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

Rhea-AI Filing Summary

Victoria Jarman, identified as an officer of FS Bancorp, Inc. (FSBW), reported transactions in the issuer's common stock on 08/06/2025. The filing shows a purchase of 96 shares at $39.20 under the issuer's Nonqualified 2022 Stock Purchase Plan, which the filer states includes a 25% match. The table also lists a disposition of 19,800 shares, a post-transaction direct beneficial ownership of 1,371 shares, and 6,089 shares held indirectly through an ESOP. The report combines a small plan purchase with a larger disposal and discloses both direct and indirect holdings, using standard Form 4 disclosure fields.

Insights

Financial Analyst

TL;DR: Insider reported both a small purchase under an employee plan and a larger disposition; net effect on ownership is limitedly disclosed.

The filing documents a 96-share purchase at $39.20 under the issuer's Nonqualified 2022 Stock Purchase Plan (with a stated 25% match) and a reported 19,800-share disposition. Post-transaction direct beneficial ownership is listed as 1,371 shares with an additional 6,089 shares held indirectly via an ESOP. From a financial perspective, the transaction mix is routine for insiders participating in company plans and executing disposals, but the filing does not provide company share counts or percentage ownership to judge market impact.

Corporate Governance Expert

TL;DR: Disclosure appears complete for Form 4 purposes, showing plan-based purchase and an ESOP-related indirect holding.

The report identifies the reporting person as an officer with the title text provided and uses Transaction Code J consistent with employee plan purchases; an explanatory note explicitly states the 25% match under the Nonqualified 2022 Stock Purchase Plan. The filing also lists an indirect holding "By ESOP". The submission appears to follow Section 16 disclosure norms and includes signature confirmation, but it does not include contextual ownership percentages or rationale for the disposition, which are not required on Form 4.

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

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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^*

Jarman Victoria

(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)
	CHR & WOW! 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)		96	A	$39.2	1,371	D
Common Stock								19,800	D
Common Stock								6,089	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/ Victoria Jarman	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 transactions did Victoria Jarman report for FSBW?

The Form 4 reports a purchase of 96 shares at $39.20 under the issuer's Nonqualified 2022 Stock Purchase Plan and a reported disposition of 19,800 shares.

When was the transaction date reported on the Form 4 for FSBW?

The filing lists the earliest transaction date as 08/06/2025.

How many shares does Victoria Jarman beneficially own after the reported transactions?

The table shows a direct beneficial ownership of 1,371 shares following the reported transactions.

Does the Form 4 disclose any indirect holdings for the reporting person at FSBW?

Yes. The filing lists 6,089 shares as held indirectly and notes they are held "By ESOP".

Was the purchase made under an employee stock plan for FSBW?

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