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 20, 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 20, 2024, FS Bancorp, Inc., the holding company for 1st Security Bank of Washington (“Bank”) announced that the Bank had promoted Sean McCormick and Robert Nesbitt to the positions of Chief Credit Administration Officer and Chief Credit Operations 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 20, 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 20, 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 Sean McCormick and Robert Nesbitt to Executive Vice President roles.

Mountlake Terrace, WA, May 20, 2024 – FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security” or “Bank”) announced today the promotions of Sean McCormick and Robert Nesbitt to the positions of Chief Credit Administration Officer and Chief Credit Operations Officer of the Bank, respectively.

Sean McCormick will assume the role of Chief Credit Administration Officerand will have primary responsibility for overseeing the Bank’s credit strategy, credit risk, and financial analysis of the Bank’s loan portfolios. Sean brings a tremendous amount of institutional knowledge to this role, having spent 11 years working directly under Rob Fuller, the long time, and recently retired former Chief Credit Officer of the Bank.

Sean joined 1st Security Bank as a Commercial Credit Analyst in 2011. In 2023, he was promoted to SVP Director of Credit Administration. He has been instrumental in the prudent growth and expansion of the Bank’s loan portfolios and the Bank’s credit risk mitigation efforts. Sean holds a BA in Finance from the University of Washington and graduated from the American Bankers Association Stonier Graduate School of Banking. He received a leadership certificate from the Wharton Executive Education Program in 2022. Sean continues to volunteer with the Stonier Graduate School of Banking as a mentor for third year students. He is also a member of the Finance Committee for the Master Builders Association of King and Snohomish counties.

In addition, Robert Nesbitt has been named Chief Credit Operations Officer for the Bank in charge of its commercial credit operations. Robert has been in the commercial banking industry for 25 years, focusing on commercial and industrial lending and commercial real estate lending at both regional and large community banks. Robert joined 1st Security in 2017 as VP Commercial Lending Relationship Manager and has been actively involved in helping build the Bank’s highly successful commercial lending team.

Robert holds a BA in History from the University of Tennessee and an MBA from the University of Chicago. He volunteers with Food Lifeline and is an active member of the Association of General Contractors and the Community Association Institute.

“1st Security Bank is extremely fortunate to have two individuals of Sean and Robert’s caliber lead our credit strategy, credit risk, and commercial loan operations. Together they have over 40 years of experience and have both been strategic and inspiring leaders, highly respected by their peers at building connections throughout the Bank,” said Joe Adams, Chief Executive Officer. “With their combined experience and complementary leadership styles, they will partner

to provide best in class service to our customers and position the Bank for future growth and success in Washington and Oregon.”

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 20, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 20, 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