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

Rhea-AI Filing Summary

Michael J. Mansfield, a director of FS Bancorp, Inc. (ticker FSBW), reported transactions on 08/15/2025 under the FS Bancorp, Inc. 2018 Equity Incentive Plan. The filing shows an award of 750 restricted shares and grant of 1,500 stock options (exercise price $40.14). The filing also reports a disposition of 4,186 common shares and an indirect holding of 14,620 shares held by an IRA. After the reported transactions, Mr. Mansfield beneficially owned 69,682 shares directly and reported 10,220 derivative securities beneficially owned. The restricted shares and options vest on August 15, 2026. The form is signed and dated 08/19/2025.

Positive

• Equity alignment: Director received restricted stock and options, aligning interests with shareholders through vesting
• Clear disclosure: Transaction dates, quantities, exercise price, and vesting date are explicitly reported

Negative

• Share disposal: Reporting shows a disposition of 4,186 common shares, reducing direct holdings
• Potential dilution: Grant of 1,500 options adds potential future dilution if exercised

Insights

Corporate Governance Expert

TL;DR: Director received equity awards and exercised routine holdings adjustments under the company equity plan; vesting one year out.

The disclosure documents a typical director compensation event: an award of restricted stock and stock options under the 2018 Equity Incentive Plan, both vesting on August 15, 2026. The filing also records a small disposal of common shares and an IRA-held indirect position. For governance review, this is a standard equity compensation transaction with clear vesting terms and no immediate related-party purchase from the company or unusual acceleration disclosed. It does not indicate changes to board composition or extraordinary related-party arrangements.

Securities Analyst

TL;DR: Insider grant increases potential future dilution modestly; current holdings and option strike are disclosed.

The Form 4 shows a grant of 750 restricted shares and 1,500 options at a $40.14 strike, which increases the director's alignment with shareholder interests subject to vesting. The filing shows a direct beneficial ownership of 69,682 shares and 10,220 derivative securities after the transactions. The reported disposal of 4,186 shares and the IRA-held 14,620 shares are disclosed explicitly. Absent additional context on total outstanding shares, the absolute dilution impact appears limited and the transaction is routine in nature for director compensation.

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

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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^*

Mansfield Michael J.

(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
	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)	69,682	D
Common Stock								4,186	D
Common Stock								14,620	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		1,500		(2)	08/15/2035	Common Stock	1,500	$0	10,220	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/Michael J. Mansfield	08/19/2025
	** 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.
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FAQ

What did Michael J. Mansfield report on Form 4 for FSBW?

The Form 4 reports an award of 750 restricted shares, a grant of 1,500 stock options (exercise price $40.14), a disposition of 4,186 shares, and an IRA-held 14,620 indirect shares position.

When do the restricted shares and options vest for the FSBW Form 4?

The disclosure states both the restricted stock award and the stock options vest on August 15, 2026.

How many shares does Michael J. Mansfield beneficially own after the reported transactions?

The Form 4 reports 69,682 shares directly beneficially owned following the reported transactions and 10,220 derivative securities beneficially owned.

What is the exercise price of the options reported in the FSBW Form 4?

The reported exercise (conversion) price for the stock options is $40.14.

On what date were the transactions reported for FS Bancorp (FSBW)?

The transactions are dated 08/15/2025, and the Form 4 is signed on 08/19/2025.