[Form 4] TIMBERLAND BANCORP INC Insider Trading Activity

Rhea-AI Filing Summary

Matthew J. DeBord, Chief Lending Officer/EVP of Timberland Bancorp Inc. (TSBK), reported a non-derivative award of 2,000 restricted common shares on 09/23/2025 that were granted at no cash price. The restricted shares will vest equally over five years. After the grant, DeBord beneficially owns 5,700 shares directly and holds an additional 2,069 shares indirectly through the Timberland Bank Employee Stock Ownership and 401(k) Plan (KSOP). No derivative securities were reported on this Form 4.

Positive

• 2,000 restricted shares granted to an executive, strengthening alignment with shareholders
• Five‑year equal vesting indicates a multi‑year retention and alignment mechanism
• Direct beneficial ownership increased to 5,700 shares, plus 2,069 shares held indirectly via the KSOP

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received time‑vested restricted shares, modestly increasing alignment with shareholders without immediate cash exercise.

The 2,000 restricted shares granted at $0 increase the reporting officer's direct stake to 5,700 shares and add long‑term alignment via a five‑year vesting schedule. The award is non‑cash and time‑based rather than performance‑based, which suggests retention incentives rather than an immediate equity stake change. The indirect holding of 2,069 shares in the KSOP supplements total economic exposure to the company's equity.

Corporate Governance Expert

TL;DR: Grant follows common governance practice: restricted stock with multi‑year vesting to retain senior management.

The grant structure—restricted stock vesting equally over five years—aligns management compensation with long‑term shareholder interests and retention goals. The Form 4 shows transparency in reporting and discloses both direct and KSOP indirect holdings. There are no derivative awards disclosed, which simplifies the insider’s equity profile.

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^*

DeBord Matthew J

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Lending Officer/EVP

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

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 per share(1)	09/23/2025		A		2,000	A	$0	5,700	D
Common Stock, $.01 par value per share								2,069	I	By KSOP(2)

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. Restricted Stock Award was granted on 9/23/2025. These shares will vest equally over 5 years.

2. Represents shares held in the Timberland Bank Employee Stock Ownership and 401(k) Plan ("KSOP").

	/s/Cheryl Parks, Power of Attorney for Matthew J. DeBord	09/24/2025
	** 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 did Matthew J. DeBord report on the Form 4 for TSBK?

He reported a grant of 2,000 restricted common shares and disclosed his direct and indirect holdings.

How do the 2,000 restricted shares vest for TSBK insider Matthew DeBord?

The restricted shares vest equally over five years, according to the Form 4 explanation.

What is Matthew DeBord's total reported ownership in TSBK?

5,700 shares directly following the transaction and 2,069 shares indirectly held through the KSOP.

Was any cash price reported for the restricted stock grant on TSBK Form 4?

The price reported for the 2,000 restricted shares was $0.

Are there any derivative securities reported by Matthew DeBord in this filing?

No derivative securities (options, warrants, etc.) are listed on this Form 4.