[Form 4] TIMBERLAND BANCORP INC Insider Trading Activity

Rhea-AI Filing Summary

Kathy D. Leodler, a director of Timberland Bancorp Inc. (TSBK), reported a change in beneficial ownership following the vesting of restricted stock. On 09/24/2025, 215 shares of restricted common stock vested. All 215 vested shares were withheld at the reporting person’s election so the issuer could pay the federal and state tax withholding obligations on her behalf. The Form 4 shows a reported price of $34.4 per share for the transaction and indicates the reporting person beneficially owns 1,935 shares after the transaction. The form was submitted on 09/25/2025 and signed by Cheryl Parks as Power of Attorney for Ms. Leodler.

Positive

• Timely reporting: Form 4 filed the day after the vesting event, indicating prompt compliance with Section 16 reporting.
• Administrative settlement only: Shares were withheld to cover taxes rather than sold in the open market, so no dilution or market-selling pressure from this event.

Negative

• Reduced outstanding shares held: 215 vested shares were withheld, reducing the reporting person’s directly held shares compared to pre-vesting levels.
• Tax withholding at vesting: All vested shares were used to satisfy tax obligations, so the reporting person did not increase net share holdings from the vesting event.

Insights

Corporate Governance Expert

TL;DR: A routine restricted-stock vesting with tax-withholding occurred; no open-market purchases or sales reported.

The filing documents a standard administrative action where 215 restricted shares vested and were immediately withheld to satisfy tax liabilities rather than being sold on-market or transferred. This is a common executive/director compensation settlement mechanism and does not indicate an intent to change ownership stance. The remaining beneficial ownership is 1,935 shares, which provides a clear post-transaction ownership level for governance and disclosure purposes.

Securities Compliance Analyst

TL;DR: Compliance disclosure appears complete for the vesting event, reporting via a timely Form 4 filed by POA.

The Form 4 records the 09/24/2025 vesting event and shows the Form was filed on 09/25/2025 with a Power of Attorney signature, meeting typical Section 16 reporting procedures. The transaction code 'F' correctly reflects the conversion/vest of restricted stock. No derivative transactions or additional dispositions are reported. The filing provides the essential facts required for investor transparency.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Leodler Kathy D

(Last) (First) (Middle)

624 SIMPSON AVENUE

(Street)

HOQUIAM WA 98550

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TIMBERLAND BANCORP INC [ TSBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $.01 par value(1)	09/24/2025		F		215	D	$34.4	1,935	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. As previously reported 215 shares of restricted stock vested on September 24, 2025 of which 215 shares were withheld at the election of the Reporting Person for Issuer to pay the value of the vested shares to state and federal tax authorities for the Reporting Person's account.

	/s/Cheryl Parks, Power of Attorney for Kathy D. Leodler	09/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What happened according to the TSBK Form 4 filed for Kathy D. Leodler?

The filing reports that 215 restricted shares vested on 09/24/2025 and those 215 shares were withheld to pay federal and state taxes on behalf of the reporting person.

How many TSBK shares does Kathy D. Leodler beneficially own after the transaction?

The Form 4 shows the reporting person beneficially owns 1,935 shares following the reported transaction.

What transaction code and price are shown on the Form 4?

The transaction is recorded with code F (vesting of restricted stock) and a reported price of $34.4 per share.

Who signed the Form 4 for Kathy D. Leodler and when was it filed?

The Form 4 was signed by Cheryl Parks, Power of Attorney for Kathy D. Leodler and dated 09/25/2025.

Did the filing report any open-market sale or purchase of TSBK shares?

No. The filing reports only the vesting of restricted shares and withholding to cover taxes; there are no open-market purchases or sales disclosed.