[Form 4] TIMBERLAND BANCORP INC Insider Trading Activity

Rhea-AI Filing Summary

Robert A. Drugge, a director of Timberland Bancorp Inc. (TSBK), reported a Section 16 filing showing restricted stock vesting and a small disposition on 09/26/2025. Two hundred restricted shares vested that day; the reporting person elected to have 50 shares withheld to satisfy state and federal tax obligations, and those 50 shares were reported as disposed at a price of $34.20 per share. After the transaction, Mr. Drugge beneficially owned 38,845 shares directly and held an additional 6,773 shares through an IRA. The Form 4 was signed under power of attorney by Cheryl Parks on 09/29/2025.

Positive

• Continued substantial ownership: Reporting person retains 38,845 direct shares plus 6,773 in an IRA, signaling ongoing ownership alignment with shareholders
• Transparent disclosure: Filing clearly explains that 50 shares were withheld to satisfy tax obligations rather than a market sale for other purposes

Negative

• Minor reduction in direct holdings: 50 shares were disposed/withheld, slightly lowering direct share count
• Transaction price disclosed: The withholding/disposition occurred at $34.20 per share, which could realize tax-related proceeds or liabilities

Insights

Financial Analyst

TL;DR Routine restricted stock vesting with minimal net share reduction due to tax withholding; not material to valuation.

The filing documents the vesting of 200 restricted shares and the withholding/disposition of 50 shares to cover tax obligations, reported at $34.20 per share. This is a customary administrative action that modestly reduces the director's direct share count but leaves overall beneficial ownership largely intact (38,845 direct shares plus 6,773 in an IRA). There are no option exercises, grants, or sales beyond the withholding event, and no indication of change in control or other material corporate actions.

Corporate Governance Expert

TL;DR Standard insider reporting of restricted stock vesting and tax-withholding disposition; governance implications are minimal.

The report is consistent with standard equity compensation administration. The director remains a significant shareholder on a direct and indirect basis. The filing was executed under power of attorney and properly discloses the nature of indirect ownership (IRA). There are no red flags such as unexpected large disposals or related-party transactions disclosed in this Form 4.

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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hours per response:			0.5

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^*

DRUGGE ROBERT A

(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)
09/26/2025

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)	09/26/2025		F		50	D	$34.2	38,845	D
Common Stock, $.01 par value								6,773(2)	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 200 shares of restricted stock vested on September 26, 2025 of which 50 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.

2. Shares held directly through an IRA

	/s/Cheryl Parks, Power of Attorney for Robert A. Drugge	09/29/2025
	** 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 Robert A. Drugge report on the Form 4 for TSBK?

The Form 4 reports that 200 restricted shares vested on 09/26/2025, with 50 shares withheld/disposed at $34.20 to cover state and federal taxes; beneficial ownership after the transaction is 38,845 direct shares and 6,773 shares held in an IRA.

Why were 50 shares disposed according to the Form 4?

The filing states those 50 shares were withheld at the election of the reporting person so the issuer could pay the value of the vested shares to tax authorities on the reporting person’s behalf.

What is the transaction date and filing date on the Form 4?

The transaction date is 09/26/2025 and the Form 4 was signed by power of attorney on 09/29/2025.

How many shares does Mr. Drugge beneficially own after this Form 4?

After the reported transaction Mr. Drugge beneficially owns 38,845 shares directly and 6,773 shares indirectly through an IRA.

Was the Form 4 filed by more than one reporting person?

No. The form indicates it was filed by one reporting person.