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

Rhea-AI Filing Summary

Joseph C. Adams, Director and CEO of FS Bancorp, Inc. (FSBW) reported an equity purchase on 08/06/2025 under the issuer's Nonqualified 2022 Stock Purchase Plan that includes a 25% company match. The filing records a purchase of 1,625 shares at $39.20 (transaction code J(1)).

After the reported activity the disclosure shows beneficial ownership of 134,804 shares held directly and 17,818 shares held indirectly through an ESOP. The entry is a routine employee-plan acquisition rather than an open-market trade and documents the CEO's continued equity participation through company programs.

Insights

Financial Analyst

TL;DR: CEO bought 1,625 shares via company purchase plan at $39.20; ownership remains concentrated in direct holdings.

The transaction is a purchase under the issuer's Nonqualified 2022 Stock Purchase Plan (including a 25% match), recorded as 1,625 shares at $39.20 on 08/06/2025. Such plan-based acquisitions generally reflect routine compensation and retention mechanics rather than opportunistic open-market buying. The report also shows 134,804 shares direct and 17,818 shares indirect (ESOP), which indicates substantial existing insider ownership. From a valuation or market-impact perspective, the transaction size is modest relative to reported direct holdings, making the filing informative but not likely market-moving.

Corporate Governance Expert

TL;DR: Transaction documents plan participation and a 25% employer match, underscoring alignment through compensation structure.

The filing documents participation in a formal employee equity program rather than discretionary trading. The explicit mention that the shares were purchased under the Nonqualified 2022 Stock Purchase Plan with a 25% match is governance-relevant because it clarifies the mechanism of acquisition and potential vesting or retention incentives. The CEO's cumulative holdings—134,804 direct and 17,818 indirect—are material for internal ownership analysis, but the incremental 1,625-share purchase is consistent with plan contributions and not indicative of a change in corporate control or new strategic stake accumulation.

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
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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^*

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)
08/06/2025

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)		191	A	$39.2	1,625	D
Common Stock								134,804	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/ Joseph C. Adams	08/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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