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An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) was carried out under the supervision and with the participation of the Company’s Chief Executive Officer (principal executive officer), Chief Financial Officer (principal financial officer) and several other members of the Company’s senior management as of the end of the period covered by this annual report.
+Added: In designing disclosure controls and procedures, management is required to exercise judgment in evaluating the cost-benefit relationship of possible controls and procedures.
+Added: The design of any disclosure controls and procedures is based, in part, on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated objectives under all potential future conditions.
The Company’s Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2025 the Company’s disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is (i) accumulated and communicated to the Company’s management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
4 unchanged sentences
The assessment of the effectiveness of the Company's internal control over financial reporting was based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: The Company's internal control over financial reporting includes policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions of the Company;
−Removed: (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company;
−Removed: and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the consolidated financial statements.
+Added: Based in its assessment, management has concluded that the Company's internal control over financial reporting was effective as of September 30.
A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
−Removed: Also, because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.
−Removed: Additionally, in designing disclosure controls and procedures, our management was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.
−Removed: The design of any disclosure controls and procedures is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
+Added: Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues or instances of fraud, if any, within the Company will be detected.
As a result of these inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
−Removed: Furthermore, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: Based on its assessment, management has concluded that the Company's internal control over financial reporting was effective as of September 30, 2024
−Removed: The management of the Company has assessed the Company's compliance with the Federal laws and regulations pertaining to insider loans and the Federal and, if applicable, State laws and regulations pertaining to dividend restrictions during the fiscal year that ended on September 30, 2024.
−Removed: Management has concluded that the Company complied with the Federal laws and regulations pertaining to insider loans and the Federal and, if applicable, State laws and regulations.
+Added: Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to changes in conditions or that the degree of compliance with established policies and procedures may deteriorate over time.
+Added: Delap LLP, the independent registered public accounting firm that audited the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K, has also issued an audit report on the effectiveness of the Company’s internal control over financial reporting as of September 30, 2025.
+Added: The report, which expresses an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting as of September 30, 2025, is included in the “Report of Independent Registered Public Accounting Firm” contained under “Item 8 – Financial Statements and Supplementary Data” of this Form 10-K.
+Added: The management of the Company has also assessed the Company's compliance with the Federal laws and regulations pertaining to insider loans and the Federal and, if applicable, State laws and regulations pertaining to dividend restrictions during the fiscal year that ended on September 30, 2025.
+Added: Based on this assessment, management concluded that the Company complied with the Federal laws and regulations pertaining to insider loans and the Federal and, if applicable, State laws and regulations.
December 9, 2025
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Changes in Internal Control
−Removed: Other than the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326:
−Removed: Measurement of Credit Losses on Financial Instruments , there have no changes in our internal control over financial reporting (as defined in 13a-15(f) of the Exchange Act) that occurred during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
−Removed: The Company continued, however, to implement suggestions from its internal auditor and independent auditor on ways to strengthen existing controls.
−Removed: The Company does not expect that its disclosure controls and procedures and internal controls over financial reporting will prevent all errors and fraud.
−Removed: A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met.
−Removed: Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.
−Removed: These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns in controls or procedures can occur because of simple error or mistake.
−Removed: Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.
−Removed: The design of any control procedure is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions;
−Removed: over time, controls become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.
−Removed: Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.
+Added: There were no changes made to our internal control over financial reporting (as defined in 13a-15(f) of the Exchange Act) that occurred during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: The Company continued to implement suggestions from its internal auditor and independent auditor on ways to strengthen existing controls.
Other Information
16 unchanged sentences
The Board of Directors ratified its Code of Ethics for the Company’s officers (including its senior financial officers), directors and employees during the year ended September 30, 2025.
−Removed: The Code of Ethics requires the Company’s officers, directors and employees to maintain the highest standards of professional conduct.
−Removed: The Company’s Code of Ethics was filed as an exhibit to
−Removed: its Annual Report on Form 10-K for the year ended September 30, 2023 and is available on our website at www.timberlandbank.com.
+Added: There have been no amendments to the Code of Ethics since it was filed as an exhibit to the Annual Report on Form 10-K for the year ended September 30, 2023.
+Added: The Code of Ethics requires all covered individuals to maintain the highest standards of professional conduct and is available on the Company’s website at www.timberlandbank.com .
+Added: Nominating Procedures
+Added: There have been no material changes to the procedures by which stockholders may recommend nominees to the Company’s Board of Directors.
Insider Trading Policy and Procedures
−Removed: We have adopted insider trading policies and procedures applicable to our directors, officers, and employees, and have implemented processes for the Company, that we believe are reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the Nasdaq Stock Market listing standards.
−Removed: A copy of our Insider Trading Policy is filed as Exhibit 19 to this Form 10-K.
+Added: We have adopted insider trading policies and procedures applicable to our directors, officers, and employees, and have implemented processes for the Company, that we believe are reasonably designed to promote compliance with insider trading
+Added: laws, rules, and regulations, and the Nasdaq Stock Market listing standards.
+Added: Information concerning our insider trading policy is included in the Company’s Proxy Statement and is incorporated herein by reference.
+Added: In addition, a copy of our insider trading policy was filed as Exhibit 19 to our Annual Report on Form 10-K for the year ended September 30, 2024.
Nomination Procedures
18 unchanged sentences
91,000 25.18 129,855 (2)
−Removed: Equity compensation plans
−Removed: not approved by security holders — — —
Total 215,530 $ 26.22 129,855
−Removed: (1) All shares reported as remaining available for future issuance under the equity compensation plans are available for
−Removed: future grants of restricted stock.
+Added: (1) The Company's 2014 Equity Incentive Plan expired on January 27, 2025;
+Added: no further awards may be granted under the plan.
+Added: (2) All shares reported as available for future issuance under the 2019 equity compensation plan are available for future grants of restricted stock.
Certain Relationships and Related Transactions, and Director Independence
12 unchanged sentences
10.8 Employment Agreement with Jonathan A.
−Removed: Fischer ( 8 )
10.9 Employment Agreement with Marci A.
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(13) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended September 30, 2024 and incorporated herein by reference.
+Added: (14) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended September 30, 2023 and incorporated herein by reference.
Form 10-K Summary
14 unchanged sentences
Parul Bhandari
+Added: /s/ Andrea M.
Clinton Director December 9, 2025
+Added: /s/ Robert A.
Drugge Director December 9, 2025
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.