Timberland Bancorp is the holding company for Timberland Bank, a community bank based in Hoquiam, Washington that has operated since 1915. The Bank offers traditional deposit and lending services to consumers and businesses across six counties in western Washington through 23 branches. Real estate lending dominates the loan portfolio at roughly 89% of total loans, with commercial real estate (~39%), one-to-four family residential (~20%), construction (~14%), and multi-family (~13%) as the primary categories. The Bank also makes commercial business loans to small businesses, including SBA loans, as a secondary product. Timberland operates on a standard community bank model: gathering deposits from local individuals and businesses and deploying those funds into loans, earning a spread between deposit costs and loan yields. The Bank retains adjustable-rate mortgages in its portfolio and sells conforming fixed-rate mortgages to Freddie Mac, typically on a servicing-retained basis, as a deliberate strategy to manage interest rate risk. Supplementary income comes from loan origination fees, gains on loan sales, and servicing income. Timberland's roots are in Grays Harbor County, a rural coastal market, but the Bank has expanded into more economically diverse markets including Pierce, Thurston, Kitsap, King, and Lewis counties to reduce dependence on its home market.