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

Rhea-AI Filing Summary

FS Bancorp Form 4 summary: Joseph P. Zavaglia, a director of FS Bancorp (FSBW), reported transactions dated 08/06/2025. The filing records purchases made under the Issuer's Nonqualified 2022 Stock Purchase Plan that include a 25% company match. The presented table entries include numeric values of 8,594 (marked D) and 9,614 (marked I with the note By IRA), and a price entry of $39.2. Some table column alignments in the provided text are ambiguous, so specific mappings for other figures shown (for example entries of 64 and 542) are unclear from this copy.

Positive

• Director participation in the Issuer's Nonqualified 2022 Stock Purchase Plan indicates alignment with shareholders
• 25% company match on the purchase reinforces employee/director incentive alignment

Negative

• None.

Insights

Securities Analyst

TL;DR: Director purchase under the company stock plan with a 25% match; disclosure appears routine and not materially transformative.

The Form 4 shows Director Joseph P. Zavaglia participating in the Issuer's Nonqualified 2022 Stock Purchase Plan on 08/06/2025 with a stated 25% company match. The filing lists specific numeric entries including 8,594 (D) and 9,614 (I, By IRA) and a price entry of $39.2. Based on the information provided, this is a standard insider plan purchase disclosure rather than a large block trade or change of control event. Several table entries in the supplied text are not clearly aligned to columns, so exact share allocations for all numbers could not be independently verified from this copy.

Corporate Governance Expert

TL;DR: Insider participation in the stock purchase plan signals alignment but the filing itself is routine and provides limited material impact on governance.

The report documents a director-level purchase under the company stock purchase program including a 25% match, which is an alignment signal between management/board and shareholders. The form lists 8,594 shares marked D and 9,614 shares marked I (By IRA), and contains a price entry of $39.2. The disclosure does not, on its face, show changes to board composition, executive departures, or other governance actions. Because some numeric entries in the provided table are ambiguously placed, the filing copy limits precise quantification of every reported figure.

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^*

Zavaglia Joseph P.

(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)

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

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)		64	A	$39.2	542	D
Common Stock								8,594	D
Common Stock								9,614	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/ Joseph P. Zavaglia	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

Who filed the Form 4 for FS Bancorp (FSBW)?

Joseph P. Zavaglia, identified in the filing as a Director of FS Bancorp, Inc.

What transaction is reported on the Form 4 for FSBW?

Purchase of shares under the Issuer's Nonqualified 2022 Stock Purchase Plan with a 25% company match.

When did the reported transaction occur?

08/06/2025 is the transaction date shown on the filing.

How many shares are shown as direct and indirect beneficial ownership following the transaction?

The filing text lists 8,594 shares marked as Direct (D) and 9,614 shares marked as Indirect (I) (By IRA).

What price is listed in the Form 4?

The provided copy includes a price entry of $39.2.

Does this Form 4 indicate a change in control or major stake in FSBW?

No change in control or explicit acquisition of a majority stake is indicated in the provided filing text.