FS Bancorp, Inc. — Director's Dealing 2016

May 20, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FS Bancorp, Inc. (FSBW)
CIK: 0001530249
Period of Report: 2016-05-16

Reporting Person: COSTA DONN C (Executive VP Home Lending)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-16	Common Stock	M	3500	$16.89	Acquired	44546	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-16	Stock Options (Right to Buy)	$16.89	M	3500	Disposed	2024-05-08	Common Stock (3500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4500	Indirect

Footnotes

F1: Represents award of restricted stock under the FS Bancorp, Inc. 2013 Equity Incentive Plan. Vests in equal installments of 20% per year beginning on May 8, 2015.

F2: Represents second 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.