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Timberland Bancorp, Inc. Announces Authorization To Repurchase Stock


HOQUIAM, Wash.--April 7, 2005--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 187,955 shares. Share repurchases will commence on April 28, 2005, 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 National 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.


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