FS Bancorp (FSBW) Raises Quarterly Dividend 23.8% to $0.26; 1.9% Yield

FS Bancorp (NASDAQ: FSBW) declared a quarterly dividend of $0.26 per share, or $1.04 annualized. This is a 23.8% increase from the prior dividend of $0.21.

The dividend will be payable on February 25, 2021, to stockholders of record on February 11, 2021, with an ex-dividend date of February 10, 2021.

The annual yield on the dividend is 1.9 percent.

"Despite the extraordinary circumstances of the COVID-19 pandemic, FS Bancorp, Inc. has experienced our most productive year of operations since opening our doors. We greatly appreciate our employees who have demonstrated their community commitment by providing banking services and assistance despite the challenges caused by the pandemic," stated Joe Adams, CEO. "We are pleased to announce that our Board of Directors has approved an increase of $0.05 for our thirty-second consecutive quarterly cash dividend to $0.26. The quarterly dividend of $0.26 will be paid on February 25, 2021, to shareholders of record as of February 11, 2021."

CFO Matthew Mullet noted, "We are ready to participate in the second round of the Paycheck Protection Program and remain ready to assist customers that may require COVID-19 related loan assistance. Our asset quality ratios remain relatively low, however, we proactively increased the provision for loan losses to $13.0 million during 2020 in response to the unknown impact of the pandemic on our lending portfolio. We also achieved 20.2% deposit growth and 16.4% loan growth in 2020. Lastly, we repurchased 252,145 shares, paid $3.6 million in dividends, and increased capital by $29.8 million."

For a dividend history and other dividend-related data on FS Bancorp (FSBW) click here.

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