Form 4: FS Bancorp EVP Kelli Nielsen Buys Shares

Kelli Nielsen, FS Bancorp's Chief Retail Banking EVP, acquired 20 shares of common stock at $38.01 per share through the company's Nonqualified 2022 Stock Purchase Plan.

Summary

• Kelli Nielsen, Chief Retail Banking, EVP of FS Bancorp, Inc. (FSBW), acquired 20 shares of common stock.
• The transaction occurred on November 6, 2025, at a price of $38.01 per share.
• The shares were purchased under the Issuer's Nonqualified 2022 Stock Purchase Plan, which includes a 25% company match.
• Following this transaction, Kelli Nielsen directly beneficially owns 91 shares of common stock.
• Additionally, Kelli Nielsen directly owns 16,023 shares and indirectly owns 2,681 shares through an Employee Stock Ownership Plan (ESOP).

Sentiment

Score: 7

Explanation: The acquisition of shares by a key executive is a positive signal of confidence in the company's future. However, the transaction size of 20 shares is very small, limiting its overall impact on sentiment.

Positives

• An executive, Kelli Nielsen, increased her direct ownership in the company, signaling confidence in its future.
• The acquisition was made through a company stock purchase plan, indicating participation in employee benefit programs.
• The plan includes a 25% company match, which is a benefit to the employee and aligns interests with the company's performance.

Future Outlook

This filing is a report of an insider transaction and does not contain forward-looking statements or guidance regarding the company's future performance.

Industry Context

Insider purchases, even small ones, are generally viewed positively by the market as they indicate management's belief in the company's future prospects. This transaction is a routine disclosure for an executive participating in an employee stock purchase plan.

Related Party Transactions

• Kelli Nielsen acquired shares through the Issuer's Nonqualified 2022 Stock Purchase Plan, which is a standard employee benefit program and includes a 25% company match.

Stakeholder Impact

• Shareholders may view this insider purchase, albeit small, as a positive sign of management's alignment with shareholder interests and confidence in the company's value.

Key Dates

Keywords

FS Bancorp, FSBW, Kelli Nielsen, Insider Trading, Stock Purchase Plan, Common Stock, Executive Ownership, SEC Form 4