Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the
Company”), the holding company for Timberland Bank (the “Bank”),
today reported net income of $6.30 million, or $0.77 per diluted
common share, for the quarter ended December 31, 2023. This
compares to net income of $6.64 million, or $0.81 per diluted
common share, for the preceding quarter and $7.51 million, or $0.90
per diluted common share, for the comparable quarter one year ago.
“We are pleased with the results for the first quarter of fiscal
year 2024, which were highlighted by solid earnings, strong growth
in loans and deposits, and continued tangible book value per share
growth,” stated Dean Brydon, Chief Executive Officer. “Although
first quarter earnings were strong, they were lower compared to the
year ago quarter, which was the peak of our margin in this cycle
before deposit cost increases began compressing
margins.”
As a result of our earnings and strong capital position,
Timberland’s Board of Directors announced a $0.01 increase in the
quarterly cash dividend to shareholders to $0.24 per share, payable
on February 23, 2024, to shareholders of record on February 9,
2024. This represents the 45th consecutive quarter Timberland will
have paid a cash dividend.
“Credit quality continues to be monitored closely and our credit
metrics remain relatively strong with only $2,000 in net
charge-offs for the quarter and non-performing assets at only 18
basis points of total assets at the end of the first quarter,”
Brydon continued. Timberland adopted the new credit loss accounting
standard known as CECL on October 1, 2023, which resulted in “Day
1” adjustments of $460,000 to the allowance for credit losses on
loans, $65,000 to the allowance for credit losses on unfunded
commitments, and the establishment of a $92,000 allowance for
credit losses on investment securities. Cumulatively, these CECL
adoption adjustments (net of deferred income tax adjustments),
resulted in a one-time reduction to shareholders’ equity of
$488,000, which had no impact on earnings.
“Loan origination volumes remained steady and net loans
receivable increased by $34 million during the quarter. While the
possibility of a slowing economy and a continued higher interest
rate environment still exist, we remain optimistic regarding the
overall strength of our loan portfolio and the economic
opportunities for growth in our markets,” Brydon continued.
“Net interest margin was 3.60% for the quarter, which was a 25
basis points contraction compared to the preceding quarter as the
increase in cost of funds continued to outpace the growth in yields
on earning assets,” said Jonathan Fischer, President and Chief
Operating Officer. “Total deposits increased $66 million during the
quarter, with a majority of the increase coming from a few larger
balance increases from commercial customers. Competition for
deposits remains intense and until rates stabilize, we anticipate
additional margin compression in the near term as customers
continue to migrate non-interest bearing deposits into interest
bearing accounts.”
Earnings and Balance Sheet Highlights (at or
for the periods ended December 31, 2023, compared to December 31,
2022, or September 30, 2023):
Earnings Highlights:
- Earnings per diluted common share (“EPS”) decreased 5% to $0.77
for the current quarter from $0.81 for the preceding quarter and
decreased 14% from $0.90 for the comparable quarter one year
ago;
- Net income decreased 5% to $6.30 million for the current
quarter from $6.64 million for the preceding quarter and decreased
16% from $7.51 million for the comparable quarter one year
ago;
- Return on average equity (“ROE”) and return on average assets
(“ROA”) for the current quarter were 10.75% and 1.36%,
respectively;
- Net interest margin (“NIM”) for the current quarter compressed
to 3.60% from 3.85% for the preceding quarter and from 4.03% for
the comparable quarter one year ago; and
- The efficiency ratio for the current quarter was 56.50%
compared to 55.52% for the preceding quarter and 51.52% for the
comparable quarter one year ago.
Balance Sheet Highlights:
- Total assets increased 3% from the prior quarter and increased
3% year-over-year;
- Net loans receivable increased 3% from the prior quarter and
increased 14% year-over-year;
- Total deposits increased 4% from the prior quarter and
increased 2% year-over-year;
- Total shareholders’ equity increased 2% from the prior quarter
and increased 6% year-over-year;
- Non-performing assets to total assets ratio increased to 0.18%
from 0.12% one year ago;
- Book and tangible book (non-GAAP) values per common share
increased to $29.23 and $27.29, respectively, at December 31, 2023;
and
- Liquidity (both on-balance sheet and off-balance sheet)
remained strong at December 31, 2023 with only $20 million in
borrowings and additional secured borrowing line capacity of $670
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 decreased 5% to $18.80 million from $19.76 million
for the preceding quarter and decreased 8% from $20.45 million for
the comparable quarter one year ago. The decrease in operating
revenue compared to the preceding quarter was primarily due to an
increase in funding costs, and to a lesser extent, a decrease in
non-interest income. These decreases to operating revenue were
partially offset by an increase in interest income from loans and
overnight funds.
Net interest income decreased $827,000, or 5%, to
$16.00 million for the current quarter from $16.83 million for the
preceding quarter and decreased $1.74 million, or 10%, from $17.74
million for the comparable quarter one year ago. The decrease in
net interest income compared to the preceding quarter was primarily
due to an increase in the weighted average cost of interest-bearing
liabilities to 2.22% from 1.69% for the preceding quarter.
Partially offsetting the increase in funding costs, was an increase
in the weighted average yield of interest-earning assets to 5.07%
from 4.94% for the preceding quarter and a $29.63 million increase
in average total interest-earning assets.
Timberland’s NIM for the current quarter compressed
to 3.60% from 3.85% for the preceding quarter and from 4.03% for
the comparable quarter one year ago.
The NIM for the current quarter 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. The NIM for the preceding
quarter was increased by approximately two basis points due to the
collection of $92,000 in pre-payment penalties, non-accrual
interest, and late fees, and the accretion of $11,000 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 $120,000
in pre-payment penalties, non-accrual interest, and late fees, and
the accretion of $28,000 of the fair value discount on acquired
loans.
A $379,000 provision for credit losses on loans was
recorded for the quarter ended December 31, 2023, primarily due to
loan portfolio growth and an increase in non-accrual loans. This
compares to a $522,000 provision for credit losses for the
preceding quarter and a $525,000 provision for credit losses for
the comparable quarter one year ago.
Non-interest income decreased $126,000 or 4%, to
$2.80 million for the current quarter from $2.92 million for the
preceding quarter and increased $93,000, or 3%, from $2.71 million
for the comparable quarter one year ago. The decrease in
non-interest income compared to the preceding quarter was primarily
due to an $81,000 decrease in BOLI net earnings (as a result of a
death benefit claim in the preceding quarter) and smaller changes
in several other categories.
Total operating (non-interest) expenses for the
current quarter decreased $343,000, or 3%, to $10.62 million from
$10.97 million for the preceding quarter and increased $89,000, or
1%, from $10.54 million for the comparable quarter one year
ago. The decrease in operating
expenses compared to the preceding quarter was primarily due to a
$346,000 decrease in professional fees, and smaller increases in
several other expense categories. These decreases were partially
offset by a $155,000 increase in salaries and employee benefits and
smaller increases in several other expense categories. The decrease
in professional fees was primarily due to a decrease in legal fees
and a decrease in consulting fees. The increase in salaries and
employee benefits was primarily due to annual salary adjustments,
which became effective at the beginning of the fiscal year (October
1st). The efficiency ratio for the current quarter
was 56.50% compared to 55.52% for the preceding quarter and 51.52%
for the comparable quarter one year ago.
The provision for income taxes for the current
quarter decreased $78,000, or 5%, to $1.55 million from $1.62
million for the preceding quarter, primarily due to lower taxable
income. Timberland’s effective income
tax rate was 19.7% for the quarter ended December 31, 2023 compared
to 19.6% for the quarter ended September 30, 2023 and 20.0% for the
quarter ended December 31, 2022.
Balance Sheet Management
Total assets increased $55.21 million, or 3%, during the quarter
to $1.90 billion at December 31, 2023 from $1.84 billion at
September 30, 2023 and increased $59.57 million, or 3%, from $1.84
billion one year ago. The increase during the current quarter was
primarily due to a $33.98 million increase in net loans receivable
and a $29.30 million increase in total cash and cash equivalents,
which was partially offset by an $8.16 million decrease in
investment securities and CDs held for investment. The quarterly
increase in assets was primarily funded by a $66.13 million
increase in deposits, which was partially offset by a $15.00
million decrease in FHLB borrowings.
Liquidity
Timberland has continued to maintain a strong liquidity position
(both on-balance sheet and off-balance sheet) while deploying
overnight funds into loans during the past year. Liquidity, as
measured by the sum of cash and cash equivalents, CDs held for
investment, and available for sale investment securities, was 12.7%
of total liabilities at December 31, 2023, compared to 11.6% at
September 30, 2023, and 18.9% one year ago. Timberland had secured
borrowing line capacity of $670 million available through the FHLB
and the Federal Reserve at December 31, 2023. With a strong and
diversified deposit base, only 18% of Timberland’s deposits were
uninsured or uncollateralized at December 31, 2023. (Note: This
calculation excludes public deposits that are fully
collateralized.)
Loans
Net loans receivable increased $33.98 million, or 3%, during the
quarter to $1.34 billion at December 31, 2023 from $1.30 billion at
September 30, 2023. This increase was primarily due to a $20.15
million increase in multi-family loans, a $10.77 million increase
in commercial real estate loans, a $9.90 million increase in one-
to four-family loans and smaller increases in several other loan
categories. These increases to net loans receivable were partially
offset by an $8.76 million decrease in construction and land
development loans and smaller decreases in several other loan
categories.
Loan Portfolio($ in
thousands)
| |
December 31, 2023 |
|
September 30, 2023 |
December 31, 2022 |
|
| |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
| Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family (a) |
$ |
263,122 |
|
|
18 |
% |
|
$ |
253,227 |
|
|
18 |
% |
|
$ |
200,285 |
|
|
15 |
% |
|
|
Multi-family |
|
147,321 |
|
|
10 |
|
|
|
127,176 |
|
|
9 |
|
|
|
96,831 |
|
|
7 |
|
|
|
Commercial |
|
579,038 |
|
|
40 |
|
|
|
568,265 |
|
|
40 |
|
|
|
542,571 |
|
|
42 |
|
|
|
Construction - custom and |
|
|
|
|
|
|
|
|
|
|
|
|
|
owner/builder |
|
134,878 |
|
|
9 |
|
|
|
129,699 |
|
|
9 |
|
117,592 |
|
|
9 |
|
|
|
Construction - speculative one-to four-family |
|
17,609 |
|
|
1 |
|
|
|
17,099 |
|
|
1 |
|
|
|
11,220 |
|
|
1 |
|
|
|
Construction - commercial |
|
36,702 |
|
|
3 |
|
|
|
51,064 |
|
|
4 |
|
|
|
36,825 |
|
|
3 |
|
|
|
Construction - multi-family |
|
57,019 |
|
|
4 |
|
|
|
57,140 |
|
|
4 |
|
|
|
89,040 |
|
|
7 |
|
|
|
Construction - land |
|
|
|
|
|
|
|
|
|
|
|
|
|
development |
|
18,878 |
|
|
1 |
|
|
|
18,841 |
|
|
1 |
|
|
|
17,015 |
|
|
1 |
|
|
|
Land |
|
28,697 |
|
|
2 |
|
|
|
26,726 |
|
|
2 |
|
|
|
25,872 |
|
|
2 |
|
|
|
Total mortgage loans |
|
1,283,264 |
|
|
88 |
|
|
|
1,249,237 |
|
|
88 |
|
|
|
1,137,251 |
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity and second |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage |
|
39,403 |
|
|
3 |
|
|
|
38,281 |
|
|
3 |
|
|
|
35,967 |
|
|
3 |
|
|
|
Other |
|
2,926 |
|
|
-- |
|
|
|
2,772 |
|
|
-- |
|
|
|
2,482 |
|
|
-- |
|
|
|
Total consumer loans |
|
42,329 |
|
|
3 |
|
|
|
41,053 |
|
|
3 |
|
|
|
38,449 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business loans |
|
136,942 |
|
|
9 |
|
|
|
135,802 |
|
|
9 |
|
|
|
127,085 |
|
|
10 |
|
|
|
SBA PPP loans |
|
423 |
|
|
-- |
|
|
|
466 |
|
|
-- |
|
|
|
631 |
|
|
-- |
|
|
|
Total commercial loans |
|
137,365 |
|
|
9 |
|
|
|
136,268 |
|
|
9 |
|
|
|
127,716 |
|
|
10 |
|
|
| Total loans |
|
1,462,958 |
|
|
100 |
% |
|
|
1,426,558 |
|
|
100 |
% |
|
|
1,303,416 |
|
|
100 |
% |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Undisbursed portion of |
|
|
|
|
|
|
|
|
|
|
|
|
|
construction loans in |
|
|
|
|
|
|
|
|
|
|
|
|
|
Process |
|
(104,683 |
) |
|
|
|
|
(103,194 |
) |
|
|
|
|
(112,096 |
) |
|
|
|
|
Deferred loan origination |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees |
|
(5,337 |
) |
|
|
|
|
(5,242 |
) |
|
|
|
|
(4,532 |
) |
|
|
|
|
Allowance for credit losses |
|
(16,655 |
) |
|
|
|
|
(15,817 |
) |
|
|
|
|
(14,229 |
) |
|
|
|
|
Total loans receivable, net |
$ |
1,336,283 |
|
|
|
|
$ |
1,302,305 |
|
|
|
|
$ |
1,172,559 |
|
|
|
|
_______________________(a) Does not include
one- to four-family loans held for sale totaling $1,425, $400, and
$0 at December 31, 2023, September 30, 2023, and December 31, 2022,
respectively.
The following table provides a breakdown of commercial real
estate (“CRE”) mortgage loans by collateral type as of December 31,
2023:
CRE
Loan Portfolio Breakdown by
Collateral
($ in thousands)
|
Collateral Type |
|
Balance |
|
Percent of CRE Portfolio |
|
Percent of Total Loan Portfolio |
|
Average Balance Per Loan |
|
Non-Accrual |
|
Industrial warehouse |
|
$ |
114,355 |
|
20 |
% |
|
8 |
% |
|
$ |
1,132 |
|
$ |
195 |
| Medical/dental offices |
|
|
80,767 |
|
14 |
|
|
6 |
|
|
|
1,324 |
|
|
-- |
| Office buildings |
|
|
65,543 |
|
11 |
|
|
5 |
|
|
|
745 |
|
|
-- |
| Other retail buildings |
|
|
50,003 |
|
9 |
|
|
3 |
|
|
|
538 |
|
|
-- |
| Mini-storage |
|
|
37,131 |
|
6 |
|
|
2 |
|
|
|
1,375 |
|
|
-- |
| Hotel/motel |
|
|
31,973 |
|
5 |
|
|
2 |
|
|
|
2,906 |
|
|
-- |
| Restaurants |
|
|
27,346 |
|
5 |
|
|
2 |
|
|
|
558 |
|
|
-- |
| Gas stations/Conv. Stores |
|
|
21,346 |
|
4 |
|
|
1 |
|
|
|
970 |
|
|
-- |
| Nursing homes |
|
|
18,024 |
|
3 |
|
|
1 |
|
|
|
2,575 |
|
|
-- |
| Shopping centers |
|
|
10,922 |
|
2 |
|
|
1 |
|
|
|
1,820 |
|
|
-- |
| Mobile home parks |
|
|
10,917 |
|
2 |
|
|
1 |
|
|
|
520 |
|
|
-- |
| Churches |
|
|
7,121 |
|
1 |
|
|
1 |
|
|
|
475 |
|
|
-- |
| Additional CRE |
|
|
103,590 |
|
18 |
|
|
7 |
|
|
|
719 |
|
|
488 |
|
Total CRE |
|
$ |
579,038 |
|
100 |
% |
|
40 |
% |
|
$ |
898 |
|
$ |
683 |
Timberland originated $88.93 million in loans during the quarter
ended December 31, 2023, compared to $89.25 million for the
preceding quarter and $101.67 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 past 15 months, a larger
percentage of single-family loan originations were retained in the
portfolio rather than being sold due to the increased yield
available on such loans. During the current quarter,
fixed-rate one- to four-family mortgage loans totaling $3.80
million were sold compared to $4.58 million for the preceding
quarter and $1.16 million for the comparable quarter one year
ago.
Investment
Securities Timberland’s
investment securities and CDs held for investment decreased $8.16
million, or 2%, to $319.83 million at December 31, 2023, from
$327.99 million at September 30, 2023. The decrease was primarily
due to maturities and scheduled amortization.
Deposits
Total deposits increased $66.13 million, or 4%, during the
quarter to $1.63 billion at December 31, 2023, from $1.56 billion
at September 30, 2023. The quarter’s increase consisted of a $79.81
million in money market account balances, an $18.81 million
increase in certificates of deposit balances and a $2.73 million
increase in NOW checking account balances. These increases were
partially offset by a $22.80 million decrease in non-interest
bearing deposit balances and a $12.42 million decrease in savings
account balances. The increase in money market account balances was
primarily due to several larger balance increases with commercial
customers.
|
Deposit Breakdown($ in thousands) |
|
|
|
| |
|
December 31, 2023 |
|
September
30, 2023 |
|
December 31, 2022 |
|
|
|
| |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
|
| Non-interest-bearing demand |
|
$ |
433,065 |
|
27 |
% |
$ |
455,864 |
|
29 |
% |
|
$ |
494,370 |
|
31 |
% |
|
| NOW checking |
|
|
389,463 |
|
24 |
|
|
386,730 |
|
25 |
|
|
|
444,742 |
|
28 |
|
|
| Savings |
|
|
215,948 |
|
13 |
|
|
228,366 |
|
15 |
|
|
|
279,514 |
|
17 |
|
|
| Money market |
|
|
269,686 |
|
17 |
|
|
189,875 |
|
12 |
|
|
|
229,643 |
|
14 |
|
|
| Certificates of deposit under
$250 |
|
|
181,762 |
|
11 |
|
|
170,221 |
|
11 |
|
|
|
110,897 |
|
7 |
|
|
| Certificates of deposit $250 and
over |
|
|
96,145 |
|
6 |
|
|
91,714 |
|
6 |
|
|
|
41,924 |
|
3 |
|
|
| Certificates of deposit –
brokered |
|
|
41,000 |
|
2 |
|
|
38,165 |
|
2 |
|
|
|
-- |
|
-- |
|
|
|
Total deposits |
|
$ |
1,627,069 |
|
100 |
% |
|
$ |
1,560,935 |
|
100 |
% |
|
$ |
1,601,090 |
|
|
100 |
|
% |
|
Borrowings
Total borrowings decreased to $20.00 million at December 31,
2023 from $35.00 million at September 30, 2023, as the Company
repaid $15.00 million in short-term FHLB borrowings during the
current quarter. At December 31, 2023, the weighted average rate on
the borrowings was 4.34%.
Shareholders’ Equity and Capital
Ratios
Total shareholders’ equity increased $4.30 million, or 2%, to
$237.37 million at December 31, 2023, from $233.07 million at
September 30, 2023. The increase in shareholders’ equity was
primarily due to net income of $6.30 million for the quarter,
$355,000 from the exercise of stock options, and a $257,000
reduction in the accumulated other comprehensive loss category for
fair value adjustments on available for sale investment securities.
These increases to shareholders’ equity were partially offset by
the payment of $1.87 million in dividends to shareholders, a
$488,000 adjustment to equity for the adoption of a new accounting
standard (as discussed below), and the repurchase of 12,330 shares
of common stock for $362,000 (an average price of $29.38 per
share). Timberland had 361,812 shares available to be
repurchased in accordance with the terms of its existing stock
repurchase plan at December 31, 2023.
Timberland remains well capitalized with a total
risk-based capital ratio of 19.50%, a Tier 1 leverage capital ratio
of 12.14%, a tangible common equity to tangible assets ratio
(non-GAAP) of 11.79%, and a shareholders’ equity to total assets
ratio of 12.53% at December 31, 2023. Timberland’s held to maturity
investment securities were $266.09 million at December 31, 2023,
with a net unrealized loss of $11.73 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 12.10%, compared to 12.53%,
as reported.
Asset Quality
In accordance with changes in GAAP, on October 1,
2023, Timberland adopted the new credit loss accounting standard
known as the Current Expected Credit Loss (“CECL”) model, which
replaced the incurred loss model. With the adoption of CECL, the
allowance for credit losses (“ACL”) for loans increased by
$460,000, the ACL for unfunded commitments increased by $65,000,
and an ACL for held to maturity investment securities of $92,000
was established. In addition, the Company recorded an increase to
deferred tax assets of $129,000, and a corresponding one-time
cumulative reduction to shareholders’ equity of $488,000 as of
October 1, 2023, which had no impact on earnings.
Timberland’s non-performing assets to total assets
ratio was 0.18% at December 31, 2023 compared to 0.09% at September
30, 2023 and 0.12% at September 30, 2022. There were net
charge-offs of $2,000 for the current quarter, compared to net
charge-offs of $12,000 for the preceding quarter and a net recovery
of $1,000 for the comparable quarter one year ago. During the
current quarter a $379,000 provision for credit losses on loans was
made, which was partially offset by a $33,000 recapture of credit
losses on unfunded commitments and a $10,000 recapture of credit
losses on investment securities. The ACL for loans as a percentage
of loans receivable was 1.23% at December 31, 2023, compared to
1.20% at September 30, 2023 and 1.20% one year ago.
Total delinquent loans (past due 30 days or more)
and non-accrual loans increased $1.35 million or 60%, to $3.60
million at December 31, 2023, from $2.25 million one year ago, and
increased $1.94 million, or 116%, from $1.67 million at September
30, 2023. Non-accrual loans increased $1.33 million, or 65%, to
$3.37 million at December 31, 2023, from $2.04 million one year
ago, and increased $1.85 million, or 122%, from $1.51 million at
September 30, 2023. The quarterly increase in non-accrual loans was
primarily due to two commercial business loans totaling $1.47
million being put on non-accrual status. These two commercial
business loans are partially guaranteed by the U.S. Small Business
Administration (“SBA”) and a specific reserve of $197,000 was set
up for the non-guaranteed portion of these two loans.
Non-Accrual Loans($ in
thousands)
| |
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
| |
Amount |
|
Quantity |
|
Amount |
|
Quantity |
|
Amount |
|
Quantity |
| Mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family |
$ |
602 |
|
4 |
|
$ |
368 |
|
2 |
|
$ |
383 |
|
2 |
|
Commercial |
|
683 |
|
2 |
|
|
683 |
|
2 |
|
|
658 |
|
2 |
|
Construction – custom and |
|
|
|
|
|
|
|
|
|
|
|
|
owner/builder |
|
150 |
|
1 |
|
|
-- |
|
-- |
|
|
-- |
|
-- |
|
Land |
|
-- |
|
-- |
|
|
-- |
|
-- |
|
|
425 |
|
2 |
|
Total mortgage loans |
|
1,435 |
|
7 |
|
|
1,051 |
|
4 |
|
|
1,466 |
|
6 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Home equity and second |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage |
|
171 |
|
1 |
|
|
177 |
|
1 |
|
|
263 |
|
3 |
|
Other |
|
-- |
|
-- |
|
|
-- |
|
1 |
|
|
2 |
|
1 |
|
Total consumer loans |
|
171 |
|
1 |
|
|
177 |
|
2 |
|
|
265 |
|
4 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Commercial business loans |
|
1,760 |
|
6 |
|
|
286 |
|
5 |
|
|
304 |
|
6 |
| Total loans |
$ |
3,366 |
|
14 |
|
$ |
1,514 |
|
11 |
|
$ |
2,035 |
|
16 |
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 caused
by increasing geopolitical instability (including wars, conflicts,
terrorist attacks, natural disasters, and other unexpected events
outside of our control), as well as increasing oil prices and
supply chain disruptions, and any governmental or societal
responses to novel coronavirus disease 2019 ("COVID-19") pandemic,
including the possibility of new COVID-19 variants; credit risks of
lending activities, including changes in the level and trend of
loan delinquencies and write-offs and changes in our allowance for
loan losses and provision for loan losses that may be impacted by
deterioration in the housing and commercial real estate markets
which may lead to increased losses and non-performing loans in our
loan portfolio may result in our allowance for loan losses not
being adequate to cover actual losses, and require us to materially
increase our loan loss reserves; 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; uncertainty regarding
the future of the London Interbank Offered Rate ("LIBOR"), and the
transition away from LIBOR toward new interest rate benchmarks;
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, 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 allowance
for loan losses, 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; 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 and including changes as a result
of COVID-19; 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, 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 in our 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 2024 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, |
| |
|
|
2023 |
|
|
|
2023 |
|
|
2022 |
| |
Interest and dividend
income |
|
|
|
|
|
|
| |
Loans receivable |
|
$ |
18,395 |
|
|
$ |
17,532 |
|
$ |
14,457 |
| |
Investment securities |
|
|
2,311 |
|
|
|
2,326 |
|
|
2,214 |
| |
Dividends from mutual funds, FHLB
stock and other investments |
|
|
91 |
|
|
|
85 |
|
|
51 |
| |
Interest bearing deposits in
banks |
|
|
1,699 |
|
|
|
1,619 |
|
|
2,390 |
| |
Total interest and dividend income |
|
|
22,496 |
|
|
|
21,562 |
|
|
19,112 |
| |
|
|
|
|
|
|
|
| |
Interest
expense |
|
|
|
|
|
|
| |
Deposits |
|
|
6,143 |
|
|
|
4,574 |
|
|
1,369 |
| |
Borrowings |
|
|
349 |
|
|
|
157 |
|
|
-- |
| |
Total interest expense |
|
|
6,492 |
|
|
|
4,731 |
|
|
1,369 |
| |
Net interest income |
|
|
16,004 |
|
|
|
16,831 |
|
|
17,743 |
| |
Provision for credit
losses - loans |
|
|
379 |
|
|
|
522 |
|
|
525 |
| |
Recapture of credit
losses – investment securities |
|
|
(10 |
) |
|
|
-- |
|
|
-- |
| |
Recapture of credit
losses - unfunded commitments |
|
|
(33 |
) |
|
|
-- |
|
|
-- |
| |
Net int. income after provision for (recapture of) credit
losses |
|
|
15,668 |
|
|
|
16,309 |
|
|
17,218 |
| |
|
|
|
|
|
|
|
| |
Non-interest
income |
|
|
|
|
|
|
| |
Service charges on deposits |
|
|
1,023 |
|
|
|
1,015 |
|
|
947 |
| |
ATM and debit card interchange
transaction fees |
|
|
1,264 |
|
|
|
1,333 |
|
|
1,251 |
| |
Gain on sales of loans, net |
|
|
78 |
|
|
|
97 |
|
|
21 |
| |
Bank owned life insurance
(“BOLI”) net earnings |
|
|
156 |
|
|
|
237 |
|
|
156 |
| |
Recoveries on investment
securities, net |
|
|
5 |
|
|
|
2 |
|
|
3 |
| |
Other |
|
|
272 |
|
|
|
240 |
|
|
327 |
| |
Total non-interest income, net |
|
|
2,798 |
|
|
|
2,924 |
|
|
2,705 |
| |
|
|
|
|
|
|
|
| |
Non-interest
expense |
|
|
|
|
|
|
| |
Salaries and employee
benefits |
|
|
5,911 |
|
|
|
5,756 |
|
|
5,900 |
| |
Premises and equipment |
|
|
973 |
|
|
|
982 |
|
|
924 |
| |
Loss on sale of premises and
equipment, net |
|
|
-- |
|
|
|
12 |
|
|
-- |
| |
Advertising |
|
|
186 |
|
|
|
235 |
|
|
195 |
| |
ATM and debit card
processing |
|
|
615 |
|
|
|
524 |
|
|
483 |
| |
Postage and courier |
|
|
126 |
|
|
|
135 |
|
|
121 |
| |
State and local taxes |
|
|
319 |
|
|
|
325 |
|
|
299 |
| |
Professional fees |
|
|
253 |
|
|
|
599 |
|
|
429 |
| |
FDIC insurance expense |
|
|
210 |
|
|
|
194 |
|
|
124 |
| |
Loan administration and
foreclosure |
|
|
105 |
|
|
|
118 |
|
|
120 |
| |
Data processing and
telecommunications |
|
|
974 |
|
|
|
933 |
|
|
789 |
| |
Deposit operations |
|
|
320 |
|
|
|
346 |
|
|
346 |
| |
Amortization of core deposit
intangible (“CDI”) |
|
|
56 |
|
|
|
68 |
|
|
68 |
| |
Other, net |
|
|
576 |
|
|
|
740 |
|
|
737 |
| |
Total non-interest expense, net |
|
|
10,624 |
|
|
|
10,967 |
|
|
10,535 |
| |
|
|
|
|
|
|
|
| |
Income before income
taxes |
|
|
7,842 |
|
|
|
8,266 |
|
|
9,388 |
| |
Provision for income
taxes |
|
|
1,546 |
|
|
|
1,624 |
|
|
1,881 |
| |
Net income |
|
$ |
6,296 |
|
|
$ |
6,642 |
|
$ |
7,507 |
| |
|
|
|
|
|
|
|
| |
Net income per common
share: |
|
|
|
|
|
|
| |
Basic |
|
$ |
0.78 |
|
|
$ |
0.82 |
|
$ |
0.91 |
| |
Diluted |
|
|
0.77 |
|
|
|
0.81 |
|
|
0.90 |
| |
|
|
|
|
|
|
|
| |
Weighted average common
shares outstanding: |
|
|
|
|
|
|
| |
Basic |
|
|
8,114,209 |
|
|
|
8,094,719 |
|
|
8,232,273 |
| |
Diluted |
|
|
8,166,048 |
|
|
|
8,156,497 |
|
|
8,318,733 |
| TIMBERLAND
BANCORP INC. AND SUBSIDIARYCONSOLIDATED BALANCE
SHEETS |
|
| ($ in thousands,
except per share amounts) (unaudited) |
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
| |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Assets |
|
|
|
|
|
|
| Cash and due from
financial institutions |
|
$ |
28,656 |
|
|
$ |
25,390 |
|
|
$ |
31,237 |
|
| Interest-bearing
deposits in banks |
|
|
129,365 |
|
|
|
103,331 |
|
|
|
193,659 |
|
| |
Total cash and cash
equivalents |
|
|
158,021 |
|
|
|
128,721 |
|
|
|
224,896 |
|
| |
|
|
|
|
|
|
|
| Certificates of
deposit (“CDs”) held for investment, at cost |
|
|
12,449 |
|
|
|
15,188 |
|
|
|
23,392 |
|
| Investment
securities: |
|
|
|
|
|
|
| |
Held to maturity, at amortized
cost (net of ACL – investment securities) |
|
|
266,085 |
|
|
|
270,218 |
|
|
|
278,585 |
|
| |
Available for sale, at fair
value |
|
|
40,446 |
|
|
|
41,771 |
|
|
|
55,841 |
|
| Investments in equity
securities, at fair value |
|
|
848 |
|
|
|
811 |
|
|
|
837 |
|
| FHLB stock |
|
|
2,001 |
|
|
|
3,602 |
|
|
|
2,194 |
|
| Other investments, at
cost |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
| Loans held for
sale |
|
|
1,425 |
|
|
|
400 |
|
|
|
-- |
|
| |
|
|
|
|
|
|
| Loans receivable |
|
|
1,352,938 |
|
|
|
1,318,122 |
|
|
|
1,186,788 |
|
| Less: ACL –
loans |
|
|
(16,655 |
) |
|
|
(15,817 |
) |
|
|
(14,229 |
) |
| |
Net loans receivable |
|
|
1,336,283 |
|
|
|
1,302,305 |
|
|
|
1,172,559 |
|
| |
|
|
|
|
|
|
|
| Premises and
equipment, net |
|
|
21,584 |
|
|
|
21,642 |
|
|
|
21,703 |
|
| BOLI |
|
|
23,122 |
|
|
|
22,966 |
|
|
|
22,962 |
|
| Accrued interest
receivable |
|
|
6,731 |
|
|
|
6,004 |
|
|
|
5,508 |
|
| Goodwill |
|
|
15,131 |
|
|
|
15,131 |
|
|
|
15,131 |
|
| CDI |
|
|
621 |
|
|
|
677 |
|
|
|
880 |
|
| Loan servicing
rights, net |
|
|
1,925 |
|
|
|
2,124 |
|
|
|
2,770 |
|
| Operating lease
right-of-use assets |
|
|
1,698 |
|
|
|
1,772 |
|
|
|
1,912 |
|
| Other assets |
|
|
3,745 |
|
|
|
3,573 |
|
|
|
3,374 |
|
| |
Total
assets |
|
$ |
1,895,115 |
|
|
$ |
1,839,905 |
|
|
$ |
1,835,544 |
|
| |
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
| Deposits:
Non-interest-bearing demand |
|
$ |
433,065 |
|
|
$ |
455,864 |
|
|
$ |
494,370 |
|
| Deposits:
Interest-bearing |
|
|
1,194,004 |
|
|
|
1,105,071 |
|
|
|
1,106,720 |
|
| |
Total deposits |
|
|
1,627,069 |
|
|
|
1,560,935 |
|
|
|
1,601,090 |
|
| |
|
|
|
|
|
|
|
| Operating lease
liabilities |
|
|
1,796 |
|
|
|
1,867 |
|
|
|
2,001 |
|
| FHLB borrowings |
|
|
20,000 |
|
|
|
35,000 |
|
|
|
-- |
|
| Other liabilities and
accrued expenses |
|
|
8,881 |
|
|
|
9,030 |
|
|
|
8,904 |
|
| |
Total
liabilities |
|
|
1,657,746 |
|
|
|
1,606,832 |
|
|
|
1,611,995 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
Common stock, $.01 par value; 50,000,000 shares
authorized;
8,120,708 shares issued and outstanding – December 31,
2023
8,105,338 shares issued and outstanding – September 30,
2023
8,231,197 shares issued and outstanding – December 31,
2022 |
|
|
34,869 |
|
|
|
34,771 |
|
|
|
38,878 |
|
| Retained
earnings |
|
|
203,327 |
|
|
|
199,386 |
|
|
|
185,406 |
|
| Accumulated other
comprehensive loss |
|
|
(827 |
) |
|
|
(1,084 |
) |
|
|
(735 |
) |
| |
Total shareholders’
equity |
|
|
237,369 |
|
|
|
233,073 |
|
|
|
223,549 |
|
| |
Total liabilities and
shareholders’ equity |
|
$ |
1,895,115 |
|
|
$ |
1,839,905 |
|
|
$ |
1,835,544 |
|
| KEY FINANCIAL RATIOS AND
DATA ($ in
thousands, except per share amounts) (unaudited) |
|
| |
Three Months
Ended |
| PERFORMANCE
RATIOS: |
|
Dec. 31, 2023 |
|
Sept. 30, 2023 |
|
Dec. 31, 2022 |
| Return on average assets (a) |
|
|
1.36 |
% |
|
|
1.45 |
% |
|
|
1.63 |
% |
| Return on average equity (a) |
|
|
10.75 |
% |
|
|
11.52 |
% |
|
|
13.63 |
% |
| Net interest margin (a) |
|
|
3.60 |
% |
|
|
3.85 |
% |
|
|
4.03 |
% |
| Efficiency ratio |
|
|
56.50 |
% |
|
|
55.52 |
% |
|
|
51.52 |
% |
| |
|
|
|
|
|
|
| ASSET QUALITY RATIOS AND
DATA: |
|
|
|
|
|
|
| Non-accrual loans |
|
$ |
3,366 |
|
|
$ |
1,514 |
|
|
$ |
2,035 |
|
| Loans past due 90 days and still
accruing |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
| Non-performing investment
securities |
|
|
85 |
|
|
|
82 |
|
|
|
98 |
|
| OREO and other repossessed
assets |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
| Total non-performing assets
(b) |
|
$ |
3,451 |
|
|
$ |
1,596 |
|
|
$ |
2,133 |
|
| |
|
|
|
|
|
|
| Non-performing assets to total
assets (b) |
|
|
0.18 |
% |
|
|
0.09 |
% |
|
|
0.12 |
% |
| Net charge-offs (recoveries)
during quarter |
|
$ |
2 |
|
|
$ |
12 |
|
|
$ |
(1 |
) |
| Allowance for credit losses -
loans to non-accrual loans, |
|
|
495 |
% |
|
|
1,045 |
% |
|
|
699 |
% |
| Allowance for credit losses -
loans to loans receivable (c) |
|
|
1.23 |
% |
|
|
1.20 |
% |
|
|
1.20 |
% |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS: |
|
|
|
|
|
|
| Tier 1 leverage capital |
|
|
12.14 |
% |
|
|
12.10 |
% |
|
|
11.46 |
% |
| Tier 1 risk-based capital |
|
|
18.25 |
% |
|
|
18.13 |
% |
|
|
18.07 |
% |
| Common equity Tier 1 risk-based
capital |
|
|
18.25 |
% |
|
|
18.13 |
% |
|
|
18.07 |
% |
|
Total risk-based capital |
|
|
19.50 |
% |
|
|
19.38 |
% |
|
|
19.32 |
% |
| Tangible common equity to
tangible assets (non-GAAP) |
|
|
11.79 |
% |
|
|
11.91 |
% |
|
|
11.41 |
% |
| |
|
|
|
|
|
|
|
BOOK VALUES: |
|
|
|
|
|
|
| Book value per common share |
|
$ |
29.23 |
|
|
$ |
28.76 |
|
|
$ |
27.16 |
|
| Tangible book value per common
share (d) |
|
|
27.29 |
|
|
|
26.81 |
|
|
|
25.21 |
|
________________________________________________
(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 loan 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, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
| |
Amount |
|
Rate |
|
Amount |
|
Rate |
|
Amount |
|
Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable and loans
held for sale |
$ |
1,332,971 |
|
|
5.52 |
% |
|
$ |
1,300,743 |
|
|
5.39 |
% |
|
$ |
1,164,369 |
|
|
4.97 |
% |
| Investment securities and FHLB
stock (1) |
|
317,164 |
|
|
3.03 |
|
|
|
322,122 |
|
|
2.99 |
|
|
|
329,396 |
|
|
2.75 |
|
| Interest-earning deposits in
banks and CDs |
|
126,253 |
|
|
5.38 |
|
|
|
123,894 |
|
|
5.23 |
|
|
|
266,439 |
|
|
3.59 |
|
|
Total interest-earning assets |
|
1,776,388 |
|
|
5.07 |
|
|
|
1,746,759 |
|
|
4.94 |
|
|
|
1,760,204 |
|
|
4.34 |
|
| Other assets |
|
81,612 |
|
|
|
|
|
84,191 |
|
|
|
|
|
84,806 |
|
|
|
|
Total assets |
$ |
1,858,000 |
|
|
|
|
$ |
1,830,950 |
|
|
|
|
$ |
1,845,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
| NOW checking accounts |
$ |
376,682 |
|
|
1.51 |
% |
|
$ |
390,787 |
|
|
1.27 |
% |
|
$ |
439,750 |
|
|
0.45 |
% |
| Money market accounts |
|
224,939 |
|
|
2.34 |
|
|
|
198,650 |
|
|
0.98 |
|
|
|
239,424 |
|
|
0.53 |
|
| Savings accounts |
|
220,042 |
|
|
0.22 |
|
|
|
234,094 |
|
|
0.21 |
|
|
|
279,832 |
|
|
0.12 |
|
| Certificates of deposit
accounts |
|
311,353 |
|
|
4.15 |
|
|
|
284,403 |
|
|
3.85 |
|
|
|
135,467 |
|
|
1.37 |
|
|
Total interest-bearing deposits |
|
1,133,016 |
|
|
2.18 |
|
|
|
1,107,934 |
|
|
1.66 |
|
|
|
1,094,473 |
|
|
0.50 |
|
| Borrowings |
|
28,804 |
|
|
4.81 |
|
|
|
15,435 |
|
|
4.04 |
|
|
|
-- |
|
|
-- |
|
|
Total interest-bearing liabilities |
|
1,161,820 |
|
|
2.22 |
|
|
|
1,123,369 |
|
|
1.69 |
|
|
|
1,094,473 |
|
|
0.50 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Non-interest-bearing demand
deposits |
|
450,027 |
|
|
|
|
|
465,183 |
|
|
|
|
|
519,307 |
|
|
|
| Other liabilities |
|
11,878 |
|
|
|
|
|
11,873 |
|
|
|
|
|
11,002 |
|
|
|
| Shareholders’ equity |
|
234,275 |
|
|
|
|
|
230,525 |
|
|
|
|
|
220,228 |
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
1,858,000 |
|
|
|
|
$ |
1,830,950 |
|
|
|
|
$ |
1,845,010 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
2.85 |
% |
|
|
|
3.25 |
% |
|
|
|
3.84 |
% |
|
Net interest margin (2) |
|
|
3.60 |
% |
|
|
|
3.85 |
% |
|
|
|
4.03 |
% |
|
Average interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
|
152.90 |
% |
|
|
|
|
155.49 |
% |
|
|
|
|
160.83 |
% |
|
|
_____________________________________(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, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
| |
|
|
|
|
|
|
| Shareholders’ equity |
|
$ |
237,369 |
|
|
$ |
233,073 |
|
|
$ |
223,549 |
|
| Less goodwill and CDI |
|
|
(15,752 |
) |
|
|
(15,808 |
) |
|
|
(16,011 |
) |
| Tangible common equity |
|
$ |
221,617 |
|
|
$ |
217,265 |
|
|
$ |
207,538 |
|
| |
|
|
|
|
|
|
| Total assets |
|
$ |
1,895,115 |
|
|
$ |
1,839,905 |
|
|
$ |
1,835,544 |
|
| Less goodwill and CDI |
|
|
(15,752 |
) |
|
|
(15,808 |
) |
|
|
(16,011 |
) |
| Tangible assets |
|
$ |
1,879,363 |
|
|
$ |
1,824,097 |
|
|
$ |
1,819,533 |
|
Contact: Dean J. Brydon, CEOJonathan A.
Fischer, President & COOMarci A. Basich,
CFO(360)
533-4747www.timberlandbank.com
Timberland Bancorp (NASDAQ:TSBK)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Timberland Bancorp (NASDAQ:TSBK)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
