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

Rhea-AI Filing Summary

Matthew D. Mullet, President of FS Bancorp (FSBW), reported a purchase of company common stock on 08/06/2025 under the issuer's Nonqualified 2022 Stock Purchase Plan, which includes a 25% match. The filing lists several forms of beneficial ownership: 10,853 shares held indirectly via the ESOP, 5,600 held indirectly via a spouse's IRA, and 22,124 held indirectly via an IRA. No derivative securities are reported in Table II.

The disclosure is a routine insider acquisition through an employee plan rather than an open-market trade and documents the reporting persons role as President and officer of the issuer.

Positive

• Insider acquisition recorded under the Nonqualified 2022 Stock Purchase Plan with an explicit 25% company match
• Clear disclosure of indirect holdings: 10,853 (ESOP), 5,600 (spouse's IRA), 22,124 (IRA)

Negative

• None.

Insights

Financial Analyst

TL;DR

This Form 4 shows an insider acquisition via the companys stock purchase plan with a 25% company match and no derivative activity reported.

The filing documents a transaction on 08/06/2025 under the Nonqualified 2022 Stock Purchase Plan, including the explicit 25% match. The reporting person, President Matthew D. Mullet, holds indirect positions via an ESOP and IRAs totaling the disclosed amounts. Table II contains no derivative transactions, indicating this filing records equity acquired through compensation/employee-plan mechanics rather than optional exercises or market sales. For investors, this is primarily a disclosure of insider participation in a company plan rather than a material change to capital structure.

Corporate Governance Expert

TL;DR

The Form 4 is a routine, transparent disclosure of an officers participation in a company stock purchase program with clear indirect ownership breakdowns.

The report identifies the filer as President and an officer and itemizes indirect holdings: 10,853 shares via ESOP, 5,600 via spouses IRA, and 22,124 via an IRA. It also notes the acquisition occurred under the issuers Nonqualified 2022 Stock Purchase Plan with a 25% match. No unusual or off-market derivative transactions are shown. From a governance perspective, the filing meets disclosure expectations for insider compensation-related equity participation.

08/08/2025 - 03:11 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
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^*

Mullet Matthew D.

(Last) (First) (Middle)

C/O FS BANCORP, INC.

6920 220TH STREET SW, SUITE 300

(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)
	President

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)		230	A	$39.2	954	D
Common Stock								100,999	D
Common Stock								10,853	I	By ESOP
Common Stock								5,600	I	By spouse's IRA
Common Stock								22,124	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

Explanation of Responses:

1. These shares were purchased under the Issuer's Nonqualified 2022 Stock Purchase Plan and includes a 25% match.

	/s/ Matthew D. Mullet	08/07/2025
	** 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 did Matthew D. Mullet report on the Form 4 for FS Bancorp (FSBW)?

The Form 4 reports a purchase of FS Bancorp common stock on 08/06/2025 under the issuers Nonqualified 2022 Stock Purchase Plan, including a 25% match.

Does the filing show any derivative transactions for FSBW insider Matthew D. Mullet?

No. Table II lists no derivative securities acquired, disposed of, or beneficially owned.

How many shares does the Form 4 disclose as held indirectly by Matthew D. Mullet?

The filing discloses 10,853 shares via an ESOP, 5,600 via a spouses IRA, and 22,124 via an IRA.

What is the relationship of the reporting person to FS Bancorp (FSBW)?

The filing identifies the reporting person, Matthew D. Mullet, as President and an officer of the issuer.

Was the stock transaction part of compensation or a market trade?

The transaction was executed under the Nonqualified 2022 Stock Purchase Plan and includes a 25% match, indicating it was part of the companys employee/compensation plan.