FS Bancorp Announces Director Changes and Executive Compensation Updates

TL;DR

FS Bancorp shakes up board, adjusts exec pay. Watch for strategy shifts.

AI Summary

FS Bancorp, Inc. announced on July 19, 2024, changes related to its board of directors and executive compensation. The filing details the departure of directors, the election of new directors, and updates to compensatory arrangements for certain officers. Specific details regarding the individuals involved and the financial implications of these arrangements are outlined within the report.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future financial performance.

Risk Assessment

Risk Level: medium — Changes in board and executive compensation can indicate internal shifts that may impact future performance and strategy.

Key Players & Entities

• FS Bancorp, Inc. (company) — Registrant
• July 19, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FSBW The NASDAQ Stock Mar

Filing Documents

• fsbanc8k71924.htm (8-K) — 29KB
• fsbanc8k71924exh991.htm (EX-99.1) — 8KB
• image0.jpg (GRAPHIC) — 110KB
• 0000939057-24-000183.txt ( ) — 322KB
• fsbw-20240719.xsd (EX-101.SCH) — 4KB
• fsbw-20240719_lab.xml (EX-101.LAB) — 21KB
• fsbw-20240719_pre.xml (EX-101.PRE) — 16KB
• fsbanc8k71924_htm.xml (XML) — 4KB

02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On July 19, 2024, FS Bancorp, Inc. (the "Company"), the holding company for 1st Security Bank of Washington (the "Bank") announced that the Bank had promoted Matthew D. Mullet to the position of President of the Company and the Bank. Mr. Mullet has held the title of Chief Financial Officer at both the Company and the Bank since September 2011 and will also continue in his position as Chief Financial Officer. Joseph C. Adams will remain as Chief Executive Officer for both the Company and the Bank. Mr. Mullet, a cum laude graduate of University of Washington, began his banking career in June 2000 as a financial examiner with the Washington State, Department of Financial Institutions, Division of Banks. In 2004, Matthew accepted a position at Golf Savings Bank in Mountlake Terrace. He served in a variety of capacities at Golf and was appointed Chief Financial Officer in 2007. After the Golf Savings Bank merger with Sterling Savings Bank, he held the position of Senior Vice President of the Home Loan Division at Sterling until resigning in 2011 to join 1st Security Bank. He serves on the Government Relations Committee with Washington Bankers Association and volunteers with The IF Project, teaching Financial Literacy at the Washington Corrections Center for Women. He is a strong advocate for education and financial literacy. Mr. Mullet does not have family relationships with any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company. Mr. Mullet is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K and have not entered into any material plan, contract, arrangement or amendment in connection with their respective appointment.

01 Exhibits

Item 9.01 Exhibits (d) Exhibits 99.1 Press release of FS Bancorp, Inc. dated July 19, 202 4 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 19, 2024 FS BANCORP, INC. /s/ Matthew D. Mullet Matthew D. Mullet Chief Financial Officer (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR