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

Rhea-AI Filing Summary

Ted A. Leech, a director and chairman of FS Bancorp, Inc. (FSBW), reported equity awards and a small sale on Form 4 dated 08/18/2025 reflecting transactions dated 08/15/2025. The filing shows receipt of 750 shares of restricted common stock under the company’s 2018 Equity Incentive Plan and an award of 1,500 stock options$40.14. The restricted stock and options both vest on August 15, 2026. The options have an exercise/expiration structure showing 08/15/2035 as the expiration date and zero listed price for the underlying shares in the table.

The report also discloses a reported disposition of 660 shares, beneficial ownership held directly of 47,649 shares after the transactions, indirect ownership via a self-managed trust of 2,000 shares, and 28,700 shares held as a stock award indirectly. Following the derivative transactions the filer reports 16,060 option shares beneficially owned. All information is taken directly from the Form 4 filing.

Insights

Financial Analyst

TL;DR: Routine executive equity compensation and minor sale; no new operational or financial disclosures.

The Form 4 documents standard equity compensation: a 750-share restricted stock grant and 1,500 stock options at a stated exercise price of $40.14, both vesting on 08/15/2026. A small 660-share disposition was also reported. The filing provides current beneficial ownership totals of 47,649 common shares (direct) and 16,060 option shares (derivative). For investors, this is a governance and insider-alignment data point rather than a signal of company performance; it documents compensation-related dilution potential on vesting/exercise dates.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting norms; reveals timing and vesting of director compensation.

The filing correctly reports the director’s awards under the 2018 Equity Incentive Plan and indicates vesting on 08/15/2026, which is important for transparency around insider incentives. The mix of restricted stock and options is typical for long-term alignment. The reported direct and indirect holdings and the small sale of 660 shares are the relevant governance data points for monitoring insider transactions and potential conflicts. No corrective amendments or irregularities are indicated in the document.

08/19/2025 - 02:45 PM

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^*

Leech Ted A.

(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)	X	Other (specify below)
			Chairman of the Board

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)	47,649	D
Common Stock								660	D
Common Stock								2,000	I	Self Managed Trust
Common Stock								28,700	I	Stock Award

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/Ted A. Leech	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.
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FAQ

What transactions did Ted A. Leech report on Form 4 for FSBW?

The filing reports acquisition of 750 restricted shares, grant of 1,500 stock options at an exercise price of $40.14, and a disposition of 660 shares, all dated 08/15/2025.

When do the awarded restricted stock and options vest?

Both the restricted stock and the stock options vest on August 15, 2026 according to the filing.

How many shares does Ted A. Leech beneficially own after the reported transactions?

The Form 4 shows 47,649 shares beneficially owned following the reported transactions and 16,060 option shares beneficially owned (derivative).

What is the exercise price and expiration for the reported options?

The reported stock options have an exercise price of $40.14 and show an expiration date of 08/15/2035.

Under which plan were the equity awards made?

The restricted stock and stock options were awarded pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan.