FSBW insider purchase under 2022 plan includes 25% employer match

Rhea-AI Filing Summary

Ted A. Leech, Chairman and a director of FS Bancorp, Inc. (FSBW), reported insider transactions dated 08/06/2025. The filing states the shares were purchased under the issuer's Nonqualified 2022 Stock Purchase Plan and the purchase includes a 25% match, indicating participation in the company plan rather than a market trade.

The report shows an acquisition of 223 shares at $39.20, a reported disposition of 660 shares, and beneficial ownership following the transactions of 46,899 shares. It also discloses 2,000 shares held indirectly through a self-managed trust and 28,700 shares held indirectly as a stock award. The activity appears to reflect routine plan participation and existing compensation-related holdings.

Positive

• Participation in the issuer's Nonqualified 2022 Stock Purchase Plan with a 25% employer match, showing alignment with shareholder incentives
• Substantive beneficial ownership46,899 shares reported

Negative

• None.

Insights

Financial Analyst

TL;DR: Chairman made a small purchase under the company stock plan with a 25% match; net holdings remain substantive but not unusually large.

The 223-share purchase at $39.20 under the Nonqualified 2022 Stock Purchase Plan, coupled with a 25% employer match, is consistent with routine executive compensation and retention mechanics. The filing also records a 660-share disposition and shows 46,899 shares beneficially owned afterward, including indirect holdings. For investors, this is normal insider activity rather than a signal of material change in company fundamentals.

Corporate Governance Expert

TL;DR: Disclosure reflects standard insider participation in a company purchase plan and ongoing beneficial ownership by the chairman.

As Chairman and director, the reporting of purchases under an employee plan with a 25% match and disclosure of indirect holdings (2,000 shares via trust; 28,700 shares as award) indicates transparent reporting of compensation-related equity. The mix of small purchases and a modest sale appears procedural and does not indicate governance changes or extraordinary insider behavior based on the reported figures.

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^*

Leech Ted A.

(Last) (First) (Middle)

C/O FS BANCORP, INC.

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)	X	Other (specify below)
			Chairman of the Board

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)		223	A	$39.2	660	D
Common Stock								46,899	D
Common Stock								2,000	I	Through Self-Managed Trust
Common Stock								28,700	I	Stock Award

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/Ted A. Leech	08/06/2025
	** 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 insider activity did Ted A. Leech report on Form 4 for FSBW?

The filing reports a purchase of 223 shares under the Nonqualified 2022 Stock Purchase Plan and a reported disposition of 660 shares dated 08/06/2025.

At what price were the reported shares purchased in the FSBW Form 4?

The report shows the acquired shares were purchased at $39.20 per share.

How many FSBW shares does Ted Leech beneficially own after the reported transactions?

Following the reported transactions the filing lists 46,899 shares as beneficially owned.

Does the Form 4 disclose indirect holdings for Ted Leech in FSBW?

Yes. The filing discloses 2,000 shares held indirectly through a self-managed trust and 28,700 shares held indirectly as a stock award.

Was the insider purchase tied to an employee plan for FSBW?

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