Form 8-K

8-K — TIMBERLAND BANCORP INC

Accession: 0000939057-26-000094

Filed: 2026-04-30

Period: 2026-04-28

CIK: 0001046050

SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — timb8k42826.htm (Primary)

EX-99.1 (timb8k42826exh991.htm)

EX-99.2 (timb8k42826exh992.htm)

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8-K

8-K (Primary)

Filename: timb8k42826.htm · Sequence: 1

false000104605000010460502026-04-282026-04-28

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 28, 2026

Timberland Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Washington

0-23333

91-1863696

State or other jurisdiction

Of incorporation

Commission

File Number

(I.R.S. Employer

Identification No.)

624 Simpson Avenue, Hoquiam, Washington

98550

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number (including area code) (360) 533-4747

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR

230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR

240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange

Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange

Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on

which registered

Common Stock, par value $.01 per share

TSBK

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in

Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended

transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition

On April 28, 2026, Timberland Bancorp, Inc. (the “Company”) issued its earnings release for the quarter ended March 31, 2026. The

release also announced the declaration of a quarterly cash dividend of $0.29 per common share. A copy of the earnings release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

Timberland Bancorp is filing a second quarter investor presentation that is available for distribution to investors.

A copy of the presentation materials is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by

reference. The information furnished pursuant to this item and the related exhibit is being “furnished” and will not except to the extent required by applicable law or regulation, be deemed “filed” by Timberland Bancorp for purpose of Section 18 of

the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filings.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Earnings Release of Timberland Bancorp, Inc. dated April 28,

2026

99.2 Second Quarter 2026 Investor Presentation

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned, hereunto duly authorized.

TIMBERLAND BANCORP, INC.

DATE: April 28, 2026

By: /s/ Marci A. Basich

Marci A. Basich

Chief Financial Officer

EX-99.1

Filename: timb8k42826exh991.htm · Sequence: 2

Exhibit 99.1

Contact:

Dean J. Brydon, CEO

Jonathan A. Fischer, President & COO

Marci A. Basich, CFO

(360) 533-4747

www.timberlandbank.com

Timberland Bancorp Reports Second Fiscal Quarter Net Income of $7.1 Million

•

EPS Increases 6% to $0.90 from $0.85 for the Comparable Quarter One Year Ago

•

Quarterly Return on Average Assets of 1.43%

•

Quarterly Return on Average Equity of 10.72%

•

Quarterly Net Interest Margin of 3.81%

HOQUIAM, WA – April 28, 2026 – Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for

Timberland Bank (the “Bank”), today reported net income of $7.13 million, or $0.90 per diluted common share for the quarter ended March 31, 2026. This compares to net income of $6.76 million, or $0.85 per diluted common share for the comparable

quarter one year ago, and $8.22 million, or $1.04 per diluted common share, for the preceding quarter.

For the first six months of fiscal 2026, Timberland’s net income increased 13% to $15.35 million, or $1.94 per diluted common share, from

$13.62 million, or $1.71 per diluted common share, for the first six months of fiscal 2025.

“Timberland delivered another strong quarter, with net income and earnings per share both growing 6% compared to the year ago quarter”

stated Dean Brydon, Chief Executive Officer. “Net income and earnings per share were down 13% from the prior quarter, primarily due to higher provision for credit losses and a modest reduction in net interest income reflecting a decrease in average

interest-earning assets. Most of our key income-related metrics reflect year-over year improvement, and our fundamentals remain sound.”

“As a result of Timberland’s strong earnings and capital position, our Board of Directors announced a quarterly cash dividend to

shareholders to $0.29 per share, payable on May 22, 2026, to shareholders of record on May 8, 2026,” stated Jonathan Fischer, President and Chief Operating Officer. “This represents the 54th consecutive quarter Timberland will have paid a cash

dividend and demonstrates the Board’s continued confidence in our long-term outlook.”

“Our net interest margin remained relatively stable, declining four basis points from the prior quarter while improving two basis points

year-over-year,” said Marci Basich, Chief Financial Officer. “After largely offsetting the impact of Federal Reserve rate cuts in the prior quarter, we are beginning to see those cuts have a more direct effect on our margin. Our balance sheet

positioning and proactive deposit pricing strategies continue to help mitigate these headwinds. It is also worth noting that the comparison to the prior quarter is somewhat affected by one-time items — collected non-accrual interest and late fees

added approximately one basis point to the margin during the current quarter, compared to a six basis point benefit from similar items in the prior quarter. On the deposit side, total deposits grew 2% from the prior quarter and 6% year-over-year.

Discipline around our funding mix and margin stability will continue to be central to how we operate.”

“Net loans were down slightly during the quarter, driven primarily by higher loan payoff activity,” Brydon continued. “Credit quality is

an area we continue to monitor closely, and this quarter delinquent and non-accrual loans increased, driven primarily by an isolated participation loan that was moved to non-accrual status during the quarter. We remain confident in the overall

strength of our loan portfolio and our disciplined approach to credit risk management.”

“Our new full-service branch in University Place, which opened January 12, 2026, is gaining traction and expanding our ability to serve

clients in the area between our Gig Harbor and Tacoma locations. Early momentum is encouraging, and we see strong opportunity to deepen commercial banking relationships with the businesses driving growth in this community,” added Fischer.

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 2

Earnings and Balance Sheet Highlights (at

or for the periods ended March 31, 2026, compared to March 31, 2025, or December 31, 2025):

Earnings Highlights:

•

Earnings per diluted common share (“EPS”) increased 6% to $0.90 for the current quarter from $0.85 for the comparable quarter

one year ago and decreased 13% from $1.04 for the preceding quarter; EPS increased 13% to $1.94 for the first six months of fiscal 2026 from $1.71 for the first six months of fiscal 2025;

•

Net income increased 6% to $7.13 million for the current quarter from $6.76 million for the comparable quarter one year ago and

decreased 13% from $8.22 million for the preceding quarter; Net income increased 13% to $15.35 million for the first six months of fiscal 2026 from $13.62 million for the first six months of fiscal 2026;

•

Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 10.72% and 1.43%,

respectively;

•

Net interest margin (“NIM”) for the current quarter increased to 3.81% from 3.79% for the comparable quarter one year ago and

decreased from 3.85% for the preceding quarter; and

•

The efficiency ratio for the current quarter was 55.38% compared to 56.25% for the comparable quarter one year ago and 52.65%

for the preceding quarter.

Balance Sheet Highlights:

•

Total assets increased 2% from the prior quarter and increased 6% year-over-year;

•

Net loans receivable decreased 1% from the prior quarter and increased 2% year-over-year;

•

Total deposits increased 2% from the prior quarter and increased 6% year-over-year;

•

Total shareholders’ equity increased 1% from the prior quarter and increased 7% year-over-year; 80,000 shares of common stock

were repurchased during the current quarter for $3.09 million;

•

Non-performing assets to total assets ratio was 0.47% at March 31, 2026, compared to 0.23% at December 31, 2025, and 0.19% at

March 31, 2025;

•

Book and tangible book (non-GAAP) values per common share increased to $34.61 and $32.65 respectively, at March 31, 2026; and

•

Liquidity (both on-balance sheet and off-balance sheet) remained strong at March 31, 2026, with only $20 million in borrowings

and additional secured borrowing line capacity of $778 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.

Operating Results

Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter decreased

3% to $21.05 million from $21.71 million for the preceding quarter and increased 6% from $19.90 million for the comparable quarter one year ago. The decrease in operating revenue compared to the preceding quarter was primarily due to a decrease in

interest income on loans receivable, and to a lesser extent, a decrease in interest income from investment securities, which was partially offset by a decrease in interest expense on deposits. Operating revenue increased 8%, to $42.77 million for

the first six months of fiscal 2026 from $39.57 million for the first six months of fiscal 2025, primarily due to increases in interest income on loans receivable and interest income on interest-bearing deposits in banks, which was partially offset

by a decrease in interest income from investments securities.

Net interest income decreased $705,000, or 4%, to $18.24 million for the current quarter from $18.95 million for the preceding quarter

and increased $1.03 million, or 6%, from $17.21 million for the comparable quarter one year ago. The decrease in net interest income compared to the preceding quarter was primarily due to an $11.04 million decrease in the average balance of total

interest-earning assets and a ten-basis point decrease in the weighted average yield of interest-bearing assets. These decreases were partially offset by an 11-basis point decrease in the weighted average cost of interest-bearing liabilities. Net

interest income for the first six months of fiscal 2026 increased $3.01 million, or 9%, to $37.19 million from $34.18 million for the first six months of fiscal 2025, primarily due to a $101.58 million increase in average interest-earning assets and

a 15-basis point decrease in the weighted average cost of interest-bearing liabilities.

Timberland’s NIM for the current quarter decreased to 3.81% from 3.85% for the preceding quarter and improved from 3.79% for the

comparable quarter one year ago. The NIM for the current quarter was increased by approximately one basis point due to the collection of $38,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $10,000 of the fair

value discount on acquired loans. The NIM for the preceding quarter was increased by approximately six basis points due to the collection of $282,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $9,000 of the

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 3

fair value discount on acquired loans. The NIM for the comparable quarter one year ago was increased by approximately five basis points

due to the collection of $201,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $17,000 of the fair value discount on acquired loans. Timberland’s NIM expanded to 3.83% for the first six months of fiscal 2026

from 3.71% for the first six months of fiscal 2025.

A $523,000 provision for credit losses on loans was recorded for the quarter ended March 31, 2026. The provision was primarily due to

changes in the composition of the loan portfolio and an increase in the level of non-accrual loans. This compares to a $16,000 provision for credit losses on loans for the preceding quarter and a $237,000 provision for credit losses on loans for the

comparable quarter one year ago.

Non-interest income increased $43,000, or 2%, to $2.81 million for the current quarter from $2.76 million for the preceding quarter and

increased $120,000, or 4%, from $2.69 million for the comparable quarter one year ago. The increase in non-interest income was primarily due to a $158,000 increase in net gain on sales of loans and smaller increases in several other categories.

These increases were partially offset by a $63,000 decrease in ATM and debit card interchange fees and a $55,000 decrease in service charges on deposits. Fiscal year-to-date non-interest income increased by 4%, to $5.57 million from $5.38 million

for the first six months of fiscal 2025.

Total operating (non-interest) expenses for the current quarter increased $228,000, or 2%, to $11.66 million from $11.43 million for the

preceding quarter and increased $465,000, or 4%, from $11.19 million for the comparable quarter one year ago. The increase in operating expenses compared to the preceding quarter was primarily due to increases in technology and communications, loan

administration and foreclosure, and smaller increases in several other categories. These increases were partially offset by a decrease in ATM and debit card processing expense and smaller decreases in several other categories. The efficiency ratio

for the current quarter was 55.38% compared to 52.65% for the preceding quarter and 56.25% for the comparable quarter one year ago. Fiscal year-to-date operating expenses increased 4% to $23.09 million from $22.26 million for the first six months of

fiscal 2025.

The provision for income taxes for the current quarter decreased $363,000, or 17%, to $1.74 million from $2.10 million for the preceding

quarter, primarily due to lower taxable income. Timberland’s effective income tax rate was 19.6% for the quarter ended March 31, 2026, compared to 20.4% for the quarter ended December 31, 2025, and 20.2% for the quarter ended March 31, 2025.

Timberland’s effective income tax rate was 20.0% for the first six months of fiscal 2026 compared to 20.1% for the first six months of fiscal 2025.

Balance Sheet Management

Total assets increased $40.26 million, or 2%, during the quarter to $2.05 billion at March 31, 2026, from $2.01 billion at December 31,

2025, and increased $113.66 million, or 6%, from $1.93 billion one year ago.

Liquidity

Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by

the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 22.1% of total liabilities at March 31, 2026, compared to 18.9% at December 31, 2025, and 16.9% one year ago. Timberland also had

secured borrowing line capacity of $778 million available through the FHLB and the Federal Reserve at March 31, 2026. With a strong and diversified deposit base, only 18% of Timberland’s deposits were uninsured or uncollateralized at March 31,

2026. (Note: This calculation excludes public deposits that are fully collateralized.)

Loans

Net loans receivable decreased $7.96 million, or 1%, during the quarter to $1.45 billion at March 31, 2026, from $1.46 billion at

December 31, 2025, and increased $30.80 million, or 2%, from $1.42 billion at March 31, 2025. The decrease during the quarter was primarily due to a $14.22 million decrease in one- to four-family loans, a $3.33 million decrease in commercial

business loans and smaller decreases in several other loan categories. These decreases were partially offset by a $10.33 million increase in construction loans and smaller increases in several other loan categories.

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 4

Loan Portfolio

($ in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Amount

Percent

Amount

Percent

Amount

Percent

Mortgage loans:

One- to four-family (a)

311,500

325,724

315,421

Multi-family

214,107

212,331

178,590

Commercial

611,117

611,989

602,248

Construction - custom and

owner/builder

104,074

102,177

114,401

Construction - speculative

one-to four-family

15,840

15,110

9,791

Construction - commercial

12,985

20,199

22,352

Construction - multi-family

80,246

65,856

46,602

Construction - land

development

2,915

2,387

15,032

Land

32,214

33,521

32,301

Total mortgage loans

1,384,998

1,389,294

1,336,738

Consumer loans:

Home equity and second

mortgage

53,252

52,569

47,458

Other

2,018

1,898

2,375

Total consumer loans

55,270

54,467

49,833

Commercial loans:

Commercial business

loans

125,087

128,397

131,243

SBA PPP loans

156

Total commercial loans

125,092

128,417

131,399

Total loans

1,565,360

100

1,572,178

100

1,517,970

100

Less:

Undisbursed portion of

construction loans in

process

(90,576

)

(89,883

)

(75,042

)

Deferred loan origination

fees

(5,259

)

(5,338

)

(5,329

)

Allowance for credit losses

(18,648

)

(18,125

)

(17,525

)

Total loans receivable, net

1,450,877

1,458,832

1,420,074

_______________________

(a)

Does not include one- to four-family loans held for sale totaling $1,642, $3,736, and $1,151 at March 31, 2026, December 31,

2025, and March 31, 2025, respectively.

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 5

The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of March 31, 2026:

CRE Loan Portfolio Breakdown by Collateral

($ in thousands)

Collateral Type

Balance

Percent of CRE

Portfolio

Percent of

Total Loan

Portfolio

Average

Balance Per

Loan

Non-

Accrual

Industrial warehouses

$ 131,278

22%

$ 1,353

$ --

Medical/dental offices

80,060

1,213

237

Office buildings

69,655

819

294

Other retail buildings

55,702

619

Mini-storage

37,840

1,514

Hotel/motel

32,405

2,315

4,328

Restaurants

28,018

584

Gas stations/conv. stores

26,182

1,007

Churches

13,842

923

Nursing homes

13,304

2,217

Shopping centers

10,290

1,715

Mobile home parks

9,280

422

Additional CRE

103,261

776

Total CRE

$ 611,117

100%

39%

$ 965

$ 4,859

Timberland originated $71.12 million in loans during the quarter ended March 31, 2026, compared to $73.06 million for the preceding

quarter and $56.76 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to

generate non-interest income. During the current quarter, fixed-rate one- to four-family mortgage loans totaling $11.36 million were sold compared to $3.66 million for the preceding quarter and $5.17 million for the comparable quarter one year ago.

Investment Securities

Timberland’s investment securities and CDs held for investment increased $191,000, or less than 1%, to $216.03 million at March 31, 2026,

from $215.84 million at December 31, 2025. The increase was primarily due to the purchase of additional U.S. government agency mortgage-backed investment securities and was partially offset by maturities of U.S. Treasury Securities and scheduled

amortization.

Deposits

Total deposits increased $38.73 million, or 2%, during the quarter to $1.74 billion at March 31, 2026, from $1.70 billion at December 31,

2025, and increased $92.38 million, or 6%, from $1.65 billion at March 31, 2025. The quarter’s increase consisted of a $21.50 million increase in money market account balances, a $10.13 million increase in certificate of deposits account balances, a

$3.68 million increase in non-interest-bearing deposit account balances, a $3.11 million increase in NOW account balances, and a $315,000 increase in savings account balances.

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 6

Deposit Breakdown

($ in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Amount

Percent

Amount

Percent

Amount

Percent

Non-interest-bearing demand

407,980

404,300

407,811

NOW checking

370,385

367,278

333,325

Savings

197,805

197,490

207,857

Money market

325,811

304,316

300,552

Certificates of deposit under $250

257,449

256,809

227,137

Certificates of deposit $250 and over

141,843

136,764

124,009

Certificates of deposit – brokered

41,937

37,525

50,139

Total deposits

1,743,210

100

1,704,482

100

1,650,830

100

Borrowings

Total borrowings were $20.00 million at both March 31, 2026, and December 31, 2025. At March 31, 2026, the weighted average rate on the

borrowings was 4.03%.

Shareholders’ Equity and Capital Ratios

Total shareholders’ equity increased $2.68 million, or 1%, to $271.09 million at March 31, 2026, from $268.41 million at December 31,

2025, and increased $18.57 million, or 7%, from $252.52 million at March 31, 2025. The increase in shareholders’ equity during the quarter was primarily due to net income of $7.13 million and proceeds from stock option exercises of $877,000. These

increases to shareholders’ equity were partially offset by the payment of $2.27 million in dividends to shareholders and the repurchase of 80,000 shares of common stock for $3.09 million (an average price of $38.63 per share), and a $117,000 increase

of accumulated other comprehensive loss. At March 31, 2026, Timberland had 227,977 shares available to be repurchased in accordance with the terms of its existing stock repurchase plan.

Timberland remains well capitalized with a total risk-based capital ratio of 21.55%, a Tier 1 leverage capital ratio of 12.82%, a

tangible common equity to tangible assets ratio (non-GAAP) of 12.59%, and a shareholders’ equity to total assets ratio of 13.25% at March 31, 2026. Timberland’s held to maturity investment securities were $117.33 million at March 31, 2026, with a

net unrealized loss of $4.07 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of

shareholders’ equity to total assets of 13.09%, compared to 13.25%, as reported.

Asset Quality

Timberland’s non-performing assets to total assets ratio was 0.47% at March 31, 2026, compared to 0.23% at December 31, 2025, and 0.13%

at March 31, 2025. Net charge-offs were less than $1,000 for the current quarter compared to net recoveries of $18,000 for the preceding quarter and net charge-offs of less than $1,000 for the comparable quarter one year ago. During the current

quarter, a $523,000 provision for credit losses on loans and a $3,000 provision for credit losses on unfunded commitments was made, which was offset by a $3,000 recapture of credit losses on investment securities. The allowance for credit losses

(“ACL”) for loans as a percentage of loans receivable was 1.27% at March 31, 2026, compared to 1.23% at December 31, 2025, and 1.22% one year ago.

Total delinquent loans (past due 30 days or more) and non-accrual loans increased $4.34 million, or 72%, to $10.40 million at March 31,

2026, from $6.05 million at December 31, 2025, and increased $7.07 million, or 213%, from $3.32 million at March 31, 2025. Non-accrual loans increased $5.12 million or 120%, to $9.41 million at December 31, 2025 from $4.28 million at December 31,

2025, and increased $7.08 million, or 304%, from $2.33 million at March 31, 2025. The increase in delinquent and non-accrual loans during the quarter was primarily due to a $4.33 million participation loan secured by a hotel in Oregon that was put

on non-accrual status. Timberland has a total of $7.11 million in participation loans purchased from other community banks and all other participation loans were performing according to their terms at March 31, 2026. Loans graded “Substandard”

increased $926,000, or 11%, to $9.54 million at March 31, 2026 from $8.61 million at December 31, 2025 and decreased $13.97 million, or 59%, from $23.51 million at March 31, 2025.

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 7

Non-Accrual Loans

($ in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Amount

Quantity

Amount

Quantity

Amount

Quantity

Mortgage loans:

One- to four-family

1,934

1,988

Commercial

4,859

304

324

Construction – custom and

owner/builder

553

Total mortgage loans

7,346

2,845

371

Consumer loans:

Home equity and second

mortgage

352

356

575

Other

Total consumer loans

372

376

575

Commercial business loans

1,687

1,063

1,381

Total loans

9,405

4,284

2,327

Timberland had two properties classified as other real estate owned (“OREO”) at March 31, 2026:

March 31, 2026

December 31, 2025

March 31, 2025

Amount

Quantity

Amount

Quantity

Amount

Quantity

Other real estate owned:

Commercial

221

Land

Total mortgage loans

221

About Timberland Bancorp, Inc.

Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and

primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 24 branches (including its main office in Hoquiam).

Disclaimer

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities

Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain

assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as

“may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking

statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to:

potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a

result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of

the Federal Reserve System ("Federal Reserve") in response thereto; the effects of any federal government shutdown; credit risks of

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 8

lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and

non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either

nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the

demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations

of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility

that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or

affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the impact of bank failures or adverse developments at other

banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory

policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our

assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the

implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the

third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business

strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules,

or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market

liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board

("FASB"), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and

other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services;

and other risks described elsewhere in this press release and in the Company's other reports filed with or furnished to the Securities and Exchange Commission.

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon

management's beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of

anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or

otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could

cause our actual results for fiscal 2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company's consolidated financial condition and results of

operations as well as its stock price performance.

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 9

TIMBERLAND BANCORP INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

($ in thousands, except per share amounts) (unaudited)

March 31,

Dec. 31

March 31,

2026

2025

Interest and dividend income

Loans receivable and loans held for sale

21,793

22,673

20,896

Investment securities

1,751

1,862

2,003

Dividends from mutual funds, FHLB stock and other investments

Interest bearing deposits in banks

2,334

2,578

1,884

Total interest and dividend income

25,955

27,195

24,865

Interest expense

Deposits

7,513

8,043

7,454

Borrowings

198

203

198

Total interest expense

7,711

8,246

7,652

Net interest income

18,244

18,949

17,213

Provision for credit losses – loans

523

237

Recapture of credit losses – investment securities

)

Prov. for (recapture of) credit losses – unfunded commitments

(49

)

Net int. income after provision for (recapture of) credit losses

17,721

18,984

16,967

Non-interest income

Service charges on deposits

934

989

959

ATM and debit card interchange transaction fees

1,131

1,194

1,176

Gain on sales of loans, net

236

122

Bank owned life insurance (“BOLI”) net earnings

155

158

165

Other

351

345

265

Total non-interest income, net

2,807

2,764

2,687

Non-interest expense

Salaries and employee benefits

6,469

6,453

5,977

Premises and equipment

1,116

1,074

1,075

Advertising

182

192

189

OREO and other repossessed assets, net

ATM and debit card processing

471

582

521

Postage and courier

155

143

142

State and local taxes

428

457

335

Professional fees

325

316

431

FDIC insurance

228

221

219

Loan administration and foreclosure

141

155

Technology and communications

1,177

1,055

1,121

Deposit operations

363

347

319

Amortization of core deposit intangible (“CDI”)

Other, net

567

472

656

Total non-interest expense, net

11,659

11,431

11,194

Income before income taxes

8,869

10,317

8,460

Provision for income taxes

1,738

2,101

1,705

Net income

7,131

8,216

6,755

Net income per common share:

Basic

0.91

1.04

0.85

Diluted

0.90

1.04

0.85

Weighted average common shares outstanding:

Basic

7,875,436

7,885,656

7,937,063

Diluted

7,922,232

7,923,037

7,968,632

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 10

TIMBERLAND BANCORP INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

Six Months Ended

($ in thousands, except per share amounts) (unaudited)

March 31,

2026

2025

Interest and dividend income

Loans receivable and loans held for sale

44,467

41,928

Investment securities

3,613

4,141

Dividends from mutual funds, FHLB stock and other investments

158

168

Interest bearing deposits in banks

4,912

3,885

Total interest and dividend income

53,150

50,122

Interest expense

Deposits

15,555

15,538

Borrowings

401

402

Total interest expense

15,956

15,940

Net interest income

37,194

34,182

Provision for credit losses – loans

539

289

Recapture of credit losses – investment securities

)

(10

)

Recapture of credit losses - unfunded commitments

(46

)

Net int. income after provision for (recapture of) credit losses

36,706

33,910

Non-interest income

Service charges on deposits

1,923

1,958

ATM and debit card interchange transaction fees

2,325

2,443

Gain on sales of loans, net

314

165

Bank owned life insurance (“BOLI”) net earnings

312

331

Other

697

487

Total non-interest income, net

5,571

5,384

Non-interest expense

Salaries and employee benefits

12,922

12,068

Premises and equipment

2,190

2,025

Advertising

374

370

OREO and other repossessed assets, net

ATM and debit card processing

1,052

1,043

Postage and courier

298

264

State and local taxes

885

680

Professional fees

641

777

FDIC insurance

449

429

Loan administration and foreclosure

221

283

Technology and communications

2,232

2,261

Deposit operations

710

652

Amortization of core deposit intangible (“CDI”)

Other, net

1,039

1,309

Total non-interest expense, net

23,090

22,260

Income before income taxes

19,187

17,034

Provision for income taxes

3,840

3,419

Net income

15,347

13,615

Net income per common share:

Basic

1.95

1.71

Diluted

1.94

1.71

Weighted average common shares outstanding:

Basic

7,880,602

7,947,786

Diluted

7,922,639

7,984,238

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 11

TIMBERLAND BANCORP INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

($ in thousands, except per share amounts) (unaudited)

March 31,

Dec. 31,

March 31,

2026

2025

Assets

Cash and due from financial institutions

24,157

23,176

26,010

Interest-bearing deposits in banks

270,514

223,688

165,201

Total cash and cash equivalents

294,671

246,864

191,211

Certificates of deposit (“CDs”) held for investment, at cost

5,972

6,470

8,711

Investment securities:

Held to maturity, at amortized cost (net of ACL – investment

securities)

117,327

133,259

140,954

Available for sale, at fair value

91,869

75,243

84,807

Investments in equity securities, at fair value

862

867

853

FHLB stock

2,103

2,045

Other investments, at cost

3,000

Loans held for sale

1,642

3,736

1,151

Loans receivable

1,469,525

1,476,957

1,437,599

Less: ACL – loans

(18,648

)

(18,125

)

(17,525

)

Net loans receivable

1,450,877

1,458,832

1,420,074

Premises and equipment, net

21,925

21,826

21,436

OREO and other repossessed assets, net

221

BOLI

22,143

21,988

23,942

Accrued interest receivable

7,397

7,435

7,127

Goodwill

15,131

CDI

203

237

361

Loan servicing rights, net

641

678

1,051

Operating lease right-of-use assets

2,767

2,856

1,324

Other assets

7,635

5,439

9,331

Total assets

2,046,386

2,006,127

1,932,730

Liabilities and shareholders’ equity

Deposits: Non-interest-bearing demand

407,980

404,300

407,811

Deposits: Interest-bearing

1,335,230

1,300,182

1,243,019

Total deposits

1,743,210

1,704,482

1,650,830

Operating lease liabilities

2,937

3,015

1,426

FHLB borrowings

20,000

Other liabilities and accrued expenses

9,150

10,221

7,950

Total liabilities

1,775,297

1,737,718

1,680,206

Shareholders’ equity

Common stock, $.01 par value; 50,000,000 shares authorized;

7,833,643 shares issued and outstanding – March 31, 2026

7,879,828 shares issued and outstanding – December 31, 2025

7,903,489 shares issued and outstanding – March 31, 2025

23,982

26,025

28,028

Retained earnings

247,457

242,617

225,166

Accumulated other comprehensive loss

(350

)

(233

)

(670

)

Total shareholders’ equity

271,089

268,409

252,524

Total liabilities and shareholders’ equity

2,046,386

2,006,127

1,932,730

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 12

Three Months Ended

PERFORMANCE RATIOS:

March 31, 2026

Dec. 31, 2025

March 31, 2025

Return on average assets (a)

1.43%

1.60%

1.43%

Return on average equity (a)

10.72%

12.33%

10.95%

Net interest margin (a)

3.81%

3.85%

3.79%

Efficiency ratio

55.38%

52.65%

56.25%

Six Months Ended

March 31, 2026

March 31, 2025

Return on average assets (a)

1.52%

1.42%

Return on average equity (a)

11.53%

10.99%

Net interest margin (a)

3.83%

3.71%

Efficiency ratio

53.99%

56.26%

At or for the Period Indicated

March 31,

2026

Dec. 31,

2025

March 31,

2025

ASSET QUALITY RATIOS AND DATA: ($ in thousands)

Non-accrual loans

$9,405

$4,284

$2,327

Loans past due 90 days and still accruing

Non-performing investment securities

OREO and other repossessed assets

221

Total non-performing assets (b)

$9,656

$4,537

$2,589

Non-performing assets to total assets (b)

0.47%

0.23%

0.13%

Net charge-offs (recoveries) during quarter

$ --

$ (18)

$ --

Allowance for credit losses - loans to non-accrual loans

198%

423%

753%

Allowance for credit losses - loans to loans receivable (c)

1.27%

1.23%

1.22%

CAPITAL RATIOS:

Tier 1 leverage capital

12.82%

12.61%

12.55%

Tier 1 risk-based capital

20.29%

20.01%

19.04%

Common equity Tier 1 risk-based capital

20.29%

20.01%

19.04%

Total risk-based capital

21.55%

21.26%

20.29%

Tangible common equity to tangible assets (non-GAAP)

12.59%

12.71%

12.36%

BOOK VALUES:

Book value per common share

$ 34.61

$ 34.06

$ 31.95

Tangible book value per common share (d)

32.65

32.11

29.99

________________________________________________

(a) Annualized

(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and

OREO and other repossessed assets.

(d) Tangible common equity divided by common shares outstanding (non-GAAP).

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 13

AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY

($ in thousands)

(unaudited)

For the Three Months Ended

March 31, 2026

Dec. 31, 2025

March 31, 2025

Amount

Rate

Amount

Rate

Amount

Rate

Assets

Loans receivable and loans held for sale

1,474,095

5.99

1,478,563

6.08

1,435,999

5.90

Investment securities and FHLB stock (1)

213,089

3.48

218,584

3.53

232,532

3.64

Interest-earning deposits in banks and CDs

255,300

3.71

256,379

3.99

172,175

4.44

Total interest-earning assets

1,942,484

5.42

1,953,526

5.52

1,840,706

5.48

Other assets

78,917

79,280

77,563

Total assets

2,021,401

2,032,806

1,918,269

Liabilities and Shareholders’ Equity

NOW checking accounts

364,926

1.53

368,557

1.61

328,115

1.32

Money market accounts

312,593

2.70

304,183

2.86

306,137

3.18

Savings accounts

197,031

0.28

198,384

0.30

206,054

0.28

Certificates of deposit accounts

399,665

3.56

401,821

3.73

343,945

3.82

Brokered CDs

38,176

4.29

39,282

4.31

50,104

4.85

Total interest-bearing deposits

1,312,391

2.32

1,312,227

2.43

1,234,355

2.45

Borrowings

20,000

4.03

20,000

4.03

20,000

4.04

Total interest-bearing liabilities

1,332,391

2.35

1,332,227

2.46

1,254,355

2.47

Non-interest-bearing demand deposits

407,936

420,521

403,738

Other liabilities

11,373

15,640

10,064

Shareholders’ equity

269,701

264,418

250,112

Total liabilities and shareholders’ equity

2,021,401

2,032,806

1,918,269

Interest rate spread

3.07

3.06

3.01

Net interest margin (2)

3.81

3.85

3.79

Average interest-earning assets to

average interest-bearing liabilities

145.79

146.64

146.75

_____________________________________

(1) Includes other investments

(2) Net interest margin = annualized net interest income /

average interest-earning assets

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 14

For the Six Months Ended

March 31, 2026

March 31, 2025

Amount

Rate

Amount

Rate

Assets

Loans receivable and loans held for sale

1,476,356

6.04

1,437,081

5.85

Investment securities and FHLB stock (1)

215,866

3.50

239,966

3.60

Interest-earning deposits in banks and CDs

255,847

3.85

169,444

4.60

Total interest-earning assets

1,948,069

5.47

1,846,491

5.44

Other assets

79,097

76,535

Total assets

2,027,166

1,923,026

Liabilities and Shareholders’ Equity

NOW checking accounts

366,761

1.57

328,287

1.35

Money market accounts

308,342

2.78

315,381

3.31

Savings accounts

197,715

0.29

205,849

0.28

Certificates of deposit accounts

400,643

3.65

337,798

3.95

Brokered CDs

38,847

4.29

48,239

4.91

Total interest-bearing deposits

1,312,308

2.38

1,235,554

2.52

Borrowings

20,000

4.03

20,000

4.02

Total interest-bearing liabilities

1,332,308

2.40

1,255,554

2.55

Non-interest-bearing demand deposits

415,309

409,000

Other liabilities

12,519

10,107

Shareholders’ equity

267,030

248,365

Total liabilities and shareholders’ equity

2,027,166

1,923,026

Interest rate spread

3.07

2.89

Net interest margin (2)

3.83

3.71

Average interest-earning assets to

average interest-bearing liabilities

146.22

147.07

_____________________________________

(1) Includes other investments

(2) Net interest margin = annualized net interest income /

average interest-earning assets

Timberland Fiscal Q2 2026 Earnings

April 28, 2026

Page 15

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland

believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction

with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital

adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets

less goodwill and CDI.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP)

and ending total assets (GAAP) to ending tangible assets (non-GAAP).

($ in thousands)

March 31, 2026

Dec. 31, 2025

March 31, 2025

Shareholders’ equity

$ 271,089

$ 268,409

$ 252,524

Less goodwill and CDI

(15,334)

(15,368)

(15,492)

Tangible common equity

$ 255,755

$ 253,041

$ 237,032

Total assets

$ 2,046,386

$ 2,006,127

$ 1,932,730

Less goodwill and CDI

(15,334)

(15,368)

(15,492)

Tangible assets

$ 2,031,052

$ 1,990,759

$ 1,917,238

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v3.26.1

Document and Entity Information

Apr. 28, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Apr. 28, 2026

Entity File Number

0-23333

Entity Registrant Name

Timberland Bancorp, Inc.

Entity Central Index Key

0001046050

Entity Incorporation, State or Country Code

Entity Tax Identification Number

91-1863696

Entity Address, Address Line One

624 Simpson Avenue

Entity Address, City or Town

Hoquiam

Entity Address, State or Province

Entity Address, Postal Zip Code

98550

City Area Code

360

Local Phone Number

533-4747

Title of 12(b) Security

Common Stock, par value $.01 per share

Trading Symbol

TSBK

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

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Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

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Area code of city

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Cover page.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Name Exchange Act

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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- Definition

Title of a 12(b) registered security.

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- Definition

Name of the Exchange on which a security is registered.

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-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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