Timberland Bancorp Files 2024 10-K

TL;DR

Timberland Bancorp's 2024 10-K is out. Check financials for FY24.

AI Summary

Timberland Bancorp Inc. reported its fiscal year results ending September 30, 2024. The company, headquartered in Hoquiam, WA, operates within the savings institutions sector. Key financial data and operational details for the fiscal years 2021, 2022, 2023, and 2024 are presented in this 10-K filing.

Why It Matters

This filing provides a comprehensive overview of Timberland Bancorp's financial performance and strategic positioning for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags or urgent disclosures.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end date for the reporting period.)
• 2024 — Report Year (The primary year for which financial data is presented.)

Key Players & Entities

• TIMBERLAND BANCORP INC (company) — Filer of the 10-K report
• Hoquiam, WA (location) — Headquarters of Timberland Bancorp Inc.
• September 30, 2024 (date) — End of the fiscal year reported
• 2021 (date) — Start of comparative fiscal year data
• 2022 (date) — Comparative fiscal year data
• 2023 (date) — Comparative fiscal year data

FAQ

Key Financial Figures

• $26.92 — s $ 215.98 million (8,023,121 shares at $26.92). For purposes of this calculation, com
• $1.92 b — basis, the Company had total assets of $1.92 billion, net loans receivable of $1.42 bi
• $1.42 b — $1.92 billion, net loans receivable of $1.42 billion, total deposits of $1.65 billion
• $1.65 billion — ble of $1.42 billion, total deposits of $1.65 billion and total shareholders' equity of $245.
• $245.41 million — llion and total shareholders' equity of $245.41 million. The Company's business activities gene
• $90,000 — estimates and a median family income of $90,000 according to 2024 estimates from the De
• $365,400 — ed September 30, 2024 increased 4.0% to $365,400 from $351,300 for the comparable prior
• $351,300 — 0, 2024 increased 4.0% to $365,400 from $351,300 for the comparable prior year period. T
• $112,300 — s. The county's median family income is $112,300 according to 2024 HUD estimates. The ec
• $576,400 — ed September 30, 2024 increased 5.7% to $576,400 from $545,200 for the comparable prior
• $545,200 — 0, 2024 increased 5.7% to $576,400 from $545,200 for the comparable prior year period. T
• $116,700 — estimates and a median family income of $116,700 according to 2024 HUD estimates. Thurst
• $528,800 — ed September 30, 2024 increased 2.4% to $528,800 from $516,300 for the same quarter one
• $516,300 — 0, 2024 increased 2.4% to $528,800 from $516,300 for the same quarter one year earlier.
• $119,700 — estimates and a median family income of $119,700 according to 2024 HUD estimates. The Ba

Filing Documents

• tsbk-20240930.htm (10-K) — 4356KB
• exhibit19-form10xkfor93024.htm (EX-19) — 100KB
• tsbk-9302024x10kxex21.htm (EX-21) — 7KB
• tsbk-9302024x10kxex231.htm (EX-23.1) — 3KB
• tsbk-9302024x10kxex311.htm (EX-31.1) — 10KB
• tsbk-9302024x10kxex312.htm (EX-31.2) — 10KB
• tsbk-9302024x10kxex32.htm (EX-32) — 6KB
• tsbk-20240930_g1.jpg (GRAPHIC) — 122KB
• 0000939057-24-000331.txt ( ) — 21918KB
• tsbk-20240930.xsd (EX-101.SCH) — 110KB
• tsbk-20240930_cal.xml (EX-101.CAL) — 177KB
• tsbk-20240930_def.xml (EX-101.DEF) — 575KB
• tsbk-20240930_lab.xml (EX-101.LAB) — 1273KB
• tsbk-20240930_pre.xml (EX-101.PRE) — 979KB
• tsbk-20240930_htm.xml (XML) — 4756KB

Business

Item 1. Business General 4 Market Area 4 Lending Activities 6 Investment Activities 21 Deposit Activities and Other Sources of Funds 22 Bank Owned Life Insurance 25 How We Are Regulated 25 Taxation 31 Competition 32 Subsidiary Activities 32 Employees and Human Capital Resources 32 Executive Officers of the Registrant 34

Risk Factors 35

Item 1A. Risk Factors 35

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 46

Cybersecurity 46

Item 1C. Cybersecurity 46

Properties 47

Item 2. Properties 47

Legal Proceedings 47

Item 3. Legal Proceedings 47

Mine Safety Disclosures 47

Item 4. Mine Safety Disclosures 47 PART II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47

Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 49 General 49 Overview 49 Operating Strategy 50

Selected Financial Data 51

Selected Financial Data 51 Critical Accounting Estimates 54 Market Risk and Asset and Liability Management 55 Comparison of Financial Condition at September 30, 2024 and September 30, 2023 57 Comparison of Operating Results for the Years Ended September 30, 2024 and 2023 59 Average Balances, Interest and Average Yields/Cost 61 Rate/Volume Analysis 63 Liquidity and Capital Resources 63 New Accounting Pronouncements 65

Quantitative and Qualitative Disclosures About Market Risk 65

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 65

Financial Statements and Supplementary Data 65

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 125

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 125

Controls and Procedures 125

Item 9A. Controls and Procedures 125

Other Information 127

Item 9B. Other Information 127

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III.

Directors, Executive Officers and Corporate Governance 127

Item 10. Directors, Executive Officers and Corporate Governance 127

Executive Compensation 128

Item 11. Executive Compensation 128

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128

Certain Relationships and Related Transactions, and Director Independence 129

Item 13. Certain Relationships and Related Transactions, and Director Independence 129

Principal Accountant Fees and Services 129

Item 14. Principal Accountant Fees and Services 129 PART IV.

Exhibits and Financial Statement Schedules 130

Item 15. Exhibits and Financial Statement Schedules 130

Form 10-K Summary 131

Item 16. Form 10-K Summary 131 As used throughout this report, the terms "we," "us," "our" and the "Company" refer to Timberland Bancorp, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. References to the "Bank" in this report refer to Timberland Bank, a wholly-owned subsidiary of Timberland Bancorp, Inc., and the Bank's wholly-owned subsidiary, Timberland Service Corporation. 2 Special Note Regarding Forward-Looking Statements Certain matters discussed in this Annual Report on Form 10-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would" and "could." Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: adverse impacts to economic conditions in our local markets or other markets where we have lending relationships; effects of employment levels, labor shortages inflation, a recession or slowed economic growth; changes in the interest rate environment, including the past increases and decreases in the Board of Governors of the Federal Reserve System ("Federal Reserve") benchmark rate and duration o

Business

Item 1. Business General Timberland Bancorp, Inc. ("Timberland Bancorp"), a Washington corporation, was organized on September 8, 1997 for the purpose of becoming the holding company for Timberland Bank (the "Bank"). At September 30, 2024, on a consolidated basis, the Company had total assets of $1.92 billion, net loans receivable of $1.42 billion, total deposits of $1.65 billion and total shareholders' equity of $245.41 million. The Company's business activities generally are limited to passive investment activities and oversight of its investment in the Bank. Accordingly, the information set forth in this report, including consolidated financial statements and related data, relates primarily to the Bank and its subsidiary, Timberland Service Corp. The Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Pierce, Thurston, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam). The Bank's deposits are insured up to applicable legal limits by the Federal Deposit Insurance Corporation (the "FDIC"). The Bank has been a member of the Federal Home Loan Bank System since 1937. The Bank is regulated by the Washington State Department of Financial Institutions - Division of Banks (the "DFI") and the FDIC. The Company is regulated by the Federal Reserve. Timberland Bank is a community-oriented bank which has traditionally offered a variety of savings products to its retail customers while concentrating its lending activities on real estate mortgage loans. Lending activities have been focused primarily on the origination of 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. The Bank originates adjustable-rate residential mortgage loans that do not qualify for sale in the secondar

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