TIMBERLAND BANCORP (TSBK) Director Robert A. Drugge Exercises Options, Sells 2,000 Shares

What Happened

• Robert A. Drugge, a director of TIMBERLAND BANCORP (TSBK), exercised 2,000 derivative shares (options) at $15.67 on 2026-08-18 for $31,340 and immediately sold 2,000 shares in an open-market sale at $45.87 for $91,740. The transactions produced roughly $60,400 in proceeds before taxes and fees. The filing also reports a related derivative disposition (2,000 shares at $0), a technical entry tied to the exercise/conversion.

Key Details

• Transaction date: 2026-08-18
• Exercise: 2,000 shares at $15.67 each = $31,340 (code M)
• Sale: 2,000 shares at $45.87 each = $91,740 (code S)
• Reported derivative disposal: 2,000 shares at $0 (technical reporting of conversion)
• Shares owned after transaction: not specified in the provided filing excerpt
• Footnote F1: some shares are held directly through an IRA
• Filing date: 2026-08-18 (no indication in this filing that it was late)

Context

• This pattern—exercising options and immediately selling the acquired shares—is commonly a cashless exercise, where the insider realizes the difference between the market price and the exercise price. The $0 line for the derivative is a standard reporting artifact showing the option/derivative was converted rather than sold separately. These transactions are factual disclosures and do not by themselves indicate the insider’s ongoing view of the company.