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FS Bancorp Executive Compensation (FY25)

FSBW · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Joseph Adams
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 19, 2026Latest filing (8-K): May 27, 2026
15 filings cited on this page
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261 figures on this page: 250 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Joseph Adams: $1,563,222 → $1,442,575 (7.7% lower)
Say-on-pay support: 92.7% → 94.4% (1.7 points higher)
CEO pay ratio: 27:1 → 24:1 (11.1% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is FS Bancorp's chief executive and what were they paid?
Total compensation for Joseph Adams, Chief Executive Officer, came to $1,442,575 in fiscal 2025. Adams' total was 7.7% lower than the $1,563,222 reported for fiscal 2024.
What was FS Bancorp's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 94.4% of votes cast for or against in favor at the meeting held May 21, 2026.
Which companies are in FS Bancorp's peer group?
The disclosed peer group names Alerus Financial Corporation, Bank of Marin Bancorp, BayCom Corp, Camden National Corporation and CapStar Financial Holdings, Inc., among others.
What is FS Bancorp's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 24:1, against median employee compensation of $57,860.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joseph Adams
Chief Executive Officer
◇◇◇◇——◇◇
Matthew Mullet
Chief Financial Officer
◇◇◇◇——◇◇
Dennis O’Leary
Chief Lending Officer
◇◇◇◇——◇◇
Robert Fuller
Chief Credit Officer
◇◇◇◇——◇◇
Donn Costa
Executive Vice President, Home Lending
◇◇————◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joseph Adams
Chief Executive Officer
◇◇◇◇——◇◇
Matthew Mullet
Chief Financial Officer
◇◇◇◇——◇◇
Dennis O’Leary
Former Chief Lending Officer
Departed during or after this year
◇◇◇◇——◇◇
Shana Allen
Chief Information Officer
◇◇◇◇——◇◇
Donn Costa
Executive Vice President, Home Lending
◇◇————◇◇
Kelli Nielsen
Executive Vice President, Retail Banking/Marketing
◇◇◇◇——◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joseph Adams
Chief Executive Officer
◇◇◇◇——◇◇
Matthew Mullet
President and Chief Financial Officer
◇◇◇◇——◇◇
Shana Allen
Executive Vice President, Chief Information Officer
◇◇◇◇——◇◇
Ben Crowl
Executive Vice President, Chief Lending Officer
◇◇◇◇——◇◇
Kelli Nielsen
Executive Vice President, Chief Retail Banking Officer
◇◇◇◇——◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joseph Adams
Chief Executive Officer
◇◇◇◇——◇◇
Matthew Mullet
President
◇◇◇◇——◇◇
Donn Costa
Executive Vice President, Chief Home Lending Officer
◇◇————◇◇
Shana Allen
Executive Vice President, Chief Information Officer
◇◇◇◇——◇◇
Phillip Whittington
Chief Financial Officer
◇◇◇◇——◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Joseph C. AdamsOPTION◇——◇—◇◇
Matthew D. MulletRSU◇——◇——◇
Matthew D. MulletOption◇——◇—◇◇
Phillip D. WhittingtonOPTION◇——◇—◇◇
Shana C. AllenOPTION◇——◇—◇◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Phillip WhittingtonRSU◇◇——
Option◇—◇08/15/35
Joseph AdamsOption◇—◇08/13/31
RSU◇◇——
Option◇—◇08/15/34
Option◇—◇08/15/32
Option◇—◇08/15/35
Option◇—◇08/15/33
Shana AllenOption◇—◇08/15/34
RSU◇◇——
Option◇—◇08/15/35
Option◇—◇08/15/33
Matthew MulletOption◇—◇08/15/33
RSU◇◇——
Option◇—◇08/15/35
Option◇—◇08/13/31
Option◇—◇08/15/34
Option◇—◇08/15/32
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Joseph Adams
Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Change-in-control base◇
Matthew Mullet
President · Terms as described in the company’s compensation discussion · citing a 2025 filing
Change-in-control multiple◇
Change-in-control base◇
Shana Allen
Executive Vice President, Chief Information Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Change-in-control multiple◇
Change-in-control base◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Pamela M. Andrews
◇◇◇——◇◇
Ted A. Leech
Board chair
◇◇◇——◇◇
Terri L. Degner
◇◇◇——◇◇
Marina Cofer-Wildsmith
◇◇◇——◇◇
Joseph P. Zavaglia
◇◇◇——◇◇
Michael J. Mansfield
◇◇◇——◇◇
Joseph C. Adams served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alerus Financial Corporation ALRS
  • Bank of Marin Bancorp BMRC
  • BayCom Corp BCML
  • Camden National Corporation CAC
  • CapStar Financial Holdings, Inc. CSTR
  • Coastal Financial Corporation CCB
  • First Northwest Bancorp FNWB
  • Five Star Bancorp FSBC
  • HarborOne Bancorp, Inc. HONE
  • Home Bancorp, Inc. HBCP
  • HomeTrust Bancshares, Inc. HTB
  • Independent Bank Corporation INDB
  • Mercantile Bank Corporation MBWM
  • Meridian Corporation MRBK
  • Northrim BanCorp, Inc. NRIM
  • Sierra Bancorp BSRR
  • Timberland Bancorp, Inc. TSBK
  • Waterstone Financial, Inc. WSBF

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 25, 2023=◇◇◇
2021May 26, 2022=◇◇◇
2020May 27, 2021=◇◇◇
2019May 28, 2020=◇◇◇
2018May 23, 2019=◇◇◇
2017May 17, 2018=◇◇◇
2016May 25, 2017=◇◇◇
2015May 26, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Joseph Adams (Chief Executive Officer), FY2025 total compensation $1,442,575 (base salary $590,000) [exec_comp, SEC accession 0001437749-26-011384, filed 2026-04-06]

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What this page does not include

Everything above is a fact FS Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where FS Bancorp sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
261 figures on this page: 250 cited to the filing that reported them, 11 calculated from figures it prints.
250 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000939057-26-000118
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001437749-26-011384
    Chief Executive Officer Pay Ratio · Grants of Plan-Based Awards · MEETINGS AND COMMITTEES OF THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE MATTER & · Outstanding Equity Awards · and 1 more section
  3. 0000939057-25-000148
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001437749-25-011211
    Compensation Discussion and Analysis
  5. 0000939057-24-000158
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001104659-24-044643
  7. 0000939057-23-000171
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000939057-23-000105
  9. 0000939057-22-000161
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000939057-21-000184
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0000939057-20-000248
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000939057-19-000240
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000939057-18-000304
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0000939057-17-000267
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0000939057-16-000858
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “FS Bancorp executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/FSBW (accessed 2026).
Short form: data: Velarion

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15 filings cited on this page
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers FS Bancorp discloses

The companies named in FSBW's own disclosed peer group.

Alerus Financial CorporationBank of Marin BancorpBayCom CorpCamden National CorporationCapStar Financial Holdings, Inc.Coastal Financial CorporationFirst Northwest BancorpFive Star BancorpHarborOne Bancorp, Inc.Home Bancorp, Inc.HomeTrust Bancshares, Inc.Independent Bank CorporationMercantile Bank CorporationMeridian CorporationNorthrim BanCorp, Inc.Sierra BancorpTimberland Bancorp, Inc.Waterstone Financial, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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