FS Bancorp (FSBW) officer adds 18 shares under 2022 stock plan

Rhea-AI Filing Summary

FS Bancorp, Inc. officer Kelli Nielsen, Chief Retail Banking Officer and EVP, acquired 18 shares of common stock on February 6, 2026 at $42.28 per share. The purchase was made under the company’s Nonqualified 2022 Stock Purchase Plan and includes a 25% matching component.

After this transaction, Nielsen beneficially owned 109 common shares directly from this plan transaction, 16,023 additional common shares held directly, and 2,681 common shares held indirectly through an ESOP arrangement.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nielsen Kelli

(Last) (First) (Middle)

C/O FS BANCORP, INC.

6920 220TH STREET SW

(Street)

MOUNTLAKE TERRACE WA 98043

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FS Bancorp, Inc. [ FSBW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chf. Retail Banking Officr/EVP

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/06/2026		J(1)		18	A	$42.28	109	D
Common Stock								16,023	D
Common Stock								2,681	I	By ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were purchased under the Issuer's Nonqualified 2022 Stock Purchase Plan and includes a 25% match.

	/s/Kelli Nielsen	02/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did FS Bancorp (FSBW) report for Kelli Nielsen?

FS Bancorp reported that officer Kelli Nielsen acquired 18 shares of common stock on February 6, 2026 at $42.28 per share. The purchase occurred under the Nonqualified 2022 Stock Purchase Plan, which also provides a 25% matching component on shares acquired.

What is Kelli Nielsen’s role at FS Bancorp (FSBW)?

Kelli Nielsen is an officer of FS Bancorp serving as Chief Retail Banking Officer and Executive Vice President. This position ties directly to the reported insider holdings and transactions in the company’s common stock disclosed in the Form 4 filing.

How many FS Bancorp (FSBW) shares did Kelli Nielsen own after the transaction?

Following the February 6, 2026 transaction, Kelli Nielsen beneficially owned 109 common shares from the reported plan account, 16,023 additional common shares held directly, and 2,681 common shares held indirectly through an ESOP, as disclosed in the ownership tables.

At what price were the FS Bancorp (FSBW) shares acquired in this Form 4?

The 18 FS Bancorp common shares were acquired at a price of $42.28 per share. This purchase was executed under the company’s Nonqualified 2022 Stock Purchase Plan, which also included a 25% matching contribution on the purchased shares.

What plan was used for Kelli Nielsen’s FS Bancorp (FSBW) share purchase?

The shares were purchased under FS Bancorp’s Nonqualified 2022 Stock Purchase Plan. This plan transaction covered 18 common shares at $42.28 each and includes a 25% match, meaning the company contributes additional shares based on the employee’s purchase amount.

How are Kelli Nielsen’s indirect FS Bancorp (FSBW) holdings structured?

In addition to directly held shares, Kelli Nielsen has 2,681 FS Bancorp common shares reported as indirectly owned through an ESOP. This reflects shares associated with an employee stock ownership plan rather than held directly in a personal brokerage account.