Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-27

FS Bancorp, Inc. (FSBW)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,442,575
Joseph Adams total, FY2025
28th
CEO pay percentile vs peers
24:1
CEO-to-median pay ratio
94.41%
Say-on-pay support, latest vote
Companies that benchmark against FSBW
4 companies name FSBW as a compensation peer

Each company listed discloses FSBW in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FSBW in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Adams$590,000$368,750$152,050$285,182$0$0$46,593$1,442,575
Chief Executive Officer
Matthew Mullet425,000265,625151,890264,4000036,9581,143,873
President
Donn Costa364,980233,888000026,843625,711
Executive Vice President, Chief Home Lending Officer
Shana Allen258,067132,30080,28079,3200018,113568,080
Executive Vice President, Chief Information Officer
Phillip Whittington148,51384,37580,28052,8800011,409377,457
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Joseph Adams$1,442,575$1,563,222−120,647
Matthew Mullet1,143,8731,102,318+41,555
Donn Costa625,711
Shana Allen568,080668,393−100,313
Phillip Whittington377,457

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Victoria JarmanCHR & WOW! Officer, EVP2026-05-06A91$41$3,765CommonForm 4 ↗
Matthew MulletPres & CEO of 1st Security Ban2026-05-06A218419,019CommonForm 4 ↗
Marina Cofer-WildsmithDirector2026-05-06A3934116,258CommonForm 4 ↗
Donn CostaChief Home Lending, EVP2026-05-06A3304113,652CommonForm 4 ↗
Ben CrowlChief Lending Officer, EVP2026-05-06A1841745CommonForm 4 ↗
Kelli NielsenChief Retail Banking, EVP2026-05-06A1841745CommonForm 4 ↗
Phillip WhittingtonChief Financial Officer2026-05-06A91413,765CommonForm 4 ↗
Robert A. NesbittCCO Officer/EVP2026-05-06A1441579CommonForm 4 ↗
Michael J. MansfieldDirector2026-05-06A4234117,500CommonForm 4 ↗
Joseph P. ZavagliaDirector2026-05-06A60412,482CommonForm 4 ↗
Shana AllenChief Information Officer, EVP2026-05-06A36411,489CommonForm 4 ↗
Pamela M. AndrewsDirector2026-05-06A4234117,500CommonForm 4 ↗
Erin BurrCRO & CRA Officer, EVP2026-05-06A218419,019CommonForm 4 ↗
Joseph C. AdamsDirector2026-05-06A181417,488CommonForm 4 ↗
Ted A. LeechDirector2026-05-06A212418,770CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Joseph AdamsOPTION2025-08-1521,572$437,232
Shana AllenOPTION2025-08-156,000159,600
Phillip WhittingtonOPTION2025-08-154,000133,160
Matthew MulletRSU2025-08-153,784151,890
Matthew MulletOption2025-08-1520,000264,400
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Joseph Adams$0$0$437,2320.0%
Shana Allen00159,6000.0%
Phillip Whittington00133,1600.0%
Matthew Mullet151,8900264,4000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Phillip WhittingtonRSU2,000$82,340
Joseph AdamsOption4,80035.46
Shana AllenOption4,00041.98
Matthew MulletOption7,20030.73
Matthew MulletRSU12,984534,551
Joseph AdamsRSU17,888736,449
Matthew MulletOption20,00040.14
Shana AllenRSU5,500226,435
Joseph AdamsOption11,20041.98
Joseph AdamsOption9,00030.94
Matthew MulletOption3,00135.46
Joseph AdamsOption21,57240.14
Shana AllenOption6,00040.14
Matthew MulletOption6,40041.98
Joseph AdamsOption11,70030.73
Matthew MulletOption5,40030.94
Shana AllenOption4,50030.73
Phillip WhittingtonOption4,00040.14
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to support these objectives and is built on the following principles: Competitive with our peers. Target compensation should be competitive with that being offered to individuals in comparable roles at other companies with which we compete for talent to ensure that we employ the best people to lead our success.

CEO STI target (% of salary)50%
CEO LTI target (% of salary)
Independent consultantPearl Meyer & Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-215,144,997304,385179,27494.41%Passed
20252025-05-225,121,671400,711222,28292.74%Passed
20242024-05-235,667,873293,100233,95695.08%Passed
20232023-05-255,191,345184,034239,56596.58%Passed
20222022-05-265,264,414774,795219,26087.17%Passed
20212021-05-272,987,37781,903151,06297.33%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2194.41%a
20252025-05-2292.74%b
20242024-05-2395.08%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of the proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of the proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)24 : 1
CEO total compensation$1,442,575
Median employee compensation$57,860
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Pamela M. AndrewsIndependent · Audit Committee (Chair) · Governance, Nominating and Culture Committee$130,020$30,105$19,620$0$11,611$191,356
Ted A. LeechIndependent · Board Chair · Audit Committee (Chair) · Compensation Committee92,50030,10519,620013,698155,923
Terri L. DegnerIndependent · Audit Committee99,30030,10519,62002,665151,690
Marina Cofer-WildsmithIndependent · Audit Committee · Compensation Committee87,60030,10519,62008,352145,677
Joseph P. ZavagliaIndependent · Compensation Committee · Governance, Nominating and Culture Committee90,30030,10519,62004,593144,618
Michael J. MansfieldIndependent · Audit Committee · Compensation Committee (Chair)77,10030,10519,62009,063135,888
Joseph C. AdamsEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$46,200
Annual equity retainer
Per board meeting fee$825
Committee chair fees (audit / comp / nom-gov)3,960 / 3,960 / 3,960
Stock ownership guidelineEach director and executive officer is required to retain 50% of net after tax shares acquired upon the exercise of stock options or vesting of restricted stock until the stock ownership requirement is met.
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$576,820
Equity awards (grant-date value)$180,630
All other compensation$49,982
Total cost of the board$807,432

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies FS Bancorp, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including FS Bancorp, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Independent Bank Corporation2025Jeffrey Tengel$1,097,385$1,094,318$0$1,123,669$3,606,962
2Camden National Corporation2025Simon Griffiths856,731700,2450603,6102,318,520
3HarborOne Bancorp, Inc.2024Joseph Casey750,000295,4930270,2401,996,521
4Bank of Marin Bancorp2025Timothy Myers693,250560,015001,930,086
5Sierra Bancorp2025Kevin McPhaill665,635495,226001,897,622
6BayCom Corp2025George Guarini745,856186,4640520,3631,803,041
7Five Star Bancorp2025James Beckwith698,988439,9630605,3651,780,757
8Mercantile Bank Corporation2025Raymond Reitsma734,600471,2830462,7981,769,983
9Coastal Financial Corporation2025Eric Sprink874,000375,0690382,5181,693,201
10Meridian Corporation2025Christopher Annas622,000264,000001,677,997
11Alerus Financial Corporation2025Katie Lorenson625,000437,5000484,6881,630,180
12Northrim BanCorp, Inc.2025Michael Huston572,039358,1330386,1261,491,789
13HomeTrust Bancshares, Inc.2025C. Hunter Westbrook675,769349,4000422,5301,487,191
14FS Bancorp, Inc.2025Joseph Adams590,000152,050285,18201,442,575
15Home Bancorp, Inc.2025John Bordelon585,00400485,0001,235,742
16First Northwest Bancorp2025Matthew Deines310,734259,013001,116,357
17CapStar Financial Holdings, Inc.2022Timothy Schools525,000499,306001,033,006
18Waterstone Financial, Inc.2025William Bruss439,03565,8480214,596785,156
19Timberland Bancorp, Inc.2025Dean Brydon408,10068,9200152,564652,153

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
FS Bancorp, Inc.not disclosednot disclosednot disclosedPearl Meyer & Partners, LLC
Alerus Financial Corporation141%PSU 60 · RSU 40NoFW Cook
Bank of Marin Bancorp112%PSU 62 · RSU 38NoPearl Meyer & Partners
BayCom Corpnot disclosedRSU 100not disclosednot disclosed
Camden National Corporation128.1%RSU 50 · PSU 50NoMeridian Compensation Partners
CapStar Financial Holdings, Inc.not disclosedPSU 60 · RSU 40NoMcLagan (part of Aon plc Human Capital practice)
Coastal Financial Corporationnot disclosedRSU 50NoPearl Meyer
First Northwest Bancorpnot disclosedPSU 50 · RSU 50NoMeridian Compensation Partners LLC
Five Star Bancorpnot disclosedPSU 50 · RSU 50NoPearl Meyer Partners, LLC
HarborOne Bancorp, Inc.73%RSU 50 · PSU 50NoPearl Meyer & Partners, LLC
Home Bancorp, Inc.not disclosedRSU 100not disclosednot disclosed
HomeTrust Bancshares, Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Independent Bank Corporationnot disclosedPSU 57 · RSU 43NoMercer
Mercantile Bank Corporation105.6%PSU 65 · RSU 35NoAON
Meridian Corporation130%RSU 100not disclosednot disclosed
Northrim BanCorp, Inc.not disclosedRSU 50 · PSU 50NoFrederic W. Cook and Co., Inc.
Sierra Bancorp100.385%RSU 100NoPearl Meyer
Timberland Bancorp, Inc.not disclosedRSU 100not disclosedBlanchard Consulting Group
Waterstone Financial, Inc.not disclosedPSU 100NoMeridian Compensation Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at FS Bancorp, Inc. in fiscal 2025?
Joseph Adams was the highest-paid executive at FS Bancorp, Inc. in fiscal 2025, with total compensation of $1,442,575.
How does FS Bancorp, Inc.'s chief executive pay compare to its disclosed peer group?
The company reported that the CEO's pay was at the 28th percentile of the disclosed peer group.
What is FS Bancorp, Inc.'s CEO-to-median employee pay ratio?
The filing shows the CEO-to-median employee pay ratio was 24:1.
How did shareholders vote on FS Bancorp, Inc.'s executive compensation?
Shareholders supported the executive compensation plan with 94.41% approval in the latest vote.
How much does FS Bancorp, Inc. spend in total on board compensation for fiscal 2025?
FS Bancorp, Inc. spent $807,432 in total on board compensation for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joseph AdamsDEF 14A2026-04-060001437749-26-011384Section “Summary Compensation Table”. As printed: 1,442,575. Filing ↗machine: t170 · r1 · c25 · span 492793–492802
2Section 01, Matthew MulletDEF 14A2026-04-060001437749-26-011384Section “Summary Compensation Table”. As printed: 1,143,873. Filing ↗machine: r4 · c25 · span 504237–504246
3Section 01, Donn CostaDEF 14A2026-04-060001437749-26-011384Section “Summary Compensation Table”. As printed: 625,711. Filing ↗machine: r9 · c25 · span 522818–522825
4Section 01, Shana AllenDEF 14A2026-04-060001437749-26-011384Section “Summary Compensation Table”. As printed: 568,080. Filing ↗machine: r12 · c25 · span 534234–534241
5Section 01, Phillip WhittingtonDEF 14A2026-04-060001437749-26-011384Section “Summary Compensation Table”. As printed: 377,457. Filing ↗machine: r7 · c25 · span 515670–515677
6Section 03, Joseph Adams OPTIONDEF 14A2026-04-060001437749-26-011384Section “MEETINGS AND COMMITTEES OF THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE MATTER &” · grants of plan-based awards table. Filing ↗machine: t162 · r1 · c11 · span 447905–447912
7Section 03, Shana Allen OPTIONDEF 14A2026-04-060001437749-26-011384Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r5 · c17 · span 582166–582173
8Section 03, Phillip Whittington OPTIONDEF 14A2026-04-060001437749-26-011384Section “MEETINGS AND COMMITTEES OF THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE MATTER &” · grants of plan-based awards table. Filing ↗machine: t162 · r3 · c11 · span 451714–451721
9Section 03, Matthew Mullet RSUDEF 14A2026-02-270001437749-26-011384Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
10Section 03, Matthew Mullet OptionDEF 14A2026-04-060001437749-26-011384Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t176 · r2 · c17 · span 573541–573548
11Section 07, pay ratioDEF 14A2026-04-060001437749-26-011384Section “CEO Pay Ratio”. As printed: 24 : 1. Filing ↗machine: t185 · r1 · c1 · span 733756–733763
12Section 08, Pamela M. AndrewsDEF 14A2026-04-060001437749-26-011384Section “Director Compensation”. As printed: 191,356. Filing ↗machine: t126 · r1 · c19 · span 321862–321869
13Section 08, Ted A. LeechDEF 14A2026-04-060001437749-26-011384Section “Director Compensation”. As printed: 155,923. Filing ↗machine: t126 · r4 · c19 · span 330546–330553
14Section 08, Terri L. DegnerDEF 14A2026-04-060001437749-26-011384Section “Director Compensation”. As printed: 151,690. Filing ↗machine: t126 · r3 · c19 · span 327655–327662
15Section 08, Marina Cofer-WildsmithDEF 14A2026-04-060001437749-26-011384Section “Director Compensation”. As printed: 145,677. Filing ↗machine: t126 · r2 · c19 · span 324762–324769
16Section 08, Joseph P. ZavagliaDEF 14A2026-04-060001437749-26-011384Section “Director Compensation”. As printed: 144,618. Filing ↗machine: t126 · r6 · c19 · span 336340–336347
17Section 08, Michael J. MansfieldDEF 14A2026-04-060001437749-26-011384Section “Director Compensation”. As printed: 135,888. Filing ↗machine: t126 · r5 · c19 · span 333444–333451
18Section 08, Joseph C. AdamsDEF 14A2026-04-060001437749-26-011384Section “Director Compensation”. As printed: 0. Filing ↗
19Section 02, Victoria Jarman 2026-05-06Form 42026-05-080000939057-26-000109Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Matthew Mullet 2026-05-06Form 42026-05-080000939057-26-000113Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Marina Cofer-Wildsmith 2026-05-06Form 42026-05-080000939057-26-000110Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Donn Costa 2026-05-06Form 42026-05-080000939057-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Ben Crowl 2026-05-06Form 42026-05-080000939057-26-000105Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Kelli Nielsen 2026-05-06Form 42026-05-080000939057-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Phillip Whittington 2026-05-06Form 42026-05-080000939057-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Robert A. Nesbitt 2026-05-06Form 42026-05-080000939057-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Michael J. Mansfield 2026-05-06Form 42026-05-080000939057-26-000112Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Joseph P. Zavaglia 2026-05-06Form 42026-05-080000939057-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Shana Allen 2026-05-06Form 42026-05-080000939057-26-000106Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Pamela M. Andrews 2026-05-06Form 42026-05-080000939057-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Erin Burr 2026-05-06Form 42026-05-080000939057-26-000101Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Joseph C. Adams 2026-05-06Form 42026-05-080000939057-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Ted A. Leech 2026-05-06Form 42026-05-080000939057-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
34Section 06, 2026 voteForm 8-K2026-05-270000939057-26-000118Item 5.07 · say-on-pay result. As reported: 94.41% (votes for as printed: 5,144,997). Filing ↗
35Section 06, 2025 voteForm 8-K2025-05-290000939057-25-000148Item 5.07 · say-on-pay result. As reported: 92.74% (votes for as printed: 5,121,671). Filing ↗
36Section 06, 2024 voteForm 8-K2024-05-300000939057-24-000158Item 5.07 · say-on-pay result. As reported: 95.08% (votes for as printed: 5,667,873). Filing ↗
37Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
38Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)ComputedcomputedCash 576,820 + equity 180,630 + all other 49,982 = 807,432, summed across the director compensation table rows.machine: formula: Σ = 807,432
40Independent Bank Corporation, Section 10b CEO totalDEF 14A2026-03-260000776901-26-000079CEO total compensation as printed in Independent Bank Corporation's own proxy. As printed: 3,606,962. Filing ↗machine: span 925147–925156
41Camden National Corporation, Section 10b CEO totalDEF 14A2026-04-030000750686-26-000017CEO total compensation as printed in Camden National Corporation's own proxy. As printed: 2,318,520. Filing ↗machine: r4 · c24 · span 977361–977370
42HarborOne Bancorp, Inc., Section 10b CEO totalDEF 14A2025-04-010001558370-25-004227CEO total compensation as printed in HarborOne Bancorp, Inc.'s own proxy. As printed: 1,996,521. Filing ↗machine: t109 · r7 · c20 · span 1121436–1121445
43Bank of Marin Bancorp, Section 10b CEO totalDEF 14A2026-04-220001104659-26-046455CEO total compensation as printed in Bank of Marin Bancorp's own proxy. As printed: 1,930,086. Filing ↗machine: t116 · r5 · c14 · span 1084023–1084032
44Sierra Bancorp, Section 10b CEO totalDEF 14A2026-04-070001104659-26-040182CEO total compensation as printed in Sierra Bancorp's own proxy. As printed: 1,897,622. Filing ↗machine: span 346414–346423
45BayCom Corp, Section 10b CEO totalDEF 14A2026-04-290001730984-26-000039CEO total compensation as printed in BayCom Corp's own proxy. As printed: 1,803,041. Filing ↗machine: t107 · r4 · c20 · span 362435–362444
46Five Star Bancorp, Section 10b CEO totalDEF 14A2026-03-300001628280-26-022075CEO total compensation as printed in Five Star Bancorp's own proxy. As printed: 1,780,757. Filing ↗machine: span 236440–236449
47Mercantile Bank Corporation, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010964CEO total compensation as printed in Mercantile Bank Corporation's own proxy. As printed: 1,769,983. Filing ↗machine: t42 · r1 · c20 · span 302151–302160
48Coastal Financial Corporation, Section 10b CEO totalDEF 14A2026-04-130001437958-26-000023CEO total compensation as printed in Coastal Financial Corporation's own proxy. As printed: 1,693,201. Filing ↗machine: t61 · r2 · c21 · span 467985–467994
49Meridian Corporation, Section 10b CEO totalDEF 14A2026-04-060001750735-26-000027CEO total compensation as printed in Meridian Corporation's own proxy. As printed: 1,677,997. Filing ↗machine: t18 · r2 · c16 · span 375734–375743
50Alerus Financial Corporation, Section 10b CEO totalDEF 14A2026-04-010001437749-26-010883CEO total compensation as printed in Alerus Financial Corporation's own proxy. As printed: 1,630,180. Filing ↗machine: span 526881–526890
51Northrim BanCorp, Inc., Section 10b CEO totalDEF 14A2026-04-140001163370-26-000012CEO total compensation as printed in Northrim BanCorp, Inc.'s own proxy. As printed: 1,491,789. Filing ↗
52HomeTrust Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-070001538263-26-000032CEO total compensation as printed in HomeTrust Bancshares, Inc.'s own proxy. As printed: 1,487,191. Filing ↗machine: span 442986–442995
53FS Bancorp, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-060001437749-26-011384CEO total compensation as printed in FS Bancorp, Inc.'s own proxy. As printed: 1,442,575. Filing ↗machine: t170 · r1 · c25 · span 492793–492802
54Home Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-020002077096-26-000037CEO total compensation as printed in Home Bancorp, Inc.'s own proxy. As printed: 1,235,742. Filing ↗machine: span 239000–239009
55First Northwest Bancorp, Section 10b CEO totalDEF 14A2026-04-090001437749-26-011851CEO total compensation as printed in First Northwest Bancorp's own proxy. As printed: 1,116,357. Filing ↗machine: t74 · r8 · c7 · span 377013–377022
56CapStar Financial Holdings, Inc., Section 10b CEO totalDEF 14A2023-03-100000950170-23-007125CEO total compensation as printed in CapStar Financial Holdings, Inc.'s own proxy. As printed: 1,033,006. Filing ↗machine: span 874620–874629
57Waterstone Financial, Inc., Section 10b CEO totalDEF 14A2026-04-090001437749-26-011833CEO total compensation as printed in Waterstone Financial, Inc.'s own proxy. As printed: 785,156. Filing ↗machine: t109 · r2 · c7 · span 444080–444087
58Timberland Bancorp, Inc., Section 10b CEO totalDEF 14A2025-12-170000939057-25-000333CEO total compensation as printed in Timberland Bancorp, Inc.'s own proxy. As printed: 652,153. Filing ↗
59Section 10a, Camden National Corporation reciprocityDEF 14A0000750686-26-000017Camden National Corporation's most recent proxy was read; its disclosed peer group does not include FS Bancorp, Inc.. Filing ↗
60Section 10a, HarborOne Bancorp, Inc. reciprocityDEF 14A0001558370-25-004227HarborOne Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include FS Bancorp, Inc.. Filing ↗
61Section 10a, HomeTrust Bancshares, Inc. reciprocityDEF 14A0001538263-26-000032HomeTrust Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FS Bancorp, Inc.. Filing ↗
62Section 10a, Bank of Marin Bancorp reciprocityDEF 14A0001104659-26-046455Bank of Marin Bancorp names FS Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
63Section 10a, Mercantile Bank Corporation reciprocityDEF 14A0001437749-26-010964Mercantile Bank Corporation's most recent proxy was read; its disclosed peer group does not include FS Bancorp, Inc.. Filing ↗
64Section 10a, Coastal Financial Corporation reciprocityDEF 14A0001437958-26-000023Coastal Financial Corporation's most recent proxy was read; its disclosed peer group does not include FS Bancorp, Inc.. Filing ↗
65Section 10a, Waterstone Financial, Inc. reciprocityDEF 14A0001437749-26-011833Waterstone Financial, Inc. names FS Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
66Section 10a, CapStar Financial Holdings, Inc. reciprocityDEF 14A0000950170-23-007125CapStar Financial Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include FS Bancorp, Inc.. Filing ↗
67Section 10a, Northrim BanCorp, Inc. reciprocityDEF 14A0001163370-26-000012Northrim BanCorp, Inc. names FS Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
68Section 10a, Sierra Bancorp reciprocityDEF 14A0001104659-26-040182Sierra Bancorp names FS Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
69Section 10a, Independent Bank Corporation reciprocityDEF 14A0000776901-26-000079Independent Bank Corporation's most recent proxy was read; its disclosed peer group does not include FS Bancorp, Inc.. Filing ↗