Form 4: FS Bancorp President Boosts Stake via Stock Plan

FS Bancorp President Matthew D. Mullet acquired 237 shares of common stock at $38.01 per share through a company stock purchase plan.

Summary

• Matthew D. Mullet, President of FS Bancorp, Inc. (FSBW), acquired 237 shares of common stock on November 6, 2025.
• The shares were purchased at a price of $38.01 per share, totaling $9,008.37.
• This transaction was executed under the Issuer's Nonqualified 2022 Stock Purchase Plan and included a 25% company match.
• The acquisition was made pursuant to a Rule 10b5-1 plan, indicating a pre-arranged trading plan.
• Following this transaction, Matthew D. Mullet's direct beneficial ownership of common stock is 107,531 shares.
• Indirect beneficial ownership includes 10,853 shares via an ESOP, 5,600 shares via a spouse's IRA, and 22,124 shares via an IRA, totaling 38,577 indirect shares.
• Total beneficial ownership after the transaction stands at 146,108 shares of FS Bancorp, Inc. common stock.

Sentiment

Score: 7

Explanation: The acquisition of shares by a key executive, especially with a company match and under a Rule 10b5-1 plan, generally indicates management confidence and aligns executive interests with shareholders, which is a positive signal.

Positives

• Insider acquisition of shares signals confidence in the company's future prospects by a key executive.
• Participation in the Nonqualified 2022 Stock Purchase Plan, which includes a 25% company match, indicates alignment of management's interests with shareholders.
• The transaction was made under a Rule 10b5-1 plan, suggesting a pre-planned, systematic approach to equity acquisition.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance.

Industry Context

Insider buying, particularly by a President, is often viewed by the market as a positive signal, suggesting that management believes the company's stock is undervalued or expects positive developments. This aligns with a general trend where executive confidence can influence investor sentiment in the financial services sector.

Corporate Governance

Related Party Transactions

• The acquisition of shares by President Matthew D. Mullet through the Issuer's Nonqualified 2022 Stock Purchase Plan constitutes a related party transaction, as it involves a transaction between the company and a key executive.

Stakeholder Impact

• Shareholders: May view the insider purchase as a positive indicator of management's confidence in the company's future performance and value.
• Employees: The existence of a stock purchase plan with a company match can be seen as a positive benefit, potentially boosting morale and aligning employee interests with company success.

Key Dates

Keywords

FS Bancorp, FSBW, Matthew D. Mullet, Insider Trading, Stock Purchase Plan, Form 4, Equity Acquisition, President, Financial Services, Rule 10b5-1