Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) Timberland Bancorp, Inc. (the "Company") and its financial institution subsidiary, Timberland Bank ("Bank"), announced that Robert Drugge retired from the Chief Lending Officer positions at both the Company and the Bank on March 31, 2023.

(c) As a result of Mr. Drugge's retirement, Matthew DeBord, age 42, was appointed as the Chief Lending Officer and Executive Vice President of the Company and the Bank, effective April 1, 2023. Mr. DeBord has been with the Company since 2012 and most recently has held the position of Senior Vice President and Commercial Bank Team Leader. Mr. DeBord is a graduate of the University of Washington and Pacific Coast Banking School and began his banking career as a regulator with the Washington State Department of Financial Institutions, Division of Banks.

(d) Subsequent to his retirement, Mr. Drugge will be appointed to the Boards of Directors of both the Company and Bank, effective April 3, 2023. It is expected that Mr. Drugge will be appointed to the Loan Committee of the Bank's Board of Directors.

There are no family relationships between Mr. Drugge and any director or other executive officer of the Company or the Bank and Mr. Drugge was not appointed as a director pursuant to any arrangement or understanding with any person. Mr. Drugge has not engaged in any transaction with the Company or the Bank that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

(a) On March 28, 2023, the Company's Board of Directors amended the Company's Bylaws by increasing the number of directors from nine (9) to ten (10), in connection with the addition of Mr. Drugge to the Board of Directors effective on April 3, 2023. For further information please see the Amended and Restated Bylaws of the Company, a copy which is attached hereto as Exhibit 3.2.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

3.2 Amended and Restated Bylaws of Timberland Bancorp, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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