Timberland Bancorp Reports Results of Annual Shareholders Meeting

Timberland Bancorp, Inc. announced the outcomes of its virtual Annual Meeting of Shareholders held on January 28, 2025. The meeting, which took place online, saw the election of directors, approval of executive compensation, and the ratification of the selection of Delap LLP as the independent registered public accounting firm for the fiscal year ending September 30, 2025.

In the election of directors, shareholders voted to elect Parul Bhandari and David A Smith to the Board of Directors for a three-year term ending in 2028. Both candidates received significant shareholder support, with Bhandari garnering 4,756,009 votes (92.40% in favor) and Smith receiving 4,746,955 votes (92.22% in favor). Furthermore, shareholders who were not up for re-election, including Dean J. Brydon, Andrea M. Clinton, Robert A. Drugge, Kathy Leodler, Michael J. Stoney, and Kelly A. Sutter, will continue to serve as directors.

Regarding executive compensation, shareholders approved an advisory (non-binding) vote on the compensation of named executive officers. The vote reflected overwhelming support, with 93.39% in favor, 6.14% against, and 0.47% abstaining, while broker non-votes were also noted.

Additionally, shareholders voted in favor of holding an annual advisory vote on executive compensation, with 85.59% in support of a yearly vote, 0.95% in favor of a biennial vote, and 12.98% in favor of a triennial vote. The majority decision was for an annual vote on executive compensation, and the Board of Directors has agreed to follow this recommendation.

Lastly, shareholders ratified the appointment of Delap LLP as Timberland Bancorp’s independent registered public accounting firm. The vote resulted in 98.49% in favor, 1.40% against, and 0.11% abstaining.

The Company has newly updated materials presented at the Annual Meeting of Stockholders. These materials are attached to the Form 8-K filed with the Securities and Exchange Commission. Furthermore, the Company disclosed that the information provided in the Form 8-K will not be considered filed under the Securities Exchange Act of 1934 or incorporated by reference in any future filings unless specifically stated.

In conclusion, Timberland Bancorp successfully concluded its Annual Shareholders Meeting with positive outcomes in the election of directors, executive compensation approval, and the ratification of its independent registered public accounting firm.

Please note that all information is sourced from Timberland Bancorp’s official SEC filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Timberland Bancorp’s 8K filing here.

About Timberland Bancorp

Timberland Bancorp, Inc operates as the bank holding company for Timberland Bank that provides various community banking services in Washington. It offers various deposit products, including money market deposit, checking, and regular savings accounts, as well as certificates of deposit. The company also provides one-to four-family residential, multi-family, and commercial real estate loans; and construction lending products, such as custom and owner/builder, speculative one- to four-family, commercial, multi-family, land development, and land development.