Timberland Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Timberland Bancorp Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

TIMBERLAND BANCORP INC (TSBK) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Timberland Bancorp Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on May 8, 2024. The company is classified under 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 the latest financial performance and operational updates for Timberland Bancorp Inc. during the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's financial health, strategic direction, and potential risks and opportunities in the current economic climate.

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 immediate red flags or significant negative developments, indicating a low level of immediate risk based solely on the filing type and date.

Analyst Insight

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

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)
• 0930 — Fiscal Year End (Company Fiscal Year End)
• 6036 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• TIMBERLAND BANCORP INC (company) — Filer
• TSBK (company) — Ticker Symbol
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-08 (date) — Filed as of Date

FAQ

Industry Context

Timberland Bancorp Inc. operates within the savings institutions sector, providing financial services.

Regulatory Implications

The company is subject to regulations governing savings institutions, as indicated by its SIC code and the nature of its business.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 31, 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Check for any disclosures related to changes in business strategy, risks, or regulatory matters.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024, following previous filings which would include prior quarterly and annual reports.

Filing Documents

• tsbk-20240331.htm (10-Q) — 3299KB
• tsbk-3312024x10qxex311.htm (EX-31.1) — 10KB
• tsbk-3312024x10qxex312.htm (EX-31.2) — 10KB
• tsbk-3312024x10qxex32.htm (EX-32) — 6KB
• 0000939057-24-000111.txt (&nbsp;) — 16942KB
• tsbk-20240331.xsd (EX-101.SCH) — 53KB
• tsbk-20240331_cal.xml (EX-101.CAL) — 113KB
• tsbk-20240331_def.xml (EX-101.DEF) — 396KB
• tsbk-20240331_lab.xml (EX-101.LAB) — 825KB
• tsbk-20240331_pre.xml (EX-101.PRE) — 638KB
• tsbk-20240331_htm.xml (XML) — 4419KB

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 39 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 4.

Controls and Procedures

Controls and Procedures 56 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5 . Other Information 57 Item 6. Exhibits 58

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 March 31, 2024 and September 30, 2023 (Dollars in thousands, except per share amounts) March 31, 2024 September 30, 2023 (Unaudited) * Assets Cash and cash equivalents: Cash and due from financial institutions $ 22,310 $ 25,390 Interest-bearing deposits in banks 158,039 103,331 Total cash and cash equivalents 180,349 128,721 Certificates of deposit ("CDs") held for investment (at cost, which approximates fair value) 11,204 15,188 Investment securities held to maturity, at amortized cost (net of allowance for credit losses of $ 85 at March 31, 2024), (estimated fair value of $ 200,807 and $ 253,766 ) 211,818 270,218 Investment securities available for sale, at fair value 61,746 41,771 Investments in equity securities, at fair value 839 811 Federal Home Loan Bank of Des Moines ("FHLB") stock, at cost 2,037 3,602 Other investments, at cost 3,000 3,000 Loans held for sale 1,311 400 Loans receivable, net of allowance for credit losses of $ 16,818 and $ 15,817 1,359,116 1,302,305 Premises and equipment, net 21,718 21,642 Accrued interest receivable 7,108 6,004 Bank owned life insurance ("BOLI") 23,278 22,966 Goodwill 15,131 15,131 Core deposit intangible ("CDI"), net 564 677 Loan servicing rights, net 1,717 2,124 Operating lease right-of-use ("ROU") assets 1,624 1,772 Other assets 4,674 3,573 Total assets $ 1,907,234 $ 1,839,905 Liabilities and shareholders' equity Liabilities Deposits: Non-interest-bearing demand $ 424,906 $ 455,864 Interest-bearing 1,213,648 1,105,071 Total deposits 1,638,554 1,560,935 FHLB borrowings 20,000 35,000 Operating lease liabilities 1,723 1,867 Other liabilities and accrued expenses 8,278 9,030 Total liabilities $ 1,668,555 $ 1,606,832 * Derived from audited consolidated financial statements. See notes to unaudited consolidated financial statements 3 TIMBERLAND BANCORP, INC. AND SUB

View Full Filing

View this 10-Q filing on SEC EDGAR