Joseph C. Adams Chief Executive Officer |
| | | | BY ORDER OF THE BOARD OF DIRECTORS | |
| | | | | |
| | | MATTHEW D. MULLET | | |
| | | | SECRETARY | |
| | | | | |
| 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 | | |
Number of Shares | Percent of Shares | ||||
Name | Beneficially Owned (1) | Outstanding (%) | |||
Beneficial Owners of More Than 5% | |||||
FS Bancorp, Inc. Employee Stock Ownership Plan | 256,733 | (2) | 6.95 | ||
6920 220th Street SW | |||||
Mountlake Terrace, Washington 98043 | |||||
T. Rowe Price Associates, Inc. | 231,393 | (3) | 6.27 | ||
100 East Pratt Street | |||||
Baltimore, Maryland 21202 | |||||
Wedbush Opportunity Capital, LLC | 195,722 | (4) | 5.30 | ||
1000 Wilshire Boulevard | |||||
Los Angeles, California 90017 | |||||
Directors | |||||
Joseph C. Adams* | 90,796 | (5) | 2.43 | ||
Michael J. Mansfield | 33,841 | (6) | ** | ||
Ted A. Leech | 32,287 | (7) | ** | ||
Joseph P. Zavaglia | 9,467 | (8) | ** | ||
Judith A. Cochrane | 21,466 | (9) | ** | ||
Marina Cofer-Wildsmith | 13,624 | (10) | ** | ||
Margaret R. Piesik | 17,821 | (11) | ** | ||
Mark H. Tueffers | 21,000 | (12) | ** | ||
Named Executive Officers | |||||
Donn C. Costa | 60,030 | 1.62 | |||
Dennis V. O'Leary | 49,399 | 1.33 | |||
All Executive Officers and Directors as a Group (14 persons) | 445,695 | 11.63 |
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 | | |
Age as of | Year First Elected or | Term to | ||||
Name | December 31, 2017 | Appointed Director (1) | Expire | |||
Board Nominees | ||||||
Joseph C. Adams | 58 | 2005 | 2021 (2) | |||
Joseph P. Zavaglia | 69 | 2011 | 2021 (2) | |||
Directors Continuing in Office | ||||||
Judith A. Cochrane | 71 | 2006 | 2019 | |||
Ted A. Leech | 70 | 2005 | 2019 | |||
Marina Cofer-Wildsmith | 50 | 2012 | 2019 | |||
Michael J. Mansfield | 61 | 2008 | 2020 | |||
Margaret R. Piesik | 67 | 2006 | 2020 | |||
Mark H. Tueffers | 59 | 2016 | 2020 |
| | | 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 | Year ended December 31, | Type of loan | Amount involved in the trans- action ($)(1) | Amount out- standing at end of period ($) | Principal paid during the period ($) | Interest paid during the period ($) | Interest rate (%) | |||||||
Donn C. Costa | 2016 | First mortgage | 269,464 | 268,898 | 462 | 1,235 | 3.000 (2) | |||||||
2017 | First mortgage | 268,898 | 259,479 | 9,419 | 7,957 | 3.000 (2) | ||||||||
Drew B. Ness | 2016 | First mortgage | 292,000 | -- (3) | 4,176 | 4,709 | 3.625 (4) | |||||||
2017 | -- | -- | -- | -- | -- | -- | ||||||||
___________ |
Name | | | Fees earned or paid in cash ($) | | | Stock awards ($)(1)(2) | | | Option awards ($)(1)(3) | | | All other compensation ($)(4) | | | Total ($) | | |||||||||||||||
Pamela M. Andrews | | | | | 67,925 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 8,375 | | | | | | 102,840 | | |
Marina Cofer-Wildsmith | | | | | 64,900 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 5,237 | | | | | | 96,677 | | |
Ted A. Leech | | | | | 79,585 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 4,966 | | | | | | 111,091 | | |
Michael J. Mansfield | | | | | 63,635 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 9,350 | | | | | | 99,525 | | |
Margaret R. Piesik | | | | | 66,935 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 3,140 | | | | | | 96,615 | | |
Joseph P. Zavaglia | | | | | 68,860 | | | | | | 15,365 | | | | | | 11,175 | | | | | | 4,951 | | | | | | 100,351 | | |
Name | Fees Earned or Paid in Cash ($) | All Other Compensation ($)(1) | Total ($) | |||
Judith A. Cochrane | 47,350 | 1,276 | 48,626 | |||
Marina Cofer-Wildsmith | 45,250 | 387 | 45,637 | |||
Ted A. Leech | 60,850 | 2,761 | 63,611 | |||
Michael J. Mansfield | 49,600 | 778 | 50,378 | |||
Margaret R. Piesik | 48,350 | 1,011 | 49,361 | |||
Mark H. Tueffers | 47,000 | 374 | 47,374 | |||
Joseph P. Zavaglia | 44,500 | 1,139 | 45,639 | |||
____________ | ||||||
(1) Consists of dividends paid on unvested restricted stock and tax equivalent value of life insurance premiums. |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Non-equity Incentive Plan Compensation ($) | All Other Compensation ($)(1) | Total ($) | ||||||
Joseph C. Adams | 2017 | 342,148 | 250,000 | 350,000 | 45,619 | 987,767 | ||||||
Chief Executive Officer | 2016 | 306,250 | -- | 350,000 | 42,991 | 699,241 | ||||||
Donn C. Costa | 2017 | 293,269 | 150,000 | 300,000 | 40,352 | 783,621 | ||||||
Executive Vice President- Home Lending | 2016 | 256,250 | 150,000 | 300,000 | 51,049 | 757,299 | ||||||
Dennis V. O'Leary (2) | 2017 | 293,269 | 100,000 | 300,000 | 43,220 | 736,489 | ||||||
Executive Vice President- Home Lending |
| Title | | ||
| 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 (1) | Stock Awards (1) | |||||||||||||
Name | Grant Date (1) | 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 ($) | |||||||
Joseph C. Adams | 05/08/14 | 30,000 | 20,000 | 16.89 | 05/08/24 | 12,242 | 688,046 | |||||||
Donn C. Costa | 05/08/14 | -- | 7,000 | 16.89 | 05/08/24 | 1,800 | 98,226 | |||||||
Dennis V. O'Leary | 05/08/14 | 10,500 | 7,000 | 16.89 | 05/08/24 | 7,200 | 392,904 | |||||||
__________ |
| | | Option awards | | | Stock awards | | ||||||||||||||||||
Name | | | Number of shares acquired on exercise (#) | | | Value realized on exercise ($) | | | 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 ($) | | ||||||||||||
Joseph C. Adams | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance Agreement | | | | | — | | | | | | — | | | | | | 1,050,000 | | | | | | 1,050,000 | | |
Equity Awards(1) | | | | | 1,332,175 | | | | | | 1,332,175 | | | | | | — | | | | | | 1,332,175 | | |
Matthew D. Mullet | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 346,500 | | |
Equity Awards(1) | | | | | 779,685 | | | | | | 779,685 | | | | | | — | | | | | | 779,685 | | |
Donn C. Costa | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 346,500 | | |
Equity Awards(1) | | | | | 234,633 | | | | | | 234,633 | | | | | | — | | | | | | 234,633 | | |
Shana Allen | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 245,000 | | |
Equity Awards(1) | | | | | 62,300 | | | | | | 62,300 | | | | | | — | | | | | | 62,300 | | |
Kelli Nielsen | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 225,000 | | |
Equity Awards(1) | | | | | 375,682 | | | | | | 375,682 | | | | | | — | | | | | | 375,682 | | |
Dennis V. O’Leary | | | | | | | | | | | | | | | | | | | | | | | | | |
Change of Control Agreement | | | | | — | | | | | | — | | | | | | — | | | | | | 346,500 | | |
Equity Awards(1) | | | | | 636,157 | | | | | | 636,157 | | | | | | — | | | | | | 636,157 | | |
Death ($) | Disability ($) | Involuntary Termination ($) | Change in Control ($) | |||||
Joseph C. Adams | ||||||||
Severance Agreement | -- | -- | 700,000 | 700,000 | ||||
Equity Awards (1) | 1,421,646 | 1,421,646 | -- | 1,421,646 | ||||
Donn C. Costa | ||||||||
Change in Control Agreement | -- | -- | -- | 300,000 | ||||
Equity Awards (1) | 361,986 | 361,986 | -- | 361,986 | ||||
Dennis V. O'Leary | ||||||||
Change in Control Agreement | -- | -- | -- | 300,000 | ||||
Equity Awards (1) | 656,662 | 656,662 | -- | 656,662 | ||||
_________ |
| 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) | | | Return on Assets (%)(4) | | |||||||||||||||||||||||||||
2023 | | | | | 1,373,368 | | | | | | 1,330,694 | | | | | | 630,571 | | | | | | 852,623 | | | | | | 127.72 | | | | | | 112.03 | | | | | | 36.1 | | | | | | 1.27 | | |
2022 | | | | | 1,364,828 | | | | | | 1,246,692 | | | | | | 562,879 | | | | | | 453,130 | | | | | | 111.93 | | | | | | 111.46 | | | | | | 29.6 | | | | | | 1.22 | | |
2021 | | | | | 1,876,843 | | | | | | 2,345,458 | | | | | | 1,362,986 | | | | | | 1,921,658 | | | | | | 109.29 | | | | | | 126.43 | | | | | | 37.4 | | | | | | 1.71 | | |
2020 | | | | | 1,801,481 | | | | | | 1,322,596 | | | | | | 1,611,519 | | | | | | 1,248,859 | | | | | | 87.59 | | | | | | 90.82 | | | | | | 39.3 | | | | | | 2.02 | | |
| | | PEO ($) | | | Average for non- PEO NEOs ($) | | ||||||
Summary compensation table total | | | | | 1,373,368 | | | | | | 630,571 | | |
Deduct grant date fair value of equity awards granted in fiscal year | | | | | (348,335) | | | | | | (524,233) | | |
Add fair value at fiscal year end of outstanding and unvested equity awards granted in fiscal year | | | | | 464,581 | | | | | | 696,329 | | |
Add change in fair value of outstanding and unvested equity awards granted in prior fiscal years | | | | | (79,334) | | | | | | 197,347 | | |
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 | | | | | (79,586) | | | | | | (147,392) | | |
Compensation actually paid | | | | | 1,330,694 | | | | | | 852,623 | | |
| | | |
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||
(a) | (b) | (c) | ||||||||||
Equity compensation plans approved | ||||||||||||
by security holders: | 240,337 | 16.89 | 6,013 | |||||||||
Equity compensation plans not | ||||||||||||
approved by security holders: | -- | N/A | -- | |||||||||
Total | 240,337 | 6,013 |
| | | 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 | | |
Year Ended | ||||||||
December 31, | ||||||||
2017 | 2016 | |||||||
Audit Fees | $ | 263,700 | $ | 155,000 | ||||
Audit-Related Fees | 174,718 | 123,494 | ||||||
Tax Fees | 48,743 | 38,433 | ||||||
All Other Fees | -- | -- | ||||||
$ | 487,161 | $ | 316,927 |