Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 24, 2024

FS BANCORP, INC.

(Exact name of registrant as specified in its charter)

Washington	001-35589	45-4585178
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6920 220th Street SW Mountlake Terrace, Washington	98043
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (425) 771-5299

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $.01 per share		FSBW		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events

On May 24, 2024, FS Bancorp, Inc., the holding company for 1st Security Bank of Washington (“Bank”) announced that the Bank had promoted Kelli Nielsen and Donn Costa to the positions of EVP, Chief Retail Banking Officer and EVP, Chief Home Lending Officer, respectively. A copy of the news release announcing the promotions is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Exhibits

(d) Exhibits


99.1	Press release of FS Bancorp, Inc. dated May 24, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: May 24, 2024	FS BANCORP, INC.

	/s/Matthew D. Mullet
	Matthew D. Mullet
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

Exhibit 99.1

1st Security Bank Announces the Promotions of Kelli Nielsen and Donn Costa Effective May 1st, 2024

Mountlake Terrace, WA, May 24, 2024 – FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security” or “Bank”) announced today the promotions of Kelli Nielsen and Donn Costa to the positions of EVP, Chief Retail Banking Officer and EVP, Chief Home Lending Officer, respectively.

1st Security Bank Chief Executive Officer, Joe Adams, announced the promotions at an all-employee meeting on Friday, May 17th. During the announcement, Adams said, “Kelli and Donn have shown tremendous leadership in their departments, helping to innovate how we attract and retain our customers. Their ideas are at the forefront of what we believe our customers’ experiences should be in the communities we serve. Both Kelli and Donn promote our aspirational vision statement of Building a Truly Great Place to Work and Bank in everything they do.”

Kelli Nielsen has worked in the financial services industry for more than three decades, bringing 1st Security Bank a wealth of retail banking and leadership experience when she joined the Bank in 2016. She was promoted to the EVP of Retail Banking and Marketing in 2017. Kelli leads departments which focus on providing customer solutions and personalized service delivery. She is passionate about supporting the Pacific Northwest’s diverse communities in which the Bank operates.

In 2016, Kelli graduated from the American Bankers Association (ABA) Stonier Graduate School of Banking, and she holds a Certificate of Leadership from the University of Pennsylvania, the Wharton School of Business. She serves on the ABA Stonier Advisory Board and is a representative on the Diversity, Equity, and Inclusion (DEI) Committee. She is a founder of the Women of Stonier Program. Invested in building relationships and helping others, Kelli serves on the Washington Bankers Association (WBA) Retail Banking Committee, the Government Relations Committee, and is on the WBA Pros Board.

Kelli has volunteered with The IF Project, teaching Financial Literacy, and has served as a mentor to female residents of the Washington Corrections Center for Women.

Donn Costa began his career in mortgage lending over thirty-five years ago. He joined 1st Security in 2011, after having worked as Executive Vice President of Sterling Savings Bank following its merger with Golf Savings Bank in 2009. Prior to the merger, Donn was President of Golf Savings Bank.

At 1st Security, Donn was instrumental in the creation of the Bank’s mortgage division. He oversees home lending and has helped grow the Bank’s mortgage lending portfolio, expanding its products and services through focused hiring of production teams that specialize in providing outstanding customer experiences. His achievements include serving as President of the Washington Mortgage Lenders and the Seattle Mortgage Bankers, as well as sitting on the

Advisory Board of Fannie Mae and Freddie Mac. Donn’s goal for the home lending team at 1st Security is not only to provide excellent customer service, but also to help people achieve their dream of home ownership.

Donn supports the community by volunteering his time with Habitat for Humanity, constructing affordable homes for low-income individuals within the Bank’s footprint. An avid golfer, Donn enjoys time on the links with friends and customers.

About 1st Security Bank of Washington

1st Security Bank, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty-seven branches across Washington and Oregon, with mortgage services at each branch as well as lending offices in the Pacific Northwest. For more information visit 1st Security Bank’s website at www.fsbwa.com.

Note Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate", "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that 1st Security expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the Securities and Exchange Commission reports of FS Bancorp, particularly its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.

MEDIA CONTACT

Camberly Gilmartin

AVP, Marketing Manager

1st Security Bank

camberly.gilmartin@fsbwa.com

Document and Entity Information	May 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 24, 2024
Entity File Number	001-35589
Entity Registrant Name	FS BANCORP, INC.
Entity Central Index Key	0001530249
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	45-4585178
Entity Address, Address Line One	6920 220th Street SW
Entity Address, City or Town	Mountlake Terrace
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98043
City Area Code	425
Local Phone Number	771-5299
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FSBW
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false