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

Rhea-AI Filing Summary

Marina Cofer-Wildsmith, a director of FS Bancorp, Inc. (FSBW), reported several Form 4 transactions dated 08/15/2025. The filing shows an acquisition of 750 restricted shares under the FS Bancorp, Inc. 2018 Equity Incentive Plan, bringing her total reported beneficial ownership to 9,660 shares after that acquisition. The report also records a disposition of 263 shares at $40.14, leaving 9,397 shares, and an additional reported disposition of 2,532 shares. Separately, Ms. Cofer-Wildsmith was granted 1,500 stock options with an exercise price of $40.14, exercisable beginning 08/15/2026 and expiring 08/15/2035; the options underlie 1,500 common shares and increase her reported derivative holdings to 16,060 shares total. The restricted stock award and options vest on 08/15/2026 per the explanatory notes.

Insights

Financial Analyst

TL;DR: Director received equity awards and reported disposals; overall derivative holdings increased to 16,060 shares.

The Form 4 discloses routine equity compensation and share transactions by a director. The filing explicitly records an award of 750 restricted shares and a grant of 1,500 stock options at a $40.14 exercise price, both governed by the 2018 Equity Incentive Plan and vesting on 08/15/2026. The report also records disposals that reduced the director's direct common stock holdings (263 shares sold at $40.14 and an additional 2,532 shares disposed). From an investor perspective, these are standard insider compensation events rather than operational disclosures. The option grant increases potential future dilution modestly if exercised, while the restricted shares are subject to vesting conditions.

Corporate Governance Expert

TL;DR: Compensation through restricted stock and options aligns director incentives; vesting dates indicate retention focus.

The filing shows the company granted both restricted stock and stock options to a director with vesting on 08/15/2026, which is a common retention mechanism. The presence of both equity types suggests the board uses mixed compensation to align long-term interests with shareholders. The Form 4 also documents share dispositions by the reporting person; the filing provides necessary transparency about insider holdings and changes. All statements are factual and tied to the 2018 Equity Incentive Plan as noted in the explanatory section.

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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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^*

Cofer-Wildsmith Marina

(Last) (First) (Middle)

C/O FS BANCORP, INC.

6920 220TH STREET SW, SUITE 300

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		A		750	A	(1)	9,660	D
Common Stock	08/15/2025		F		263	D	$40.14	9,397	D
Common Stock								2,532	D

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
Stock Options (Right to Buy)	$40.14	08/15/2025		A		1,500		(2)	08/15/2035	Common Stock	1,500	$0	16,060	D

Explanation of Responses:

1. Represents award of restricted stock pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests on August 15, 2026.

2. Stock Options awarded pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests on August 15, 2026.

	/s/Marina Cofer-Wildsmith	08/15/2025
	** Signature of Reporting Person	Date
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