FS Bancorp (NASDAQ: FSBW) CEO adds shares through 2022 stock plan

Rhea-AI Filing Summary

FS Bancorp, Inc. director and CEO Joseph C. Adams reported an acquisition of common stock through a company stock plan. On May 6, 2026, he acquired 181 shares of common stock at $41.37 per share under the Issuer's Nonqualified 2022 Stock Purchase Plan, which includes a 25% match. Following this transaction, one reported direct holding line shows 2,180 common shares, and a separate indirect entry notes 17,818 shares held through an ESOP.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Adams Joseph C.

Role Director/CEO-FS Bancorp, Inc.

Type	Security	Shares	Price	Value
Other	Common Stock	181	$41.37	$7K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 2,180 shares (Direct, null); Common Stock — 17,818 shares (Indirect, By ESOP)

Footnotes (1)

1. [object Object]

Key Figures

Shares acquired: 181 shares Purchase price: $41.37 per share Direct shares after transaction: 2,180 shares +2 more

5 metrics

Shares acquired 181 shares Nonqualified 2022 Stock Purchase Plan on May 6, 2026

Purchase price $41.37 per share Plan purchase price for common stock

Direct shares after transaction 2,180 shares Direct common stock holding line following plan purchase

Indirect ESOP holding 17,818 shares Common stock held indirectly through ESOP

Restructuring-designated shares 181 shares Transaction coded J as other acquisition or disposition

Key Terms

Nonqualified 2022 Stock Purchase Plan, ESOP, transaction code J, beneficial ownership

4 terms

Nonqualified 2022 Stock Purchase Plan financial

"These shares were purchased under the Issuer's Nonqualified 2022 Stock Purchase Plan"

ESOP financial

"direct_or_indirect: I, nature_of_ownership: By ESOP"

An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.

transaction code J financial

"transaction_code: J, transaction_code_description: Other acquisition or disposition"

beneficial ownership financial

"total_shares_following_transaction fields reflect beneficial holdings after the transaction"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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^*

Adams Joseph C.

(Last) (First) (Middle)

C/O FS BANCORP, INC.

6920 220TH STREET SW

(Street)

MOUNTLAKE TERRACE WASHINGTON 98043

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Director/CEO-FS Bancorp, Inc.

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

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

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

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

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	05/06/2026		J(1)		181	A	$41.37	2,180	D
Common Stock								97,775	D
Common Stock								17,818	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/Erin Burr as Power of Attorney for Joseph C. Adams	05/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did FS Bancorp (FSBW) disclose for Joseph C. Adams?

FS Bancorp reported that CEO Joseph C. Adams acquired 181 shares of common stock at $41.37 per share. The shares were obtained under the company’s Nonqualified 2022 Stock Purchase Plan, which includes a 25% matching component on eligible purchases.

At what price did the FS Bancorp (FSBW) CEO acquire new shares?

Joseph C. Adams acquired 181 FS Bancorp common shares at $41.37 each. This price reflects purchases made under the Nonqualified 2022 Stock Purchase Plan, where employee contributions are supplemented by a 25% company match, according to the disclosed footnote.

What is the FS Bancorp (FSBW) Nonqualified 2022 Stock Purchase Plan?

The Nonqualified 2022 Stock Purchase Plan lets participants buy FS Bancorp common stock and receive a 25% company match. In this filing, 181 shares tied to CEO Joseph C. Adams were purchased under this plan, highlighting its role in equity-based compensation.

How many FS Bancorp (FSBW) shares does Joseph C. Adams hold after this transaction?

After the plan purchase, one reported line shows Joseph C. Adams directly holding 2,180 common shares. A separate entry also lists 17,818 shares held indirectly through an ESOP, indicating both direct and plan-related beneficial interests in FS Bancorp stock.

Was the FS Bancorp (FSBW) CEO’s transaction an open‑market trade?

The transaction was not an open‑market trade. It was coded as an “other” transaction and footnoted as a purchase under FS Bancorp’s Nonqualified 2022 Stock Purchase Plan, which includes a 25% matching feature rather than standard market buying.