Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the
Company”), the holding company for Timberland Bank (the “Bank”),
today reported net income of $6.86 million, or $0.86 per diluted
common share for the quarter ended December 31, 2024. This
compares to net income of $6.36 million, or $0.79 per diluted
common share for the preceding quarter and $6.30 million, or $0.77
per diluted common share, for the comparable quarter one year ago.
“We started off our 2025 fiscal year on solid footing, with net
income, earnings per share and profitability metrics all improving
compared to the prior quarter,” stated Dean Brydon, Chief Executive
Officer. “Fiscal first quarter net income and earnings per
share increased 8% and 9%, respectively, compared to the prior
quarter, reflecting an improvement in our net interest margin and
lower provisions for credit losses compared to the prior
quarter. Compared to the first fiscal quarter a year ago, net
income and earnings per share increased 9% and 12%, respectively.
In addition to all key performance metrics improving compared
to the prior quarter and year ago quarter, tangible book value per
share continued to trend upward.”
“As a result of Timberland’s solid earnings and strong capital
position, our Board of Directors announced a quarterly cash
dividend to shareholders of $0.25 per share, payable on February
28, 2025, to shareholders of record on February 14, 2025,” stated
Jonathan Fischer, President and Chief Operating Officer.
“This represents the 49th consecutive quarter Timberland will have
paid a cash dividend.”
“A highlight of the quarter was our net interest margin
expanding six basis points to 3.64%, compared to the preceding
quarter,” said Marci Basich, Chief Financial Officer. “The
improvement was primarily driven by a reduction in funding costs as
the weighted average cost of interest-bearing liabilities decreased
by eight basis points during the quarter. Total deposits
decreased $17 million, or 1%, during the quarter, in part due to
some larger customers ending the calendar year with lower balances,
while total borrowings stayed unchanged at $20 million compared to
the prior quarter end.”
“While we experienced an increase in loan originations during
the quarter, they were more than offset by a significant increase
in loan payoffs, resulting in a 1% decrease in net loans compared
to the prior quarter end,” Brydon continued. “Some of the
larger payoffs were on participation loans, as well as our largest
substandard loan. Credit quality metrics are also holding up
relatively well. While we experienced higher than normal net
charge-offs during the quarter of $242,000 related to one loan, all
other credit quality metrics improved. Non-performing assets
improved to 16 basis points of total assets at the end of the first
quarter, compared to 20 basis points three months earlier, total
delinquencies decreased by 10% during the quarter and non-accrual
loans decreased by nearly 30%. We remain encouraged by the
overall strength of our loan portfolio and opportunities for loan
growth in our markets.”
“During the quarter we were excited to partner with the Federal
Home Loan Bank of Des Moines and their Member Impact Fund grant
program. Timberland applied for grants on behalf of 43 local
non-profit organizations in our market areas and we were pleased
that all were approved. The Member Impact Fund provided $3
for every $1 we donated to an eligible non-profit organization in
our community. In total, $772,000 was donated to 43 local
non-profit organizations. We were thrilled to be a part of
the grant program that helped make a positive impact and advance
housing and community development needs in the communities we
serve,” added Fischer.
Earnings and Balance Sheet Highlights (at or
for the periods ended December 31, 2024, compared to December 31,
2023, or September 30, 2024):
Earnings Highlights:
- Earnings per diluted common share (“EPS”) increased 9% to $0.86
for the current quarter from $0.79 for the preceding quarter and
12% from $0.77 for the comparable quarter one year ago;
- Net income increased 8% to $6.86 million for the current
quarter from $6.36 million for the preceding quarter and 9% from
$6.30 million for the comparable quarter one year ago;
- Return on average equity (“ROE”) and return on average assets
(“ROA”) for the current quarter were 11.03% and 1.41%,
respectively;
- Net interest margin (“NIM”) for the current quarter expanded to
3.64% from 3.58% for the preceding quarter and 3.60% for the
comparable quarter one year ago; and
- The efficiency ratio for the current quarter improved to 56.27%
from 56.79% for the preceding quarter and 56.50% for the comparable
quarter one year ago.
Balance Sheet Highlights:
- Total assets
decreased 1% from the prior quarter and increased 1%
year-over-year;
- Net loans receivable
decreased 1% from the prior quarter and increased 6%
year-over-year;
- Total deposits
decreased 1% from the prior quarter and increased slightly (less
than 1%) year-over-year;
- Total shareholders’
equity increased 2% from the prior quarter and increased 5%
year-over-year; 27,260 shares of common stock were repurchased
during the current quarter for $883,000;
- Non-performing
assets to total assets ratio was 0.16% at December 31, 2024
compared to 0.20% at September 30, 2024 and 0.18% at December 31,
2023;
- Book and tangible
book (non-GAAP) values per common share increased to $31.33 and
$29.37, respectively, at December 31, 2024; and
- Liquidity (both
on-balance sheet and off-balance sheet) remained strong at December
31, 2024 with only $20 million in borrowings and additional secured
borrowing line capacity of $656 million available through the
Federal Home Loan Bank (“FHLB”) and the Federal Reserve.
Operating
Results
Operating revenue (net interest income before the
provision for credit losses plus non-interest income) for the
current quarter increased 1% to $19.67 million from $19.48 million
for the preceding quarter and increased 5% from $18.80 million for
the comparable quarter one year ago. The increase in
operating revenue compared to the preceding quarter was primarily
due to an increase in interest income from loans and a decrease in
funding costs, which was partially offset by a decrease in
non-interest income and decreases in interest income on investment
securities and interest bearing deposits in banks.
Net interest income increased $423,000, or 3%, to
$16.97 million for the current quarter from $16.55 million for the
preceding quarter and increased $966,000 or 6%, from $16.00 million
for the comparable quarter one year ago. The increase in net
interest income compared to the preceding quarter was primarily due
a $12.72 million increase in average total interest-earning assets
and a decrease in the weighted average cost of interest-bearing
liabilities to 2.62% from 2.70% for the preceding quarter.
Timberland’s NIM for the current quarter expanded to 3.64% from
3.58% for the preceding quarter and 3.60% for the comparable
quarter one year ago. The NIM for the current quarter was
increased by approximately 3 basis points due to the collection of
$115,000 in pre-payment penalties, non-accrual interest, and late
fees and the accretion of $8,000 of the fair value discount on
acquired loans. The NIM for the preceding quarter was
increased by approximately one basis point due to the collection of
$20,000 in pre-payment penalties, non-accrual interest, and late
fees, and the accretion of $7,000 of the fair value discount on
acquired loans. The NIM for the comparable quarter one year
ago was increased by approximately three basis points due to the
collection of $142,000 in pre-payment penalties, non-accrual
interest, and late fees, and the accretion of $10,000 of the fair
value discount on acquired loans.
A $52,000 provision for credit losses on loans was
recorded for the quarter ended December 31, 2024. The
provision was primarily due to changes in the composition of the
loan portfolio and net charge-offs. This compares to a
$444,000 provision for credit losses on loans for the preceding
quarter and a $379,000 provision for credit losses on loans for the
comparable quarter one year ago. In addition, a $20,000
recapture of credit losses on unfunded commitments and a $5,000
recapture of credit losses on investment securities were recorded
for the current quarter.
Non-interest income decreased $235,000, or 8% to
$2.70 million for the current quarter from $2.93 million for the
preceding quarter and decreased $101,000, or 4%, from $2.80 million
for the comparable quarter one year ago. The decrease in
non-interest income compared to the preceding quarter was primarily
due to a decrease in gain on sales of loans and smaller changes in
several other categories.
Total operating (non-interest) expenses for the
current quarter increased $5,000, or less than 1%, to $11.07
million from $11.06 million for the preceding quarter and increased
$443,000, or 4%, from $10.62 million for the comparable quarter one
year ago. The increase in operating expenses compared to the
preceding quarter was primarily due to increases in salaries and
employee benefits and smaller increases in several other expense
categories. These increases were partially offset by
decreases in deposit operations expense, and smaller decreases in
several other expense categories. The efficiency ratio for
the current quarter was 56.27% compared to 56.79% for the preceding
quarter and 56.50% for the comparable quarter one year ago.
The provision for income taxes for the current
quarter increased $141,000, or 9%, to $1.71 million from $1.57
million for the preceding quarter, primarily due to higher taxable
income. Timberland’s effective income tax rate was 20.0% for the
quarter ended December 31, 2024 compared to 19.8% for the quarter
ended September 30, 2024 and 19.7% for the quarter ended December
31, 2023.
Balance Sheet
Management
Total assets decreased $14.00 million, or 1%, during the quarter
to $1.91 billion at December 31, 2024 from $1.92 billion at
September 30, 2024 and increased $14.37 million, or 1%, from $1.90
billion one year ago. The decrease during the current quarter
was primarily due to an $11.20 million decrease in investment
securities, a $9.70 million decrease in net loans receivable and
smaller decreases in several other categories. These
decreases were partially offset by smaller increases in several
other asset categories.
Liquidity
Timberland has continued to maintain a strong liquidity
position, both on-balance sheet and off-balance sheet.
Liquidity, as measured by the sum of cash and cash
equivalents, CDs held for investment, and available for sale
investment securities, was 15.0% of total liabilities at December
31, 2024, compared to 14.7% at September 30, 2024, and 12.7% one
year ago. Timberland had secured borrowing line capacity of
$656 million available through the FHLB and the Federal Reserve at
December 31, 2024. With a strong and diversified deposit
base, only 19% of Timberland’s deposits were uninsured or
uncollateralized at December 31, 2024. (Note: This
calculation excludes public deposits that are fully
collateralized.)
Loans
Net loans receivable decreased $9.70 million, or 1%, during the
quarter to $1.41 billion at December 31, 2024 from $1.42 billion at
September 30, 2024. This decrease was primarily due to a
$15.47 million increase in the undisbursed portion of construction
loans, a $3.43 million decrease in commercial business loans and a
$2.17 million decrease in commercial real estate loans. These
decreases were partially offset by a $7.32 million increase in one-
to four-family loans, a $1.55 million increase in construction
loans and smaller increases in several other loan categories.
Loan Portfolio($ in
thousands)
| |
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
| |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
| Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
| One- to
four-family (a) |
$ |
306,443 |
|
|
20 |
% |
|
$ |
299,123 |
|
|
20 |
% |
|
$ |
263,122 |
|
|
18 |
% |
|
| Multi-family |
|
177,861 |
|
|
12 |
|
|
|
177,350 |
|
|
11 |
|
|
|
147,321 |
|
|
10 |
|
|
| Commercial |
|
597,054 |
|
|
39 |
|
|
|
599,219 |
|
|
40 |
|
|
|
579,038 |
|
|
40 |
|
|
| Construction -
custom and |
|
|
|
|
|
|
|
|
|
|
|
|
|
owner/builder |
|
124,104 |
|
|
8 |
|
|
|
132,101 |
|
|
9 |
|
|
|
134,878 |
|
|
9 |
|
|
|
| Construction -
speculative
one-to four-family |
|
8,887 |
|
|
1 |
|
|
|
11,495 |
|
|
1 |
|
|
|
17,609 |
|
|
1 |
|
|
| Construction -
commercial |
|
22,841 |
|
|
2 |
|
|
|
29,463 |
|
|
2 |
|
|
|
36,702 |
|
|
3 |
|
|
| Construction -
multi-family |
|
48,940 |
|
|
3 |
|
|
|
28,401 |
|
|
2 |
|
|
|
57,019 |
|
|
4 |
|
|
| Construction -
land |
|
|
|
|
|
|
|
|
|
|
|
|
|
development |
|
15,977 |
|
|
1 |
|
|
|
17,741 |
|
|
1 |
|
|
|
18,878 |
|
|
1 |
|
|
| Land |
|
30,538 |
|
|
2 |
|
|
|
29,366 |
|
|
2 |
|
|
|
28,697 |
|
|
2 |
|
|
|
Total mortgage loans |
|
1,332,645 |
|
|
88 |
|
|
|
1,324,259 |
|
|
88 |
|
|
|
1,283,264 |
|
|
88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity and
second |
|
|
|
|
|
|
|
|
|
|
|
|
|
mortgage |
|
48,851 |
|
|
3 |
|
|
|
47,913 |
|
|
3 |
|
|
|
39,403 |
|
|
3 |
|
|
| Other |
|
2,889 |
|
|
-- |
|
|
|
3,129 |
|
|
-- |
|
|
|
2,926 |
|
|
-- |
|
|
|
Total consumer loans |
|
51,740 |
|
|
3 |
|
|
|
51,042 |
|
|
3 |
|
|
|
42,329 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business loans |
|
135,312 |
|
|
9 |
|
|
|
138,743 |
|
|
9 |
|
|
|
136,942 |
|
|
9 |
|
|
| SBA
PPP loans |
|
204 |
|
|
-- |
|
|
|
260 |
|
|
-- |
|
|
|
423 |
|
|
-- |
|
|
|
Total
commercial loans |
|
135,516 |
|
|
9 |
|
|
|
139,003 |
|
|
9 |
|
|
|
137,365 |
|
|
9 |
|
|
| Total loans |
|
1,519,901 |
|
|
100 |
% |
|
|
1,514,304 |
|
|
100 |
% |
|
|
1,462,958 |
|
|
100 |
% |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Undisbursed portion of |
|
|
|
|
|
|
|
|
|
|
|
|
|
construction loans in |
|
|
|
|
|
|
|
|
|
|
|
|
|
process |
|
(85,350 |
) |
|
|
|
|
(69,878 |
) |
|
|
|
|
(104,683 |
) |
|
|
|
|
Deferred loan origination |
|
|
|
|
|
|
|
|
|
|
|
|
|
fees |
|
(5,444 |
) |
|
|
|
|
(5,425 |
) |
|
|
|
|
(5,337 |
) |
|
|
|
|
Allowance for credit losses |
|
(17,288 |
) |
|
|
|
|
(17,478 |
) |
|
|
|
|
(16,655 |
) |
|
|
|
|
Total loans receivable, net |
$ |
1,411,819 |
|
|
|
|
$ |
1,421,523 |
|
|
|
|
$ |
1,336,283 |
|
|
|
|
_______________________(a) Does not
include one- to four-family loans held for sale totaling $411, $0,
and $1,425 at December 31, 2024, September 30, 2024, and December
31, 2023, respectively.
The following table provides a breakdown of commercial real
estate (“CRE”) mortgage loans by collateral type as of December 31,
2024:
CRE Loan Portfolio Breakdown by
Collateral
($ in thousands)
|
Collateral Type |
|
Balance |
|
Percent of CRE Portfolio |
|
Percent of Total Loan Portfolio |
|
Average Balance Per Loan |
|
Non-Accrual |
| Industrial warehouse |
|
$ |
126,435 |
|
21 |
% |
|
8 |
% |
|
$ |
1,228 |
|
$ |
195 |
| Medical/dental offices |
|
|
84,786 |
|
14 |
|
|
6 |
|
|
|
1,265 |
|
|
-- |
| Office buildings |
|
|
67,600 |
|
11 |
|
|
4 |
|
|
|
768 |
|
|
-- |
| Other retail buildings |
|
|
52,313 |
|
9 |
|
|
3 |
|
|
|
545 |
|
|
-- |
| Mini-storage |
|
|
33,773 |
|
6 |
|
|
2 |
|
|
|
1,351 |
|
|
-- |
| Hotel/motel |
|
|
32,367 |
|
5 |
|
|
2 |
|
|
|
2,697 |
|
|
-- |
| Restaurants |
|
|
27,977 |
|
5 |
|
|
2 |
|
|
|
560 |
|
|
273 |
| Gas stations/conv. stores |
|
|
24,881 |
|
4 |
|
|
2 |
|
|
|
1,037 |
|
|
-- |
| Churches |
|
|
15,874 |
|
3 |
|
|
1 |
|
|
|
934 |
|
|
-- |
| Nursing homes |
|
|
13,745 |
|
2 |
|
|
1 |
|
|
|
1,964 |
|
|
-- |
| Mobile home parks |
|
|
10,694 |
|
2 |
|
|
1 |
|
|
|
465 |
|
|
-- |
| Shopping centers |
|
|
10,648 |
|
2 |
|
|
1 |
|
|
|
1,774 |
|
|
-- |
| Additional CRE |
|
|
95,961 |
|
16 |
|
|
6 |
|
|
|
706 |
|
|
230 |
| Total
CRE |
|
$ |
597,054 |
|
100 |
% |
|
39 |
% |
|
$ |
913 |
|
$ |
698 |
Timberland originated $72.07 million in loans during the quarter
ended December 31, 2024, compared to $48.82 million for the
preceding quarter and $88.93 million for the comparable quarter one
year ago. Timberland continues to originate fixed-rate one-
to four-family mortgage loans, a portion of which are sold into the
secondary market for asset-liability management purposes and to
generate non-interest income. During the current quarter,
fixed-rate one- to four-family mortgage loans totaling $2.31
million were sold compared to $5.62 million for the preceding
quarter and $3.80 million for the comparable quarter one year ago.
Investment
Securities
Timberland’s investment securities and CDs held for investment
decreased $13.93 million, or 5%, to $241.50 million at December 31,
2024, from $255.43 million at September 30, 2024. The
decrease was primarily due to maturities of U.S. Treasury
investment securities (classified as held to maturity) and
scheduled amortization. Partially offsetting these decreases,
was the purchase of additional U.S. government agency
mortgage-backed investment securities and U.S. Treasury investment
securities, all of which were classified as available for sale.
Deposits
Total deposits decreased $17.25 million, or 1%, during the
quarter to $1.63 billion at December 31, 2024, from $1.65 billion
at September 30, 2024. The quarter’s decrease consisted of a
$15.51 million decrease in money market account balance, a $10.21
million decrease in non-interest bearing account balances, and a
$9.92 decrease NOW checking account balances. These decreases were
partially offset by a $17.53 million increase in certificate of
deposit account balances and an $852,000 increase in savings
account balances.
|
Deposit Breakdown ($ in
thousands) |
|
| |
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|
| |
|
Amount |
|
Percent |
|
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
| Non-interest-bearing demand |
|
$ |
402,911 |
|
25 |
% |
|
|
$ |
413,116 |
|
25 |
% |
|
$ |
433,065 |
|
27 |
% |
|
| NOW checking |
|
|
323,412 |
|
20 |
|
|
|
333,329 |
|
20 |
|
|
|
389,463 |
|
24 |
|
|
| Savings |
|
|
206,845 |
|
13 |
|
|
|
205,993 |
|
13 |
|
|
|
215,948 |
|
13 |
|
|
| Money market |
|
|
311,413 |
|
19 |
|
|
|
326,922 |
|
20 |
|
|
|
269,686 |
|
17 |
|
|
| Certificates of deposit under
$250 |
|
|
212,764 |
|
13 |
|
|
|
205,970 |
|
12 |
|
|
|
181,762 |
|
11 |
|
|
| Certificates of deposit $250 and
over |
|
|
122,997 |
|
7 |
|
|
|
113,579 |
|
7 |
|
|
|
96,145 |
|
6 |
|
|
| Certificates of deposit –
brokered |
|
|
50,074 |
|
3 |
|
|
|
48,759 |
|
3 |
|
|
|
41,000 |
|
2 |
|
|
| Total
deposits |
|
$ |
1,630,416 |
|
100 |
% |
|
|
$ |
1,647,668 |
|
100 |
% |
|
$ |
1,627,069 |
|
100 |
% |
|
Borrowings
Total borrowings were $20.00 million at both December 31, 2024
and September 30, 2024. At December 31, 2024, the weighted
average rate on the borrowings was 3.97%.
Shareholders’ Equity and Capital
Ratios
Total shareholders’ equity increased $3.79 million, or 2%, to
$249.20 million at December 31, 2024, from $245.41 million at
September 30, 2024, and increased $11.83 million, or 5%, from
$237.37 million at December 31, 2023. The quarter’s increase
in shareholders’ equity was primarily due to net income of $6.86
million, which was partially offset by the payment of $1.99 million
in dividends to shareholders, an $812,000 change in the accumulated
other comprehensive income (loss) category for fair value
adjustments on available for sale investment securities, and the
repurchase of 27,260 shares of common stock for $883,000 (an
average price of $32.38 per share). There were 127,906 shares
available to be repurchased in accordance with the terms of its
existing stock repurchase plan at December 31, 2024.
Timberland remains well capitalized with a total
risk-based capital ratio of 19.95%, a Tier 1 leverage capital ratio
of 12.32%, a tangible common equity to tangible assets ratio
(non-GAAP) of 12.34%, and a shareholders’ equity to total assets
ratio of 13.05% at September 30, 2024. Timberland’s held to
maturity investment securities were $156.11 million at December 31,
2024, with a net unrealized loss of $8.44 million (pre-tax).
Although not permitted by U.S. Generally Accepted Accounting
Principles (“GAAP”), including these unrealized losses in
accumulated other comprehensive income (loss) (“AOCI”) would result
in a ratio of shareholders’ equity to total assets of 12.75%,
compared to 13.05%, as reported.
Asset Quality
Timberland’s non-performing assets to total assets
ratio improved to 0.16% at December 31, 2024, compared to 0.20% at
September 30, 2024 and 0.18% at December 31, 2023. Net
charge-offs totaled $242,000 for the current quarter compared to
net charge-offs of $12,000 for the preceding quarter and net
charge-offs of $2,000 for the comparable quarter one year
ago. During the current quarter, provisions for credit losses
of $52,000 on loans were made, which was partially offset by a
$20,000 recapture of credit losses on unfunded commitments and a
$5,000 recapture of credit losses on investment securities.
The allowance for credit losses (“ACL”) for loans as a percentage
of loans receivable was 1.21% at December 31, 2024, compared to
1.21% at September 30, 2024 and 1.23% one year ago.
Total delinquent loans (past due 30 days or more)
and non-accrual loans decreased $458,000 or 10%, to $4.02 million
at December 31, 2024, from $4.49 million at September 30,
2024. Non-accrual loans decreased $1.15 million, or 30%, to
$2.73 million at December 31, 2024 from $3.89 million at September
30, 2024. The quarterly decrease in non-accrual loans was
primarily due to decreases in commercial business loans and
commercial real estate loans on non-accrual status.
Non-Accrual Loans($ in
thousands)
| |
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
| |
Amount |
|
Quantity |
|
Amount |
|
Quantity |
|
Amount |
|
Quantity |
| Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
| One- to
four-family |
$ |
47 |
|
1 |
|
$ |
49 |
|
1 |
|
$ |
602 |
|
4 |
|
Commercial |
|
698 |
|
5 |
|
|
1,158 |
|
6 |
|
|
683 |
|
2 |
|
Construction – custom and |
|
|
|
|
|
|
|
|
|
|
|
|
owner/builder |
|
-- |
|
-- |
|
|
-- |
|
-- |
|
|
150 |
|
1 |
|
Total
mortgage loans |
|
745 |
|
6 |
|
|
1,207 |
|
7 |
|
|
1,435 |
|
7 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
| Home
equity and second |
|
|
|
|
|
|
|
|
|
|
|
|
mortgage |
|
587 |
|
3 |
|
|
618 |
|
3 |
|
|
171 |
|
1 |
|
Other |
|
-- |
|
-- |
|
|
-- |
|
-- |
|
|
-- |
|
-- |
|
Total
consumer loans |
|
587 |
|
3 |
|
|
618 |
|
3 |
|
|
171 |
|
1 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Commercial business loans |
|
1,401 |
|
11 |
|
|
2,060 |
|
8 |
|
|
1,760 |
|
6 |
| Total loans |
$ |
2,733 |
|
20 |
|
$ |
3,885 |
|
18 |
|
$ |
3,366 |
|
14 |
Timberland had two properties classified as other real estate owned
(“OREO”) at December 31, 2024:
| |
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
| |
Amount |
|
Quantity |
|
Amount |
|
Quantity |
|
Amount |
|
Quantity |
| Other real estate owned: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
221 |
|
1 |
|
$ |
-- |
|
-- |
|
$ |
-- |
|
-- |
|
Land |
|
-- |
|
1 |
|
|
-- |
|
1 |
|
|
-- |
|
1 |
|
Total
mortgage loans |
$ |
221 |
|
2 |
|
$ |
-- |
|
1 |
|
$ |
-- |
|
1 |
About Timberland Bancorp, Inc. Timberland
Bancorp, Inc., a Washington corporation, is the holding company for
Timberland Bank. The Bank opened for business in 1915 and
primarily serves consumers and businesses across Grays Harbor,
Thurston, Pierce, 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).
Disclaimer
Certain matters discussed in this press release 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:
potential adverse impacts to economic conditions in our local
market areas, other markets where the Company has lending
relationships, or other aspects of the Company's business
operations or financial markets, including, without limitation, as
a result of employment levels, labor shortages and the effects of
inflation, a potential recession or slowed economic growth;
continuing elevated levels of inflation and the impact of current
and future monetary policies of the Board of Governors of the
Federal Reserve System ("Federal Reserve") in response thereto; the
effects of any federal government shutdown; credit risks of lending
activities, including any deterioration in the housing and
commercial real estate markets which may lead to increased losses
and non-performing loans in our loan portfolio resulting in our ACL
not being adequate to cover actual losses and thus requiring us to
materially increase our ACL through the provision for credit
losses; changes in general economic conditions, either nationally
or in our market areas; changes in the levels of general interest
rates, and the relative differences between short and long-term
interest rates, deposit interest rates, our net interest margin and
funding sources; fluctuations in the demand for loans, the number
of unsold homes, land and other properties and fluctuations in real
estate values in our market areas; secondary market conditions for
loans and our ability to sell loans in the secondary market;
results of examinations of us by the Federal Reserve and of our
bank subsidiary by the Federal Deposit Insurance Corporation
(“FDIC”), the Washington State Department of Financial
Institutions, Division of Banks or other regulatory authorities,
including the possibility that any such regulatory authority may,
among other things, institute a formal or informal enforcement
action against us or our bank subsidiary which could require us to
increase our ACL, write-down assets, change our regulatory capital
position or affect our ability to borrow funds or maintain or
increase deposits or impose additional requirements or restrictions
on us, any of which could adversely affect our liquidity and
earnings; the impact of bank failures or adverse developments at
other banks and related negative press about the banking industry
in general on investor and depositor sentiment; legislative or
regulatory changes that adversely affect our business including
changes in banking, securities and tax law, in regulatory policies
and principles, or the interpretation of regulatory capital or
other rules; our ability to attract and retain deposits; our
ability to control operating costs and expenses; the use of
estimates in determining fair value of certain of our assets, which
estimates may prove to be incorrect and result in significant
declines in valuation; difficulties in reducing risks associated
with the loans in our consolidated balance sheet; staffing
fluctuations in response to product demand or the implementation of
corporate strategies that affect our work force and potential
associated charges; disruptions, security breaches, or other
adverse events, failures or interruptions in, or attacks on, our
information technology systems or on the third-party vendors who
perform several of our critical processing functions; our ability
to retain key members of our senior management team; costs and
effects of litigation, including settlements and judgments; our
ability to implement our business strategies; our ability to manage
loan delinquency rates; increased competitive pressures among
financial services companies; changes in consumer spending,
borrowing and savings habits; the availability of resources to
address changes in laws, rules, or regulations or to respond to
regulatory actions; our ability to pay dividends on our common
stock; the quality and composition of our securities portfolio and
the impact if any adverse changes in the securities markets,
including on market liquidity; inability of key third-party
providers to perform their obligations to us; changes in accounting
policies and practices, as may be adopted by the financial
institution regulatory agencies or the Financial Accounting
Standards Board ("FASB"), including additional guidance and
interpretation on accounting issues and details of the
implementation of new accounting methods; the economic impact of
climate change, severe weather events, natural disasters,
pandemics, epidemics and other public health crises, acts of war or
terrorism, civil unrest and other external events on our business;
other economic, competitive, governmental, regulatory, and
technological factors affecting our operations, pricing, products
and services; and other risks described elsewhere in this press
release and in the Company's other reports filed with or furnished
to the Securities and Exchange Commission.
Any of the forward-looking statements that we make in this press
release and in the other public statements we make are based upon
management's beliefs and assumptions at the time they are
made. We do not undertake and specifically disclaim any
obligation to publicly update or revise any forward-looking
statements included in this press release to reflect the occurrence
of anticipated or unanticipated events or circumstances after the
date of such statements or to update the reasons why actual results
could differ from those contained in such statements, whether as a
result of new information, future events or otherwise. In
light of these risks, uncertainties and assumptions, the
forward-looking statements discussed in this document might not
occur and we caution readers not to place undue reliance on any
forward-looking statements. These risks could cause our actual
results for fiscal 2025 and beyond to differ materially from those
expressed in any forward-looking statements by, or on behalf of,
us, and could negatively affect the Company's consolidated
financial condition and results of operations as well as its stock
price performance.
| TIMBERLAND
BANCORP INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS
OF INCOME |
|
Three Months Ended |
| ($ in thousands,
except per share amounts) (unaudited) |
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
|
|
|
2024 |
|
2024 |
|
2023 |
| |
Interest and dividend
income |
|
|
|
|
|
|
|
|
Loans receivable |
|
$ |
21,032 |
|
|
$ |
20,589 |
|
|
$ |
18,395 |
|
| |
Investment securities |
|
|
2,138 |
|
|
|
2,237 |
|
|
|
2,311 |
|
| |
Dividends from mutual funds, FHLB
stock and other investments |
|
|
86 |
|
|
|
95 |
|
|
|
91 |
|
|
|
Interest bearing deposits in
banks |
|
|
2,001 |
|
|
|
2,114 |
|
|
|
1,699 |
|
| |
Total
interest and dividend income |
|
|
25,257 |
|
|
|
25,035 |
|
|
|
22,496 |
|
| |
|
|
|
|
|
|
|
| |
Interest
expense |
|
|
|
|
|
|
| |
Deposits |
|
|
8,084 |
|
|
|
8,277 |
|
|
|
6,143 |
|
| |
Borrowings |
|
|
203 |
|
|
|
211 |
|
|
|
349 |
|
| |
Total interest expense |
|
|
8,287 |
|
|
|
8,488 |
|
|
|
6,492 |
|
| |
Net interest income |
|
|
16,970 |
|
|
|
16,547 |
|
|
|
16,004 |
|
| |
Provision for credit
losses – loans |
|
|
52 |
|
|
|
444 |
|
|
|
379 |
|
| |
Recapture of credit
losses – investment securities |
|
|
(5 |
) |
|
|
(13 |
) |
|
|
(10 |
) |
| |
Prov. for (recapture of )
credit losses - unfunded commitments |
|
|
(20 |
) |
|
|
59 |
|
|
|
(33 |
) |
| |
Net
int. income after provision for (recapture of) credit
losses |
|
|
16,943 |
|
|
|
16,057 |
|
|
|
15,668 |
|
| |
|
|
|
|
|
|
|
| |
Non-interest
income |
|
|
|
|
|
|
| |
Service charges on deposits |
|
|
999 |
|
|
|
1,037 |
|
|
|
1,023 |
|
| |
ATM and debit card interchange
transaction fees |
|
|
1,267 |
|
|
|
1,293 |
|
|
|
1,264 |
|
| |
Gain on sales of loans, net |
|
|
43 |
|
|
|
135 |
|
|
|
78 |
|
| |
Bank owned life insurance
(“BOLI”) net earnings |
|
|
167 |
|
|
|
175 |
|
|
|
156 |
|
| |
Recoveries on investment
securities, net |
|
|
3 |
|
|
|
3 |
|
|
|
5 |
|
| |
Other |
|
|
218 |
|
|
|
289 |
|
|
|
272 |
|
| |
Total
non-interest income, net |
|
|
2,697 |
|
|
|
2,932 |
|
|
|
2,798 |
|
| |
|
|
|
|
|
|
|
| |
Non-interest
expense |
|
|
|
|
|
|
| |
Salaries and employee
benefits |
|
|
6,092 |
|
|
|
5,867 |
|
|
|
5,911 |
|
| |
Premises and equipment |
|
|
950 |
|
|
|
933 |
|
|
|
973 |
|
| |
Gain on sales/disposition of
premises and equipment, net |
|
|
-- |
|
|
|
1 |
|
|
|
-- |
|
| |
Advertising |
|
|
181 |
|
|
|
205 |
|
|
|
186 |
|
| |
OREO and other repossessed
assets, net |
|
|
-- |
|
|
|
4 |
|
|
|
-- |
|
| |
ATM and debit card
processing |
|
|
521 |
|
|
|
588 |
|
|
|
615 |
|
| |
Postage and courier |
|
|
121 |
|
|
|
137 |
|
|
|
126 |
|
| |
State and local taxes |
|
|
346 |
|
|
|
343 |
|
|
|
319 |
|
| |
Professional fees |
|
|
346 |
|
|
|
410 |
|
|
|
253 |
|
| |
FDIC insurance |
|
|
210 |
|
|
|
209 |
|
|
|
210 |
|
| |
Loan administration and
foreclosure |
|
|
128 |
|
|
|
125 |
|
|
|
105 |
|
| |
Technology and
communications |
|
|
1,140 |
|
|
|
1,163 |
|
|
|
974 |
|
| |
Deposit operations |
|
|
332 |
|
|
|
446 |
|
|
|
320 |
|
| |
Amortization of core deposit
intangible (“CDI”) |
|
|
45 |
|
|
|
57 |
|
|
|
56 |
|
| |
Other, net |
|
|
655 |
|
|
|
574 |
|
|
|
576 |
|
| |
Total
non-interest expense, net |
|
|
11,067 |
|
|
|
11,062 |
|
|
|
10,624 |
|
| |
|
|
|
|
|
|
|
| |
Income before income
taxes |
|
|
8,573 |
|
|
|
7,927 |
|
|
|
7,842 |
|
| |
Provision for income
taxes |
|
|
1,713 |
|
|
|
1,572 |
|
|
|
1,546 |
|
| |
Net
income |
|
$ |
6,860 |
|
|
$ |
6,355 |
|
|
$ |
6,296 |
|
| |
|
|
|
|
|
|
|
| |
Net income per common
share: |
|
|
|
|
|
|
| |
Basic |
|
$ |
0.86 |
|
|
$ |
0.80 |
|
|
$ |
0.78 |
|
| |
Diluted |
|
|
0.86 |
|
|
|
0.79 |
|
|
|
0.77 |
|
| |
|
|
|
|
|
|
|
| |
Weighted average common
shares outstanding: |
|
|
|
|
|
|
| |
Basic |
|
|
7,958,275 |
|
|
|
7,954,112 |
|
|
|
8,114,209 |
|
| |
Diluted |
|
|
7,999,504 |
|
|
|
7,995,024 |
|
|
|
8,166,048 |
|
| TIMBERLAND
BANCORP INC. AND SUBSIDIARYCONSOLIDATED BALANCE
SHEETS |
|
| ($ in thousands,
except per share amounts) (unaudited) |
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
|
|
|
2024 |
|
2024 |
|
2023 |
|
Assets |
|
|
|
|
|
|
| Cash and due from
financial institutions |
|
$ |
24,538 |
|
|
$ |
29,071 |
|
|
$ |
28,656 |
|
| Interest-bearing
deposits in banks |
|
|
139,533 |
|
|
|
135,657 |
|
|
|
129,365 |
|
|
|
Total cash and cash equivalents |
|
|
164,071 |
|
|
|
164,728 |
|
|
|
158,021 |
|
| |
|
|
|
|
|
|
|
| Certificates of
deposit (“CDs”) held for investment, at cost |
|
|
7,470 |
|
|
|
10,209 |
|
|
|
12,449 |
|
| Investment
securities: |
|
|
|
|
|
|
| |
Held to maturity, at amortized
cost (net of ACL – investment securities) |
|
|
156,105 |
|
|
|
172,097 |
|
|
|
266,085 |
|
| |
Available for sale, at fair
value |
|
|
77,080 |
|
|
|
72,257 |
|
|
|
40,446 |
|
| Investments in equity
securities, at fair value |
|
|
840 |
|
|
|
866 |
|
|
|
848 |
|
| FHLB stock |
|
|
2,037 |
|
|
|
2,037 |
|
|
|
2,001 |
|
| Other investments, at
cost |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
| Loans held for
sale |
|
|
411 |
|
|
|
-- |
|
|
|
1,425 |
|
| |
|
|
|
|
|
|
| Loans receivable |
|
|
1,429,107 |
|
|
|
1,439,001 |
|
|
|
1,352,938 |
|
| Less: ACL –
loans |
|
|
(17,288 |
) |
|
|
(17,478 |
) |
|
|
(16,655 |
) |
| |
Net loans receivable |
|
|
1,411,819 |
|
|
|
1,421,523 |
|
|
|
1,336,283 |
|
| |
|
|
|
|
|
|
|
| Premises and
equipment, net |
|
|
21,617 |
|
|
|
21,486 |
|
|
|
21,584 |
|
| OREO and other
repossessed assets, net |
|
|
221 |
|
|
|
-- |
|
|
|
-- |
|
| BOLI |
|
|
23,777 |
|
|
|
23,611 |
|
|
|
23,122 |
|
| Accrued interest
receivable |
|
|
7,095 |
|
|
|
6,990 |
|
|
|
6,731 |
|
| Goodwill |
|
|
15,131 |
|
|
|
15,131 |
|
|
|
15,131 |
|
| CDI |
|
|
406 |
|
|
|
451 |
|
|
|
621 |
|
| Loan servicing
rights, net |
|
|
1,195 |
|
|
|
1,372 |
|
|
|
1,925 |
|
| Operating lease
right-of-use assets |
|
|
1,400 |
|
|
|
1,475 |
|
|
|
1,698 |
|
| Other assets |
|
|
15,805 |
|
|
|
6,242 |
|
|
|
3,745 |
|
| |
Total
assets |
|
$ |
1,909,480 |
|
|
$ |
1,923,475 |
|
|
$ |
1,895,115 |
|
| |
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
| Deposits:
Non-interest-bearing demand |
|
$ |
402,911 |
|
|
$ |
413,116 |
|
|
$ |
433,065 |
|
| Deposits:
Interest-bearing |
|
|
1,227,505 |
|
|
|
1,234,552 |
|
|
|
1,194,004 |
|
| |
Total deposits |
|
|
1,630,416 |
|
|
|
1,647,668 |
|
|
|
1,627,069 |
|
| |
|
|
|
|
|
|
|
| Operating lease
liabilities |
|
|
1,501 |
|
|
|
1,575 |
|
|
|
1,796 |
|
| FHLB borrowings |
|
|
20,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
| Other liabilities and
accrued expenses |
|
|
8,364 |
|
|
|
8,819 |
|
|
|
8,881 |
|
| |
Total
liabilities |
|
|
1,660,281 |
|
|
|
1,678,062 |
|
|
|
1,657,746 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
Common stock, $.01 par value; 50,000,000 shares
authorized; 7,954,673
shares issued and outstanding – December 31,
2024 7,960,127 shares
issued and outstanding – September 30,
2024 8,120,708 shares
issued and outstanding – December 31,
2023
|
|
|
29,593 |
|
|
|
29,862 |
|
|
|
34,869 |
|
| Retained
earnings |
|
|
220,398 |
|
|
|
215,531 |
|
|
|
203,327 |
|
| Accumulated other
comprehensive income (loss) |
|
|
(792 |
) |
|
|
20 |
|
|
|
(827 |
) |
| |
Total shareholders’
equity |
|
|
249,199 |
|
|
|
245,413 |
|
|
|
237,369 |
|
| |
Total liabilities and
shareholders’ equity |
|
$ |
1,909,480 |
|
|
$ |
1,923,475 |
|
|
$ |
1,895,115 |
|
| |
Three Months
Ended |
| PERFORMANCE
RATIOS: |
|
Dec. 31, 2024 |
|
Sept. 30,2024 |
|
Dec. 31,2023 |
|
Return on average assets (a) |
|
|
1.41 |
% |
|
|
1.32 |
% |
|
|
1.36 |
% |
| Return on average equity (a) |
|
|
11.03 |
% |
|
|
10.43 |
% |
|
|
10.75 |
% |
| Net interest margin (a) |
|
|
3.64 |
% |
|
|
3.58 |
% |
|
|
3.60 |
% |
| Efficiency ratio |
|
|
56.27 |
% |
|
|
56.79 |
% |
|
|
56.50 |
% |
| |
|
|
|
|
|
|
| ASSET QUALITY RATIOS AND
DATA: |
|
|
|
|
|
|
| Non-accrual loans |
|
$ |
2,733 |
|
|
$ |
3,885 |
|
|
$ |
3,366 |
|
| Loans past due 90 days and still
accruing |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
| Non-performing investment
securities |
|
|
45 |
|
|
|
51 |
|
|
|
85 |
|
| OREO and other repossessed
assets |
|
|
221 |
|
|
|
-- |
|
|
|
-- |
|
| Total non-performing assets
(b) |
|
$ |
2,999 |
|
|
$ |
3,936 |
|
|
$ |
3,451 |
|
| |
|
|
|
|
|
|
| Non-performing assets to total
assets (b) |
|
|
0.16 |
% |
|
|
0.20 |
% |
|
|
0.18 |
% |
| Net charge-offs during
quarter |
|
$ |
242 |
|
|
$ |
12 |
|
|
$ |
2 |
|
| Allowance for credit losses -
loans to non-accrual loans |
|
|
633 |
% |
|
|
450 |
% |
|
|
495 |
% |
| Allowance for credit losses -
loans to loans receivable (c) |
|
|
1.21 |
% |
|
|
1.21 |
% |
|
|
1.23 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS: |
|
|
|
|
|
|
| Tier 1 leverage capital |
|
|
12.32 |
% |
|
|
12.12 |
% |
|
|
12.14 |
% |
| Tier 1 risk-based capital |
|
|
18.69 |
% |
|
|
18.14 |
% |
|
|
18.22 |
% |
| Common equity Tier 1 risk-based
capital |
|
|
18.69 |
% |
|
|
18.14 |
% |
|
|
18.22 |
% |
|
Total risk-based capital |
|
|
19.95 |
% |
|
|
19.39 |
% |
|
|
19.50 |
% |
| Tangible common equity to
tangible assets (non-GAAP) |
|
|
12.34 |
% |
|
|
12.05 |
% |
|
|
11.79 |
% |
| |
|
|
|
|
|
|
|
BOOK VALUES: |
|
|
|
|
|
|
| Book value per common share |
|
$ |
31.33 |
|
|
$ |
30.83 |
|
|
$ |
29.23 |
|
| Tangible book value per common
share (d) |
|
|
29.37 |
|
|
|
28.87 |
|
|
|
27.29 |
|
________________________________________________
(a) Annualized(b) Non-performing assets
include non-accrual loans, loans past due 90 days and still
accruing, non-performing investment securities and OREO and other
repossessed assets. (c) Does not include loans held for
sale and is before the allowance for credit losses.(d)
Tangible common equity divided by common shares outstanding
(non-GAAP).
AVERAGE BALANCES, YIELDS, AND RATES -
QUARTERLY ($ in thousands)(unaudited)
| |
For the Three Months Ended |
| |
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
| |
Amount |
|
Rate |
|
Amount |
|
Rate |
|
Amount |
|
Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable and loans
held for sale |
$ |
1,438,144 |
|
|
5.80 |
% |
|
$ |
1,428,125 |
|
|
5.74 |
% |
|
$ |
1,332,971 |
|
|
5.52 |
% |
| Investment securities and FHLB
stock (1) |
|
247,236 |
|
|
3.57 |
|
|
|
254,567 |
|
|
3.64 |
|
|
|
317,164 |
|
|
3.03 |
|
| Interest-earning deposits in
banks and CDs |
|
166,764 |
|
|
4.76 |
|
|
|
156,732 |
|
|
5.37 |
|
|
|
126,253 |
|
|
5.38 |
|
| Total
interest-earning assets |
|
1,852,144 |
|
|
5.42 |
|
|
|
1,839,424 |
|
|
5.41 |
|
|
|
1,776,388 |
|
|
5.07 |
|
| Other assets |
|
75,534 |
|
|
|
|
|
80,940 |
|
|
|
|
|
81,612 |
|
|
|
| Total
assets |
$ |
1,927,678 |
|
|
|
|
$ |
1,920,364 |
|
|
|
|
$ |
1,858,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
| NOW checking accounts |
$ |
328,455 |
|
|
1.38 |
% |
|
$ |
337,955 |
|
|
1.40 |
% |
|
$ |
376,682 |
|
|
1.51 |
% |
| Money market accounts |
|
324,424 |
|
|
3.42 |
|
|
|
321,151 |
|
|
3.62 |
|
|
|
224,939 |
|
|
2.34 |
|
| Savings accounts |
|
205,650 |
|
|
0.28 |
|
|
|
207,457 |
|
|
0.27 |
|
|
|
220,042 |
|
|
0.22 |
|
| Certificates of deposit
accounts |
|
331,785 |
|
|
4.09 |
|
|
|
316,897 |
|
|
4.20 |
|
|
|
268,628 |
|
|
3.97 |
|
| Brokered CDs |
|
46,414 |
|
|
4.98 |
|
|
|
48,719 |
|
|
5.54 |
|
|
|
42,725 |
|
|
5.38 |
|
| Total
interest-bearing deposits |
|
1,236,728 |
|
|
2.59 |
|
|
|
1,232,179 |
|
|
2.67 |
|
|
|
1,133,016 |
|
|
2.18 |
|
| Borrowings |
|
20,000 |
|
|
4.03 |
|
|
|
20,000 |
|
|
4.20 |
|
|
|
28,804 |
|
|
4.81 |
|
| Total
interest-bearing liabilities |
|
1,256,728 |
|
|
2.62 |
|
|
|
1,252,179 |
|
|
2.70 |
|
|
|
1,161,820 |
|
|
2.22 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Non-interest-bearing demand
deposits |
|
414,149 |
|
|
|
|
|
414,603 |
|
|
|
|
|
450,027 |
|
|
|
| Other liabilities |
|
10,146 |
|
|
|
|
|
11,151 |
|
|
|
|
|
11,878 |
|
|
|
| Shareholders’ equity |
|
246,655 |
|
|
|
|
|
242,431 |
|
|
|
|
|
234,275 |
|
|
|
| Total
liabilities and shareholders’ equity |
$ |
1,927,678 |
|
|
|
|
$ |
1,920,364 |
|
|
|
|
$ |
1,858,000 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
2.80 |
% |
|
|
|
2.71 |
% |
|
|
|
2.85 |
% |
| Net
interest margin (2) |
|
|
3.64 |
% |
|
|
|
3.58 |
% |
|
|
|
3.60 |
% |
|
Average interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
|
147.38 |
% |
|
|
|
|
146.90 |
% |
|
|
|
|
152.90 |
% |
|
|
_____________________________________(1) Includes other
investments(2) Net interest margin = annualized net interest income
/ average interest-earning
assets
Non-GAAP Financial MeasuresIn addition to
results presented in accordance with GAAP, this press release
contains certain non-GAAP financial measures. Timberland
believes that certain non-GAAP financial measures provide investors
with information useful in understanding the Company’s financial
performance; however, readers of this report are urged to review
these non-GAAP financial measures in conjunction with GAAP results
as reported.
Financial measures that exclude intangible assets are non-GAAP
measures. To provide investors with a broader understanding
of capital adequacy, Timberland provides non-GAAP financial
measures for tangible common equity, along with the GAAP
measure. Tangible common equity is calculated as
shareholders’ equity less goodwill and CDI. In addition,
tangible assets equal total assets less goodwill and CDI.
The following table provides a reconciliation of ending
shareholders’ equity (GAAP) to ending tangible shareholders’ equity
(non-GAAP) and ending total assets (GAAP) to ending tangible assets
(non-GAAP).
| ($ in thousands) |
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
| |
|
|
|
|
|
|
| Shareholders’ equity |
|
$ |
249,199 |
|
|
$ |
245,413 |
|
|
$ |
237,369 |
|
| Less goodwill and CDI |
|
|
(15,537 |
) |
|
|
(15,582 |
) |
|
|
(15,752 |
) |
| Tangible common equity |
|
$ |
233,662 |
|
|
$ |
229,831 |
|
|
$ |
221,617 |
|
| |
|
|
|
|
|
|
| Total assets |
|
$ |
1,909,480 |
|
|
$ |
1,923,475 |
|
|
$ |
1,895,115 |
|
| Less goodwill and CDI |
|
|
(15,537 |
) |
|
|
(15,582 |
) |
|
|
(15,752 |
) |
| Tangible assets |
|
$ |
1,893,943 |
|
|
$ |
1,907,893 |
|
|
$ |
1,879,363 |
|
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