FS Bancorp, Inc. — Director's Dealing 2016

May 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FS Bancorp, Inc. (FSBW)
CIK: 0001530249
Period of Report: 2016-05-06

Reporting Person: Adams Joseph C. (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-06	Common Stock	F	1675	$25	Disposed	27255	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	23948	Direct

Footnotes

F1: Represents shares withheld by FS Bancorp, Inc. to satisfy tax withholding obligations in connection with the vesting of 6,121 shares of restricted stock on May 6, 2016 of the 30,500 shares of restricted stock granted to the reporting person on May 8, 2014.

F2: Includes shares of restricted stock that vested on May 8, 2015 and on May 6, 2016.