FS Bancorp, Inc.
US ˙ NasdaqCM ˙ US30263Y1047

SecurityFSBW / FS Bancorp, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership34,717 shares
Latest Disclosed Value $ 1,339,752
Morgan Stanley reports 47.78% increase in ownership of FSBW / FS Bancorp, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 34,717 shares of FS Bancorp, Inc. (US:FSBW) valued at $1,339,729 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 23,492 shares of FS Bancorp, Inc.. This represents a change in shares of 47.78% during the quarter. The current value of the position is $1,419,578 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F FS BANCORP COM 30263Y104 34,717 11,225 47.78 1,340 38.47 0.0001
2026-05-27 2025-12-31 13F/A-1 FS BANCORP COM 30263Y104 23,492 2,183 10.24 967 13.76 0.0001
2026-02-13 2025-12-31 13F FS BANCORP COM 30263Y104 23,492 2,183 967 0.0001
2026-05-27 2025-09-30 13F/A-1 FS BANCORP COM 30263Y104 21,309 -1,396 -6.15 851 -4.92 0.0001
2025-11-14 2025-09-30 13F FS BANCORP COM 30263Y104 21,309 -1,396 851 0.0001
2025-08-15 2025-06-30 13F FS BANCORP COM 30263Y104 22,705 -82 -0.36 894 3.23 0.0001
2025-05-15 2025-03-31 13F FS BANCORP COM 30263Y104 22,787 -6,145 -21.24 866 -27.04 0.0001
2025-05-15 2024-12-31 13F/A-1 FS BANCORP COM 30263Y104 28,932 -2,890 -9.08 1,188 -16.11 0.0001
2025-02-14 2024-12-31 13F FS BANCORP COM 30263Y104 28,932 -2,890 1,188 0.0001
2025-05-14 2024-09-30 13F/A-2 FS BANCORP COM 30263Y104 31,822 11,314 55.17 1,416 89.42 0.0001
2025-02-14 2024-09-30 13F/A-1 FS BANCORP COM 30263Y104 31,822 11,314 1,416 0.0001
2024-11-14 2024-09-30 13F FS BANCORP COM 30263Y104 31,822 11,314 1,416 0.0000
2025-05-14 2024-06-30 13F/A-2 FS BANCORP COM 30263Y104 20,508 -3,785 -15.58 748 -11.39 0.0001
2024-10-17 2024-06-30 13F/A-1 FS BANCORP COM 30263Y104 20,508 -3,785 748 0.0001
2024-08-14 2024-06-30 13F FS BANCORP COM 30263Y104 20,508 -3,785 748 0.0001
2024-10-17 2024-03-31 13F/A-2 FS BANCORP COM 30263Y104 24,293 -10,718 -30.61 843 -34.85 0.0001
2024-08-16 2024-03-31 13F/A-1 FS BANCORP COM 30263Y104 24,293 -10,718 843 0.0000
2024-05-15 2024-03-31 13F FS BANCORP COM 30263Y104 24,293 -10,718 843 0.0001
2024-08-16 2023-12-31 13F/A-1 FS BANCORP COM 30263Y104 35,011 10,381 42.15 1,294 78.24 0.0001
2024-02-13 2023-12-31 13F FS BANCORP COM 30263Y104 35,011 10,381 1,294 0.0001
2023-11-15 2023-09-30 13F FS BANCORP COM 30263Y104 24,630 -19,460 -44.14 727 -45.21 0.0001
2023-08-14 2023-06-30 13F FS BANCORP COM 30263Y104 44,090 8,741 24.73 1,326 25.00 0.0001
2023-05-15 2023-03-31 13F FS BANCORP COM 30263Y104 35,349 6,677 23.29 1,061 10.65 0.0001
2023-02-14 2022-12-31 13F FS BANCORP COM 30263Y104 28,672 146 0.51 959 23.29 0.0001
2022-11-14 2022-09-30 13F FS BANCORP COM 30263Y104 28,526 -11,047 -27.92 777 -31.60 0.0001
2022-10-27 2022-06-30 13F/A-1 FS BANCORP COM 30263Y104 39,573 17,920 82.76 1,136 69.05 0.0001
2022-08-15 2022-06-30 13F FS BANCORP COM 30263Y104 39,573 17,920 1,136 0.0000
2022-10-27 2022-03-31 13F/A-1 FS BANCORP COM 30263Y104 21,653 -1,706 -7.30 672 -14.39 0.0001
2022-05-13 2022-03-31 13F FS BANCORP COM 30263Y104 21,653 -1,706 672 0.0001
2022-02-14 2021-12-31 13F FS BANCORP COM 30263Y104 23,359 -1,284 -5.21 785 -7.97 0.0001
2021-11-15 2021-09-30 13F FS BANCORP COM 30263Y104 24,643 -556 -2.21 853 -52.51 0.0001
2021-08-23 2021-06-30 13F/A-1 FS BANCORP COM 30263Y104 25,199 2,766 12.33 1,796 19.18 0.0002
2021-08-16 2021-06-30 13F FS BANCORP COM 30263Y104 25,199 2,766 1,796 0.0000
2021-05-17 2021-03-31 13F FS BANCORP COM 30263Y104 22,433 -1,494 -6.24 1,507 14.86 0.0002
2021-02-16 2020-12-31 13F FS BANCORP COM 30263Y104 23,927 5,273 28.27 1,312 71.28 0.0002
2020-11-13 2020-09-30 13F FS BANCORP COM 30263Y104 18,654 15,091 423.55 766 455.07 0.0001
2020-08-14 2020-06-30 13F FS BANCORP COM 30263Y104 3,563 -777 -17.90 138 -11.54 0.0000
2020-05-26 2020-03-31 13F/A-1 FS BANCORP COM 30263Y104 4,340 -1,669 -27.78 156 -59.27 0.0000
2020-05-15 2020-03-31 13F FS BANCORP COM 30263Y104 4,340 -1,669 156 11.9841
2020-02-14 2019-12-31 13F FS BANCORP COM 30263Y104 6,009 3,697 159.90 383 213.93 0.0001
2019-11-14 2019-09-30 13F FS BANCORP COM 30263Y104 2,312 1,552 204.21 122 212.82 0.0000
2019-08-14 2019-06-30 13F FS BANCORP COM 30263Y104 760 -127 -14.32 39 -13.33 0.0000
2019-05-15 2019-03-31 13F FS BANCORP COM 30263Y104 887 -8,286 -90.33 45 -88.58 0.0000
2019-02-14 2018-12-31 13F FS BANCORP COM 30263Y104 9,173 1,748 23.54 394 -4.60 0.0001
2019-04-23 2018-09-30 13F/A-2 FS BANCORP COM 30263Y104 7,425 163 2.24 413 -10.22 0.0001
2018-11-20 2018-09-30 13F/A-1 FS BANCORP COM 30263Y104 7,425 0 413 0.0001
2018-11-14 2018-09-30 13F FS BANCORP COM 30263Y104 7,425 163 413
2019-04-23 2018-06-30 13F/A-1 FS BANCORP COM 30263Y104 7,262 105 1.47 460 20.10 0.0001
2018-08-14 2018-06-30 13F FS BANCORP COM 30263Y104 7,262 105 460
2019-04-23 2018-03-31 13F/A-1 FS BANCORP COM 30263Y104 7,157 622 9.52 383 7.58 0.0001
2018-05-14 2018-03-31 13F FS BANCORP COM 30263Y104 7,157 622 383
2019-04-23 2017-12-31 13F/A-1 FS BANCORP COM 30263Y104 6,535 -50 -0.76 356 4.71 0.0001
2018-02-14 2017-12-31 13F FS BANCORP COM 30263Y104 6,535 -50 356
2017-11-14 2017-09-30 13F FS BANCORP COM 30263Y104 6,585 5,608 574.00 340 690.70 0.0001
2017-08-11 2017-06-30 13F FS BANCORP COM 30263Y104 977 532 119.55 43 152.94 0.0000
2017-05-22 2017-03-31 13F/A-1 FS BANCORP COM 30263Y104 445 118 36.09 17 41.67 0.0000
2017-05-12 2017-03-31 13F FS BANCORP COM 30263Y104 445 17
2017-02-22 2016-12-31 13F/A-1 FS BANCORP COM 30263Y104 327 327 -26.52 12 -29.41 0.0000
2017-02-13 2016-12-31 13F FS BANCORP COM 30263Y104 327 12
2016-08-12 2016-06-30 13F FS BANCORP COM 30263Y104 0 -804 -100.00 0 -100.00
2016-05-12 2016-03-31 13F FS BANCORP COM 30263Y104 804 398 98.03 20 81.82 0.0000
2016-02-09 2015-12-31 13F FS BANCORP COM 30263Y104 406 406 -49.50 11 -45.00 0.0000
2016-02-08 2015-09-30 13F/A-1 FS BANCORP COM 30263Y104 0 -6 -100.00 0 -100.00 0.0000
2015-08-12 2015-06-30 13F FS BANCORP COM 30263Y104 6 1 20.00 0 0.0000
2015-05-14 2015-03-31 13F FS BANCORP COM 30263Y104 5 0 0.00 0 0.0000
2015-02-13 2014-12-31 13F FS BANCORP COM 30263Y104 5 0 0.00 0 0.0000
2014-12-16 2014-09-30 13F/A-1 FS BANCORP COM 30263Y104 5 0 0.00 0 0.0000
2014-11-14 2014-09-30 13F FS BANCORP COM 30263Y104 5 0
2014-05-13 2014-03-31 13F FS BANCORP COM 30263Y104 5 5 0 0.0000
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.