XML 38 R24.htm IDEA: XBRL DOCUMENT v3.24.3
Employee Stock Ownership and 401(k) Plan
12 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Employee Stock Ownership and 401(k) Plan Employee Stock Ownership and 401(k) Plan
The Timberland Bank Employee Stock Ownership and 401(k) Plan (“KSOP”) is comprised of two components, the ESOP and the 401(k) Plan. The KSOP benefits employees with at least one year of service who are 18 years of age or older. The Bank may fund the ESOP with contributions of cash or stock, which are made at the discretion of the Board, and may fund the 401(k) Plan with contributions of cash.  Employee vesting occurs over six years.

ESOP

In January 1998, the ESOP borrowed $7,930,000 from the Company to purchase 1,058,000 shares of common stock of the Company. The loan was repaid primarily from the Bank’s contributions to the ESOP and was fully repaid by March 31, 2019.

As of September 30, 2024, an aggregate of 785,839 ESOP shares, which were previously released for allocation to participants, had been distributed to participants.

Total shares held by the ESOP as of September 30, 2024, 2023 and 2022 were 272,161, 317,094 and 372,559, respectively.

There was no compensation expense recognized for the ESOP for the years ended September 30, 2024, 2023 and 2022.
401(k) Plan

Eligible employees may contribute a portion of their wages to the 401(k) Plan up to the maximum established under the Internal Revenue Code. Contributions by the Bank are at the discretion of the Board except for a safe harbor contribution of 3% of eligible employees' wages, which is mandatory according to the plan document. Bank contributions totaled $1,084,000, $1,039,000 and $942,000 for the years ended September 30, 2024, 2023 and 2022, respectively.