SOURCE: Timberland Bancorp, Inc.

February 25, 2008 20:00 ET

Timberland Bancorp, Inc. Announces Authorization to Repurchase Stock

HOQUIAM, WA--(Marketwire - February 25, 2008) - Timberland Bancorp, Inc. (NASDAQ: TSBK) announced today that its Board of Directors has authorized the repurchase of up to 5% of the Company's outstanding shares, or 343,468 shares. The repurchase authorization is the 16th buyback Timberland has initiated.

Cumulatively, Timberland has repurchased 7.8 million shares or 59% of the 13.2 million shares that were issued in its initial public offering in January 1998 at an average price of $8.98 per share.

Share repurchases will commence on February 28, 2008, subject to market conditions. As in the past, shares will be repurchased through open market or negotiated transactions, although unsolicited negotiated transactions or other types of repurchases are possible. No shares will be repurchased directly from directors or officers of the Company and its financial institution subsidiary, Timberland Bank.

The purchase price to be paid for the shares repurchased in the open market will not exceed the higher of the last reported independent sale price or the highest independent bid quotation reported on the Nasdaq Global Market System. The number of shares to be repurchased in the open market during any day generally will not exceed 25% of the average daily trading volume of the common stock over the preceding four weeks except for block purchases.

Timberland Bancorp, Inc. is the holding company for Timberland Bank, which operates 21 full service offices in Grays Harbor, Thurston, Pierce, King, Kitsap, and Lewis Counties of Washington State.

Disclaimer

This release contains certain "forward-looking statements." The Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and is including this statement for the express purpose of availing itself of the protection of such safe harbor with forward looking statements. These forward-looking statements may describe future plans or strategies and include the Company's expectations of future financial results. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated objectives. These risk factors include but are not limited to the effect of interest rate changes, competition in the financial services market for both deposits and loans as well as regional and general economic conditions. The words "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements. The Company's ability to predict results or the effect of future plans or strategies is inherently uncertain and undue reliance should not be placed on such statements.

Contact Information

  • For further information contact:
    Michael Sand, President & CEO
    Dean Brydon, Chief Financial Officer
    At (360) 533-4747