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

Rhea-AI Filing Summary

FS Bancorp, Inc. Director and CEO Joseph C. Adams reported a small purchase of company stock through a benefit plan. On 02/06/2026, he acquired 177 shares of common stock at $42.28 per share under the issuer's Nonqualified 2022 Stock Purchase Plan, which includes a 25% matching component.

Following this transaction, Adams held 1,999 shares directly in the reported account, in addition to 97,775 other directly held shares and 17,818 shares held indirectly through an ESOP as of the same date.

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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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^*

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)
02/06/2026

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	02/06/2026		J(1)		177	A	$42.28	1,999	D
Common Stock								97,775	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/Jill Thompson as Power of Attorney for Joseph C. Adams	02/10/2026
	** 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

What insider transaction did FS Bancorp (FSBW) report for Joseph C. Adams?

FS Bancorp reported a stock purchase by CEO Joseph C. Adams. On 02/06/2026, he acquired 177 shares of common stock at $42.28 per share under the Nonqualified 2022 Stock Purchase Plan, which includes a 25% company match on eligible purchases.

How many FS Bancorp (FSBW) shares did Joseph C. Adams buy and at what price?

Joseph C. Adams bought 177 FS Bancorp shares at $42.28 each. The purchase occurred on 02/06/2026 under the issuer's Nonqualified 2022 Stock Purchase Plan, where the filing notes that the transaction also includes a 25% matching component from the company.

What is FS Bancorp CEO Joseph C. Adams’s total reported shareholding after this Form 4?

After the reported transaction, Adams held multiple FS Bancorp positions. He owned 1,999 shares directly in the transacting account, 97,775 additional shares directly, and 17,818 shares indirectly through an ESOP, all as of the 02/06/2026 reporting date.

Was the FS Bancorp (FSBW) Form 4 transaction a purchase or sale of shares?

The Form 4 reports a purchase of FS Bancorp shares. The transaction code J reflects 177 common shares acquired at $42.28 each, executed under the company’s Nonqualified 2022 Stock Purchase Plan, which the footnote states includes a 25% match feature.

What plan was used for Joseph C. Adams’s FS Bancorp stock purchase?

The shares were acquired under FS Bancorp’s Nonqualified 2022 Stock Purchase Plan. According to the footnote, the 177 shares purchased on 02/06/2026 include a 25% match, indicating the company contributes additional shares based on the participant’s purchase.

How many FS Bancorp (FSBW) shares does Joseph C. Adams hold indirectly?

Joseph C. Adams holds 17,818 FS Bancorp shares indirectly. These shares are attributed to him through an ESOP, as indicated in the filing’s ownership table, in addition to his directly held positions as of the transaction date.