[Form 4] FS Bancorp, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Joseph C. Adams, Director and CEO of FS Bancorp, Inc. (FSBW), reported sales of common stock on August 19 and August 20, 2025. He sold 10,864 shares on 08/19/2025 at a weighted average price of $40.16 and 4,914 shares on 08/20/2025 at a weighted average price of $40.13, with sale prices in the range $40.00 to $40.73. Following the reported transactions, Mr. Adams directly owned 119,497 shares and had an additional 1,625 shares disposed (reported) and 17,818 shares held indirectly through an ESOP. The form is signed and dated 08/20/2025.

Positive

• Clear compliance with Section 16 reporting requirements, including manual signature and transaction details
• Substantial remaining ownership after sales: 119,497 shares directly beneficially owned
• Transparent pricing disclosure with weighted-average price and range ($40.00–$40.73) and offer to provide per-trade breakdown

Negative

• Insider sales totaling 15,778 shares on 08/19–08/20/2025, which may be viewed negatively by some investors

Insights

Securities Analyst

Insider sales of modest size by CEO; transactions were executed across two days at roughly $40.10 per share.

The Form 4 discloses routine insider disposition rather than option exercise or gift. Aggregate reported sales total 15,778 shares executed at weighted average prices near $40.15, with disclosed price range $40.00 to $40.73. Post-transaction direct ownership remains substantial at 119,497 shares, with 17,818 shares held indirectly via an ESOP, indicating continued material ownership. No derivative transactions or acquisitions are reported. The filing provides the customary weighted-average disclosure and offers to supply further price breakdowns upon request.

Corporate Governance Expert

Form 4 shows compliance with Section 16 reporting; sales documented and signature provided.

Reporting person is identified as both Director and CEO, and the filing clearly states the dates, share amounts, and weighted average prices for the sales. The presence of indirect ESOP holdings is disclosed, and the explanatory footnote transparently states that the reported prices are weighted averages from multiple transactions. The document includes the required manual signature and date, meeting procedural requirements for an insider reporting event.

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 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Director/CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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	08/19/2025		S		10,864	D	$40.16(1)	124,411	D
Common Stock	08/20/2025		S		4,914	D	$40.13(1)	119,497	D
Common Stock								1,625	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. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.00 to $40.73 per share, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commissions, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1).

	/s/Joseph C. Adams	08/20/2025
	** 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 insider transactions did FS Bancorp (FSBW) report on Form 4?

Joseph C. Adams sold 10,864 shares on 08/19/2025 and 4,914 shares on 08/20/2025; aggregate sales were 15,778 shares.

At what price were the FSBW shares sold by the insider?

The filings report weighted average prices of $40.16 (08/19) and $40.13 (08/20); trades ranged from $40.00 to $40.73.

What is Joseph C. Adams' role at FS Bancorp and how many shares does he own after the sales?

He is reported as Director/CEO and directly beneficially owned 119,497 shares after the reported transactions.

Does the Form 4 show any indirect holdings for the reporting person?

Yes. The filing discloses 17,818 shares held indirectly through an ESOP.

When was the Form 4 signed and filed?

The Form 4 bears the reporting person's signature dated 08/20/2025.