Form 4: CIO Shana Allen acquires FSBW stock under 2022 plan with 25% match

Rhea-AI Filing Summary

Shana Allen, Chief Information Officer and EVP of FS Bancorp (FSBW), reported a purchase of the issuer's common stock under the companys Nonqualified 2022 Stock Purchase Plan on 08/06/2025 that includes a 25% match. The filing lists a per-share price of $39.20 as reported in the transaction table.

Following the reported transaction, the filing shows 4,863 shares held directly and 8,766 shares held indirectly through an ESOP. The entry is a standard employee purchase under the issuers plan and aligns the officer with company equity without indicating a sale or other dispositions in this filing.

Positive

• Insider purchase under the Nonqualified 2022 Stock Purchase Plan, indicating management alignment with shareholder interests
• 25% company match reported for the purchase, enhancing the value of the acquisition

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Officer purchase under an employee plan signals alignment with shareholders but appears routine and not materially transformative.

The Form 4 records an acquisition under the Nonqualified 2022 Stock Purchase Plan with a 25% match, which is a common retention and alignment mechanism. The direct holding of 4,863 shares and indirect ESOP holding of 8,766 shares show the officer participates in company equity programs. This transaction does not indicate unusual timing or large-scale accumulation that would typically be material to investors.

Securities Analyst

TL;DR: Transaction is a routine employee purchase at ~$39.20 per share and is unlikely to affect valuations materially.

The reported per-share figure in the table is $39.20 and the transaction date is 08/06/2025. Purchases under company stock purchase plans with employer matches tend to reflect compensation design rather than opportunistic insider buying. The post-transaction holdings (4,863 direct; 8,766 indirect via ESOP) provide transparency on the officers exposure but are modest in absolute terms relative to typical market capitalization sizes.

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

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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^*

Allen Shana

(Last) (First) (Middle)

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)
	Chief Information Officer, EVP

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

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	08/06/2025		J(1)		38	A	$39.2	209	D
Common Stock								4,863	D
Common Stock								8,766	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/ Shana Allen	08/07/2025
	** 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 transaction did Shana Allen report on the Form 4 for FSBW?

The Form 4 reports a purchase of common stock under the issuer's Nonqualified 2022 Stock Purchase Plan on 08/06/2025 that includes a 25% match.

How many shares does Shana Allen beneficially own after the reported transaction?

The filing shows 4,863 shares held directly and 8,766 shares held indirectly through an ESOP following the reported transaction.

What is Shana Allen's role at FS Bancorp (FSBW)?

Shana Allen is reported as an Officer with the title Chief Information Officer, EVP.

What price per share is shown in the Form 4 transaction?

The transaction table lists a price of $39.20 per share as reported in the filing.

When was the transaction executed according to the filing?

The transaction date reported on the Form 4 is 08/06/2025.