[Form 4] TIMBERLAND BANCORP INC Insider Trading Activity

Rhea-AI Filing Summary

Kathy D. Leodler, a director of Timberland Bancorp Inc. (TSBK), reported a non-derivative transaction on September 26, 2025. Two hundred restricted shares vested that day and the reporting person elected to have all 200 vested shares withheld by the issuer to satisfy state and federal tax withholding obligations, resulting in a reported disposition at a price of $34.20 per share. After the withholding, the reporting person beneficially owned 1,735 shares of TSBK, held directly. The Form 4 was signed by Cheryl Parks as power of attorney on September 29, 2025.

Positive

• Restricted shares vested, reflecting compensation realization rather than a cash sale
• Beneficial ownership remains with 1,735 shares held directly after withholding

Negative

• 200 shares were disposed of (withheld) on 09/26/2025 at $34.20 per share to satisfy tax obligations, reducing the reporting person's share count

Insights

Securities Compliance Analyst

TL;DR Restricted stock vested and was withheld to cover taxes; modest net change in beneficial ownership.

The filing documents a routine tax-withholding disposition following the vesting of restricted shares. The transaction code F indicates shares were withheld by the issuer to meet tax obligations rather than an open-market sale, which is typically a administrative change rather than a signal of sentiment. The resulting direct beneficial ownership of 1,735 shares remains modest and unlikely to materially affect control or valuation.

Corporate Governance Specialist

TL;DR Administrative vesting event with tax withholding; not a material governance development.

The report shows a director-level insider experienced standard vesting of restricted stock and used issuer withholding to satisfy taxes. There is no indication of additional transfers, pledges, or derivative activity. For governance monitoring, this is a routine disclosure reflecting compensation mechanics, not a change in board composition or a material transaction.

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

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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)
09/26/2025

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		200	D	$34.2	1,735	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 200 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	09/29/2025
	** 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 transaction did Kathy D. Leodler report on Form 4 for TSBK?

The report discloses that 200 restricted shares vested on 09/26/2025 and those 200 shares were withheld by the issuer to pay state and federal taxes.

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

Following the withholding, the reporting person beneficially owned 1,735 shares of Timberland Bancorp Inc., held directly.

What was the price associated with the withheld shares on the Form 4?

The transaction is reported at a price of $34.20 per share for the 200 withheld shares.

Was the disposition an open-market sale or a tax-withholding event?

The filing indicates a tax-withholding disposition (vesting withholding), not an open-market sale; the issuer withheld shares to satisfy tax obligations.

Who signed the Form 4 filing for Kathy D. Leodler?

The Form 4 was signed by Cheryl Parks, as Power of Attorney, on 09/29/2025.