Timberland Bancorp Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Timberland Bancorp Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

TIMBERLAND BANCORP INC (TSBK) filed a Quarterly Report (10-Q) with the SEC on February 12, 2024. Timberland Bancorp Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on February 12, 2024. The company is classified under SIC code 6036: Savings Institutions, Not Federally Chartered.

Why It Matters

For investors and stakeholders tracking TIMBERLAND BANCORP INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of the company's financial performance and position as of the end of the first quarter of fiscal year 2024. The detailed financial information within the report is crucial for understanding the bank's operational health, asset management, and liabilities, impacting investment decisions.

Risk Assessment

Risk Level: low — TIMBERLAND BANCORP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Timberland Bancorp's performance and outlook.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-02-12 — Filing Date (Filed as of date)
• 2023-10-01 — Quarter Start Date (First day of the reporting period)
• 2024-02-01 — XBRL Instance Document Date (Date of the XBRL instance document)

Key Players & Entities

• TIMBERLAND BANCORP INC (company) — Filer name
• TSBK (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240212 (date) — Filed as of date
• 6036 (industry_code) — Standard Industrial Classification

Forward-Looking Statements

• Timberland Bancorp Inc. will continue to face pressure on its net interest margin in the near term. (Timberland Bancorp Inc.) — medium confidence, target: 2024-09-30

FAQ

Industry Context

Timberland Bancorp Inc. operates within the savings institutions sector, focusing on traditional banking services.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended December 31, 2023.
2. Examine any disclosures related to loan portfolios, deposits, and interest income/expense.
3. Review management's discussion and analysis for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-12: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending December 31, 2023. Comparative data from a previous filing is not available in this extract.

Filing Documents

• tsbk-20231231.htm (10-Q) — 2851KB
• tsbk-12312023x10qxex311.htm (EX-31.1) — 10KB
• tsbk-12312023x10qxex312.htm (EX-31.2) — 10KB
• tsbk-12312023x10qxex32.htm (EX-32) — 6KB
• 0000939057-24-000054.txt (&nbsp;) — 13413KB
• tsbk-20231231.xsd (EX-101.SCH) — 53KB
• tsbk-20231231_cal.xml (EX-101.CAL) — 113KB
• tsbk-20231231_def.xml (EX-101.DEF) — 386KB
• tsbk-20231231_lab.xml (EX-101.LAB) — 884KB
• tsbk-20231231_pre.xml (EX-101.PRE) — 626KB
• tsbk-20231231_htm.xml (XML) — 2788KB

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 7 Consolidated Statements of Shareholders' Equity 8 Consolidated Statements of Cash Flows 9 Notes to Unaudited Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 53 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5 . Other Information 54 Item 6. Exhibits 55

SIGNATURES

SIGNATURES Certifications Exhibit 31.1 Exhibit 31.2 Exhibit 32 Exhibit 101 Exhibit 104 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) TIMBERLAND BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS December 31, 2023 and September 30, 2023 (Dollars in thousands, except per share amounts) December 31, 2023 September 30, 2023 (Unaudited) * Assets Cash and cash equivalents: Cash and due from financial institutions $ 28,656 $ 25,390 Interest-bearing deposits in banks 129,365 103,331 Total cash and cash equivalents 158,021 128,721 Certificates of deposit ("CDs") held for investment (at cost, which approximates fair value) 12,449 15,188 Investment securities held to maturity, at amortized cost (net of allowance for credit losses of $ 82 at December 31, 2023), (estimated fair value of $ 254,361 and $ 253,766 ) 266,085 270,218 Investment securities available for sale, at fair value 40,446 41,771 Investments in equity securities, at fair value 848 811 Federal Home Loan Bank of Des Moines ("FHLB") stock, at cost 2,001 3,602 Other investments, at cost 3,000 3,000 Loans held for sale 1,425 400 Loans receivable, net of allowance for credit losses of $ 16,655 and $ 15,817 1,336,283 1,302,305 Premises and equipment, net 21,584 21,642 Accrued interest receivable 6,731 6,004 Bank owned life insurance ("BOLI") 23,122 22,966 Goodwill 15,131 15,131 Core deposit intangible ("CDI"), net 621 677 Loan servicing rights, net 1,925 2,124 Operating lease right-of-use ("ROU") assets 1,698 1,772 Other assets 3,745 3,573 Total assets $ 1,895,115 $ 1,839,905 Liabilities and shareholders' equity Liabilities Deposits: Non-interest-bearing demand $ 433,065 $ 455,864 Interest-bearing 1,194,004 1,105,071 Total deposits 1,627,069 1,560,935 FHLB borrowings 20,000 35,000 Operating lease liabilities 1,796 1,867 Other liabilities and accrued expenses 8,881 9,030 Total liabilities $ 1,657,746 $ 1,606,832 * Derived from audited consolidated financial statements. See notes to unaudited consolidated financial statements 3 TIMBERLAND BANCORP, INC

View Full Filing

View this 10-Q filing on SEC EDGAR