Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or the
“Company”), the holding company for Timberland Bank (the “Bank”)
announced today that its Board of Directors has adopted a new stock
repurchase program. Under the repurchase program, the Company may
repurchase up to 5% of the Company’s outstanding shares, or 415,970
shares. The new stock repurchase program replaces the existing
stock repurchase program, which had 141,952 shares available to be
repurchased.
The repurchase program permits shares to be repurchased in open
market or private transactions, through block trades, and pursuant
to any trading plan that may be adopted in accordance with Rule
10b5-1 of the Securities and Exchange Commission (“SEC”).
Repurchases will be made at management’s discretion at prices
management considers to be attractive and in the best interests of
both the Company and its shareholders, subject to the availability
of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and the Company’s financial
performance. Open market purchases will be conducted in accordance
with the limitations set forth in Rule 10b-18 of the SEC and other
applicable legal requirements.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate the Company
to purchase any particular number of shares.
About the Company
Timberland Bancorp, Inc., a Washington corporation, is the
holding company for Timberland Bank (“Bank”). The Bank opened for
business in 1915 and 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).
Forward Looking Statements
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, plan,
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: the
effect of the novel coronavirus of 2019 (“COVID-19”) pandemic,
including the Company’s credit quality and business operations, as
well as its impact on general economic and financial market
conditions and other uncertainties resulting from the COVID-19
pandemic, such as the extent and duration of the impact on public
health, the U.S. and global economies, and consumer and corporate
customers, including economic activity, employment levels and
market liquidity; the credit risks of lending activities, including
changes in the level and trend of loan delinquencies and write-offs
and changes in our allowance for loan losses and provision for loan
losses that may be impacted by deterioration in the housing and
commercial real estate markets which may lead to increased losses
and non-performing assets in our loan portfolio, and may result in
our allowance for loan losses not being adequate to cover actual
losses, and require us to materially increase our loan loss
reserves; 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; uncertainty regarding the future of the London
Interbank Offered Rate (“LIBOR”), and the potential transition away
from LIBOR toward new interest rate benchmarks; 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 our bank subsidiary by the Federal
Deposit Insurance Corporation, 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 allowance for loan losses, 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; legislative or
regulatory changes that adversely affect our business including
changes in regulatory policies and principles, or the
interpretation of regulatory capital or other rules including as a
result of Basel III; the impact of the Dodd Frank Wall Street
Reform and Consumer Protection Act and implementing regulations;
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 risk associated with the loans on 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 and stock; adverse changes in the
securities markets; 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 war or any terrorist
activities; other economic, competitive, governmental, regulatory,
and technological factors affecting our operations; pricing,
products and services including the Coronavirus Aid, Relief, and
Economic Security Act of 2020 (“CARES Act”) and the Consolidated
Appropriations Act, 2021 (“CAA”); and other risks detailed in our
reports filed with 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 report 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 2021 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.
Contact: |
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Michael R. Sand, |
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President & CEO |
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Dean J. Brydon, CFO |
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(360) 533-4747 |
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www.timberlandbank.com |
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