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

Rhea-AI Filing Summary

Matthew D. Mullet, President and a director of FS Bancorp, Inc. (FSBW), reported equity transactions on 08/15/2025. He was granted 3,784 restricted shares under the 2018 Equity Incentive Plan that vest 25% per year beginning 08/15/2026. He was also granted 20,000 stock options with a listed exercise price of $40.14 that vest 25% per year beginning 08/15/2026 and have an expiration date shown as 08/15/2035. The Form 4 shows a reported disposition of 1,533 common shares at a price of $40.14, and various existing holdings reported as direct and indirect: total direct common shares reported following the transactions include 104,783 (direct) and derivative holdings of 73,590 (options/underlying). Indirect holdings noted include shares held by an ESOP, a spouse's IRA, and an IRA.

Positive

• Restricted stock grant: 3,784 restricted shares awarded under the 2018 Equity Incentive Plan, vesting 25% per year beginning 08/15/2026.
• Option grant: 20,000 stock options awarded with an exercise price of $40.14 and a vesting schedule of 25% per year beginning 08/15/2026, supporting long-term alignment with shareholders.
• Detailed holdings disclosure: Filing lists direct and indirect ownership components (ESOP, spouse's IRA, IRA), providing transparency of insider holdings.

Negative

• Reported disposition: 1,533 common shares were disposed of at $40.14 on 08/15/2025, reducing direct holdings.
• Limited context on transactions: Form 4 provides transactional detail but offers no explanation of intent or whether sales were pursuant to a trading plan.

Insights

Corporate Governance Expert

TL;DR: Insider received equity awards and exercised partial disposition; vesting schedules align with standard multi-year retention design.

The filing documents a routine equity compensation grant and a small reported disposition. The restricted stock award of 3,784 shares and the 20,000-option grant use a 25% annual vesting schedule beginning 08/15/2026, consistent with multi-year retention. The reported disposition of 1,533 shares at $40.14 appears modest relative to post-transaction direct ownership totals. This filing is procedural and reflects compensation mechanics rather than an operational change.

Securities Analyst

TL;DR: Net effect shows continued insider alignment via equity compensation, while a small sale at $40.14 modestly reduces direct holdings.

The Form 4 records an acquisition of restricted stock and an option grant on 08/15/2025, increasing potential long-term equity exposure through vesting. A reported disposition of 1,533 shares at $40.14 reduced direct holdings on that date. Post-transaction positions reported include direct common shares and 20,000 options underlying common stock, with total derivative-related beneficial ownership shown as 73,590 shares. All material details are disclosed on the Form 4 without additional context on intent.

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^*

Mullet Matthew D.

(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)

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

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		3,784	A	(1)	104,783	D
Common Stock	08/15/2025		F		1,533	D	$40.14	103,250	D
Common Stock								954	D
Common Stock								10,853	I	By ESOP
Common Stock								5,600	I	By spouse's IRA
Common Stock								22,124	I	By IRA

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		20,000		(2)	08/15/2035	Common Stock	20,000	$0	73,590	D

Explanation of Responses:

1. Represents award of restricted stock pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests in equal installments of 25% per year beginning on August 15, 2026.

2. Stock Options awarded pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests in equal installments of 25% per year beginning on August 15, 2026.

	/s/Matthew D. Mullet	08/18/2025
	** 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

Who filed this Form 4 for FSBW?

The Form 4 was filed by Matthew D. Mullet, President and a director of FS Bancorp, Inc.

What equity awards did the insider receive on 08/15/2025?

The filing shows a grant of 3,784 restricted shares and 20,000 stock options (exercise price $40.14) on 08/15/2025.

What vesting terms are disclosed for the awards?

Both the restricted stock and the stock options vest in equal 25% installments per year beginning on 08/15/2026.

Did the insider sell any shares?

Yes. The Form 4 reports a disposition of 1,533 common shares at a price of $40.14 on 08/15/2025.

What are the reported beneficial ownership totals after the transactions?

The filing lists 104,783 common shares as direct beneficial ownership following the reported transactions and 73,590 shares reflected for derivative securities/underlying options.