8 294,563 11.3 296,773 11.9 16,610 14,400 Warehouse lending 15,113 0.6 17,952 0.7 15,249 0.6 (2,839) (136)Total commercial business loans 326,286 12.4 312,515 12.0 312,022 12.5 13,771 14,264 Total loans receivable, gross 2,629,657 100.0% 2,614,461 100.0% 2,494,929 100.0% 15,196 134,728 Allowance for credit losses ("ACL") on loans (30,056) (32,189) (31,232) 2,133 1,176 Total loans receivable, net $2,599,601 $2,582,272 $2,463,697 $17,329 $135,904 Total loans increased to $2.63 billion during the third quarter of 2025, primarily as a result of growth in commercial and speculative construction and development loans and C&I loans. Commercial and speculative construction and development loans increased $26.0 million, let by speculative residential vertical projects, while C&I loans increased $16.6 million. The composition of CRE loans at the dates indicated were as follows: (Dollars in thousands) CRE by Type: Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 CRE non-owner occupied: Office $42,537 $39,141 $40,672 Retail 36,827 38,652 36,070 Hospitality/restaurant 25,798 26,489 27,743 Self-storage 19,001 19,075 19,130 Mixed use 18,663 18,387 17,882 Industrial 14,352 14,444 15,402 Senior housing/assisted living 7,390 7,448 7,621 Other 3,632 3,670 6,684 Land 2,072 2,206 2,523 Education/worship 2,441 2,467 2,545 Total CRE non-owner occupied 172,713 171,979 176,272 CRE owner occupied: Industrial 77,059 77,419 63,577 Office 31,981 40,156 42,156 Retail 17,399 19,470 19,968 Hospitality/restaurant 7,675 7,230 10,528 Other 10,521 9,483 8,116 Car wash 4,430 4,447 9,575 Automobile related 7,164 7,215 8,874 Mixed use 4,622 5,548 5,648 Agriculture 4,347 4,652 3,610 Education/worship 5,516 4,630 4,609 Total CRE owner occupied 170,714 180,250 176,661 Total $ 343,427 $ 352,229 $ 352,933 The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate: Current(Dollars in Weightedthousands) For the Quarter Ended AverageCRE by type: Dec 31,2025 Mar 31,2026 Jun 30,2026 Sep 30,2026 Dec 31,2026 Mar 31,2027 Jun 30,2027 Sep 30,2027 Total RateAgriculture $716 $178 $— $273 $— $— $— $— $1,167 6.47%Apartment 1,421 968 13,706 9,738 16,186 27,814 18,052 4,153 92,038 5.81%Auto–related — 204 — — — — — — 204 5.75%Hotel / hospitality — 111 1,224 — — 102 — — 1,437 5.08%Industrial 9,300 397 580 1,553 — 13,341 3,345 5,754 34,270 5.09%Mixed use — 2,110 — — 375 — — — 2,485 7.85%Office 791 511 1,616 550 7,640 2,835 — 7,568 21,511 4.75%Other 2,566 876 — 2,441 1,474 — 2,014 329 9,700 5.22%Retail — 406 3,422 — 3,375 2,997 2,366 7,551 20,117 4.68%Senior housing and assisted living — 2,128 — — — — 1,363 — 3,491 4.76%Total $14,794 $7,889 $20,548 $14,555 $29,050 $47,089 $27,140 $25,355 $186,420 The composition of construction loans at the dates indicated were as follows: (Dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 Construction Types: Amount Percent Amount Percent Amount Percent Commercial construction – retail $8,445 2.2% $8,447 2.4% $8,710 3.0%Commercial construction – office 9,150 2.4 9,083 2.6 4,737 1.6 Commercial construction – self storage 18,701 4.9 16,553 4.7 10,408 3.5 Commercial construction – hotel 6,147 1.6 3,673 1.0 7,807 2.7 Multi-family 29,751 7.8 23,119 6.5 30,931 10.6 Custom construction – single family residential and single family manufactured residential 44,299 11.7 45,570 12.8 43,528 14.9 Custom construction – land, lot and acquisition and development 8,998 2.4 8,454 2.4 8,220 2.8 Speculative residential construction – vertical 217,821 57.3 200,375 56.5 145,549 49.8 Speculative residential construction – land, lot and acquisition and development 36,668 9.6 39,473 11.1 32,476 11.1 Total $379,980 100.0% $354,747 100.0% $292,366 100.0% Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows: (Dollars in Prior Year thousands) For the Three Months Ended Linked Quarter Quarter Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 $ % $ % Amount Percent Amount Percent Amount Percent Change Change Change Change Purchase $155,910 88.8% $170,854 85.7% $168,088 85.7% $(14,944) (8.7) $(12,178) (7.2)%Refinance 19,714 11.2 28,470 14.3 28,001 14.3 (8,756) (30.8) (8,287) (29.6)%Total $175,624 100.0% $199,324 100.0% $196,089 100.0% $(23,700) (11.9) $(20,465) (10.4)% (Dollars in thousands) For the Nine Months Ended Sep 30, 2025 2024 Amount Percent Amount Percent $ Change %ChangePurchase $446,631 85.8% $497,705 88.8% $(51,074) (10.3)%Refinance 73,697 14.2 62,546 11.2 11,151 17.8%Total $520,328 100.0% $560,251 100.0% $(39,923) (7.1)% During the quarter ended September 30, 2025, the Company sold $156.4 million of one-to-four-family loans compared to $127.1 million during the previous quarter and $167.6 million during the same quarter one year ago. The increase in the volume of loans sold during the current quarter compared to the prior quarter was primarily due to seasonal homebuying factors. This increased demand for homes generally results in a higher volume of loan originations and, consequently, more loans available for sale. Gross margins on home loan sales increased to 3.14% for the quarter ended September 30, 2025, compared to 3.06% in the previous quarter and increased from 2.96% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs. Liabilities and Equity Summary The following table summarizes the components and changes in deposits, borrowings, equity, and book value per common share at the dates indicated. (Dollars in thousands) Linked Prior Year DEPOSITS Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Quarter Quarter Transactional deposits: Amount Percent Amount Percent Amount Percent $ Change $ Change Noninterest-bearing checking $648,661 24.1% $643,573 25.2% $641,270 26.4% $5,088 $7,391 Interest-bearing checking: Retail deposits 199,527 7.4 181,240 7.1 165,944 6.8 18,287 33,583 Brokered deposits — — 30,020 1.2 — — (30,020) — Total interest-bearing checking 199,527 7.4 211,260 8.3 165,944 6.8 (11,733) 33,583 Escrow accounts related to mortgages serviced (1) 17,191 0.6 10,496 0.4 16,483 0.7 6,695 708 Subtotal 865,379 32.2 865,329 33.9 823,697 33.9 50 41,682 Savings and money market: Savings 167,006 6.2 159,601 6.3 151,364 6.2 7,405 15,642 Money market: Retail deposits 354,082 13.2 350,548 13.6 339,037 13.9 3,534 15,045 Brokered deposits 251 — 251 0.1 1,012 0.0 — (761)Total money market 354,333 13.2 350,799 13.7 340,049 14.0 3,534 14,284 Subtotal 521,339 19.4 510,400 20.0 491,413 20.2 10,939 29,926 Certificates of deposit: Retail CDs 924,925 34.4 891,355 34.9 849,302 35.0 33,570 75,623 Nonretail CDs: Online CDs 3,423 0.1 3,423 0.1 9,354 0.4 — (5,931)Public CDs 2,023 0.1 2,114 0.1 3,325 0.1 (91) (1,302)Brokered CDs 369,403 13.8 280,754 11.0 250,240 10.3 88,649 119,163 Total nonretail CDs 374,849 14.0 286,291 11.2 262,919 10.8 88,558 111,930 Subtotal 1,299,774 48.4 1,177,646 46.1 1,112,221 45.8 122,128 187,553 Total deposits $2,686,492 100.0% $2,553,375 100.0% $2,427,331 100.0% $133,117 $259,161 Borrowings (2) $129,305 $234,305 $163,806 $(105,000) $(34,501)Shareholders’ equity $300,511 $297,203 $288,902 $3,308 $11,609 Book value per common share $40.43 $39.55 $37.45 $0.88 $2.98 _______________(1) Primarily noninterest-bearing accounts based on applicable state law.(2) Comprised of FHLB advances and Federal Reserve Bank borrowings. At September 30, 2025, the Bank had uninsured deposits of approximately $694.4 million, compared to approximately $677.2 million at June 30, 2025, and $644.9 million at September 30, 2024. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank's regulatory reporting requirements. In the table above, the linked quarter increase in stockholders’ equity at September 30, 2025, compared to June 30, 2025, was primarily due to net income of $9.2 million and unrealized gain in fair value on securities available for sale of $2.9 million, net of tax, partially offset by unrealized loss in fair value and cash flow hedges of $454,000, net of tax. These changes reduced accumulated other comprehensive loss reported in the prior quarter to income this quarter, contributing to the increase in stockholders' equity. Gains and losses in fair value reflect changes in market interest rates during the periods. The increase in shareholders' equity was partially offset by share repurchases of $5.5 million and cash dividends paid of $3.8 million. The Bank is considered “well capitalized” under the capital requirement established by the Federal Deposit Insurance Corporation (“FDIC”) and the Company exceeded all regulatory capital requirements. At September 30, 2025, capital ratios presented for the Bank and the Company were as follows: At September 30, 2025 Bank CompanyTotal risk-based capital (to risk-weighted assets) 13.81% 13.93%Tier 1 leverage capital (to average assets) 10.96% 9.49%CET 1 capital (to risk-weighted assets) 12.64% 10.95% Credit Quality The following table summarizes the changes in the ACL on loans, nonperforming loans, and classified loans at the dates indicated. Linked Prior Year ACL ON LOANS Sep 30, Jun 30, Sep 30, Quarter Quarter (Dollars in thousands) 2025 2025 2024 $ Change $ Change Beginning ACL balance $32,189 $31,653 $31,238 $536 $951 Provision 1,851 1,715 1,591 136 260 Charge-offs Indirect (1,941) (1,555) (1,847) (386) (94)Marine (55) (43) (91) (12) 36 Other (49) (42) (26) (7) (23)Commercial construction – office (2,299) — — (2,299) (2,299)Commercial business — — — — — Subtotal (4,344) (1,640) (1,964) (2,704) (2,380)Recoveries Indirect 323 330 339 (7) (16)Marine 16 54 11 (38) 5 Other 12 7 10 5 2 Commercial business 9 70 7 (61) 2 Subtotal 360 461 367 (101) (7)Ending ACL balance $30,056 $32,189 $31,232 $(2,133) $(1,176) The commercial construction - office charge-off shown above reflects the expected loss for the project recognized during the three months ended September 30, 2025. NONPERFORMING LOANS Linked Prior Year(Dollars in thousands) Sep 30, June 30, Sep 30, Quarter QuarterCRE LOANS 2025 2025 2024 $ Change $ ChangeCRE $2,047 $2,046 $1,130 $1 $917 Commercial and speculative construction and development 9,150 9,083 4,737 67 4,413 Total CRE loans 11,197 11,129 5,867 68 5,330 RESIDENTIAL REAL ESTATE LOANS One-to-four-family (excludes HFS) 1,799 1,809 166 (10) 1,633 Home equity 317 251 156 66 161 Total residential real estate loans 2,116 2,060 322 56 1,794 CONSUMER LOANS Indirect home improvement 3,802 3,365 1,770 437 2,032 Marine 620 567 233 53 387 Other consumer 40 13 5 27 35 Total consumer loans 4,462 3,945 2,008 517 2,454 COMMERCIAL BUSINESS LOANS C&I 600 1,862 2,575 (1,262) (1,975)Total nonperforming loans $18,375 $18,996 $10,772 $(621) $7,603 The increase in nonaccrual loans year-over-year was partly driven by two commercial construction loans, which remain in active development. Disbursements on these loans, net of partial charge-offs of $2.3 million, contributed to a $4.4 million net increase in the nonaccrual balance of these loans compared to the same period last year. Increases in consumer loan and mortgage loan delinquencies also contributed to the overall rise in nonaccrual loans between the periods, partially offset by a $2.0 million decrease in C&I loans, primarily due to a partial charge-off and receipt of funds on a government guarantee for a single nonaccrual C&I loan. CLASSIFIED LOANS Linked Prior Year(Dollars in thousands) Sep 30, June 30, Sep 30, Quarter QuarterCRE LOANS 2025 2025 2024 $ Change $ ChangeCRE $5,515 $2,046 $3,603 $3,469 $1,912 Commercial and speculative construction and development 9,150 9,083 4,737 67 4,413 Total CRE loans 14,665 11,129 8,340 3,536 6,325 RESIDENTIAL REAL ESTATE LOANS One-to-four-family (excludes HFS) 3,646 4,383 2,796 (737) 850 Home equity 317 251 156 66 161 Total residential real estate loans 3,963 4,634 2,952 (671) 1,011 CONSUMER LOANS Indirect home improvement 3,802 3,365 1,770 437 2,032 Marine 620 567 232 53 388 Other consumer 40 13 5 27 35 Total consumer loans 4,462 3,945 2,007 517 2,455 COMMERCIAL BUSINESS LOANS C&I 3,963 5,220 9,880 (1,257) (5,917)Total classified loans $27,053 $24,928 $23,179 $2,125 $3,874 Operating Results Net interest income increased $2.4 million to $33.7 million for the three months ended September 30, 2025, from $31.2 million for the three months ended September 30, 2024, primarily due to an increase in total interest income of $3.9 million, partially offset by an increase in total interest expense of $1.5 million. The $3.9 million increase in total interest income was primarily due to an increase of $2.9 million in interest income on loans receivable, including fees, resulting from net loan growth and higher loan yields as a result of repricing and increased market rates. The $1.5 million increase in total interest expense was primarily the result of higher average deposit balances used to fund asset growth, partially offset by effective management of deposit and funding costs. For the nine months ended September 30, 2025, net interest income increased $4.8 million to $96.8 million, from $92.0 million for the nine months ended September 30, 2024, with an $8.6 million increase in total interest income, partially offset by a $3.8 million increase in interest expense for the same reasons mentioned above. NIM (annualized) increased two basis points to 4.37% for the three months ended September 30, 2025, from 4.35% for the same period in the prior year and increased three basis points from 4.30% to 4.33% for the nine months ended September 30, 2025. The change in NIM for the three and nine months ended September 30, 2025, compared to the same period in 2024, reflects the combined effects of higher yields on interest-earning assets, favorable shifts in asset mix, and continued control of funding costs. The average total cost of funds, including noninterest-bearing checking, increased two basis points to 2.41% for the three months ended September 30, 2025, from 2.39% for the three months ended September 30, 2024. This increase was predominantly due to higher average balances in borrowings. The average cost of funds increased six basis points to 2.39% for the nine months ended September 30, 2025, from 2.33% for the nine months ended September 30, 2024, primarily for the same reason noted above as well as growth in the deposit mix from the prior year. For the three and nine months ended September 30, 2025, the provision for credit losses on loans was $2.3 million and $5.9 million, compared to $1.5 million and $4.0 million for the three and nine months ended September 30, 2024, respectively. The provision for credit losses on loans reflects net loan growth and an increase in net charge-off activity. During the three months ended September 30, 2025, net charge-offs increased $2.4 million to $4.0 million, compared to $1.6 million for the same prior last year. The increase was primarily due to a commercial construction loan's partial charge-off of $2.3 million. The partial charge-off was fully reserved for in previous periods, accordingly, there was no income statement impact resulting from increased provisions. During the nine months ended September 30, 2025, net charge-offs increased $2.6 million, to $6.9 million, compared to $4.3 million during the nine months ended September 30, 2024. The increase was primarily due to the $2.3 million partial charge-off discussed above, a $1.3 million increase in net charge-offs on indirect home improvement loans, partially offset by a $695,000 decrease in net charge-offs on commercial business loans and a $312,000 decrease in net charge-offs on marine loans. Management attributes the increase in net charge-offs for the current nine-month period to continued volatile economic conditions. Total noninterest income decreased $373,000 to $5.6 million for the three months ended September 30, 2025, from $6.0 million for the three months ended September 30, 2024. The decrease primarily reflects a $156,000 decrease in service charges and fee income and a $141,000 decrease in gain on sale of MSRs as there were no MSR sales in the current quarter compared to the same period last year. Total noninterest income decreased $1.1 million to $15.9 million, for the nine months ended September 30, 2025, from $16.9 million for the nine months ended September 30, 2024. This decrease was primarily the result of a $713,000 decrease in gain on sale of loans, a $619,000 decrease in service charges and fee income, and a net decrease of $520,000 from no activity in gain on sales of MSRs and loss on sale of investment securities compared to an $8.4 million net gain on sale of MSRs, offset by the $7.8 million loss on sale of investment securities that occurred during the same period in 2024. These decreases were partially offset by a $757,000 increase in other noninterest income, primarily due to a $358,000 gain on sales of nonmarketable equity securities, $219,000 in bank owned life insurance proceeds, and a $152,000 increase in brokered loans fees. Total noninterest expense was $25.4 million for the three months ended September 30, 2025, compared to $25.8 million for the three months ended September 30, 2024. The $444,000 decrease was primarily due to a $6,000 recovery in MSRs, compared to the prior year's $506,000 impairment, driven primarily by market rates, a $372,000 decrease in data processing, a $130,000 decrease in professional and board fees, a $118,000 decrease in marketing and advertising, and a $110,000 decrease in amortization of core deposit intangibles, partially offset by a $430,000 increase in salaries and benefits, primarily due to competitive wage adjustments, and a $147,000 increase in operations expense. Total noninterest expense increased $2.7 million to $75.9 million for the nine months ended September 30, 2025, compared to $73.2 million for the nine months ended September 30, 2024. Increases during the nine months ended September 30, 2025, compared to the same period last year included a $2.1 million in salaries and benefits, $889,000 in operations expense, and $401,000 in professional and board fees, partially offset by a $522,000 decrease in the impairment of MSRs, primarily for the same reasons discussed above. About FS Bancorp FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 27 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver. Forward-Looking Statements When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, recessionary pressures or slowing economic growth; changes in interest rates and the duration of such changes, including actions by the Federal Reserve, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and monetary and fiscal policy responses thereto and their impact on consumer and business behavior; geopolitical developments and international conflicts including but not limited to tensions or instability in Eastern Europe, the Middle East, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, energy prices, or economic activity in specific industry sectors; the effects of a federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty; increased competitive pressures, including repricing and competitors' pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; the ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and cybersecurity; legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws; vulnerabilities in information systems or third-party service providers, including disruptions, breaches, or attacks; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, domestic political unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC's website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management's beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. FS BANCORP, INC. AND SUBSIDIARYCONSOLIDATED BALANCE SHEETS(Dollars in thousands) (Unaudited) Linked Prior Year Sep 30, Jun 30, Sep 30, Quarter Quarter ASSETS 2025 2025 2024 % Change % Change Cash and due from banks $12,391 $15,168 $17,950 (18) (31)Interest-bearing deposits at other financial institutions 48,889 18,027 22,390 171 118 Total cash and cash equivalents 61,280 33,195 40,340 85 52 Certificates of deposit at other financial institutions — 248 12,001 (100) (100)Securities available-for-sale, at fair value 311,695 302,692 228,199 3 37 Securities held-to-maturity, net 31,386 31,562 8,455 (1) 271 Loans held for sale, at fair value 38,579 53,630 49,373 (28) (22)Loans receivable, net 2,599,601 2,582,272 2,463,697 1 6 Accrued interest receivable 15,122 14,270 14,014 6 8 Premises and equipment, net 32,444 30,098 30,026 8 8 Operating lease right-of-use 6,832 7,969 5,365 (14) 27 Federal Home Loan Bank stock, at cost 7,975 11,579 9,504 (31) (16)Deferred tax asset, net 6,767 7,782 4,222 (13) 60 Bank owned life insurance (“BOLI”), net 38,531 38,262 38,453 1 — MSRs, held at the lower of cost or fair value 8,506 8,652 8,739 (2) (3)Goodwill 3,592 3,592 3,592 — — Core deposit intangible, net 11,284 12,071 14,586 (7) (23)Other assets 35,231 38,139 39,642 (8) (11)TOTAL ASSETS $3,208,825 $3,176,013 $2,970,208 1 8 LIABILITIES Deposits: Noninterest-bearing accounts $665,852 $654,069 $657,753 2 1 Interest-bearing accounts 2,020,640 1,899,306 1,769,578 6 14 Total deposits 2,686,492 2,553,375 2,427,331 5 11 Borrowings 129,305 234,305 163,806 (45) (21)Subordinated notes: Principal amount 50,000 50,000 50,000 — — Unamortized debt issuance costs (356) (373) (423) (5) (16)Total subordinated notes less unamortized debt issuance costs 49,644 49,627 49,577 — — Operating lease liability 6,993 8,138 5,548 (14) 26 Other liabilities 35,880 33,365 35,044 8 2 Total liabilities 2,908,314 2,878,810 2,681,306 1 8 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding — — — — — Common stock, $.01 par value; 45,000,000 shares authorized; 7,535,330 shares issued and outstanding at September 30, 2025, 7,618,543 at June 30, 2025, and 7,817,172 at September 30, 2024 75 76 78 (1) (4)Additional paid-in capital 43,907 48,418 55,264 (9) (21)Retained earnings 273,882 268,509 251,843 2 9 Accumulated other comprehensive loss, net of tax (17,353) (19,800) (18,283) (12) (5)Total stockholders’ equity 300,511 297,203 288,902 1 4 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $3,208,825 $3,176,013 $2,970,208 1 8 FS BANCORP, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Linked Prior Year Sep 30, Jun 30, Sep 30, Quarter Quarter INTEREST INCOME 2025 2025 2024 % Change % Change Loans receivable, including fees $46,664 $45,038 $43,800 4 7 Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 4,309 3,665 3,243 18 33 Total interest and dividend income 50,973 48,703 47,043 5 8 INTEREST EXPENSE Deposits 14,862 14,520 13,486 2 10 Borrowings 1,935 1,585 1,828 22 6 Subordinated notes 486 486 485 — — Total interest expense 17,283 16,591 15,799 4 9 NET INTEREST INCOME 33,690 32,112 31,244 5 8 PROVISION FOR CREDIT LOSSES 2,309 2,021 1,513 14 53 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 31,381 30,091 29,731 4 6 NONINTEREST INCOME Service charges and fee income 2,326 2,323 2,482 — (6)Gain on sale of loans 2,439 1,972 2,523 24 (3)Gain on sale of MSRs — — 141 — NM Gain on sale of investment securities, net — — 11 NM NM Earnings on cash surrender value of BOLI 269 254 252 6 7 Other noninterest income 560 621 558 (10) — Total noninterest income 5,594 5,170 5,967 8 (6)NONINTEREST EXPENSE Salaries and benefits 14,415 14,088 13,985 2 3 Operations 3,974 3,824 3,827 4 4 Occupancy 1,744 1,780 1,662 (2) 5 Data processing 1,784 2,137 2,156 (17) (17)Loan costs 746 719 666 4 12 Professional and board fees 1,093 1,155 1,223 (5) (11)FDIC insurance 592 554 533 7 11 Marketing and advertising 259 398 377 (35) (31)Amortization of core deposit intangible 787 809 897 (3) (12)(Recovery) impairment of servicing rights (6) 38 506 (116) (101)Total noninterest expense 25,388 25,502 25,832 — (2)INCOME BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 11,587 9,759 9,866 19 17 PROVISION (BENEFIT) FOR INCOME TAXES 2,410 2,031 (420) 19 (674)NET INCOME $9,177 $7,728 $10,286 19 (11)Basic earnings per share $1.20 $1.00 $1.32 20 (9)Diluted earnings per share $1.18 $0.99 $1.29 19 (9) FS BANCORP, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Dollars in thousands, except per share amounts) (Unaudited) Nine Months Ended Year September 30, September 30, Over Year INTEREST INCOME 2025 2024 % Change Loans receivable, including fees $135,004 $127,203 6 Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 11,459 10,660 7 Total interest and dividend income 146,463 137,863 6 INTEREST EXPENSE Deposits 42,440 39,620 7 Borrowings 5,783 4,796 21 Subordinated note 1,456 1,456 — Total interest expense 49,679 45,872 8 NET INTEREST INCOME 96,784 91,991 5 PROVISION FOR CREDIT LOSSES 5,922 3,989 48 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 90,862 88,002 3 NONINTEREST INCOME Service charges and fee income 6,894 7,513 (8)Gain on sale of loans 6,111 6,824 (10)Gain on sale of MSRs — 8,356 NM Loss on sale of investment securities, net — (7,836) NM Earnings on cash surrender value of BOLI 773 734 5 Other noninterest income 2,112 1,355 56 Total noninterest income 15,890 16,946 (6)NONINTEREST EXPENSE Salaries and benefits 43,037 40,920 5 Operations 11,243 10,354 9 Occupancy 5,240 5,036 4 Data processing 5,966 6,172 (3)Loan costs 2,012 1,904 6 Professional and board fees 3,435 3,034 13 FDIC insurance 1,684 1,515 11 Marketing and advertising 879 981 (10)Amortization of core deposit intangible 2,426 2,757 (12)Impairment of MSRs 23 545 (96)Total noninterest expense 75,945 73,218 4 INCOME BEFORE PROVISION FOR INCOME TAXES 30,807 31,730 (3)PROVISION FOR INCOME TAXES 5,881 4,088 44 NET INCOME $24,926 $27,642 (10)Basic earnings per share $3.23 $3.54 (9)Diluted earnings per share $3.18 $3.45 (8) KEY FINANCIAL RATIOS AND DATA (Unaudited) At or For the Three Months Ended September 30, June 30, September 30, PERFORMANCE RATIOS: 2025 2025 2024 Return on assets (ratio of net income to average total assets) (1) 1.14% 0.99% 1.38%Return on equity (ratio of net income to average total stockholders' equity) (1) 11.97 10.29 14.08 Yield on average interest-earning assets (1) 6.61 6.52 6.56 Average total cost of funds (1) 2.41 2.39 2.39 Interest rate spread information – average during period 4.20 4.13 4.17 Net interest margin (1) 4.37 4.30 4.35 Operating expense to average total assets (1) 3.16 3.28 3.47 Average interest-earning assets to average interest-bearing liabilities (1) 140.80 140.98 144.28 Efficiency ratio (2) 64.63 68.40 69.42 Common equity ratio (ratio of stockholders' equity to total assets) 9.37 9.36 9.73 Tangible common equity ratio (3) 8.94 8.91 9.17 For the Nine Months Ended September 30, September 30, PERFORMANCE RATIOS: 2025 2024 Return on assets (ratio of net income to average total assets) 1.07% 1.25%Return on equity (ratio of net income to average total stockholders' equity) 11.03 13.05 Yield on average interest-earning assets 6.55 6.44 Average total cost of funds 2.39 2.33 Interest rate spread information – average during period 4.16 4.11 Net interest margin 4.33 4.30 Operating expense to average total assets 3.26 3.31 Average interest-earning assets to average interest-bearing liabilities 141.54 144.14 Efficiency ratio (2) 67.40 67.21 September 30, June 30, September 30, ASSET QUALITY RATIOS AND DATA: 2025 2025 2024 Nonperforming assets to total assets at end of period (4) 0.57% 0.60% 0.36%Nonperforming loans to total gross loans (excluding loans HFS) (5) 0.70 0.73 0.43 ACL – loans to nonperforming loans (5) 163.77 168.89 290.07 ACL – loans to total gross loans (excluding loans HFS) 1.14 1.23 1.25 At or For the Three Months Ended Sep 30, Jun 30, Sep 30, PER COMMON SHARE DATA: 2025 2025 2024 Basic earnings per share $1.20 $1.00 $1.32 Diluted earnings per share $1.18 $0.99 $1.29 Weighted average basic shares outstanding 7,488,139 7,580,576 7,676,102 Weighted average diluted shares outstanding 7,623,243 7,698,173 7,854,389 Common shares outstanding at end of period 7,432,359 (6) 7,515,480 (7) 7,713,359 (8)Book value per share using common shares outstanding $40.43 $39.55 $37.45 Tangible book value per share using common shares outstanding (9) $38.43 $37.46 $35.10 _______________ (1)Annualized.(2)Total noninterest expense as a percentage of net interest income and total noninterest income.(3)Represents a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.(4)Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.(5)Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.(6)Common shares were calculated using shares outstanding of 7,535,330 at September 30, 2025, less 102,971 unvested restricted stock shares.(7)Common shares were calculated using shares outstanding of 7,618,543 at June 30, 2025, less 103,063 unvested restricted stock shares.(8)Common shares were calculated using shares outstanding of 7,817,172 at September 30, 2024, less 103,813 unvested restricted stock shares.(9)Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below. (Dollars in thousands) For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30, QTR OverQTR YTD OverYTD Average Balances 2025 2024 2025 2024 $ Change $ Change Assets Loans receivable, net (1) $2,651,111 $2,536,106 $2,608,338 $2,504,129 $115,005 $104,209 Investment securities - taxable 285,111 181,249 267,657 203,798 103,862 63,859 Investment securities - nontaxable 79,341 78,208 78,386 93,162 1,133 (14,776)Interest-bearing deposits and certificates of deposit at other financial institutions 34,857 48,546 23,575 49,887 (13,689) (26,312)FHLB stock, at cost 10,082 10,739 10,262 6,666 (657) 3,596 Total interest-earning assets 3,060,502 2,854,848 2,988,218 2,857,642 205,654 130,576 Noninterest-earning assets 124,955 105,941 123,785 98,099 19,014 25,686 Total assets $3,185,457 $2,960,789 $3,112,003 $2,955,741 $224,668 $156,262 Liabilities Interest-bearing deposit accounts $1,947,830 $1,737,793 $1,880,007 $1,788,324 $210,037 $91,683 Borrowings 176,234 191,279 181,633 144,635 (15,045) 36,998 Subordinated notes 49,633 49,567 49,617 49,550 66 67 Total interest-bearing liabilities 2,173,697 1,978,639 2,111,257 1,982,509 195,058 128,748 Noninterest-bearing deposit accounts 668,908 650,582 663,536 648,345 18,326 15,191 Other noninterest-bearing liabilities 38,746 40,876 35,081 41,965 (2,130) (6,884)Total liabilities $2,881,351 $2,670,097 $2,809,874 $2,672,819 $211,254 $137,055 _______________(1) Includes loans HFS. Non-GAAP Financial Measures: In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share, and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company's capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information. These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below. (Dollars in thousands, except share and per share amounts) September 30, June 30, September 30, Tangible Book Value Per Share: 2025 2025 2024 Stockholders' equity (GAAP) $300,511 $297,203 $288,902 Less: goodwill and core deposit intangible, net (14,876) (15,663) (18,178) Tangible common stockholders' equity (non-GAAP) $285,635 $281,540 $270,724 Common shares outstanding at end of period 7,432,359 (1) 7,515,480 (2) 7,713,359 (3) Book value per share (GAAP) $40.43 $39.55 $37.45 Tangible book value per share (non-GAAP) $38.43 $37.46 $35.10 Tangible Common Equity Ratio: Total assets (GAAP) $3,208,825 $3,176,013 $2,970,208 Less: goodwill and core deposit intangible assets (14,876) (15,663) (18,178) Tangible assets (non-GAAP) $3,193,949 $3,160,350 $2,952,030 Common equity ratio (GAAP) 9.37 % 9.36 % 9.73 %Tangible common equity ratio (non-GAAP) 8.94 8.91 9.17 _______________ (1)Common shares were calculated using shares outstanding of 7,535,330 at September 30, 2025, less 102,971 unvested restricted stock shares.(2)Common shares were calculated using shares outstanding of 7,618,543 at June 30, 2025, less 103,063 unvested restricted stock shares.(3)Common shares were calculated using shares outstanding of 7,817,172 at September 30, 2024, less 103,813 unvested restricted stock shares. Contacts: Matthew D. Mullet,President and Chief Executive OfficerPhillip D. Whittington,Chief Financial Officer (425) 771-5299www.FSBWA.com

FS Bancorp, Inc. Reports Third Quarter Net Income of $9.2 Million or $1.18 Per Diluted Share and Declares 51st Consecutive Quarterly Cash Dividend

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