| | | | BY ORDER OF THE BOARD OF DIRECTORS | |
| | | |
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|
| | | | MATTHEW D. MULLET | |
| | | | SECRETARY | |
| Mountlake Terrace, Washington | | | | |
| April 8, 2024 | | | | |
Beneficial Owners of More Than 5%
|
| |
Number of shares
beneficially owned |
| |
Percent of shares
outstanding (%) |
| ||||||
T. Rowe Price Investment Management, Inc. | | | | | 978,184(1) | | | | | | 12.53 | | |
BlackRock, Inc. | | | | | 469,908(2) | | | | | | 6.02 | | |
FS Bancorp, Inc. Employee Stock Ownership Plan | | | | | 466,578(3) | | | | | | 5.98 | | |
The Vanguard Group | | | | | 401,328(4) | | | | | | 5.14 | | |
Name
|
| |
Shares(1)
|
| |
Stock
options(2) |
| |
Total number of
shares beneficially owned |
| |
Percent of shares
outstanding (%) |
| ||||||||||||
Directors | | | | | | | | | | | | | | | | | | | | | | | | | |
Joseph C. Adams* | | | | | 124,939 | | | | | | 96,180 | | | | | | 221,119 | | | | | | 2.8 | | |
Pamela M. Andrews | | | | | 13,269 | | | | | | 4,500 | | | | | | 17,769 | | | | | | ** | | |
Michael J. Mansfield | | | | | 85,571 | | | | | | 5,720 | | | | | | 91,291 | | | | | | 1.2 | | |
Ted A. Leech | | | | | 76,531 | | | | | | 11,560 | | | | | | 88,091 | | | | | | 1.1 | | |
Joseph P. Zavaglia | | | | | 17,745 | | | | | | 11,560 | | | | | | 29,305 | | | | | | ** | | |
Marina Cofer-Wildsmith | | | | | 9,085 | | | | | | 11,560 | | | | | | 20,645 | | | | | | ** | | |
Margaret R. Piesik | | | | | 15,560 | | | | | | 11,560 | | | | | | 27,120 | | | | | | ** | | |
Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
Matthew D. Mullet | | | | | 126,195 | | | | | | 34,439 | | | | | | 160,634 | | | | | | 2.1 | | |
Donn C. Costa | | | | | 88,126 | | | | | | 52,940 | | | | | | 141,066 | | | | | | 1.8 | | |
Shana Allen | | | | | 11,162 | | | | | | — | | | | | | 11,162 | | | | | | ** | | |
Kelli Nielsen | | | | | 16,325 | | | | | | 22,109 | | | | | | 38,434 | | | | | | ** | | |
Dennis V. O’Leary | | | | | 90,728 | | | | | | 37,530 | | | | | | 128,258 | | | | | | 1.6 | | |
All Executive Officers and Directors as a Group
(14 persons) |
| | | | 742,213 | | | | | | 340,658 | | | | | | 1,082,871 | | | | | | 13.30 | | |
Name
|
| |
Age as of
December 31, 2023 |
| |
Year first elected or
appointed director(1) |
| |
Term to expire
|
| |||||||||
Board Nominees
|
| ||||||||||||||||||
Joseph C. Adams | | | | | 64 | | | | | | 2005 | | | | | | 2027(2) | | |
Pamela M. Andrews | | | | | 65 | | | | | | 2021 | | | | | | 2027(2) | | |
Joseph P. Zavaglia | | | | | 75 | | | | | | 2011 | | | | | | 2027(2) | | |
Directors Continuing in Office
|
| ||||||||||||||||||
Ted A. Leech | | | | | 76 | | | | | | 2005 | | | | | | 2025 | | |
Marina Cofer-Wildsmith | | | | | 56 | | | | | | 2012 | | | | | | 2025 | | |
Michael J. Mansfield | | | | | 67 | | | | | | 2008 | | | | | | 2026 | | |
Margaret R. Piesik | | | | | 73 | | | | | | 2006 | | | | | | 2026 | | |
| | |
Adams
|
| |
Andrews
|
| |
Cofer-Wildsmith
|
| |
Leech
|
| |
Mansfield
|
| |
Piesik
|
| |
Zavaglia
|
| |||||||||||||||||||||
Experience, Qualification, Skill or Attribute | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Professional standing in chosen field | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | |
Expertise in financial services or related industry | | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | |
Certified public accountant or financial expert | | | | | ✓ | | | | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | |
Attorney | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Civic and community involvement | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | |
Leadership and team building skills | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | |
Diversity by race, ethnicity or gender | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | | | | | | | ✓ | | | | | | | | |
Specific skills/knowledge: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance
|
| | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | |
Technology
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | | | | | | | |
Securities
|
| | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | |
Marketing
|
| | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | |
Public affairs
|
| | | | ✓ | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | | | | | ✓ | | | | | | | | |
Human resources
|
| | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | |
Environmental, social and governance
|
| | | | ✓ | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | |
|
Board Diversity Matrix (as of April 8, 2024)
|
| ||||||||||||
| Total number of directors | | |
7
|
| |||||||||
| | | |
Male
|
| |
Female
|
| |
Non-binary
|
| |
Did not
disclose gender |
|
| Part I: Gender Identity | | | | | | | | | | | | | |
| Directors | | |
4
|
| |
3
|
| |
—
|
| |
—
|
|
| Part II: Demographic Background | | | | | | | | | | | | | |
| Alaskan Native or Native American | | |
1
|
| |
—
|
| |
—
|
| |
—
|
|
| Hispanic or Latino | | |
1
|
| |
—
|
| |
—
|
| |
—
|
|
| White | | |
4
|
| |
3
|
| |
—
|
| |
—
|
|
| Two or More Races or Ethnicities | | |
2
|
| |
—
|
| |
—
|
| |
—
|
|
| | |
Audit Committee
|
| |
Compensation Committee
|
| |
Nominating &
Environmental, Social and Governance Committee |
|
Pamela M. Andrews | | |
✓
|
| | | | |
✓
|
|
Marina Cofer-Wildsmith | | |
✓
|
| |
✓
|
| |
✓
|
|
Ted A. Leech | | |
Chair
|
| |
✓
|
| | | |
Michael J. Mansfield | | |
✓
|
| |
Chair
|
| | | |
Margaret R. Piesik | | | | | | | | |
✓
|
|
Joseph P. Zavaglia | | | | | |
✓
|
| |
Chair
|
|
Name
|
| |
Type of loan
|
| |
Amount
involved in the transaction ($)(1) |
| |
Amount
outstanding at end of period ($) |
| |
Principal paid
during the period ($) |
| |
Interest paid
during the period ($) |
| |
Interest
rate (%)(2) |
| |||||||||||||||
Donn C. Costa | | |
First mortgage
|
| | | | 179,499.02 | | | | | | 166,663.48 | | | | | | 12,835.54 | | | | | | 5,928.86 | | | | | | 8.00% | | |
Name
|
| |
Fees earned or
paid in cash ($) |
| |
Stock
awards ($)(1)(2) |
| |
Option
awards ($)(1)(3) |
| |
All other
compensation ($)(4) |
| |
Total ($)
|
| |||||||||||||||
Pamela M. Andrews | | | | | 67,925 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 8,375 | | | | | | 102,840 | | |
Marina Cofer-Wildsmith | | | | | 64,900 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 5,237 | | | | | | 96,677 | | |
Ted A. Leech | | | | | 79,585 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 4,966 | | | | | | 111,091 | | |
Michael J. Mansfield | | | | | 63,635 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 9,350 | | | | | | 99,525 | | |
Margaret R. Piesik | | | | | 66,935 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 3,140 | | | | | | 96,615 | | |
Joseph P. Zavaglia | | | | | 68,860 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 4,951 | | | | | | 100,351 | | |
Name
|
| |
Title
|
|
Joseph C. Adams | | | Chief Executive Officer | |
Matthew D. Mullet | | | Chief Financial Officer | |
Donn C. Costa | | | Executive Vice President, Home Lending | |
Shana Allen | | | Chief Information Officer | |
Kelli Nielsen | | | Executive Vice President, Retail Banking/Marketing | |
Dennis V. O’Leary | | | Former Chief Lending Officer | |
Pay element
|
| |
How it is paid
|
| |
Purpose
|
|
Base salary | | | Cash (fixed) | | | Provide a competitive base salary rate relative to similar positions in the market and enable the Bank to attract and retain critical executive talent. | |
Annual incentives | | | Cash (variable) | | | Reward executives for delivering on annual strategic objectives that drive our business strategy and contribute to the creation of shareholder value. | |
Long-term incentives
|
| |
Equity (variable)
|
| | Provide incentives for executives to execute on longer-term goals that drive the creation of shareholder value and support FS Bancorp’s retention strategy. | |
What We Do
|
| |
What We Do Not Do
|
|
✓
Pay for performance
|
| |
✘
No tax gross-ups
|
|
✓
Engage independent compensation consultant
|
| |
✘
No significant perquisites for executives
|
|
✓
Review compensation programs for risk
|
| |
✘
No supplemental executive retirement plan
|
|
✓
Annual say-on-pay vote
|
| |
✘
No repricing of stock options
|
|
✓
Maintain stock ownership guidelines for executives and non-employee directors
|
| |
✘
No equity grants below 100% of fair market value without shareholder approval
|
|
✓
Double trigger required for accelerated vesting of equity awards under the 2018 Equity Incentive Plan
|
| |
✘
No dividends are paid on unvested restricted stock
|
|
✓
Restrict executive officers and directors from engaging in hedging and pledging transactions with respect to FSBW stock
|
| | | |
✓
Annual shareholder communication
|
| | | |
| Alerus Financial Corporation | | | Home Bancorp, Inc. | |
| Bank of Marin Bancorp | | | HomeTrust Bancshares, Inc. | |
| BayCom Corp | | | Independent Bank Corporation | |
| Camden National Corporation | | | Mercantile Bank Corporation | |
| CapStar Financial Holdings, Inc. | | | Meridian Corporation | |
| Coastal Financial Corporation | | | Northrim BanCorp, Inc. | |
| First Northwest Bancorp | | | Sierra Bancorp | |
| Five Star Bancorp | | | Timberland Bancorp, Inc. | |
| HarborOne Bancorp, Inc. | | | Waterstone Financial, Inc. | |
Officer
|
| |
2023 base
salary ($) |
| |
2022 base
salary ($) |
| |
Percentage
increase |
| |||||||||
Joseph C. Adams | | | | | 525,000 | | | | | | 525,000 | | | | | | — | | |
Matthew D. Mullet | | | | | 346,500 | | | | | | 330,000 | | | | | | 5.00% | | |
Donn C. Costa | | | | | 346,500 | | | | | | 330,000 | | | | | | 5.00% | | |
Shana Allen | | | | | 245,000 | | | | | | 194,000 | | | | | | 26.00% | | |
Kelli Nielsen | | | | | 225,000 | | | | | | 225,000 | | | | | | — | | |
Dennis V. O’Leary | | | | | 346,500 | | | | | | 330,000 | | | | | | 5.00% | | |
Officer
|
| |
2023 base
salary ($) |
| |
Target award opportunity
(as a % of base salary) |
| |
Target award
opportunity ($) |
| |||||||||
Joseph C. Adams | | | | | 525,000 | | | | | | 50% | | | | | | 262,500 | | |
Matthew D. Mullet | | | | | 346,500 | | | | | | 50% | | | | | | 173,250 | | |
Donn C. Costa | | | | | 346,500 | | | | | | 50% | | | | | | 173,250 | | |
Shana Allen | | | | | 245,000 | | | | | | 40% | | | | | | 98,000 | | |
Kelli Nielsen | | | | | 225,000 | | | | | | 40% | | | | | | 90,000 | | |
Dennis V. O’Leary | | | | | 346,500 | | | | | | 50% | | | | | | 173,250 | | |
Officer
|
| |
Target award opportunity
(as a % of base salary) |
| |
Target award
opportunity ($) |
| |
Actual Award
(as a % of target) |
| |
Actual Award ($)
|
| ||||||||||||
Joseph C. Adams | | | | | 50% | | | | | | 262,500 | | | | | | 175% | | | | | | 460,000 | | |
Matthew D. Mullet | | | | | 50% | | | | | | 173,250 | | | | | | 175% | | | | | | 303,500 | | |
Donn C. Costa | | | | | 50% | | | | | | 173,250 | | | | | | 100% | | | | | | 173,250 | | |
Shana Allen | | | | | 40% | | | | | | 98,000 | | | | | | 175% | | | | | | 171,500 | | |
Kelli Nielsen | | | | | 40% | | | | | | 90,000 | | | | | | 178% | | | | | | 160,000 | | |
Dennis V. O’Leary | | | | | 50% | | | | | | 173,250 | | | | | | 115% | | | | | | 200,000 | | |
Officer
|
| |
Restricted Stock ($)
|
| |
Stock Options ($)
|
| |
Total Grant Date
Fair Value ($) |
| |||||||||
Joseph C. Adams | | | | | 199,745 | | | | | | 148,590 | | | | | | 348,335 | | |
Matthew D. Mullet | | | | | 122,920 | | | | | | 91,440 | | | | | | 214,360 | | |
Donn C. Costa | | | | | — | | | | | | — | | | | | | — | | |
Shana Allen | | | | | 76,825 | | | | | | 57,150 | | | | | | 133,975 | | |
Kelli Nielsen | | | | | 58,387 | | | | | | 43,434 | | | | | | 101,821 | | |
Dennis V. O’Leary | | | | | 49,168 | | | | | | 24,384 | | | | | | 73,552 | | |
Position
|
| |
Stock value as a multiple of base salary
|
| |||
Chief Executive Officer | | | | | 3x | | |
Executive officer (other than CEO) | | | | | 1x | | |
| Compensation Committee: | | | Michael J. Mansfield (Chair) | |
| | | | Marina Cofer-Wildsmith | |
| | | | Ted A. Leech | |
| | | | Joseph P. Zavaglia | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)(1)
|
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total ($)
|
| |||||||||||||||||||||
Joseph C. Adams
Chief Executive Officer |
| | | | 2023 | | | | | | 525,000 | | | | | | 460,000 | | | | | | 199,745 | | | | | | 148,590 | | | | | | 40,033 | | | | | | 1,373,368 | | |
| | | 2022 | | | | | | 494,904 | | | | | | 450,000 | | | | | | 232,050 | | | | | | 160,650 | | | | | | 27,224 | | | | | | 1,364,828 | | | ||
| | | 2021 | | | | | | 475,000 | | | | | | 825,000 | | | | | | 283,680 | | | | | | 256,560 | | | | | | 36,603 | | | | | | 1,876,843 | | | ||
Matthew D. Mullet
Chief Financial Officer |
| | | | 2023 | | | | | | 346,500 | | | | | | 303,500 | | | | | | 122,920 | | | | | | 91,440 | | | | | | 26,811 | | | | | | 891,171 | | |
| | | 2022 | | | | | | 330,000 | | | | | | 280,000 | | | | | | 139,230 | | | | | | 96,390 | | | | | | 20,321 | | | | | | 865,941 | | | ||
| | | 2021 | | | | | | 330,000 | | | | | | 580,000 | | | | | | 177,300 | | | | | | 160,350 | | | | | | 33,149 | | | | | | 1,280,799 | | | ||
Donn C. Costa
Executive Vice President, Home Lending |
| | | | 2023 | | | | | | 346,500 | | | | | | 173,250 | | | | | | — | | | | | | — | | | | | | 31,057 | | | | | | 550,807 | | |
| | | 2022 | | | | | | 330,000 | | | | | | 165,000 | | | | | | — | | | | | | — | | | | | | 26,917 | | | | | | 521,917 | | | ||
| | | 2021 | | | | | | 330,000 | | | | | | 930,000 | | | | | | — | | | | | | — | | | | | | 34,941 | | | | | | 1,294,941 | | | ||
Shana Allen(4)
Chief Information Officer |
| | | | 2023 | | | | | | 245,000 | | | | | | 171,500 | | | | | | 76,825 | | | | | | 57,150 | | | | | | 13,207 | | | | | | 563,682 | | |
Kelli Nielsen(4)
Executive Vice President, Retail Banking/Marketing |
| | | | 2023 | | | | | | 225,000 | | | | | | 160,000 | | | | | | 58,387 | | | | | | 43,434 | | | | | | 19,689 | | | | | | 506,510 | | |
Dennis V. O’Leary(5)
Former Chief Lending Officer |
| | | | 2023 | | | | | | 346,500 | | | | | | 200,000 | | | | | | 49,168 | | | | | | 24,384 | | | | | | 22,887 | | | | | | 642,939 | | |
| | | 2022 | | | | | | 330,000 | | | | | | 280,000 | | | | | | 139,230 | | | | | | 96,390 | | | | | | 18,037 | | | | | | 863,657 | | | ||
| | | 2021 | | | | | | 330,000 | | | | | | 730,000 | | | | | | 177,300 | | | | | | 160,350 | | | | | | 33,381 | | | | | | 1,431,031 | | |
| | |
401(k) match
($) |
| |
ESPP
contribution ($) |
| |
Life insurance
premiums ($) |
| |
Dividends on
restricted stock ($) |
| ||||||||||||
Joseph C. Adams | | | | | 13,200 | | | | | | 6,000 | | | | | | 1,007 | | | | | | 19,826 | | |
Matthew D. Mullet | | | | | 13,200 | | | | | | 4,125 | | | | | | 774 | | | | | | 8,712 | | |
Donn C. Costa | | | | | 13,200 | | | | | | 7,000 | | | | | | 788 | | | | | | 10,069 | | |
Shana Allen | | | | | 12,154 | | | | | | 75 | | | | | | 978 | | | | | | — | | |
Kelli Nielsen | | | | | 13,200 | | | | | | — | | | | | | 757 | | | | | | 5,732 | | |
Dennis V. O’Leary | | | | | 13,200 | | | | | | — | | | | | | 975 | | | | | | 8,712 | | |
Name
|
| |
Grant
date |
| |
All other stock
awards: Number of shares of stock or units (#)(1) |
| |
All other option
awards: Number of securities underlying options (#)(1) |
| |
Exercise or base
price of option awards ($/Sh) |
| |
Grant date fair
value of stock and option awards(2) |
| |||||||||||||||
Joseph C. Adams | | | | | 8/15/2023 | | | | | | 6,500 | | | | | | 19,500 | | | | | | 30.73 | | | | | | 348,335 | | |
Matthew D. Mullet | | | | | 8/15/2023 | | | | | | 4,000 | | | | | | 12,000 | | | | | | 30.73 | | | | | | 214,360 | | |
Donn C. Costa | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shana Allen | | | | | 8/15/2023 | | | | | | 2,500 | | | | | | 7,500 | | | | | | 30.73 | | | | | | 133,975 | | |
Kelli Nielsen | | | | | 8/15/2023 | | | | | | 1,900 | | | | | | 5,700 | | | | | | 30.73 | | | | | | 101,821 | | |
Dennis V. O’Leary | | | | | 8/15/2023 | | | | | | 1,600 | | | | | | 3,200 | | | | | | 30.73 | | | | | | 73,552 | | |
| | |
Option Awards(1)
|
| |
Stock Awards(1)
|
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expira- tion Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(2) |
| |||||||||||||||||||||
Joseph C. Adams
|
| | | | 08/15/18 | | | | | | 45,600 | | | | | | — | | | | | | 29.30 | | | | | | 08/15/28 | | | | | | | | | | | | | | |
| | | 08/15/19 | | | | | | 19,200 | | | | | | 4,800 | | | | | | 24.37 | | | | | | 08/15/29 | | | | | | | | | | | | | | | ||
| | | 08/14/20 | | | | | | 17,280 | | | | | | 11,520 | | | | | | 21.35 | | | | | | 08/14/30 | | | | | | | | | | | | | | | ||
| | | 08/13/21 | | | | | | 9,600 | | | | | | 14,400 | | | | | | 35.46 | | | | | | 08/13/31 | | | | | | | | | | | | | | | ||
| | | 08/15/22 | | | | | | 4,500 | | | | | | 18,000 | | | | | | 30.94 | | | | | | 08/15/32 | | | | | | | | | | | | | | | ||
| | | 08/15/23 | | | | | | — | | | | | | 19,500 | | | | | | 30.73 | | | | | | 08/15/33 | | | | | | 22,740 | | | | | | 840,470 | | | ||
Matthew D. Mullet
|
| | | | 08/15/18 | | | | | | 9,600 | | | | | | — | | | | | | 29.30 | | | | | | 08/15/28 | | | | | | | | | | | | | | |
| | | 08/15/19 | | | | | | 9,960 | | | | | | 2,490 | | | | | | 24.37 | | | | | | 08/15/29 | | | | | | | | | | | | | | | ||
| | | 08/14/20 | | | | | | 6,180 | | | | | | 6,180 | | | | | | 21.35 | | | | | | 08/14/30 | | | | | | | | | | | | | | | ||
| | | 08/13/21 | | | | | | 6,000 | | | | | | 9,000 | | | | | | 35.46 | | | | | | 08/13/31 | | | | | | | | | | | | | | | ||
| | | 08/15/22 | | | | | | 2,700 | | | | | | 10,800 | | | | | | 30.94 | | | | | | 08/15/32 | | | | | | | | | | | | | | | ||
| | | 08/15/23 | | | | | | — | | | | | | 12,000 | | | | | | 30.73 | | | | | | 08/15/33 | | | | | | 13,490 | | | | | | 498,590 | | | ||
Donn C. Costa
|
| | | | 08/15/18 | | | | | | 36,800 | | | | | | — | | | | | | 29.30 | | | | | | 05/15/28 | | | | | | | | | | | | | | |
| | | 08/15/19 | | | | | | 9,960 | | | | | | 2,490 | | | | | | 24.37 | | | | | | 08/15/29 | | | | | | | | | | | | | | | ||
| | | 08/14/20 | | | | | | 6,180 | | | | | | 6,180 | | | | | | 21.35 | | | | | | 08/14/30 | | | | | | 2,890 | | | | | | 106,814 | | | ||
Shana Allen | | | | | 08/15/23 | | | | | | — | | | | | | 7,500 | | | | | | 30.73 | | | | | | 08/15/33 | | | | | | 2,500 | | | | | | 92,400 | | |
Kelli Nielsen
|
| | | | 08/15/18 | | | | | | 9,600 | | | | | | — | | | | | | 29.30 | | | | | | 08/15/28 | | | | | | | | | | | | | | |
| | | 08/15/19 | | | | | | 4,544 | | | | | | 1,136 | | | | | | 24.37 | | | | | | 08/15/29 | | | | | | | | | | | | | | | ||
| | | 08/14/20 | | | | | | 4,224 | | | | | | 2,816 | | | | | | 21.35 | | | | | | 08/14/30 | | | | | | | | | | | | | | | ||
| | | 08/13/21 | | | | | | 2,580 | | | | | | 3,870 | | | | | | 35.46 | | | | | | 08/13/31 | | | | | | | | | | | | | | | ||
| | | 08/15/22 | | | | | | 1,161 | | | | | | 4,644 | | | | | | 30.94 | | | | | | 08/15/32 | | | | | | | | | | | | | | | ||
| | | 08/15/23 | | | | | | — | | | | | | 5,700 | | | | | | 30.73 | | | | | | 08/15/33 | | | | | | 6,714 | | | | | | 248,149 | | | ||
Dennis V. O’Leary
|
| | | | 08/15/18 | | | | | | 9,600 | | | | | | — | | | | | | 29.30 | | | | | | 08/15/28 | | | | | | | | | | | | | | |
| | | 08/15/19 | | | | | | 9,960 | | | | | | 2,490 | | | | | | 24.37 | | | | | | 08/15/29 | | | | | | | | | | | | | | | ||
| | | 08/14/20 | | | | | | 9,270 | | | | | | 6,180 | | | | | | 21.35 | | | | | | 08/14/30 | | | | | | | | | | | | | | | ||
| | | 08/13/21 | | | | | | 6,000 | | | | | | 9,000 | | | | | | 35.46 | | | | | | 08/13/31 | | | | | | | | | | | | | | | ||
| | | 08/15/22 | | | | | | 2,700 | | | | | | 10,800 | | | | | | 30.94 | | | | | | 08/15/32 | | | | | | | | | | | | | | | ||
| | | 08/15/23 | | | | | | — | | | | | | 3,200 | | | | | | 30.73 | | | | | | 08/15/33 | | | | | | 11,090 | | | | | | 409,886 | | |
| | |
Option awards
|
| |
Stock awards
|
| ||||||||||||||||||
Name
|
| |
Number of shares
acquired on exercise (#) |
| |
Value realized on
exercise ($) |
| |
Number of shares
acquired on vesting (#) |
| |
Value realized on
vesting ($) |
| ||||||||||||
Joseph C. Adams | | | | | — | | | | | | — | | | | | | 8,900 | | | | | | 273,497 | | |
Matthew D. Mullet | | | | | — | | | | | | — | | | | | | 4,240 | | | | | | 130,295 | | |
Donn C. Costa | | | | | — | | | | | | — | | | | | | 3.700 | | | | | | 113,701 | | |
Shana Allen | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kelli Nielsen | | | | | — | | | | | | — | | | | | | 2,569 | | | | | | 78,945 | | |
Dennis V. O’Leary | | | | | — | | | | | | — | | | | | | 4,240 | | | | | | 130,295 | | |
| | |
Death ($)
|
| |
Disability ($)
|
| |
Involuntary
Termination ($) |
| |
Change in
Control ($) |
| ||||||||||||
Joseph C. Adams | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance Agreement | | | | | — | | | | | | — | | | | | | 1,050,000 | | | | | | 1,050,000 | | |
Equity Awards(1) | | | | | 1,332,175 | | | | | | 1,332,175 | | | | | | — | | | | | | 1,332,175 | | |
Matthew D. Mullet | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 346,500 | | |
Equity Awards(1) | | | | | 779,685 | | | | | | 779,685 | | | | | | — | | | | | | 779,685 | | |
Donn C. Costa | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 346,500 | | |
Equity Awards(1) | | | | | 234,633 | | | | | | 234,633 | | | | | | — | | | | | | 234,633 | | |
Shana Allen | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 245,000 | | |
Equity Awards(1) | | | | | 62,300 | | | | | | 62,300 | | | | | | — | | | | | | 62,300 | | |
Kelli Nielsen | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 225,000 | | |
Equity Awards(1) | | | | | 375,682 | | | | | | 375,682 | | | | | | — | | | | | | 375,682 | | |
Dennis V. O’Leary | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 346,500 | | |
Equity Awards(1) | | | | | 636,157 | | | | | | 636,157 | | | | | | — | | | | | | 636,157 | | |
| Mr. Adams, Chief Executive Officer, annual total compensation: | | |
$1,373,368
|
|
| Median employee annual total compensation: | | |
$62,501
|
|
| Ratio of Chief Executive Officer to median employee compensation: | | |
22 to 1
|
|
| | | | | | | | | | | | | | | Average Summary Compensation Table Total for non-PEO NEOs ($)(1) | | | | | | | | | Value of Initial Fixed $100 Investment Based on: | | | | | | | | | | | | | | ||||||||||||
Year | | | Summary Compensation Table Total for PEO ($)(1) | | | Compensation Actually Paid to PEO ($)(2) | | | Average Compensation Actually Paid to non-PEO NEOs ($)(2) | | | Total Shareholder Return ($)(3) | | | Peer Group Total Shareholder Return ($)(3) | | | Net Income ($ in millions) | | | on Assets | | |||||||||||||||||||||||||||
2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | PEO ($) | | | Average for non- PEO NEOs ($) | | ||||||
Summary compensation table total | | | | | | | | | | | | ||
Deduct grant date fair value of equity awards granted in fiscal year | | | | | ( | | | | | | ( | | |
Add fair value at fiscal year end of outstanding and unvested equity awards granted in fiscal year | | | | | | | | | | | | ||
Add change in fair value of outstanding and unvested equity awards granted in prior fiscal years | | | | | ( | | | | | | | | |
Add change in fair value as of vesting date of equity awards granted in prior fiscal years for which applicable vesting conditions were satisfied during the fiscal year | | | | | ( | | | | | | ( | | |
Compensation actually paid | | | | | | | | | | | |
| ![]() | | | ![]() | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Audit Fees | | | | $ | 566,541 | | | | | $ | 428,776 | | |
Audit-Related Fees(1) | | | | | 31,350 | | | | | | 114,384 | | |
Tax Fees(2) | | | | | 46,253 | | | | | | 45,401 | | |
All Other Fees | | | | | — | | | | | | — | | |
| | | | $ | 644,143 | | | | | $ | 588,561 | | |