FS Bancorp, Inc. — Director's Dealing 2015

May 21, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FS Bancorp, Inc. (FSBW)
CIK: 0001530249
Period of Report: 2015-05-20

Reporting Person: FULLER ROBERT B (Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-20	Common Stock	M	3500	$16.89	Acquired	3500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-20	Stock Option (Right to Buy)	$16.89	M	3500	Disposed	2024-05-08	Common Stock (3500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Direct
Common Stock	2074	Indirect

Footnotes

F1: Represents joint ownership with spouse.

F2: Represents first exercise of options that were granted at $16.89 per share on May 8, 2014 and vest at a rate of 20% per year beginning on May 8, 2015.