FS Bancorp, Inc.
Close on Oct 19, 2026
- Market cap
- $333.60M
- P/E (TTM)
- 10.2
- Dividend yield
- 3.01%
About FS Bancorp
Savings Institutions, Not Federally Chartered, SIC 6036
FS Bancorp operates as a bank holding company for 1st Security Bank, delivering community banking and diversified lending services. Its offerings include commercial real estate, multi-family, residential construction, one-to-four-family mortgage, and home equity loans. The bank also provides commercial business credit, warehouse lending lines, and consumer financing, particularly fixture-secured home improvement and marine loans, alongside retail deposit products. Customers comprise local individuals, families, home builders, and regional businesses.
Headquartered in Mountlake Terrace, Washington, the company also maintains an administrative facility in Aberdeen, Washington. Its branch network includes twenty-seven full-service locations, with twenty-two in Washington and five in Oregon. It also operates thirteen loan production offices across the Puget Sound region, Eastern Washington, and Southwest Washington, while its indirect consumer lending contractor network spans thirteen states.
Summary of the business section of FS Bancorp's latest annual report, written by StockData.
Company profile
Company
- Legal name
- FS Bancorp, Inc.
- Founded
- 1907
- Headquarters
- Mountlake Terrace, WA
- Address
- 6920 220th Street Sw 98043
- Phone
- (425) 771-5299
- Employees
- 581, Dec 31, 2025
- Industry
- Savings Institutions, Not Federally Chartered
- Incorporated in
- Washington
- Fiscal year ends
- December 31
- Auditor
- Baker Tilly US,LLP, Everett, Washington
Stock & identifiers
- Ticker
- FSBW
- Exchange
- Nasdaq
- IPO date
- Jul 10, 2012
- Shares outstanding
- 7M, Aug 5, 2026
- Public float
- $259.82M, Jun 30, 2025
- Filer category
- Accelerated filer
- Stock splits
- 2-for-1, Jul 15, 2021; 2-for-1, Jul 14, 2021
- SEC CIK
- 1530249
- CUSIP
- 30263Y104
- ISIN
- US30263Y1047
- EIN
- 45-4585178
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| Sean McCormick | Chief Credit Admin. Officer | 9,293 |
| Victoria Jarman | CHR & WOW! Officer, EVP | 7,823 |
| Kelli Nielsen | Chief Retail Banking, EVP | 20,965 |
| Robert A. Nesbitt | Chief Credit Operations, EVP | 8,143 |
| Matthew D. Mullet | President & CEO of the Bank | 152,963 |
| Erin Burr | CRO & CRA Officer, EVP | 40,781 |
| Shana Allen | Chief Information Office, EVP | 17,808 |
| Phillip Dean Whittington | Chief Financial Officer | 6,865 |
| Ben Crowl | Chief Lending Officer/EVP | 20,347 |
| Donn C. Costa | Chief Home Lending, EVP | 14,396 |
| Terri L. Degner | Director | 2,523 |
| Michael J. Mansfield | Director | 85,502 |
| Pamela Marie Andrews | Director | 13,199 |
| Ted A. Leech | Director | 80,852 |
| Joseph C. Adams | Director | 114,094 |
| Joseph P. Zavaglia | Director | 17,270 |
| Marina Cofer-Wildsmith | Director | 9,252 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 Joseph C. Adams | $1.44M | $1.41M | $678.78K | $173 | $160 |
| FY2024 Joseph C. Adams | $1.56M | $1.91M | $730.41K | $167 | $146 |
| FY2023 Joseph C. Adams | $1.37M | $1.33M | $630.57K | $146 | $123 |
| FY2022 Joseph C. Adams | $1.36M | $1.25M | $562.88K | $128 | $123 |
| FY2021 Joseph C. Adams | $1.88M | $2.35M | $1.36M | $125 | $139 |
| FY2020 Joseph C. Adams | $1.80M | $1.32M | $1.61M | $88 | $91 |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Employees
Headcount reported in annual reports
“As of December 31, 2025, the Company had 581 employees, 99% are full time employees and 1% are part time including a college internship program.”
Corporate history
Events identified from SEC filings
| Date | Event | Details |
|---|---|---|
| Jun 29, 2026 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| Jun 4, 2025 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Apr 8, 2021 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| Nov 16, 2018 | Acquisition / sale | Completion of acquisition or disposition of assets (8-K Item 2.01) |
| Sep 7, 2018 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| Apr 8, 2016 | Acquisition / sale | Completion of acquisition or disposition of assets (8-K Item 2.01) |
| Jun 28, 2012 | Listing | Registration of securities on an exchange (Form 8-A) |