SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 7, 2007
Timberland Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Washington 0-23333 91-1863696
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State or other jurisdiction Commission (I.R.S. Employer
Of incorporation File Number Identification No.)
624 Simpson Avenue, Hoquiam, Washington 98550
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code) (360) 533-4747
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions.
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
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On May 7, 2007, Timberland Bancorp, Inc. issued a press release
announcing the completion of its previously announced stock repurchase
program. A copy of the press release is attached hereto as Exhibit 99.1, which
is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
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(c) Exhibits
99.1 Press Release of Timberland Bancorp, Inc. dated May 7, 2007
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
TIMBERLAND BANCORP, INC.
DATE: May 7, 2007 By: /s/Dean J. Brydon
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Dean J. Brydon
Chief Financial Officer
Exhibit 99.1
For further information contact: Michael Sand, President & CEO
Dean Brydon, Chief Financial Officer
At (360) 533-4747
Timberland Bancorp, Inc. Completes Stock Repurchase Program
HOQUIAM, WA - May 7, 2007 - 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 186,266
shares, at an average price of $36.45 per share.
"We are committed to building shareholder value while prudently managing our
capital through franchise growth, stock buybacks and cash dividends," said
Michael Sand, President and CEO. "Our expansion into the fast-growing markets
of Western Washington over the past few years is generating strong asset
growth. In addition, we recently announced a 2-for-1 stock split, in the form
of a100% stock dividend, to increase liquidity for our shareholders."
Cumulatively, Timberland has repurchased 3.7 million shares or 56% of the 6.6
million shares that were issued in its initial public offering in January 1998
at an average price of $17.29 per share. The Company also announced it will
pay an $0.18 per share dividend this quarter, which represents its 37th
consecutive quarterly cash dividend.
On April 24th, Timberland reported that loan portfolio growth and a strong net
interest margin contributed to solid fiscal second quarter 2007 results. Net
income for the quarter ended March 31, 2007 totaled $1.92 million, or $0.54
per diluted share compared to net income of $1.95 million, or $0.53 per
diluted share, for the quarter ended March 31, 2006.
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.