FS Bancorp, Inc. — Director's Dealing 2017

May 24, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FS Bancorp, Inc. (FSBW)
CIK: 0001530249
Period of Report: 2017-05-22

Reporting Person: Ness Drew B. (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-22	Common Stock	M	1721	$16.89	Acquired	9224	Direct
2017-05-22	Common Stock	S	13	$43.75	Disposed	9211	Direct
2017-05-23	Common Stock	S	1708	$43.51	Disposed	7503	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-22	Stock Option (Right to Buy)	$16.89	M	1721	Disposed	2024-05-08	Common Stock (1721)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1445	Indirect

Footnotes

F1: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $43.36 to $43.75 per share, inclusive. The reporting person undertakes to provide to the issuer, any security holders of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1).