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 25, 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 25, 2007, Timberland Bancorp, Inc. issued a press release announcing
that its Board of Directors has authorized the repurchase of up to 5% of the
Company's outstanding shares, or 178,475 shares. 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 25, 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 25, 2007 By: /s/Dean J. Brydon
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Dean J. Brydon
Chief Financial Officer
Exhibit 99.1
PRESS RELEASE: FOR IMMEDIATE PUBLICATION
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For further information contact: Michael Sand, President & CEO
Dean Brydon, Chief Financial Officer
At (360) 533-4747
Timberland Bancorp, Inc. Announces Authorization
To Repurchase Stock
Hoquiam, WA. - May 25, 2007 - 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 178,475 shares. The
repurchase authorization is the 15th buyback Timberland has initiated.
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. Timberland also paid an $0.18
per share dividend this quarter, which represented its 37th consecutive
quarterly cash dividend.
"Our capital management program is designed to maximize value for our
shareholders while maintaining a solid foundation for growth," said Michael
Sand, President. "Stock buybacks and cash dividends complement the success of
our bankers in growing our franchise."
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.
The number of shares authorized to repurchase will be adjusted to take into
account the Company's previously announced two-for-one stock split in the form
of a 100% stock dividend which will be payable on June 5, 2007. Share
repurchases will commence on May 31, 2007, 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
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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.