FS Bancorp, Inc. — Director's Dealing 2017

May 9, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FS Bancorp, Inc. (FSBW)
CIK: 0001530249
Period of Report: 2017-05-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-08	Common Stock	F	540	$44.4599	Disposed	7503	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1445	Indirect

Footnotes

F1: Represents shares withheld by FS Bancorp, Inc. to satisfy tax withholding obligations in connection with the vesting of 1,800 shares of restricted stock on May 8, 2017 of the 9,000 shares of restricted stock granted to the reporting person on May 8, 2014.

F2: Includes shares of restricted stock that were withheld from the shares that vested on May 8, 2015, May 6, 2016 and May 8, 2017.