SOURCE: Timberland Bancorp, Inc.

February 22, 2008 18:00 ET

Timberland Bancorp, Inc. Completes Stock Repurchase Program

HOQUIAM, WA--(Marketwire - February 22, 2008) - Timberland Bancorp, Inc. (NASDAQ: TSBK) announced today the completion of its previously announced stock repurchase program. The Company repurchased 5% of its outstanding common shares, or 356,950 shares, at an average price of $15.82 per share.

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.

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 report 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
    (360) 533-4747