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FS Bancorp Executive Compensation (FY25)

FSBW · Executive and director compensation, fiscal 2024 to 2025
Data as of September 7, 2026Latest filing (8-K): May 27, 2026
190 figures on this page: 179 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Total compensation for Joseph Adams, Chief Executive Officer, came to $1,442,575 in fiscal 2025, and Adams' total was 7.7% lower than the $1,563,222 reported for fiscal 2024; for fiscal 2025, the company reported a chief executive pay ratio of 24:1, against median employee compensation of $57,860. Meanwhile, 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. The disclosed peer group names Alerus Financial Corporation, Bank of Marin Bancorp, BayCom Corp, Camden National Corporation and CapStar Financial Holdings, Inc., among others.
Chief executive, fiscal 2025
◇
Joseph Adams
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee
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 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
Chief Information Officer
◇◇◇◇——◇◇
Ben Crowl
Chief Lending Officer
◇◇◇◇——◇◇
Kelli Nielsen
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 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 WhittingtonOption◇—◇08/15/35
RSU◇◇——
Shana AllenOption◇—◇08/15/33
RSU◇◇——
Option◇—◇08/15/35
Option◇—◇08/15/34
Matthew MulletOption◇—◇08/15/32
Option◇—◇08/15/33
RSU◇◇——
Option◇—◇08/15/35
Option◇—◇08/13/31
Option◇—◇08/15/34
Joseph AdamsOption◇—◇08/15/33
RSU◇◇——
Option◇—◇08/15/34
Option◇—◇08/15/32
Option◇—◇08/15/35
Option◇—◇08/13/31
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

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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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.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
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.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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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.
190 figures on this page: 179 cited to the filing that reported them, 11 calculated from figures it prints.
179 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
    Summary Compensation Table
  5. 0000939057-24-000158
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000939057-23-000171
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0000939057-22-000161
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000939057-21-000184
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0000939057-20-000248
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000939057-19-000240
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0000939057-18-000304
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000939057-17-000267
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000939057-16-000858
    Item 5.07 Submission of Matters to a Vote of Security Holders
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This page is free to cite. Attribution we ask for:
Velarion, “FS Bancorp executive compensation, FY2024–FY2025.” https://intel.velarion.ai/comp/FSBW (accessed 2026).
Short form: data: Velarion
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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 CorporationCoastal Financial CorporationFirst Northwest BancorpFive Star BancorpHome Bancorp, Inc.HomeTrust Bancshares, Inc.Independent Bank CorporationMercantile Bank CorporationNorthrim BanCorp, Inc.Sierra BancorpTimberland Bancorp, Inc.Waterstone Financial, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
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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