Slide 1: Timberland Bancorp, September 30, 2025
LAN Timberland \S Banco: IWS = rp Timberland Bancorp NASDAQ: TSBK September 30, 2025
Slide 2: Disclaimer
DISCLAIMER miedo Statements contained in this presentation which are not historical facts are forward-looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual re
Slide 3: Timberland Branch Locations
TIMBERLAND BRANCH LOCATIONS NASDAQ: TSBK
Slide 4: Financial Highlights
tN aS Timberland XS Bancorp FINANCIAL HIGHLIGHTS NASDAQ: TSBK 4
Slide 5: Net Income
NET INCOM E $ in millions $35.00 $30.00 $29.16 $27.58 $27.12 $25.00 $24.27 $23.60 $24.28 $20.00 $15.00 $10.00 $5.00 $0.00 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025, NASDAQ; TSBK
Slide 6: Quarterly Net Income
QUARTERLY NET INCOM E Sin millions miedo SBaneorp $8.45 $7.50 $7.10 $6.86 $6.76 $6.30 $6.36 $5.71 $5.92 $5.00 $2.50 $0.00 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 NASDAQ; TSBK
Slide 7: Earnings Per Diluted Share
EARNINGS PER DILUTED SHARE miedo $4.00 $3.67 $3.50 $3.27 $3.29 3.01 $3.00 $2.88 s $2.82 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 FY 2020 FY 2021 FY 2022. FY 2023 FY 2024 FY 2025 m1Q =2Q §3Q m4Q NASDAQ; TSBK
Slide 8: Return on Assets and Return on Equity
RETURN ON ASSETS AND RETURN ON EQUITY mikena 2.00% 1.80% 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% ROA 1.75% 1.68% 1.50% 1.50% 1.27% | 1.28% Fy 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 16.00% 14,00% 12,00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% WSBagrore ROE 13.59% 19.98% 12.01% 7 14.1
Slide 9: Balance Sheet: Total Assets
BALANCE SH EET $ in millions Total Assets $2,500 $2,013 1,923 $2,000 $1,792 $1,861 $1,840 : $1,566 $1,500 $1,000 $500 $- 9/30/2020 9/30/2021 - 9/30/2022 9/30/2023 9/30/2024 9/30/2025 NASDAQ; TSBK
Slide 10: Total Capital
TOTAL CAPITAL S in thousands $275,000 $262,614 $245,413 $233,073 $225,000 $218,569 $206,899 $187,630 $175,000 $125,000 $75,000 $25,000 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 == 9/30/2025 -$25,000 NASDAQ; TSBK )
Slide 11: Capital Strength
CAPITAL STRENGTH 24.00% 22.17% 22.00% 21.34% 20.37% 20.00% 19.45% 19,3856 19,3956 18.00% 16.00% 14.00% 12,1056 12,1256 15998 12.00% 11,2656 10,9756 11,03% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 ~—-9/30/2025 m Total Risk Based m Tier 1 Leverage NASDAQ;
Slide 12: Book Value and Tangible Book Value Per Share
BOOK VALUE AND TANGIBLE BOOK VALUE PER SHARE tigen na $35.00 $31.33 $30.00 $25.00 $33.29 $30.83 $28.76 $28.87 $26.58 $26.81 $24.76 $24.63 $22.58 $22.80 $20.56 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 ~—-9/30/2025 $20.00 $15.00 $10.00 $5.00 $0.00 See Non-GAAP Disclosure Slide for Additional
Slide 13: Dividends Paid/Declared Per Common Share
DIVIDENDS PAID/DECLARED PER COMMON SHARE nna WSBagrore (Calendar Year) $1.20 $1.04 $1.05 $1.00 $0.98 = $0.97 $0.80 $0.80 $0.60 $0.40 $0.20 $0.00 2020 2021 2022 2023 2024 2025 YTD Regular = Special NASDAQ: TSBK
Slide 14: Deposit Levels
DEPOSIT LEVELS $ in millions NASDAQ; TSBK $2,000 $1,800 $1,717 $1,600 $1,571 $1,632 $1,561 sheds $1,400 $1,358 $1,200 $1,000 $800 $600 $400 $200 $- 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 HNon-Interest Bearing Demand INOW Checking li Money Market llSavings ll Certificates of Depo
Slide 15: Deposit Composition
DEPOSIT COMPOSITION Total Deposits $1.72 Billion at September 30, 2025 = CDs Brokered CDs >$250,000 = CDs <$250,000 ™ Money market = Savings = NOW checking = Non interest-bearing demand NASDAQ; TSBK
Slide 16: Borrowings
BORROWINGS Sin thousands \ Baer Total Borrowings $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $35,000 $30,000 $20,000 $20,000 $20,000 $10,000 $10,000 $5,000 5 | = So 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 NASDAQ; TSBK
Slide 17: Net Loans
NET LOANS Sin millions $1,302 $1,200 $1,132 $1,000 $1,014 $968 $800 $887 $927 $600 $400 $200 $- 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 Net Loans (excl. SBAPPP) ™ SBA PPP Loans NASDAQ; TSBK
Slide 18: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Net Loans $1.46 billion at September 30, 2025 2% 3% y = Land Consumer = Multi-Family = Commercial business 8% = 1-4 Family = Construction mCRE NASDAQ; TSBK
Slide 19: CRE Portfolio Breakdown by Collateral
CRE PORTFOLIO BREAKDOWN BY COLLATERAL nna at September 30, 2025 (S in thousands) XK Bancorp Collateral Type ve cigictal licen Avg. Balance Per Loan Portfolio Industrial warehouse $129,815, Stele $159 Medical/dental offices $81,831 5% $1,240 - Office buildings $67,840 4% $817 - Other retail buildings
Slide 20: Construction Loans
CONSTRUCTION LOANS muGevnd Total Construction Loans $224 million at September 30, 2025 = Land Development = Spec. 1-4 Family = Commercial = Multi-Family = Custom Constructionf/Owner- Builder NASDAQ; TSBK
Slide 21: Interest Earning Cash & Investments
INTEREST EARNING CASH & INVESTMENTS nna Interest Earning Cash & Investments: $448 million at September 30, 2025 = Other Securities & Mutual Funds ® CDs Held for Investment = U.S. Government Securities = Mortgage Backed Securities = Overnight Funds NASDAQ; TSBK
Slide 22: Asset Quality
ASSET QUALITY Non-performing Assets/Total Assets 0.75% 0.65% 0.55% 0.45% 0.35% 0.27% 0.23% 0.25% o pee 0.20% 96 i 12% 0.15: - noe 0.05% -0.05% 9/30/2020 9/30/2021, i = 9/30/2024 9/30/2025 NASDAQ; TSBK
Slide 23: Net Charge-Offs (Recoveries)
NET CHARGE-OFFS (RECOVERIES) S in thousands miedo WSBagrore $1,000 $900 $800 $700 $600 $500 $400 $300 $240 $200 $100 536 $54 $0 — ($100) ($24) = FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025, NASDAQ; TSBK
Slide 24: Net Interest Income and Net Interest Margin
NET INTEREST INCOME AND NET INTEREST MARGIN qua. Nna S in thousands Ss Bancorp $80,000 4.50% $70,000 4.00% $60,000 3.50% 3.00% $50,000 2.50% $40,000 2.00% $30,000 1.50% sPopom 1.00% $10,000 0.50% $0 0.00% FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025, M@ENet Interest Income © —Net Interest Margin
Slide 25: Quarterly Net Interest Income and Net Interest Margin
QUARTERLY NET INTEREST INCOME AND NET INTEREST MARGIN S$ in thousands $20,000 4.00% $18,000 $16,000 3.82% 3.80% $14,000 $12,000 $10,000 3.60% $8,000 $6,000 3.40% $4,000 $2,000 $0 3.20% 3Q23 4023 1024 2Q24 3924 4924 1025 2025 3025 4925 M@ENet Interest Income © —Net Interest Margin NASDAQ; TSBK
Slide 26: Non-Interest Income
NON-INTEREST INCOME S in thousands miedo XS Bancorp $20,000 $18,000 $17,188 $17,161 $16,000 $14,000 $12,624 $12,352 $12,000 $11,140 $11,136 $10,000 $8,000 $6,000 $4,000 $2,000 $0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025, NASDAQ; TSBK
Slide 27: Non-Interest Expense
NON-INTEREST EXPENSE Sin thousands miedo $60,000 $50,000 45,387 $43,373 $43,746 oS $40,000 $38,626 $34,063 $34,591 $30,000 $20,000 $10,000 $0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025, NASDAQ; TSBK
Slide 28: Efficiency Ratio
EFFICIENCY RATIO nna << Bagcore 100.00%, 90.00% 80.00% 70.00% 60.00% 56.42% 58.09% 54.56% 54.98% 50.04% 50.12% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025, NASDAQ; TSBK
Slide 29: NASDAQ; TSBK
NASDAQ; TSBK
Slide 30: Member Impact Grant — Federal Home Loan Bank of Des Moines
Member Impact Grant — Federal Home Loan Bank of Des Moines Housing * Habitat for Humanity of Grays Harbor - $10,000 * Habitat for Humanity of South Puget Sound - $10,000 * WA Home Builders Foundation Build Strong Academy - $10,000 © NeighborWorks of Grays Harbor-$10,000 Service * Raise for Rowyn- $1
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Slide 32: Technology Update
TECHNOLOGY UPDATE nna ENGAGING CUSTOMERS ¢ Enhance Online Banking ¢ Improving our residential lending solution ¢ Added fraud detection tools * Contactless debit cards — implementation completed OPTIMIZE OPERATIONS * Construction loan process improvement * Digitization NASDAQ; TSBK
Slide 33: New Timberland Bank Branch — University Place
New Timberland Bank Branch — University Place A New Full-Service Branch will be Opening in 2025: The Branch is located in University Place, WA Located ona high visibility street with access to many nearby businesses and residential neighborhoods Between ourexisting Tacoma, WA and Gig Harbor, WA bran
Slide 34: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company reports its results in accordance with United States generally accepted account principles (“GAAP”). Timberland believes that certain non-GAAP measures provide investors with information useful in understanding the Company’s financial performance; however, rea
Slide 35: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES miedo XS Bancorp (Sin thousands) 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025 Shareholders equity $ 187,680 $ 206,899 $ 218,569 238,073 245,418 262,614 Less goodwill and CDI (16,756) (16,395) (16,079) (15,808) (15,582) (15,402) Tangible common equity 170,87
Slide 36: Timberland Bancorp
Timberland Bancorp NASDAQ: TSBK * Strong Core Earnings * Well Capitalized © Geographically Diversified * Diversified Loan Portfolio * Strong Care Depasit Levels * Actively Supporting Its Communities