8-K: Timberland Bancorp Appoints Aprio as New Auditor

Timberland Bancorp, Inc. announced a change in its independent registered public accounting firm to Aprio, LLP following a merger involving its previous auditor, Delap LLP.

Summary

• Timberland Bancorp, Inc. (the Company) was notified on January 1, 2026, that its independent registered public accounting firm, Delap LLP (Delap), merged with Aprio, LLP.
• The combined audit practices now operate as Aprio, LLP (Aprio), which has been appointed as the Company's successor independent registered public accounting firm.
• The Audit Committee of the Company's Board of Directors approved the appointment of Aprio.
• Delap's audit reports for the fiscal years ended September 30, 2025, and 2024, and for the three-year period ended September 30, 2025, did not contain any adverse opinions, disclaimers, qualifications, or modifications.
• There were no disagreements with Delap on accounting principles, financial statement disclosure, or auditing scope/procedure during the fiscal years ended September 30, 2025 and 2024, and through January 1, 2026.
• No reportable events requiring disclosure under Item 304(a)(1)(v) of Regulation S-K occurred during the specified periods.
• Neither the Company nor anyone on its behalf consulted with Aprio regarding accounting principles, audit opinions, disagreements, or reportable events prior to Aprio's appointment.
• Delap LLP provided a letter to the SEC, dated January 7, 2026, confirming its agreement with the statements made by Timberland Bancorp, Inc. in the Form 8-K.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The change in auditor is due to a merger, not performance issues, and there were no disagreements or adverse opinions, indicating a smooth and routine transition without any negative implications for the company's financial reporting integrity.

Positives

• The transition to the new auditing firm, Aprio, LLP, is a result of a merger, indicating a routine change rather than a dismissal due to performance issues.
• Delap LLP's audit reports for the fiscal years ended September 30, 2025, and 2024, and the three-year period ended September 30, 2025, were unqualified, with no adverse opinions, disclaimers, or modifications.
• There were no disagreements with Delap on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, ensuring a smooth transition without underlying issues.
• No reportable events requiring disclosure were identified, indicating sound financial reporting practices leading up to the change.

Future Outlook

The filing does not provide specific forward-looking statements regarding the company's financial performance or strategic direction, focusing solely on the change in its independent registered public accounting firm. The new firm, Aprio, LLP, will assume auditing responsibilities going forward.

Management Comments

• Marci A. Basich, Chief Financial Officer, signed the Form 8-K on behalf of Timberland Bancorp, Inc.

Industry Context

Mergers and acquisitions among accounting firms are a common occurrence in the professional services industry, often leading to changes in client relationships. This event reflects a typical outcome of such consolidation, where clients transition to the merged entity. The banking sector, like Timberland Bancorp, Inc., relies heavily on robust and independent audits for regulatory compliance and investor confidence, making the selection and transition of auditors a critical, albeit often routine, corporate governance matter.

Comparison to Industry Standards

• The change in auditor due to a merger of accounting firms is a standard industry practice, aligning with how companies manage their audit relationships when their existing firm undergoes significant structural changes.
• The absence of disagreements on accounting principles or reportable events with the outgoing auditor, Delap LLP, is consistent with best practices for a smooth and non-contentious auditor transition, similar to what would be expected from well-governed companies like JPMorgan Chase & Co. or Bank of America in such a scenario.
• The prompt disclosure via Form 8-K and the inclusion of a letter from the former auditor confirming agreement with the company's statements demonstrate adherence to SEC regulations and transparency standards, comparable to the disclosure practices of leading financial institutions.

Corporate Governance

Stakeholder Impact

• Shareholders: Minimal direct impact, as the change is administrative and due to a merger, with no reported issues regarding past audits or disagreements. Continuity of independent oversight is maintained.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• Aprio, LLP will serve as Timberland Bancorp, Inc.'s independent registered public accounting firm for future audits.

Key Dates

Keywords

Timberland Bancorp, TSBK, Aprio LLP, Delap LLP, Auditor Change, Independent Registered Public Accounting Firm, SEC Filing, Form 8-K, Corporate Governance, Financial Reporting