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Timberland Bancorp, Inc. (NASDAQ: TSBK) is a bank holding company based in Hoquiam, Washington. Established in 1915 as Timberland Bank, the Company provides a comprehensive range of financial services to consumers and businesses primarily in the Grays Harbor, Thurston, Pierce, King, Kitsap, and Lewis counties. Through its 23 branches, Timberland Bank offers diverse products including checking accounts, savings accounts, home loans, consumer loans, business rewards, cash management, and small business solutions.
Timberland's core business involves providing loans secured by real estate, including residential and commercial/multi-family construction loans, one- to four-family residential loans, multi-family loans, commercial real estate loans, and land loans. Recent achievements include strong financial performance. For the fiscal year ended September 30, 2023, Timberland reported net income of $27.12 million, up 15% from the previous year, and earnings per diluted common share of $3.29, a 17% increase.
As part of its ongoing operations, Timberland maintains a robust loan portfolio and strong liquidity position, with net loans receivable increasing by $33.98 million in the last reported quarter. The Company has also implemented a new stock repurchase program allowing it to repurchase up to 5% of its outstanding shares. Additionally, Timberland’s Board of Directors announced a 45th consecutive quarterly cash dividend, highlighting the Company’s commitment to delivering consistent shareholder returns.
Timberland Bancorp constantly endeavors to balance growth with prudent risk management. The Company has recently adopted the new CECL accounting standard for credit losses, ensuring a transparent and conservative approach to financial reporting. While navigating an evolving economic landscape, Timberland continues to focus on maintaining excellent asset quality, with non-performing assets at minimal levels.
In summary, Timberland Bancorp, Inc. stands out for its strong financial results, strategic growth initiatives, and commitment to customer-centric banking solutions. The Company remains well-positioned to capitalize on growth opportunities within its market while ensuring solid returns for its shareholders.
Timberland Bancorp reported net income of $6.36 million ($0.79 EPS) for Q4 2024, up 7% from previous quarter but down 4% year-over-year. The fiscal year 2024 net income was $24.28 million ($3.01 EPS), down 10% from 2023. Key highlights include: net interest margin improvement to 3.58%, 9% year-over-year increase in net loans, 6% growth in deposits, and a 4% increase in quarterly cash dividend to $0.25 per share. The bank maintained strong credit quality with minimal net charge-offs and non-performing assets at 0.20% of total assets.
Timberland Bancorp, Inc. (NASDAQ: TSBK), the holding company for Timberland Bank, has been named to the Piper Sandler Bank and Thrift Sm-All Stars: Class of 2024. This prestigious recognition identifies Timberland Bank as one of the top performing, publicly traded small-cap banks and thrifts in the nation. Piper Sandler's report recognized Timberland among the top 30 best performing small capitalization institutions from a list of publicly traded banks and thrifts in the U.S. with market capitalizations less than $2.5 billion.
The selection criteria focused on growth, profitability, credit quality, and capital strength. Dean Brydon, Chief Executive Officer of Timberland, expressed honor in receiving this recognition, attributing it to the dedication and commitment of Timberland's employees in supporting their communities.
Timberland Bancorp (NASDAQ: TSBK) announced a net income of $5.92 million with an EPS of $0.74 for the quarter ended June 30, 2024. This marks a 4% and 6% increase in net income and EPS respectively from the preceding quarter, but a 6% decrease in net income and 4% decrease in EPS year-over-year. For the first nine months of fiscal 2024, net income fell 12% to $17.93 million with an EPS of $2.21. Key metrics: ROA of 1.25%, ROE of 9.95%, and NIM increased to 3.53% from 3.48% in the previous quarter.
Loans grew 11% YoY and deposits increased 5% YoY. Despite a quarterly decrease of $10 million in total deposits, the bank maintains strong liquidity with $665 million in secured borrowing capacity. The Board announced a $0.24 per share dividend payable on August 23, 2024.
Asset quality: Non-performing assets to total assets ratio at 0.22%, net charge-offs at $36,000. Total assets slightly decreased to $1.90 billion in the quarter.
Timberland Bancorp (NASDAQ: TSBK) reported strong results for the second fiscal quarter ended March 31, 2023, with net income rising 25% to $6.66 million ($0.80 per diluted share), up from $5.33 million ($0.63 per diluted share) year-over-year. The EPS increased by 27% compared to the same quarter last year. For the first six months, net income grew 31% to $14.17 million ($1.70 per share). Despite a slight decrease in total assets by 5% year-over-year, loan portfolios surged by 17%. The company also announced a quarterly cash dividend of $0.23 per share, maintaining a solid capital position and a non-performing asset ratio of only 0.12%. However, total deposits dipped by 6% year-over-year due to competitive pressures. The net interest margin stood strong at 3.99%, reflecting the higher interest rate environment.
Timberland Bancorp reported a record net income of $7.51 million, or $0.90 per diluted share for the quarter ending December 31, 2022, up 38% year-over-year. The return on average assets rose to 1.63% and return on equity to 13.63%. The net interest margin expanded 39 basis points to 4.03%, driven by higher interest rates. The loan portfolio, excluding PPP loans, increased 20% from last year. Additionally, the quarterly cash dividend was increased to $0.23 per share, payable on February 24, 2023. However, total deposits declined 2% during the quarter.
Timberland Bancorp reported a net income of $7.05 million ($0.85 per share) for Q4 2022, marking a 23% increase from Q3 2022. The quarterly return on average assets rose to 1.51%, and the net interest margin expanded by 53 basis points to 3.64%. Year-over-year, net loans increased by 22%, excluding PPP loans. A quarterly cash dividend of $0.22 and a special cash dividend of $0.10 were announced, payable on November 25, 2022. Despite a slight outflow in deposits, asset quality remains strong, with non-performing assets at just 0.12% of total assets.
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