[Form 4] TIMBERLAND BANCORP INC Insider Trading Activity

Rhea-AI Filing Summary

Jonathan A. Fischer, President/COO of Timberland Bancorp Inc. (TSBK), reported on Form 4 that he received a restricted stock award of 2,000 shares on 09/23/2025 at a price of $0 per share. The restricted shares vest equally over five years. After the grant, Mr. Fischer is reported to beneficially own 6,550 shares directly and 13,064 shares indirectly through the Timberland Bank Employee Stock Ownership and 401(k) Plan (KSOP). The Form 4 was signed by Cheryl Parks as Mr. Fischer's power of attorney on 09/24/2025. The filing discloses no derivative transactions.

Positive

• Restricted stock grant with five-year vesting supports executive retention and aligns long-term interests
• Participation in KSOP (13,064 shares) indicates alignment with employee-shareholder interests
• No derivative transactions disclosed, suggesting no hedging or immediate liquidity events

Negative

• Limited disclosure on materiality — filing does not state total outstanding shares, so investor impact is unclear
• No information on grant rationale or performance conditions beyond time-based vesting

Insights

Corporate Governance Expert

TL;DR Restricted stock grant aligns executive pay with long-term retention via five-year vesting; holdings include KSOP participation.

The 2,000-share restricted award at $0 per share indicates a retention-focused equity grant rather than a purchase. Five-year equal vesting spreads retention incentives and delays full ownership, which can align management with long-term shareholder interests. Beneficial ownership combines direct holdings (6,550 shares) and indirect KSOP holdings (13,064 shares), demonstrating participation in the company retirement/ownership plan. No option exercises or sales are reported, and no derivative positions were disclosed, suggesting no immediate liquidity events or hedging by the reporting person.

Compensation Analyst

TL;DR The award appears routine and modest in size; vesting schedule is standard for retention.

The grant of 2,000 restricted shares with five-year equal vesting is a conventional retention mechanism. The zero price reflects a compensatory award rather than a market transaction. Relative materiality depends on company share count and executive pay structure, which are not provided in the filing. KSOP holdings increase the executive's indirect stake, reinforcing alignment with employee-shareholder interests.

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^*

Fischer Jonathan Arthur

(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)
	President/COO

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	6,550	D
Common Stock, $.01 par value per share								13,064	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 Jonathan A. Fischer	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 transaction did Jonathan A. Fischer report on Form 4 for TSBK?

The Form 4 reports a restricted stock award of 2,000 shares granted on 09/23/2025 at $0 per share.

How many Timberland Bancorp (TSBK) shares does Jonathan A. Fischer beneficially own after the transaction?

After the reported transaction, he beneficially owns 6,550 shares directly and 13,064 shares indirectly through the KSOP.

What are the vesting terms for the restricted shares granted to Fischer?

The restricted shares will vest equally over five years.

Was any derivative security or option exercise reported by Fischer on this Form 4?

No. The filing shows no derivative securities or option transactions.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Cheryl Parks, Power of Attorney for Jonathan A. Fischer on 09/24/2025.