FS Bancorp (FSBW) Director Reports Grants and Sale; 1,500 Options at $40.14

Rhea-AI Filing Summary

Pamela Marie Andrews, a director of FS Bancorp, Inc. (FSBW), reported equity awards and a sale on 08/15/2025. She was awarded 750 restricted shares that vest on August 15, 2026, and received 1,500 stock options with a $40.14 exercise price that also vest on August 15, 2026 and expire August 15, 2035. The Form 4 shows a contemporaneous disposal of 4,186 common shares, leaving 12,000 shares beneficially owned after the transactions. The filing was signed on August 18, 2025.

Positive

• 750 restricted shares awarded on 08/15/2025 under the FS Bancorp, Inc. 2018 Equity Incentive Plan
• 1,500 stock options awarded on 08/15/2025 with a $40.14 exercise price and clear vesting and expiration dates

Negative

• 4,186 common shares disposed on 08/15/2025 as reported on the Form 4

Insights

Corporate Governance Expert

TL;DR: Director received equity awards that vest over one year while also reporting a share disposal; routine governance disclosure.

The Form 4 discloses standard incentive awards under the companys 2018 Equity Incentive Plan: 750 restricted shares and 1,500 options vesting on 08/15/2026. These awards align with typical director compensation schedules and include clear vesting and option-expiration details. The simultaneous disposal of 4,186 shares is recorded and the filing shows 12,000 shares beneficially owned post-transaction. No additional compensatory terms or derivative modifications are reported.

Securities Analyst

TL;DR: Reported grants and a sale are factual insider activity with limited immediate market impact.

The filing lists a restricted stock award (750 shares) and stock options (1,500 options at $40.14) granted on 08/15/2025, vesting 08/15/2026 with options expiring 08/15/2035. It also records a disposal of 4,186 common shares the same date, leaving 12,000 shares beneficially owned. All transactions are reported under Form 4 reporting rules; there are no indications of non-standard arrangements or Rule 10b5-1 plans noted in the form text provided.

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^*

Andrews Pamela Marie

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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)	12,000	D
Common Stock								4,186	D

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	10,500	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/Pamela Marie Andrews	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.
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 Pamela Marie Andrews report on Form 4 for FSBW?

The Form 4 reports a grant of 750 restricted shares, a grant of 1,500 stock options at a $40.14 exercise price, and a disposal of 4,186 common shares all dated 08/15/2025.

When do the awarded restricted shares and options vest for Pamela Marie Andrews?

Both the 750 restricted shares and the 1,500 stock options vest on August 15, 2026.

What is the expiration date for the stock options awarded to Pamela Marie Andrews?

The stock options expire on August 15, 2035.

How many shares does Pamela Marie Andrews beneficially own after the reported transactions?

The filing reports 12,000 shares beneficially owned following the reported transactions.

Under what plan were the equity awards granted to Pamela Marie Andrews?

The awards were granted pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan as stated in the Form 4.