BASICH MARCI A 4

What Happened
Marci Basich, Chief Financial Officer of Timberland Bancorp (TSBK), exercised a total of 4,723 options (transaction code M) between Feb 2–3, 2026 and immediately sold the resulting 4,723 shares (transaction code S). Exercises: 2,000 shares @ $29.69 (paid $59,380), 1,600 @ $31.80 ($50,880), 747 @ $28.23 ($21,088) on Feb 2, and 376 @ $28.23 ($10,614) on Feb 3 — aggregate exercise cost $141,962. Sales: 4,347 shares sold on Feb 2 @ $39.52 ($171,793) and 376 shares sold on Feb 3 @ $39.50 ($14,852) — total sale proceeds $186,645. This pattern (exercise then sell all shares) is consistent with a cashless exercise to realize value and cover exercise costs/taxes.

Key Details

• Dates & prices:
  • Exercises (M): 02/02/2026 — 2,000 @ $29.69; 1,600 @ $31.80; 747 @ $28.23. 02/03/2026 — 376 @ $28.23.
  • Sales (S): 02/02/2026 — 4,347 @ $39.52; 02/03/2026 — 376 @ $39.50.
• Aggregate exercise cost: $141,962; aggregate sales proceeds: $186,645.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 indicates shares held in the Timberland Bank Employee Stock Ownership and 401(k) Plan (KSOP). F2 notes the date options will be fully vested.
• Filing: Report filed 2026-02-04 (covers transactions on 02/02 and 02/03); appears timely based on Form 4 reporting rules.

Context
This was an option exercise (M) followed by immediate open-market sales (S) of the exercised shares — a common cashless exercise/monetization move. Sales by executives can be routine (to cover taxes or diversify), so they do not, by themselves, signal a change in view on the company. The filing records derivative dispositions at $0 that reflect conversion/exercise mechanics rather than a separate cash sale.