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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Timberland Bancorp Inc | NASDAQ:TSBK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.34 | 1.31% | 26.24 | 15.54 | 26.45 | 26.35 | 25.88 | 26.15 | 11,520 | 22:55:00 |
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|
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State or other jurisdiction
|
Commission
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(I.R.S. Employer
|
Of incorporation
|
File Number
|
Identification No.)
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions.
|
|
|
|
|
Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on
which registered
|
||
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TIMBERLAND BANCORP, INC. |
|
|
|
|
DATE: January 22, 2024
|
By: /s/ Marci A. Basich
|
|
Marci A. Basich
Chief Financial Officer
|
Contact:
|
Dean J. Brydon, CEO
Jonathan A. Fischer, President & COO
Marci A. Basich, CFO
(360) 533-4747
www.timberlandbank.com
|
•
|
Quarterly EPS of $0.77
|
•
|
Quarterly Return on Average Assets of 1.36%
|
•
|
Quarterly Return on Average Equity of 10.75%
|
•
|
Quarterly Net Interest Margin of 3.60%
|
•
|
Deposits Increased by 4% During the Quarter
|
•
|
Net Loans Increased by 3% During the Quarter
|
•
|
Announces a 4% Increase in the Quarterly Cash Dividend
|
•
|
Earnings per diluted common share (“EPS”) decreased 5% to $0.77 for the current quarter from $0.81 for the preceding quarter
and decreased 14% from $0.90 for the comparable quarter one year ago;
|
•
|
Net income decreased 5% to $6.30 million for the current quarter from $6.64 million for the preceding quarter and decreased
16% from $7.51 million for the comparable quarter one year ago;
|
•
|
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 10.75% and 1.36%,
respectively;
|
•
|
Net interest margin (“NIM”) for the current quarter compressed to 3.60% from 3.85% for the preceding quarter and from 4.03%
for the comparable quarter one year ago; and
|
•
|
The efficiency ratio for the current quarter was 56.50% compared to 55.52% for the preceding quarter and 51.52% for the
comparable quarter one year ago.
|
•
|
Total assets increased 3% from the prior quarter and increased 3% year-over-year;
|
•
|
Net loans receivable increased 3% from the prior quarter and increased 14% year-over-year;
|
•
|
Total deposits increased 4% from the prior quarter and increased 2% year-over-year;
|
•
|
Total shareholders’ equity increased 2% from the prior quarter and increased 6% year-over-year;
|
•
|
Non-performing assets to total assets ratio increased to 0.18% from 0.12% one year ago;
|
•
|
Book and tangible book (non-GAAP) values per common share increased to $29.23 and $27.29, respectively, at December 31, 2023;
and
|
•
|
Liquidity (both on-balance sheet and off-balance sheet) remained strong at December 31, 2023 with only $20 million in
borrowings and additional secured borrowing line capacity of $670 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.
|
December 31, 2023
|
September 30, 2023
|
December 31, 2022 |
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family (a)
|
$
|
263,122
|
18
|
%
|
$
|
253,227
|
18
|
%
|
$
|
200,285
|
15
|
%
|
||||||||||||
Multi-family
|
147,321
|
10
|
127,176
|
9
|
96,831
|
7
|
||||||||||||||||||
Commercial
|
579,038
|
40
|
568,265
|
40
|
542,571
|
42
|
||||||||||||||||||
Construction - custom and
|
||||||||||||||||||||||||
owner/builder
|
134,878
|
9
|
129,699
|
9
|
117,592
|
9
|
||||||||||||||||||
Construction - speculative
one-to four-family
|
17,609
|
1
|
17,099
|
1
|
11,220
|
1
|
||||||||||||||||||
Construction - commercial
|
36,702
|
3
|
51,064
|
4
|
36,825
|
3
|
||||||||||||||||||
Construction - multi-family
|
57,019
|
4
|
57,140
|
4
|
89,040
|
7
|
||||||||||||||||||
Construction - land
|
||||||||||||||||||||||||
development
|
18,878
|
1
|
18,841
|
1
|
17,015
|
1
|
||||||||||||||||||
Land
|
28,697
|
2
|
26,726
|
2
|
25,872
|
2
|
||||||||||||||||||
Total mortgage loans
|
1,283,264
|
88
|
1,249,237
|
88
|
1,137,251
|
87
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
Mortgage
|
39,403
|
3
|
38,281
|
3
|
35,967
|
3
|
||||||||||||||||||
Other
|
2,926
|
--
|
2,772
|
--
|
2,482
|
--
|
||||||||||||||||||
Total consumer loans
|
42,329
|
3
|
41,053
|
3
|
38,449
|
3
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Commercial business loans
|
136,942
|
9
|
135,802
|
9
|
127,085
|
10
|
||||||||||||||||||
SBA PPP loans
|
423
|
--
|
466
|
--
|
631
|
--
|
||||||||||||||||||
Total commercial loans
|
137,365
|
9
|
136,268
|
9
|
127,716
|
10
|
||||||||||||||||||
Total loans
|
1,462,958
|
100
|
%
|
1,426,558
|
100
|
%
|
1,303,416
|
100
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Undisbursed portion of
|
||||||||||||||||||||||||
construction loans in
|
||||||||||||||||||||||||
Process
|
(104,683
|
)
|
(103,194
|
)
|
(112,096
|
)
|
||||||||||||||||||
Deferred loan origination
|
||||||||||||||||||||||||
Fees
|
(5,337
|
)
|
(5,242
|
)
|
(4,532
|
)
|
||||||||||||||||||
Allowance for credit losses
|
(16,655
|
)
|
(15,817
|
)
|
(14,229
|
)
|
||||||||||||||||||
Total loans receivable, net
|
$
|
1,336,283
|
$
|
1,302,305
|
$
|
1,172,559
|
(a)
|
Does not include one- to four-family loans held for sale totaling $1,425, $400, and $0 at December 31, 2023, September 30,
2023, and December 31, 2022, respectively.
|
Collateral Type
|
Balance
|
Percent of
CRE
Portfolio
|
Percent of
Total Loan
Portfolio
|
Average
Balance Per
Loan
|
Non-
Accrual
|
|||||||||||||||
Industrial warehouse
|
$
|
114,355
|
20
|
%
|
8
|
%
|
$
|
1,132
|
$
|
195
|
||||||||||
Medical/dental offices
|
80,767
|
14
|
6
|
1,324
|
--
|
|||||||||||||||
Office buildings
|
65,543
|
11
|
5
|
745
|
--
|
|||||||||||||||
Other retail buildings
|
50,003
|
9
|
3
|
538
|
--
|
|||||||||||||||
Mini-storage
|
37,131
|
6
|
2
|
1,375
|
--
|
|||||||||||||||
Hotel/motel
|
31,973
|
5
|
2
|
2,906
|
--
|
|||||||||||||||
Restaurants
|
27,346
|
5
|
2
|
558
|
--
|
|||||||||||||||
Gas stations/Conv. Stores
|
21,346
|
4
|
1
|
970
|
--
|
|||||||||||||||
Nursing homes
|
18,024
|
3
|
1
|
2,575
|
--
|
|||||||||||||||
Shopping centers
|
10,922
|
2
|
1
|
1,820
|
--
|
|||||||||||||||
Mobile home parks
|
10,917
|
2
|
1
|
520
|
--
|
|||||||||||||||
Churches
|
7,121
|
1
|
1
|
475
|
--
|
|||||||||||||||
Additional CRE
|
103,590
|
18
|
7
|
719
|
488
|
|||||||||||||||
Total CRE
|
$
|
579,038
|
100
|
%
|
40
|
%
|
$
|
898
|
$
|
683
|
Deposit Breakdown
($ in thousands)
|
||||||||||||||||||||||||
December 31, 2023
|
September 30, 2023
|
December 31, 2022
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Non-interest-bearing demand
|
$
|
433,065
|
27
|
%
|
$
|
455,864
|
29
|
%
|
$
|
494,370
|
31
|
%
|
||||||||||||
NOW checking
|
389,463
|
24
|
386,730
|
25
|
444,742
|
28
|
||||||||||||||||||
Savings
|
215,948
|
13
|
228,366
|
15
|
279,514
|
17
|
||||||||||||||||||
Money market
|
269,686
|
17
|
189,875
|
12
|
229,643
|
14
|
||||||||||||||||||
Certificates of deposit under $250
|
181,762
|
11
|
170,221
|
11
|
110,897
|
7
|
||||||||||||||||||
Certificates of deposit $250 and over
|
96,145
|
6
|
91,714
|
6
|
41,924
|
3
|
||||||||||||||||||
Certificates of deposit – brokered
|
41,000
|
2
|
38,165
|
2
|
--
|
--
|
||||||||||||||||||
Total deposits
|
$
|
1,627,069
|
100
|
%
|
$
|
1,560,935
|
100
|
%
|
$
|
1,601,090
|
100
|
%
|
December 31, 2023
|
September 30, 2023
|
December 31, 2022
|
||||||||||||||||||||||
Amount
|
Quantity
|
Amount
|
Quantity
|
Amount
|
Quantity
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family
|
$
|
602
|
4
|
$
|
368
|
2
|
$
|
383
|
2
|
|||||||||||||||
Commercial
|
683
|
2
|
683
|
2
|
658
|
2
|
||||||||||||||||||
Construction – custom and
|
||||||||||||||||||||||||
owner/builder
|
150
|
1
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
425
|
2
|
||||||||||||||||||
Total mortgage loans
|
1,435
|
7
|
1,051
|
4
|
1,466
|
6
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
Mortgage
|
171
|
1
|
177
|
1
|
263
|
3
|
||||||||||||||||||
Other
|
--
|
--
|
--
|
1
|
2
|
1
|
||||||||||||||||||
Total consumer loans
|
171
|
1
|
177
|
2
|
265
|
4
|
||||||||||||||||||
Commercial business loans
|
1,760
|
6
|
286
|
5
|
304
|
6
|
||||||||||||||||||
Total loans
|
$
|
3,366
|
14
|
$
|
1,514
|
11
|
$
|
2,035
|
16
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Three Months Ended
|
|||||||||||
($ in thousands, except per share amounts) (unaudited)
|
Dec. 31,
|
Sept. 30,
|
Dec. 31,
|
|||||||||
2023
|
2023
|
2022
|
||||||||||
Interest and dividend income
|
||||||||||||
Loans receivable
|
$
|
18,395
|
$
|
17,532
|
$
|
14,457
|
||||||
Investment securities
|
2,311
|
2,326
|
2,214
|
|||||||||
Dividends from mutual funds, FHLB stock and other investments
|
91
|
85
|
51
|
|||||||||
Interest bearing deposits in banks
|
1,699
|
1,619
|
2,390
|
|||||||||
Total interest and dividend income
|
22,496
|
21,562
|
19,112
|
|||||||||
Interest expense
|
||||||||||||
Deposits
|
6,143
|
4,574
|
1,369
|
|||||||||
Borrowings
|
349
|
157
|
--
|
|||||||||
Total interest expense
|
6,492
|
4,731
|
1,369
|
|||||||||
Net interest income
|
16,004
|
16,831
|
17,743
|
|||||||||
Provision for credit losses - loans
|
379
|
522
|
525
|
|||||||||
Recapture of credit losses – investment securities
|
(10
|
)
|
--
|
--
|
||||||||
Recapture of credit losses - unfunded commitments
|
(33
|
)
|
--
|
--
|
||||||||
Net int. income after provision for (recapture of) credit losses
|
15,668
|
16,309
|
17,218
|
|||||||||
Non-interest income
|
||||||||||||
Service charges on deposits
|
1,023
|
1,015
|
947
|
|||||||||
ATM and debit card interchange transaction fees
|
1,264
|
1,333
|
1,251
|
|||||||||
Gain on sales of loans, net
|
78
|
97
|
21
|
|||||||||
Bank owned life insurance (“BOLI”) net earnings
|
156
|
237
|
156
|
|||||||||
Recoveries on investment securities, net
|
5
|
2
|
3
|
|||||||||
Other
|
272
|
240
|
327
|
|||||||||
Total non-interest income, net
|
2,798
|
2,924
|
2,705
|
|||||||||
Non-interest expense
|
||||||||||||
Salaries and employee benefits
|
5,911
|
5,756
|
5,900
|
|||||||||
Premises and equipment
|
973
|
982
|
924
|
|||||||||
Loss on sale of premises and equipment, net
|
--
|
12
|
--
|
|||||||||
Advertising
|
186
|
235
|
195
|
|||||||||
ATM and debit card processing
|
615
|
524
|
483
|
|||||||||
Postage and courier
|
126
|
135
|
121
|
|||||||||
State and local taxes
|
319
|
325
|
299
|
|||||||||
Professional fees
|
253
|
599
|
429
|
|||||||||
FDIC insurance expense
|
210
|
194
|
124
|
|||||||||
Loan administration and foreclosure
|
105
|
118
|
120
|
|||||||||
Data processing and telecommunications
|
974
|
933
|
789
|
|||||||||
Deposit operations
|
320
|
346
|
346
|
|||||||||
Amortization of core deposit intangible (“CDI”)
|
56
|
68
|
68
|
|||||||||
Other, net
|
576
|
740
|
737
|
|||||||||
Total non-interest expense, net
|
10,624
|
10,967
|
10,535
|
|||||||||
Income before income taxes
|
7,842
|
8,266
|
9,388
|
|||||||||
Provision for income taxes
|
1,546
|
1,624
|
1,881
|
|||||||||
Net income
|
$
|
6,296
|
$
|
6,642
|
$
|
7,507
|
||||||
Net income per common share:
|
||||||||||||
Basic
|
$
|
0.78
|
$
|
0.82
|
$
|
0.91
|
||||||
Diluted
|
0.77
|
0.81
|
0.90
|
|||||||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
8,114,209
|
8,094,719
|
8,232,273
|
|||||||||
Diluted
|
8,166,048
|
8,156,497
|
8,318,733
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
($ in thousands, except per share amounts) (unaudited)
|
Dec. 31,
|
Sept. 30,
|
Dec. 31,
|
|||||||||
2023
|
2023
|
2022
|
||||||||||
Assets
|
||||||||||||
Cash and due from financial institutions
|
$
|
28,656
|
$
|
25,390
|
$
|
31,237
|
||||||
Interest-bearing deposits in banks
|
129,365
|
103,331
|
193,659
|
|||||||||
Total cash and cash equivalents
|
158,021
|
128,721
|
224,896
|
|||||||||
Certificates of deposit (“CDs”) held for investment, at cost
|
12,449
|
15,188
|
23,392
|
|||||||||
Investment securities:
|
||||||||||||
Held to maturity, at amortized cost (net of ACL – investment
securities)
|
266,085
|
270,218
|
278,585
|
|||||||||
Available for sale, at fair value
|
40,446
|
41,771
|
55,841
|
|||||||||
Investments in equity securities, at fair value
|
848
|
811
|
837
|
|||||||||
FHLB stock
|
2,001
|
3,602
|
2,194
|
|||||||||
Other investments, at cost
|
3,000
|
3,000
|
3,000
|
|||||||||
Loans held for sale
|
1,425
|
400
|
--
|
|||||||||
Loans receivable
|
1,352,938
|
1,318,122
|
1,186,788
|
|||||||||
Less: ACL – loans
|
(16,655
|
)
|
(15,817
|
)
|
(14,229
|
)
|
||||||
Net loans receivable
|
1,336,283
|
1,302,305
|
1,172,559
|
|||||||||
Premises and equipment, net
|
21,584
|
21,642
|
21,703
|
|||||||||
BOLI
|
23,122
|
22,966
|
22,962
|
|||||||||
Accrued interest receivable
|
6,731
|
6,004
|
5,508
|
|||||||||
Goodwill
|
15,131
|
15,131
|
15,131
|
|||||||||
CDI
|
621
|
677
|
880
|
|||||||||
Loan servicing rights, net
|
1,925
|
2,124
|
2,770
|
|||||||||
Operating lease right-of-use assets
|
1,698
|
1,772
|
1,912
|
|||||||||
Other assets
|
3,745
|
3,573
|
3,374
|
|||||||||
Total assets
|
$
|
1,895,115
|
$
|
1,839,905
|
$
|
1,835,544
|
||||||
Liabilities and shareholders’ equity
|
||||||||||||
Deposits: Non-interest-bearing demand
|
$
|
433,065
|
$
|
455,864
|
$
|
494,370
|
||||||
Deposits: Interest-bearing
|
1,194,004
|
1,105,071
|
1,106,720
|
|||||||||
Total deposits
|
1,627,069
|
1,560,935
|
1,601,090
|
|||||||||
Operating lease liabilities
|
1,796
|
1,867
|
2,001
|
|||||||||
FHLB borrowings
|
20,000
|
35,000
|
--
|
|||||||||
Other liabilities and accrued expenses
|
8,881
|
9,030
|
8,904
|
|||||||||
Total liabilities
|
1,657,746
|
1,606,832
|
1,611,995
|
|||||||||
Shareholders’ equity
|
||||||||||||
Common stock, $.01 par value; 50,000,000 shares authorized;
8,120,708 shares issued and outstanding – December 31, 2023
8,105,338 shares issued and outstanding – September 30, 2023
8,231,197 shares issued and outstanding – December 31, 2022
|
34,869
|
34,771
|
38,878
|
|||||||||
Retained earnings
|
203,327
|
199,386
|
185,406
|
|||||||||
Accumulated other comprehensive loss
|
(827
|
)
|
(1,084
|
)
|
(735
|
)
|
||||||
Total shareholders’ equity
|
237,369
|
233,073
|
223,549
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
1,895,115
|
$
|
1,839,905
|
$
|
1,835,544
|
KEY FINANCIAL RATIOS AND DATA
($ in thousands, except per share amounts) (unaudited)
|
||||||||||||
Three Months Ended
|
||||||||||||
PERFORMANCE RATIOS:
|
Dec. 31,
2023
|
Sept. 30,
2023
|
Dec. 31,
2022
|
|||||||||
Return on average assets (a)
|
1.36
|
%
|
1.45
|
%
|
1.63
|
%
|
||||||
Return on average equity (a)
|
10.75
|
%
|
11.52
|
%
|
13.63
|
%
|
||||||
Net interest margin (a)
|
3.60
|
%
|
3.85
|
%
|
4.03
|
%
|
||||||
Efficiency ratio
|
56.50
|
%
|
55.52
|
%
|
51.52
|
%
|
||||||
ASSET QUALITY RATIOS AND DATA:
|
||||||||||||
Non-accrual loans
|
$
|
3,366
|
$
|
1,514
|
$
|
2,035
|
||||||
Loans past due 90 days and still accruing
|
--
|
--
|
--
|
|||||||||
Non-performing investment securities
|
85
|
82
|
98
|
|||||||||
OREO and other repossessed assets
|
--
|
--
|
--
|
|||||||||
Total non-performing assets (b)
|
$
|
3,451
|
$
|
1,596
|
$
|
2,133
|
||||||
Non-performing assets to total assets (b)
|
0.18
|
%
|
0.09
|
%
|
0.12
|
%
|
||||||
Net charge-offs (recoveries) during quarter
|
$
|
2
|
$
|
12
|
$
|
(1
|
)
|
|||||
Allowance for credit losses - loans to non-accrual loans,
|
495
|
%
|
1,045
|
%
|
699
|
%
|
||||||
Allowance for credit losses - loans to loans receivable (c)
|
1.23
|
%
|
1.20
|
%
|
1.20
|
%
|
||||||
CAPITAL RATIOS:
|
||||||||||||
Tier 1 leverage capital
|
12.14
|
%
|
12.10
|
%
|
11.46
|
%
|
||||||
Tier 1 risk-based capital
|
18.25
|
%
|
18.13
|
%
|
18.07
|
%
|
||||||
Common equity Tier 1 risk-based capital
|
18.25
|
%
|
18.13
|
%
|
18.07
|
%
|
||||||
Total risk-based capital
|
19.50
|
%
|
19.38
|
%
|
19.32
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
11.79
|
%
|
11.91
|
%
|
11.41
|
%
|
||||||
BOOK VALUES:
|
||||||||||||
Book value per common share
|
$
|
29.23
|
$
|
28.76
|
$
|
27.16
|
||||||
Tangible book value per common share (d)
|
27.29
|
26.81
|
25.21
|
For the Three Months Ended
|
||||||||||||||||||||||||
December 31, 2023
|
September 30, 2023
|
December 31, 2022
|
||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans receivable and loans held for sale
|
$
|
1,332,971
|
5.52
|
%
|
$
|
1,300,743
|
5.39
|
%
|
$
|
1,164,369
|
4.97
|
%
|
||||||||||||
Investment securities and FHLB stock (1)
|
317,164
|
3.03
|
322,122
|
2.99
|
329,396
|
2.75
|
||||||||||||||||||
Interest-earning deposits in banks and CDs
|
126,253
|
5.38
|
123,894
|
5.23
|
266,439
|
3.59
|
||||||||||||||||||
Total interest-earning assets
|
1,776,388
|
5.07
|
1,746,759
|
4.94
|
1,760,204
|
4.34
|
||||||||||||||||||
Other assets
|
81,612
|
84,191
|
84,806
|
|||||||||||||||||||||
Total assets
|
$
|
1,858,000
|
$
|
1,830,950
|
$
|
1,845,010
|
||||||||||||||||||
Liabilities and Shareholders’ Equity
|
||||||||||||||||||||||||
NOW checking accounts
|
$
|
376,682
|
1.51
|
%
|
$
|
390,787
|
1.27
|
%
|
$
|
439,750
|
0.45
|
%
|
||||||||||||
Money market accounts
|
224,939
|
2.34
|
198,650
|
0.98
|
239,424
|
0.53
|
||||||||||||||||||
Savings accounts
|
220,042
|
0.22
|
234,094
|
0.21
|
279,832
|
0.12
|
||||||||||||||||||
Certificates of deposit accounts
|
311,353
|
4.15
|
284,403
|
3.85
|
135,467
|
1.37
|
||||||||||||||||||
Total interest-bearing deposits
|
1,133,016
|
2.18
|
1,107,934
|
1.66
|
1,094,473
|
0.50
|
||||||||||||||||||
Borrowings
|
28,804
|
4.81
|
15,435
|
4.04
|
--
|
--
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,161,820
|
2.22
|
1,123,369
|
1.69
|
1,094,473
|
0.50
|
||||||||||||||||||
Non-interest-bearing demand deposits
|
450,027
|
465,183
|
519,307
|
|||||||||||||||||||||
Other liabilities
|
11,878
|
11,873
|
11,002
|
|||||||||||||||||||||
Shareholders’ equity
|
234,275
|
230,525
|
220,228
|
|||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,858,000
|
$
|
1,830,950
|
$
|
1,845,010
|
||||||||||||||||||
Interest rate spread
|
2.85
|
%
|
3.25
|
%
|
3.84
|
%
|
||||||||||||||||||
Net interest margin (2)
|
3.60
|
%
|
3.85
|
%
|
4.03
|
%
|
||||||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
152.90
|
%
|
155.49
|
%
|
160.83
|
%
|
($ in thousands)
|
December 31, 2023
|
September 30, 2023
|
December 31, 2022
|
|||||||||
Shareholders’ equity
|
$
|
237,369
|
$
|
233,073
|
$
|
223,549
|
||||||
Less goodwill and CDI
|
(15,752
|
)
|
(15,808
|
)
|
(16,011
|
)
|
||||||
Tangible common equity
|
$
|
221,617
|
$
|
217,265
|
$
|
207,538
|
||||||
Total assets
|
$
|
1,895,115
|
$
|
1,839,905
|
$
|
1,835,544
|
||||||
Less goodwill and CDI
|
(15,752
|
)
|
(15,808
|
)
|
(16,011
|
)
|
||||||
Tangible assets
|
$
|
1,879,363
|
$
|
1,824,097
|
$
|
1,819,533
|
Document and Entity Information |
Jan. 22, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 22, 2024 |
Entity File Number | 0-23333 |
Entity Registrant Name | Timberland Bancorp, Inc. |
Entity Central Index Key | 0001046050 |
Entity Incorporation, State or Country Code | WA |
Entity Tax Identification Number | 91-1863696 |
Entity Address, Address Line One | 624 Simpson Avenue |
Entity Address, City or Town | Hoquiam |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98550 |
City Area Code | 360 |
Local Phone Number | 533-4747 |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Trading Symbol | TSBK |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Timberland Bancorp Chart |
1 Month Timberland Bancorp Chart |
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