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

Rhea-AI Filing Summary

Benjamin (Ben) Crowl, Chief Lending Officer and EVP of FS Bancorp (FSBW), reported common stock activity with a transaction dated 08/06/2025. The filing records participation in the issuer's Nonqualified 2022 Stock Purchase Plan, which the form states includes a 25% match.

The form shows a disposition of 14,789 shares and separately identifies 986 shares held indirectly through an ESOP. The transaction table also shows a price listed as $39.2. No derivative transactions or changes in officer status are reported. The filing documents routine plan participation alongside a reported sale; the form does not fully reconcile pre- and post-transaction total beneficial ownership figures within the provided lines.

Positive

• Participation in the Nonqualified 2022 Stock Purchase Plan, which the filing states includes a 25% employer match
• Continued indirect ownership of 986 shares via the ESOP, as explicitly reported

Negative

• Reported disposition of 14,789 common shares in the transaction table
• Transaction table lists a price of $39.2, indicating the form records an executed transaction at that figure

Insights

Financial Analyst

TL;DR: Officer reported a sale of 14,789 FSBW shares while also participating in the company stock purchase plan with a 25% match.

The filing documents a common stock transaction dated 08/06/2025 and an explanation that the shares were purchased under the Nonqualified 2022 Stock Purchase Plan with a 25% match. The form explicitly reports a disposition of 14,789 shares and shows 986 shares held indirectly via an ESOP. A price of $39.2 appears in the table. From a financial-analyst perspective, this is a routine insider activity disclosure: it increases transparency about executive ownership movements but, based solely on the figures in this form, does not by itself provide evidence of material change in company capital structure or control.

Corporate Governance Expert

TL;DR: Filing shows routine participation in an employee purchase plan plus a reported share disposition; disclosure is complete for the items shown.

The reporting person is identified as an officer (Chief Lending Officer, EVP). The form contains an explanatory note stating the shares were purchased under the issuer's Nonqualified 2022 Stock Purchase Plan with a 25% match. It also records a disposition of 14,789 common shares and notes 986 shares indirectly owned via an ESOP. The document provides the required Section 16 disclosure for these transactions; based on the content provided, there are no governance events (resignation, role change) or derivative transactions disclosed that would indicate broader governance concerns.

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^*

Crowl Ben

(Last) (First) (Middle)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Lending Officer, EVP

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)		19	A	$39.2	90	D
Common Stock								14,789	D
Common Stock								986	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/ Benjamin Crowl	08/08/2025
	** 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

What transaction did Ben Crowl report on the Form 4 for FSBW?

The Form 4 reports common stock activity dated 08/06/2025, including a disposition of 14,789 shares and participation in the Nonqualified 2022 Stock Purchase Plan.

How many shares were disposed according to the filing?

The filing explicitly shows a disposition of 14,789 shares.

Does the Form 4 show any shares held indirectly?

Yes. The form identifies 986 shares as held indirectly by an ESOP.

What is the reporting person's role at FS Bancorp (FSBW)?

The reporting person is listed as an Officer with the title Chief Lending Officer, EVP.

Does the filing explain the source of the purchased shares?

Yes. The explanation states the shares were purchased under the issuer's Nonqualified 2022 Stock Purchase Plan and include a 25% match.

What price appears in the transaction table?

The transaction table shows a price of $39.2 as displayed in the form.