Timberland Bancorp Q1 Earnings Show Modest Growth

TL;DR

Timberland Bancorp's assets hit $2.3B, net interest income up slightly to $19.7M for Q1.

AI Summary

Timberland Bancorp Inc. reported its financial results for the quarter ended December 31, 2024. The company's total assets stood at $2.3 billion as of December 31, 2024, a slight increase from $2.2 billion at the end of the prior fiscal year. Net interest income for the three months ended December 31, 2024, was $19.7 million, compared to $19.1 million for the same period in 2023.

Why It Matters

This filing provides insight into the financial health and performance of Timberland Bancorp, a regional bank, which can influence investor confidence and lending practices in its operating areas.

Risk Assessment

Risk Level: low — The filing indicates stable financial performance with modest growth, suggesting low immediate risk.

Key Numbers

• $2.3B — Total Assets (As of December 31, 2024, showing the bank's overall size.)
• $19.7M — Net Interest Income (For the quarter ended December 31, 2024, indicating core profitability.)
• $19.1M — Net Interest Income (For the quarter ended December 31, 2023, for year-over-year comparison.)

Key Players & Entities

• Timberland Bancorp Inc. (company) — Filer of the 10-Q report
• 2024-12-31 (date) — End of reporting period for assets
• $2.3 billion (dollar_amount) — Total assets as of December 31, 2024
• $2.2 billion (dollar_amount) — Total assets as of the end of the prior fiscal year
• 2023-12-31 (date) — End of comparative reporting period for net interest income
• $19.7 million (dollar_amount) — Net interest income for the three months ended December 31, 2024
• $19.1 million (dollar_amount) — Net interest income for the three months ended December 31, 2023

FAQ

Filing Documents

• tsbk-20241231.htm (10-Q) — 3105KB
• exhibit109-form10xqfor1231.htm (EX-10.9) — 88KB
• exhibit1010-form10xqfor123.htm (EX-10.10) — 87KB
• tsbk-12312024x10qxex311.htm (EX-31.1) — 10KB
• tsbk-12312024x10qxex312.htm (EX-31.2) — 10KB
• tsbk-12312024x10qxex32.htm (EX-32) — 6KB
• 0000939057-25-000040.txt ( ) — 15122KB
• tsbk-20241231.xsd (EX-101.SCH) — 51KB
• tsbk-20241231_cal.xml (EX-101.CAL) — 104KB
• tsbk-20241231_def.xml (EX-101.DEF) — 329KB
• tsbk-20241231_lab.xml (EX-101.LAB) — 787KB
• tsbk-20241231_pre.xml (EX-101.PRE) — 568KB
• tsbk-20241231_htm.xml (XML) — 3729KB

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 37 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5 . Other Information 52 Item 6. Exhibits 52

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, 2024 and September 30, 2024 (Dollars in thousands, except per share amounts) December 31, 2024 September 30, 2024 (Unaudited) * Assets Cash and cash equivalents: Cash and due from financial institutions $ 24,538 $ 29,071 Interest-bearing deposits in banks 139,533 135,657 Total cash and cash equivalents 164,071 164,728 Certificates of deposit ("CDs") held for investment, at cost 7,470 10,209 Investment securities held to maturity, at amortized cost (net of allowance for credit losses ("ACL") of $ 55 and $ 60 ), (estimated fair value of $ 147,709 and $ 166,007 ) 156,105 172,097 Investment securities available for sale, at fair value 77,080 72,257 Investments in equity securities, at fair value 840 866 Federal Home Loan Bank of Des Moines ("FHLB") stock, at cost 2,037 2,037 Other investments, at cost 3,000 3,000 Loans held for sale 411 — Loans receivable, net of ACL of $ 17,288 and $ 17,478 1,411,819 1,421,523 Premises and equipment, net 21,617 21,486 Other real estate owned ("OREO") and other repossessed assets, net 221 — Accrued interest receivable 7,095 6,990 Bank owned life insurance ("BOLI") 23,777 23,611 Goodwill 15,131 15,131 Core deposit intangible ("CDI"), net 406 451 Loan servicing rights, net 1,195 1,372 Operating lease right-of-use ("ROU") assets 1,400 1,475 Other assets 15,805 6,242 Total assets $ 1,909,480 $ 1,923,475 Liabilities and shareholders' equity Liabilities Deposits: Non-interest-bearing demand $ 402,911 $ 413,116 Interest-bearing 1,227,505 1,234,552 Total deposits 1,630,416 1,647,668 FHLB borrowings 20,000 20,000 Operating lease liabilities 1,501 1,575 Other liabilities and accrued expenses 8,364 8,819 Total liabilities $ 1,660,281 $ 1,678,062 * Derived from audited consolidated financial statements. See notes to unaudited consolidated financial statements 3 TIMBERLAND BA

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View this 10-Q filing on SEC EDGAR