FS Bancorp, Inc. Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by FS Bancorp, Inc. on May 25, 2018, reporting a corporate governance event. The registrant operates through its subsidiary, 1st Security Bank of Washington.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
On May 25, 2018, Judith A. Cochrane retired from the Board of Directors of FS Bancorp, Inc. and 1st Security Bank of Washington, as well as from the Nominating/Governance Committee and the Asset Quality Committee (which she chaired). The Board has not yet determined whether to fill the vacancy or reduce the Board size. Ms. Cochrane stated she did not retire due to any disagreement with the Company regarding operations, policies, or practices.
Compensatory Arrangements and Outlook
In recognition of her service, the Compensation Committee vested Ms. Cochrane's stock options and paid her directors' fees through December 31, 2018. The filing contains no guidance, outlook, or discussion of risks and contingencies beyond the standard disclosure of the director's departure.
Key Facts for Investors
- Director Judith A. Cochrane retired effective May 25, 2018, after serving since the Company's formation.
- The Board has not yet decided whether to appoint a replacement or reduce the number of directors.
- Ms. Cochrane received vested stock options and fees through year-end 2018 as part of her retirement package.
- No financial data or operational metrics are disclosed in this specific filing.