Financial Performance - Timberland Bancorp reported net income of $6.76 million, or $0.85 per diluted common share for Q2 2025, a decrease of 2% from the previous quarter but an increase of 18% year-over-year[1][9]. - For the first six months of fiscal 2025, net income increased 13% to $13.62 million, or $1.71 per diluted common share, compared to $12.00 million, or $1.47 per diluted common share for the same period in fiscal 2024[2][9]. - Net income for Q2 2025 was $6,755,000, a decrease of 1.53% from $6,860,000 in Q1 2025 and an increase of 18.34% from $5,708,000 in Q2 2024[39]. - Net income for the six months ended March 31, 2025, was $13,615,000, an increase of 13.43% from $12,004,000 for the same period in 2024[40]. Asset and Deposit Growth - Total assets increased by 1% to $1.93 billion, with a $27.14 million increase in cash and cash equivalents contributing to this growth[15][9]. - Total deposits increased by $20 million, or 1%, during the quarter, driven by increases in checking and certificates of deposit account balances[3][9]. - Total deposits rose by $20.41 million, or 1%, to $1.65 billion at March 31, 2025, driven by increases in certificates of deposit and NOW checking accounts[24]. - Total assets increased to $1,932,730 thousand as of March 31, 2025, up from $1,909,480 thousand at December 31, 2024, representing a growth of 1.3%[41]. - Total deposits reached $1,650,830 thousand, an increase from $1,630,416 thousand at the end of 2024, marking a growth of 1.3%[41]. Loan Portfolio - The loan portfolio grew by 1% from the prior quarter and 4% year-over-year, with net loans receivable reaching $1.42 billion[3][9][17]. - Total mortgage loans increased to $1,336.74 million, representing 88% of total loans as of March 31, 2025, compared to $1,277.46 million and 88% a year ago[19]. - Commercial loans totaled $131.40 million, accounting for 9% of total loans, with a slight decrease from $135.87 million in the previous year[19]. - Timberland originated $56.76 million in loans during the quarter, a decrease from $72.07 million in the prior quarter[22]. - Net loans receivable rose to $1,420,074 thousand, compared to $1,411,819 thousand at the end of 2024, reflecting an increase of 0.9%[41]. Income and Expenses - Total interest and dividend income for Q2 2025 was $24,865,000, a decrease of 1.55% from $25,257,000 in Q1 2025 and an increase of 7.37% from $23,156,000 in Q2 2024[39]. - Net interest income for Q2 2025 was $17,213,000, up 1.43% from $16,970,000 in Q1 2025 and up 9.73% from $15,635,000 in Q2 2024[39]. - Total non-interest income for Q2 2025 was $2,687,000, a slight decrease from $2,697,000 in Q1 2025 and an increase from $2,615,000 in Q2 2024[39]. - Total non-interest expense for Q2 2025 was $11,194,000, an increase from $11,067,000 in Q1 2025 and from $10,991,000 in Q2 2024[39]. Capital and Efficiency - The efficiency ratio improved to 56.25% from 56.27% in the previous quarter and 60.22% a year ago[9][13]. - Shareholders' equity increased by $3.32 million, or 1%, to $252.52 million, supported by net income of $6.76 million for the quarter[28]. - The total risk-based capital ratio stood at 20.29%, indicating strong capitalization as of March 31, 2025[29]. - Return on average assets improved to 1.43% for the three months ended March 31, 2025, up from 1.41% in the previous quarter and 1.22% a year ago[42]. - Return on average equity was 10.95% for Q2 2025, slightly down from 11.03% in Q1 2025 but up from 9.67% in Q2 2024[42]. - The efficiency ratio improved to 56.25% for Q2 2025, down from 56.27% in Q1 2025 and significantly better than 60.22% in Q2 2024[42]. Credit Quality - A provision for credit losses of $237,000 was recorded for the quarter, reflecting loan portfolio growth and changes in composition[11]. - Non-performing assets to total assets ratio improved to 0.13%, down from 0.19% a year ago, reflecting enhanced asset quality[30]. - Total delinquent loans decreased by $697,000, or 17%, to $3.32 million compared to the previous quarter[31]. - Non-performing assets decreased to $2,589 thousand, down from $2,999 thousand at December 31, 2024, indicating improved asset quality[42]. - The allowance for credit losses for loans was 1.22% of loans receivable, consistent with the previous year[30]. Dividends - The Board of Directors announced a 4% increase in the quarterly cash dividend to $0.26 per share, marking the 50th consecutive quarter of dividend payments[3][4]. Economic Outlook - The company anticipates continued challenges from economic conditions, including inflation and potential recession risks, which may impact future performance[37].

Core Viewpoint - Timberland Bancorp, Inc. reported a net income of $6.76 million for the quarter ended March 31, 2025, reflecting a slight decrease from the previous quarter but a significant increase compared to the same quarter last year, driven by improved net interest margins and a solid capital position [1][6][10]. Earnings Highlights - Net income for the first six months of fiscal 2025 increased 13% to $13.62 million, or $1.71 per diluted common share, compared to $12.00 million, or $1.47 per diluted common share for the same period in fiscal 2024 [2][6]. - Quarterly earnings per diluted common share (EPS) decreased 1% to $0.85 from $0.86 in the preceding quarter but increased 21% from $0.70 in the comparable quarter one year ago [5][6]. - The net interest margin (NIM) expanded to 3.79% for the current quarter, up from 3.64% in the previous quarter and 3.48% a year ago [5][10]. Balance Sheet Highlights - Total assets increased 1% to $1.93 billion at March 31, 2025, compared to $1.91 billion at December 31, 2024, and also increased 1% year-over-year [15][30]. - Total deposits rose by $20 million, or 1%, during the quarter to $1.65 billion, with increases in various account types including certificates of deposit and checking accounts [25][27]. - Total shareholders' equity increased 1% to $252.52 million, driven by net income and partially offset by dividends and stock repurchases [29][30]. Operating Results - Operating revenue for the current quarter increased 1% to $19.90 million from $19.67 million in the preceding quarter and increased 9% from $18.25 million a year ago [8]. - Net interest income rose by $243,000, or 1%, to $17.21 million for the current quarter, with a 10% increase year-over-year [9][10]. - Non-interest income decreased slightly by less than 1% to $2.69 million for the current quarter but increased 3% from the comparable quarter one year ago [12]. Loan Portfolio and Asset Quality - The loan portfolio grew by 1% from the prior quarter and 4% year-over-year, with net loans receivable at $1.42 billion [17][31]. - The non-performing assets to total assets ratio improved to 0.13% at March 31, 2025, down from 0.16% at December 31, 2024, and 0.19% a year ago [31][32]. - Provisions for credit losses on loans totaled $237,000 for the quarter, reflecting growth in the loan portfolio [10][31]. Dividend Announcement - The Board of Directors announced a 4% increase in the quarterly cash dividend to $0.26 per share, marking the 50th consecutive quarter of dividend payments [3][5].

Financial Position - Total assets decreased by $14.00 million, or 0.7%, to $1.91 billion at December 31, 2024, from $1.92 billion at September 30, 2024[136]. - Total deposits decreased by $17.25 million, or 1.0%, to $1.63 billion at December 31, 2024, primarily due to decreases in money market and non-interest bearing account balances[138]. - Cash and cash equivalents and CDs held for investment decreased by $3.40 million, or 1.9%, to $171.54 million at December 31, 2024[140]. - Investment securities decreased by $11.19 million, or 4.6%, to $234.03 million at December 31, 2024, primarily due to maturities and prepayments[141]. - The principal amount of loans serviced for Freddie Mac and SBA decreased by $7.46 million to $363.10 million at December 31, 2024, from $370.56 million at September 30, 2024[148]. - The Bank's liquid assets increased to $249.46 million at December 31, 2024, up from $248.06 million at September 30, 2024[185]. - Timberland Bancorp had liquid assets of $1.73 million on an unconsolidated basis as of December 31, 2024[189]. Loan Performance - Net loans receivable decreased by $9.70 million, or 0.7%, to $1.41 billion at December 31, 2024, primarily due to decreases in commercial business and commercial real estate loans[137]. - Loan originations decreased by $16.86 million, or 19.1%, to $72.07 million for the three months ended December 31, 2024, from $88.93 million for the same period in 2023[144]. - The Company recorded a decrease in commercial business loans by $3.43 million and commercial real estate loans by $2.17 million during the reporting period[143]. - The Bank originated $72.07 million in loans during the three months ended December 31, 2024, compared to $88.93 million in the same period of 2023[183]. Income and Expenses - Net income increased by $564,000, or 9.0%, to $6.86 million for the quarter ended December 31, 2024, compared to $6.30 million for the same quarter in 2023[160]. - Total interest and dividend income increased by $2.76 million, or 12.3%, to $25.26 million for the quarter ended December 31, 2024, from $22.50 million for the same quarter in 2023[162]. - Net interest income rose by $966,000, or 6.0%, to $16.97 million for the quarter ended December 31, 2024, from $16.00 million for the same quarter in 2023[161]. - Total non-interest income decreased by $101,000, or 3.6%, to $2.70 million for the quarter ended December 31, 2024, from $2.80 million for the same quarter in 2023[176]. - Total non-interest expense increased by $443,000, or 4.2%, to $11.07 million for the quarter ended December 31, 2024, from $10.62 million for the same quarter in 2023[177]. - Total interest expense increased by $1.80 million, or 27.6%, to $8.29 million for the quarter ended December 31, 2024, from $6.49 million for the same quarter in 2023[164]. Credit Quality - The provision for credit losses on loans was $52,000 for the three months ended December 31, 2024, compared to $379,000 for the same period in 2023[131]. - A provision for credit losses of $27,000 was recorded for the quarter ended December 31, 2024, compared to $336,000 for the same quarter in 2023[171]. - Net charge-offs were $242,000 for the quarter ended December 31, 2024, compared to $2,000 for the same quarter in 2023[172]. - Non-performing assets decreased by $937,000, or 23.8%, to $3.00 million at December 31, 2024, from $3.94 million at September 30, 2024[152]. Shareholders' Equity - Shareholders' equity increased by $3.79 million, or 1.5%, to $249.20 million at December 31, 2024, primarily due to net income and proceeds from stock option exercises[139]. - Total shareholders' equity increased by $3.79 million, or 1.5%, to $249.20 million at December 31, 2024, from $245.41 million at September 30, 2024[151]. - The current quarterly common stock dividend rate is $0.25 per share, resulting in an average total dividend of approximately $1.99 million per quarter[190]. Regulatory and Capital Ratios - The Bank's Tier 1 capital was $233.57 million, with a Tier 1 capital ratio of 12.23% as of December 31, 2024[195]. - As of December 31, 2024, the Bank's regulatory liquidity ratio was 12.92%[180]. - The Bank had undisbursed lines of credit and commitments to extend credit totaling $131.54 million as of December 31, 2024[183]. Efficiency Metrics - The efficiency ratio improved slightly to 56.27% for the current quarter compared to 56.50% for the same quarter one year ago[177]. - The efficiency ratio improved to 56.27% for the three months ended December 31, 2024, compared to 56.50% in 2023[197]. Interest Margin - The net interest margin increased to 3.64% for the quarter ended December 31, 2024, up from 3.60% for the same quarter in 2023[165]. - The average balance of total interest-earning assets increased by $75.76 million, or 4.3%, to $1.85 billion for the quarter ended December 31, 2024, compared to $1.78 billion for the same quarter in 2023[163]. - The average balance of loans receivable increased by $105.17 million, or 7.9%, while the average balance of interest-bearing deposits in banks and CDs increased by $40.51 million, or 32.1%[163]. Taxation - The provision for income taxes increased by $167,000, or 10.8%, to $1.71 million for the quarter ended December 31, 2024, from $1.55 million for the same quarter in 2023[178].

[Financial Performance Summary (Q1 FY2025)](index=1&type=section&id=Financial%20Performance%20Summary%20(Q1%20FY22025)) Timberland Bancorp reported strong Q1 FY2025 results with increased net income, improved profitability ratios, and expanded net interest margin [Overview of Quarterly Results](index=1&type=section&id=Overview%20of%20Quarterly%20Results) Timberland Bancorp reported strong Q1 FY2025 net income of **$6.86 million** and **$0.86** diluted EPS, reflecting sequential and year-over-year growth, alongside a declared quarterly dividend | Metric | Q1 FY2025 (ended Dec 31, 2024) | Q4 FY2024 (ended Sep 30, 2024) | Q1 FY2024 (ended Dec 31, 2023) | | :--- | :--- | :--- | :--- | | Net Income | $6.86 million | $6.36 million | $6.30 million | | Diluted EPS | $0.86 | $0.79 | $0.77 | - Year-over-year, net income and EPS increased by **9%** and **12%**, respectively. Sequentially, they grew by **8%** and **9%**[2](index=2&type=chunk) - The Board of Directors announced a quarterly cash dividend of **$0.25 per share**, marking the 49th consecutive quarterly cash dividend[2](index=2&type=chunk) [Key Performance Metrics](index=1&type=section&id=Key%20Performance%20Metrics) Key profitability ratios improved in Q1 FY2025, with ROA at **1.41%**, ROE at **11.03%**, NIM at **3.64%**, and an improved efficiency ratio of **56.27%** | Performance Metric | Q1 FY2025 (ended Dec 31, 2024) | Q4 FY2024 (ended Sep 30, 2024) | Q1 FY2024 (ended Dec 31, 2023) | | :--- | :--- | :--- | :--- | | Return on Average Assets (ROA) | 1.41% | 1.32% | 1.36% | | Return on Average Equity (ROE) | 11.03% | 10.43% | 10.75% | | Net Interest Margin (NIM) | 3.64% | 3.58% | 3.60% | | Efficiency Ratio | 56.27% | 56.79% | 56.50% | - Tangible book value per share continued its upward trend, increasing to **$29.37** at quarter-end[2](index=2&type=chunk)[5](index=5&type=chunk) [Operating Results](index=2&type=section&id=Operating%20Results) Operating results for the quarter showed increased net interest income driven by an expanded net interest margin, reduced credit loss provisions, and stable non-interest expenses [Net Interest Income and Margin (NIM)](index=2&type=section&id=Net%20Interest%20Income%20and%20Margin%20(NIM)) Net interest income for the quarter increased **3%** sequentially to **$16.97 million**, with the net interest margin expanding to **3.64%** due to lower funding costs - Net interest income rose to **$16.97 million**, a **3%** increase from the preceding quarter and a **6%** increase from the year-ago quarter[7](index=7&type=chunk) - The NIM expanded to **3.64%** from **3.58%** in the prior quarter, driven by a reduction in funding costs as the weighted average cost of interest-bearing liabilities fell **8 basis points**[2](index=2&type=chunk)[7](index=7&type=chunk) - The current quarter's NIM was positively impacted by approximately **3 basis points** due to the collection of **$115,000** in pre-payment penalties, non-accrual interest, and late fees[7](index=7&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) The company recorded a modest provision for credit losses on loans of **$52,000**, a significant decrease from the prior quarter, partially offset by recaptures on unfunded commitments and investment securities | Provision/Recapture Category | Q1 FY2025 (ended Dec 31, 2024) | Q4 FY2024 (ended Sep 30, 2024) | | :--- | :--- | :--- | | Provision for credit losses - loans | $52,000 | $444,000 | | Recapture of credit losses - unfunded commitments | ($20,000) | ($59,000 provision) | | Recapture of credit losses - investment securities | ($5,000) | ($13,000) | [Non-Interest Income and Expense](index=3&type=section&id=Non-Interest%20Income%20and%20Expense) Non-interest income decreased by **8%** sequentially to **$2.70 million**, mainly due to lower gain on sales of loans, while non-interest expenses remained relatively flat - Non-interest income fell to **$2.70 million** from **$2.93 million** in the prior quarter, primarily due to a decrease in gain on sales of loans[10](index=10&type=chunk) - Operating expenses were stable at **$11.07 million**, a slight increase from **$11.06 million** in the preceding quarter[11](index=11&type=chunk) [Balance Sheet Analysis](index=3&type=section&id=Balance%20Sheet%20Analysis) The balance sheet reflects a slight decrease in total assets and deposits, a stable loan portfolio composition, and robust capital adequacy with strong liquidity [Asset and Liquidity Position](index=3&type=section&id=Asset%20and%20Liquidity%20Position) Total assets decreased by **1%** to **$1.91 billion**, while the company maintained a strong liquidity position with substantial secured borrowing capacity and a diversified deposit base - Total assets stood at **$1.91 billion** as of December 31, 2024, a **1%** decrease from the prior quarter but a **1%** increase year-over-year[5](index=5&type=chunk)[13](index=13&type=chunk) - The company has significant off-balance sheet liquidity, with **$656 million** in available secured borrowing line capacity through the FHLB and the Federal Reserve[5](index=5&type=chunk)[14](index=14&type=chunk) - Only **19%** of Timberland's deposits were uninsured or uncollateralized at December 31, 2024, indicating a strong and diversified deposit base[14](index=14&type=chunk) [Loan Portfolio](index=3&type=section&id=Loan%20Portfolio) Net loans receivable decreased by **1%** to **$1.41 billion** despite higher originations, with mortgage loans comprising **88%** of the stable portfolio composition - Net loans receivable decreased by **$9.70 million**, or **1%**, during the quarter to **$1.41 billion**[15](index=15&type=chunk) - Loan originations increased to **$72.07 million** during the quarter, compared to **$48.82 million** in the preceding quarter[20](index=20&type=chunk) [Overall Loan Portfolio Composition](index=4&type=section&id=Overall%20Loan%20Portfolio%20Composition) As of December 31, 2024, total loans were **$1.52 billion**, with commercial real estate and one- to four-family mortgage loans being the largest categories | Loan Category | Amount (Dec 31, 2024) | Percent of Total | | :--- | :--- | :--- | | **Mortgage Loans** | **$1,332.6M** | **88%** | | - Commercial | $597.1M | 39% | | - One- to four-family | $306.4M | 20% | | - Multi-family | $177.9M | 12% | | - Construction (all types) | $220.0M | 15% | | **Commercial Loans** | **$135.5M** | **9%** | | **Consumer Loans** | **$51.7M** | **3%** | | **Total Loans** | **$1,519.9M** | **100%** | [Commercial Real Estate (CRE) Portfolio](index=5&type=section&id=Commercial%20Real%20Estate%20(CRE)%20Portfolio) The Commercial Real Estate (CRE) portfolio totaled **$597.1 million**, representing **39%** of the total loan portfolio, diversified across various collateral types with industrial warehouse properties as the largest segment | CRE Collateral Type | Balance | % of CRE Portfolio | % of Total Loan Portfolio | | :--- | :--- | :--- | :--- | | Industrial warehouse | $126.4M | 21% | 8% | | Medical/dental offices | $84.8M | 14% | 6% | | Office buildings | $67.6M | 11% | 4% | | Other retail buildings | $52.3M | 9% | 3% | | **Total CRE** | **$597.1M** | **100%** | **39%** | [Deposits](index=5&type=section&id=Deposits) Total deposits decreased by **1%** to **$1.63 billion**, driven by shifts from non-interest-bearing accounts to higher-yielding certificates of deposit - Total deposits decreased by **$17.25 million**, or **1%**, to **$1.63 billion** at December 31, 2024[22](index=22&type=chunk) | Deposit Category | Amount (Dec 31, 2024) | Percent of Total | | :--- | :--- | :--- | | Non-interest-bearing demand | $402.9M | 25% | | NOW checking | $323.4M | 20% | | Money market | $311.4M | 19% | | Savings | $206.8M | 13% | | Certificates of deposit (CDs) | $385.8M | 23% | | **Total Deposits** | **$1,630.4M** | **100%** | [Shareholders' Equity and Capital Adequacy](index=6&type=section&id=Shareholders'%20Equity%20and%20Capital%20Adequacy) Shareholders' equity increased by **2%** to **$249.20 million**, supported by net income and share repurchases, with capital ratios remaining well above regulatory requirements - Total shareholders' equity increased by **$3.79 million** (**2%**) during the quarter to **$249.20 million**[26](index=26&type=chunk) - The company repurchased **27,260 shares** of common stock at an average price of **$32.38 per share**[26](index=26&type=chunk) - The bank remains well-capitalized, with a total risk-based capital ratio of **19.95%** and a tangible common equity to tangible assets ratio of **12.34%**[27](index=27&type=chunk) [Asset Quality](index=6&type=section&id=Asset%20Quality) Asset quality improved with a decrease in non-performing assets and non-accrual loans, while the allowance for credit losses remained strong [Non-Performing Assets and Delinquencies](index=6&type=section&id=Non-Performing%20Assets%20and%20Delinquencies) Asset quality metrics improved, with non-performing assets to total assets decreasing to **0.16%** and non-accrual loans falling **30%** to **$2.73 million** - The non-performing assets to total assets ratio improved to **0.16%** at Dec 31, 2024, down from **0.20%** at Sep 30, 2024[28](index=28&type=chunk) - Non-accrual loans decreased by **$1.15 million**, or **30%**, to **$2.73 million** from **$3.89 million** in the prior quarter[29](index=29&type=chunk) | Non-Accrual Loan Category | Amount (Dec 31, 2024) | Amount (Sep 30, 2024) | | :--- | :--- | :--- | | Commercial business loans | $1,401k | $2,060k | | Mortgage loans | $745k | $1,207k | | Consumer loans | $587k | $618k | | **Total Non-Accrual Loans** | **$2,733k** | **$3,885k** | - The allowance for credit losses (ACL) for loans was **1.21%** of loans receivable, stable with the prior quarter, and provided coverage of **633%** of non-accrual loans[28](index=28&type=chunk)[38](index=38&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) The consolidated financial statements provide a detailed overview of the company's income and financial position for the quarter [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended December 31, 2024, the company reported total interest income of **$25.26 million** and net income of **$6.86 million** after provisions and non-interest items | Income Statement (in thousands) | Three Months Ended Dec 31, 2024 | | :--- | :--- | | Net Interest Income | $16,970 | | Provision for Credit Losses (Net) | $27 | | Net Interest Income after Provision | $16,943 | | Total Non-interest Income | $2,697 | | Total Non-interest Expense | $11,067 | | Income Before Income Taxes | $8,573 | | **Net Income** | **$6,860** | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, Timberland Bancorp's balance sheet showed total assets of **$1.91 billion**, with **$1.41 billion** in net loans and **$1.63 billion** in total deposits | Balance Sheet (in thousands) | As of Dec 31, 2024 | | :--- | :--- | | **Assets** | | | Total Cash and Cash Equivalents | $164,071 | | Net Loans Receivable | $1,411,819 | | Investment Securities (Net) | $234,025 | | **Total Assets** | **$1,909,480** | | **Liabilities & Equity** | | | Total Deposits | $1,630,416 | | FHLB Borrowings | $20,000 | | **Total Liabilities** | **$1,660,281** | | **Total Shareholders' Equity** | **$249,199** | [Supplementary Information](index=12&type=section&id=Supplementary%20Information) Supplementary information includes reconciliations of GAAP to non-GAAP financial measures, providing additional insights into capital adequacy [Non-GAAP Financial Measures](index=14&type=section&id=Non-GAAP%20Financial%20Measures) The company provides non-GAAP measures like tangible common equity and tangible assets to offer a broader understanding of capital adequacy by excluding intangible assets Reconciliation of GAAP to Non-GAAP Measures (in thousands) | Measure | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | | Shareholders' Equity (GAAP) | $249,199 | $245,413 | | Less: Goodwill and CDI | ($15,537) | ($15,582) | | **Tangible Common Equity (Non-GAAP)** | **$233,662** | **$229,831** | | Total Assets (GAAP) | $1,909,480 | $1,923,475 | | Less: Goodwill and CDI | ($15,537) | ($15,582) | | **Tangible Assets (Non-GAAP)** | **$1,893,943** | **$1,907,893** |

Core Viewpoint - Timberland Bancorp, Inc. reported a solid start to its 2025 fiscal year with improvements in net income, earnings per share, and profitability metrics compared to the prior quarter and the same quarter last year [2][5]. Earnings Highlights - Net income for the quarter ended December 31, 2024, was $6.86 million, or $0.86 per diluted common share, representing an 8% increase from $6.36 million in the previous quarter and a 9% increase from $6.30 million a year ago [1][5]. - Earnings per diluted common share increased 9% from $0.79 in the previous quarter and 12% from $0.77 a year ago [4][5]. - Return on average assets rose to 1.41% and return on average equity increased to 11.03% [4][11]. Balance Sheet Highlights - Total assets decreased by 1% to $1.91 billion from the previous quarter but increased by 1% year-over-year [14][11]. - Total deposits decreased by $17 million, or 1%, during the quarter, while total borrowings remained unchanged at $20 million [11][24]. - Total shareholders' equity increased by 2% from the previous quarter to $249.20 million, reflecting a strong capital position [28][11]. Operating Results - Operating revenue increased by 1% to $19.67 million from the previous quarter and by 5% from a year ago [7]. - Net interest income rose by 3% to $16.97 million compared to the previous quarter and by 6% from the same quarter last year [8]. - Non-interest income decreased by 8% to $2.70 million from the previous quarter, primarily due to a decrease in gains on sales of loans [10]. Loan Portfolio - Net loans receivable decreased by 1% to $1.41 billion during the quarter, influenced by an increase in loan payoffs [16][11]. - Timberland originated $72.07 million in loans during the quarter, compared to $48.82 million in the previous quarter [22]. Asset Quality - Non-performing assets to total assets ratio improved to 0.16% from 0.20% in the previous quarter [30]. - Total delinquent loans decreased by 10% to $4.02 million, and non-accrual loans decreased by nearly 30% to $2.73 million [31][30]. Liquidity - Liquidity remained strong, with cash and cash equivalents representing 15.0% of total liabilities at December 31, 2024 [15]. - Timberland had secured borrowing line capacity of $656 million available through the Federal Home Loan Bank and the Federal Reserve [15].

Core Points - Timberland Bancorp reported a net income of $6.86 million, or $0.86 per diluted common share for the quarter ended December 31, 2024, representing an increase of 8% from the previous quarter and 9% year-over-year [1][5][41] - The company experienced improvements in key performance metrics, including a 9% increase in earnings per share compared to the prior quarter and a 12% increase year-over-year [2][5] - A quarterly cash dividend of $0.25 per share was announced, marking the 49th consecutive quarter of dividend payments [2] Earnings Highlights - Quarterly earnings per diluted common share increased 9% to $0.86 from $0.79 for the preceding quarter and 12% from $0.77 for the comparable quarter one year ago [5][4] - 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 [5][4] Balance Sheet Highlights - Total assets decreased 1% from the prior quarter to $1.91 billion, while increasing 1% year-over-year [11][14] - Total shareholders' equity increased 2% from the prior quarter to $249.20 million, and increased 5% year-over-year [28] - The non-performing assets to total assets ratio improved to 0.16% at December 31, 2024, compared to 0.20% at September 30, 2024 [31] Operating Results - Operating revenue 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 [7] - Net interest income increased 3% to $16.97 million for the current quarter from $16.55 million for the preceding quarter and increased 6% from $16.00 million for the comparable quarter one year ago [8] - Non-interest income decreased 8% to $2.70 million for the current quarter from $2.93 million for the preceding quarter [10] Loan and Deposit Activity - Total deposits decreased 1% during the quarter to $1.63 billion, with a notable decrease in money market account balances [24][26] - Net loans receivable decreased 1% during the quarter to $1.41 billion, primarily due to an increase in the undisbursed portion of construction loans [16][22] - Timberland originated $72.07 million in loans during the quarter, compared to $48.82 million for the preceding quarter [22] Credit Quality - The provision for credit losses on loans was recorded at $52,000 for the quarter, significantly lower than the $444,000 provision for the preceding quarter [9] - Total delinquent loans decreased 10% to $4.02 million at December 31, 2024, from $4.49 million at September 30, 2024 [32]

Financial Performance - Quarterly net income increased by 7% to $6.36 million, with EPS of $0.79, compared to $5.92 million and $0.74 in the previous quarter[1] - Fiscal year net income decreased by 10% to $24.28 million, with EPS of $3.01, down from $27.12 million and $3.29 in the previous fiscal year[2] - Operating revenue for the quarter increased by 4% to $19.48 million, while fiscal year revenue decreased by 5% to $75.30 million[7][10] - Non-interest income for the quarter increased by 5% to $2.93 million, while fiscal year non-interest income decreased slightly to $11.136 million[12][13] - Net income for Q4 2024 was $1,572 thousand, slightly up from $1,535 thousand in Q3 2024, reflecting a growth of 2.4%[41] - Basic net income per common share increased to $0.80 in Q4 2024 from $0.74 in Q3 2024, a rise of 8.1%[41] - Basic net income per common share decreased to $3.02 for the year ended September 30, 2024, down from $3.32 in the previous year, a decline of 9.0%[42] Asset and Loan Growth - Net loans increased by 9% year-over-year, totaling $1.42 billion, with a quarterly increase of 2% or $24.50 million[4][19] - Total assets increased by 1% to $1.92 billion during the quarter, with a year-over-year increase of 5%[6][17] - Loans receivable rose to $1,439,001,000 as of September 30, 2024, compared to $1,318,122,000 a year earlier, indicating an increase of 9.2%[43] - Total mortgage loans decreased to $1,207 million in Q4 2024 from $1,597 million in Q3 2024, a decline of 24.4%[34] - Timberland originated $48.82 million in loans during the quarter ended September 30, 2024, compared to $74.32 million for the preceding quarter[23] Deposit and Equity Changes - Total deposits increased by 6% year-over-year, reaching $1.5 billion, with a quarterly increase of 1% or $19 million[4][6] - Total deposits increased to $1,647,668,000 as of September 30, 2024, compared to $1,560,935,000 a year earlier, reflecting a rise of 5.5%[43] - Total shareholders' equity increased by $4.19 million, or 2%, to $245.41 million at September 30, 2024, from $241.22 million at June 30, 2024[30] - Shareholders' equity increased to $245,413 thousand in September 2024, up from $241,223 thousand in June 2024 and $233,073 thousand in September 2023, reflecting a year-over-year growth of 5.5%[52] Interest and Margin Analysis - Net interest margin improved to 3.58% for the quarter, up from 3.53% in the previous quarter, but down from 3.85% a year ago[5][8] - Total interest and dividend income increased to $25,035 thousand in Q4 2024, up 3.7% from $24,139 thousand in Q3 2024[41] - Net interest income after provision for credit losses was $16,057 thousand in Q4 2024, compared to $15,737 thousand in Q3 2024, an increase of 2%[41] - The company reported a net interest margin of 3.58% for the quarter ended September 30, 2024, compared to 3.53% in the previous quarter[44] Credit Quality and Risk Management - Non-performing assets to total assets ratio was 0.20% at September 30, 2024, compared to 0.22% at June 30, 2024[32] - Total delinquent loans increased by $244,000, or 6%, to $4.49 million at September 30, 2024, from $4.23 million at June 30, 2024[33] - The allowance for credit losses (ACL) for loans as a percentage of loans receivable was 1.21% at September 30, 2024[32] - Non-accrual loans decreased to $3,885 million in Q4 2024 from $4,120 million in Q3 2024, a reduction of 5.7%[36] - The allowance for credit losses to non-accrual loans ratio increased to 450% in Q4 2024 from 414% in Q3 2024, reflecting a conservative approach to credit risk management[46] Dividend and Shareholder Returns - A 4% increase in the quarterly cash dividend to $0.25 per share was announced, marking the 48th consecutive quarter of dividend payments[3] Economic Outlook - The company anticipates potential economic challenges, including inflation and credit risks, which may impact future performance[38]

Financial Performance - Timberland reported net income of $5.92 million, or $0.74 per diluted common share, for Q3 2024, a 4% increase in net income and a 6% increase in EPS compared to the prior quarter[2][11]. - For the first nine months of fiscal 2024, net income decreased 12% to $17.93 million, or $2.21 per diluted common share, compared to $20.48 million, or $2.47 per diluted common share for the same period in fiscal 2023[3][11]. - Net income for Q3 2024 was $5,924,000, a decrease of 6.0% from $6,306,000 in Q3 2023[38]. - Net income for the nine months ended June 30, 2024, was $17,928,000, down 12.5% from $20,476,000 in the same period of 2023[39]. - Basic net income per common share for Q3 2024 was $0.74, compared to $0.77 in Q3 2023[38]. Asset and Loan Growth - Net loans receivable increased by $38 million, or 3%, during the quarter, with year-over-year growth of 11%[5][6][19]. - Total mortgage loans increased to $1,323,338 thousand at June 30, 2024, up from $1,205,575 thousand a year ago, representing a growth of 9.8%[21]. - Timberland originated $74.32 million in loans during the quarter ended June 30, 2024, compared to $39.37 million in the previous quarter, marking an increase of 88.7%[22]. - Total assets decreased slightly by less than 1% during the quarter but increased by 5% year-over-year to $1.90 billion[17][11]. - Total assets as of June 30, 2024, were $1,900,629,000, a decrease from $1,907,234,000 in March 2024 and an increase from $1,807,713,000 in June 2023[40]. - Net loans receivable increased to $1,397,019,000 from $1,359,116,000 in March 2024, and from $1,260,647,000 in June 2023, reflecting a growth of 2.8% quarter-over-quarter and 10.8% year-over-year[40]. Deposits and Equity - Total deposits decreased by $10 million during the quarter but increased by 5% year-over-year[5][11]. - Total deposits decreased by $10.01 million, or 1%, to $1.63 billion at June 30, 2024, from $1.64 billion at March 31, 2024[24]. - Total shareholders' equity rose by $2.54 million, or 1%, to $241.23 million at June 30, 2024, driven by net income of $5.92 million for the quarter[28]. - Shareholders' equity grew to $241,223, up from $229,263 a year ago, reflecting an increase of 5.22%[49]. Interest and Income Metrics - The net interest margin improved to 3.53% for Q3 2024, up from 3.48% in the previous quarter, but down from 3.94% in the comparable quarter one year ago[5][11]. - Total interest and dividend income for Q3 2024 was $24,139,000, an increase of 26.5% compared to $19,889,000 in Q3 2023[38]. - The company reported a total interest expense of $8,158,000 in Q3 2024, up from $3,255,000 in Q3 2023, reflecting rising interest rates[38]. - For the nine months ended June 30, 2024, total interest and dividend income was $69,790,000, up 19.5% from $58,389,000 in the same period of 2023[39]. Credit Quality and Loss Provisions - A provision for credit losses of $264,000 was recorded for the quarter, compared to $166,000 in the previous quarter[13][11]. - Provision for credit losses on loans was $264,000 in Q3 2024, compared to $610,000 in Q3 2023, indicating improved credit quality[38]. - Non-performing assets to total assets ratio increased to 0.22% at June 30, 2024, compared to 0.19% at March 31, 2024[30]. - Total delinquent loans increased by $33,000, or 1%, to $4.23 million at June 30, 2024, with non-accrual loans rising by 14% to $4.12 million[31]. - The allowance for credit losses to loans receivable ratio was 1.21% in Q3 2024, consistent with 1.22% in Q2 2024 and slightly up from 1.20% in Q3 2023[41]. Efficiency and Ratios - The efficiency ratio improved to 58.97% for Q3 2024, down from 60.22% in the previous quarter[11][15]. - Return on average assets for Q3 2024 was 1.25%, up from 1.22% in Q2 2024 but down from 1.42% in Q3 2023[41]. - Return on average equity improved to 9.95% in Q3 2024 from 9.67% in Q2 2024, but decreased from 11.07% in Q3 2023[41]. - The efficiency ratio for Q3 2024 was 58.97%, an improvement from 60.22% in Q2 2024 but higher than 56.01% in Q3 2023[41]. Investment and Securities - Investment securities and CDs held for investment decreased by $23.01 million, or 8%, to $262.60 million at June 30, 2024[23]. - Total interest-earning assets reached $1,801,539, with an average interest rate of 5.17%, up from $1,722,265 and 4.52% in the prior year[45]. - Total interest-bearing deposits increased to $1,180,573, with an average interest rate of 2.42%, compared to $1,076,772 and 0.84% last year[45]. Capital Adequacy - The total risk-based capital ratio stood at 19.22% at June 30, 2024, indicating that Timberland remains well capitalized[29]. - The company continues to focus on enhancing capital adequacy through non-GAAP financial measures, providing a broader understanding of financial performance[46].

Core Viewpoint Timberland Bancorp, Inc. reported a net income of $5.92 million for the quarter ended June 30, 2024, reflecting a 4% increase from the previous quarter, but a 6% decrease compared to the same quarter last year. The company experienced improvements in net interest margin and loan portfolio growth, although overall earnings were lower than the previous year due to increased deposit costs impacting margins. Earnings Highlights - Net income for the quarter was $5.92 million, or $0.74 per diluted common share, up from $5.71 million and $0.70 per share in the prior quarter, but down from $6.31 million and $0.77 per share a year ago [1][10][12] - Earnings per diluted common share (EPS) increased by 6% from the previous quarter but decreased by 4% year-over-year [12] - For the first nine months of fiscal 2024, net income decreased by 12% to $17.93 million, or $2.21 per diluted common share, compared to $20.48 million, or $2.47 per share for the same period in fiscal 2023 [10][12] Balance Sheet Highlights - Total assets decreased by $6.61 million, or less than 1%, to $1.90 billion from the previous quarter, but increased by $92.92 million, or 5%, year-over-year [7][13] - Total deposits decreased by $10.01 million, or 1%, during the quarter, but increased by 5% year-over-year [34][13] - Total shareholders' equity increased by $2.54 million, or 1%, to $241.23 million at June 30, 2024 [37] Loan Portfolio - Net loans receivable increased by $37.90 million, or 3%, during the quarter, with an 11% increase year-over-year [27][10] - The loan portfolio growth was primarily driven by increases in commercial real estate, one- to four-family, and multi-family loans [2][27] - Timberland originated $74.32 million in loans during the quarter, compared to $39.37 million in the previous quarter [32] Non-Interest Income and Expenses - Non-interest income increased by $176,000, or 7%, to $2.79 million for the current quarter compared to the previous quarter [24] - Total operating (non-interest) expenses increased by $78,000, or 1%, to $11.07 million from the previous quarter [6][10] Asset Quality - Non-performing assets to total assets ratio was 0.22% at June 30, 2024, compared to 0.19% at March 31, 2024 [39] - Net charge-offs totaled $36,000 for the current quarter, up from $3,000 in the previous quarter [39][40] Dividend Announcement - The Board of Directors announced a quarterly cash dividend of $0.24 per share, marking the 47th consecutive quarter of dividend payments [11]

[Part I. Financial Information](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements, detailing financial position, operating results, and cash flows, including CECL adoption [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity at period-end - Total assets increased by **3.7%** to **$1.91 billion** at March 31, 2024, from **$1.84 billion** at September 30, 2023, primarily driven by an increase in net loans receivable and cash equivalents, funded by a rise in total deposits[143](index=143&type=chunk) Consolidated Balance Sheet Summary (in thousands USD) | Account | March 31, 2024 (Unaudited) | September 30, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Total cash and cash equivalents | $180,349 | $128,721 | | Loans receivable, net | $1,359,116 | $1,302,305 | | Investment securities (AFS & HTM) | $273,564 | $311,989 | | **Total Assets** | **$1,907,234** | **$1,839,905** | | **Liabilities & Equity** | | | | Total deposits | $1,638,554 | $1,560,935 | | FHLB borrowings | $20,000 | $35,000 | | **Total Liabilities** | **$1,668,555** | **$1,606,832** | | **Total Shareholders' Equity** | **$238,679** | **$233,073** | | **Total Liabilities & Equity** | **$1,907,234** | **$1,839,905** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) This section details the company's revenues, expenses, and net income over specific periods - Net income for the quarter ended March 31, 2024, decreased by **14.3%** year-over-year, primarily due to a significant increase in interest expense which compressed net interest income, partially offset by a lower provision for credit losses[170](index=170&type=chunk) Income Statement Highlights (in thousands USD, except per share data) | Metric | Q2 2024 | Q2 2023 | Change | 6 Months 2024 | 6 Months 2023 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $15,635 | $17,151 | -8.8% | $31,639 | $34,894 | -9.3% | | Provision for Credit Losses | $81 | $475 | -82.9% | $417 | $1,000 | -58.3% | | **Net Income** | **$5,708** | **$6,663** | **-14.3%** | **$12,004** | **$14,169** | **-15.3%** | | Diluted EPS | $0.70 | $0.80 | -12.5% | $1.47 | $1.70 | -13.5% | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section outlines the sources and uses of cash from operating, investing, and financing activities - For the six months ended March 31, 2024, the company experienced a net increase in cash and cash equivalents of **$51.6 million**, driven by strong net cash from financing activities (**$56.2 million**) primarily from an increase in deposits, offsetting net cash used in operating and investing activities[27](index=27&type=chunk) Cash Flow Summary for Six Months Ended March 31 (in thousands USD) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $8,975 | $15,364 | | Net cash used in investing activities | ($13,506) | ($100,772) | | Net cash provided by (used in) financing activities | $56,159 | ($88,864) | | **Net increase (decrease) in cash** | **$51,628** | **($174,272)** | [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on accounting policies, financial statement line items, and the impact of CECL adoption - Effective October 1, 2023, the Company adopted ASU 2016-13 (CECL), resulting in a cumulative effect adjustment that increased the ACL on loans by **$461,000**, the ACL on investment securities by **$92,000**, and the ACL on unfunded commitments by **$65,000**, with a net-of-tax charge of **$488,000** to retained earnings[118](index=118&type=chunk) - The loan portfolio is primarily composed of mortgage loans (**87.6%**), with commercial real estate loans representing the largest single category at **39.6%** of total loans receivable[53](index=53&type=chunk) - The investment securities portfolio is primarily composed of U.S. Treasury, government agency, and mortgage-backed securities, with gross unrealized losses of **$11.34 million** in held-to-maturity and **$977,000** in available-for-sale categories as of March 31, 2024, primarily due to interest rate changes[31](index=31&type=chunk)[32](index=32&type=chunk) [Management's Discussion and Analysis (MD&A)](index=44&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, operating results, and liquidity, highlighting key performance drivers and trends [Comparison of Financial Condition](index=47&type=section&id=Comparison%20of%20Financial%20Condition) This section analyzes changes in the company's balance sheet, including assets, liabilities, and equity over time - Total assets grew by **$67.33 million** (**3.7%**) to **$1.91 billion** at March 31, 2024, from September 30, 2023, mainly due to a **$56.81 million** (**4.4%**) increase in net loans receivable[143](index=143&type=chunk)[144](index=144&type=chunk) - Total deposits increased by **$77.62 million** (**5.0%**) to **$1.64 billion**, primarily driven by a **$122.12 million** increase in money market accounts and a **$53.85 million** increase in certificates of deposit, partially offset by decreases in non-interest-bearing demand and NOW checking accounts[145](index=145&type=chunk)[156](index=156&type=chunk) - Shareholders' equity rose by **$5.61 million** (**2.4%**) to **$238.68 million**, reflecting net income of **$12.00 million**, partially offset by **$3.82 million** in dividends and **$3.03 million** in stock repurchases over the six-month period[146](index=146&type=chunk)[159](index=159&type=chunk) [Comparison of Operating Results](index=55&type=section&id=Comparison%20of%20Operating%20Results) This section compares the company's financial performance across different periods, focusing on revenue, expenses, and profitability - Quarterly net income decreased **14.3%** YoY to **$5.71 million**, and six-month net income decreased **15.3%** to **$12.00 million**, with the decline primarily caused by a decrease in net interest income[170](index=170&type=chunk)[171](index=171&type=chunk) - Net interest margin (NIM) compressed to **3.48%** for the quarter ended March 31, 2024, down from **3.99%** in the prior-year quarter, driven by a **236.4%** increase in total interest expense as the average cost of interest-bearing liabilities rose from **0.84%** to **2.50%**[173](index=173&type=chunk)[176](index=176&type=chunk)[179](index=179&type=chunk) - The efficiency ratio deteriorated to **60.22%** for the quarter, compared to **55.31%** a year ago, reflecting lower total revenue and slightly higher non-interest expense[201](index=201&type=chunk) [Asset Quality](index=53&type=section&id=Asset%20Quality) This section assesses the quality of the company's loan and investment portfolios, including non-performing assets and credit loss provisions - Non-performing assets (NPAs) increased by **130.8%** to **$3.68 million** at March 31, 2024, from **$1.60 million** at September 30, 2023, with the NPA to total assets ratio rising to **0.19%** from **0.09%**[161](index=161&type=chunk) Non-Performing Assets (in thousands USD) | Category | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | Non-accrual loans | $3,605 | $1,514 | | Non-accrual investment securities | $79 | $82 | | **Total non-performing assets** | **$3,684** | **$1,596** | | **NPA as a % of total assets** | **0.19%** | **0.09%** | [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to meet its financial obligations and maintain adequate capital levels - The Bank is considered 'well-capitalized' under all regulatory requirements as of March 31, 2024[218](index=218&type=chunk) Bank Regulatory Capital Ratios (March 31, 2024) | Ratio | Actual | To Be "Well Capitalized" | | :--- | :--- | :--- | | Tier 1 leverage Capital Ratio | 11.92% | > 5.00% | | Common equity Tier 1 capital Ratio | 17.97% | > 6.50% | | Tier 1 capital Ratio | 17.97% | > 8.00% | | Total capital Ratio | 19.22% | > 10.00% | - The company has significant available liquidity, including **$596.00 million** in borrowing capacity with the FHLB (with **$20.00 million** outstanding) and **$111.22 million** with the FRB[205](index=205&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section confirms no material changes in market risk disclosures since the prior annual report - There were no material changes in market risk disclosures from the company's most recent Form 10-K[223](index=223&type=chunk) [Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and outlines modifications to internal controls due to CECL adoption - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period[228](index=228&type=chunk) - Internal controls were modified during the quarter to accommodate the adoption of the CECL accounting standard (ASU 2016-13), particularly around the modeling of expected credit losses[228](index=228&type=chunk) [Part II. Other Information](index=64&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information not covered in the financial statements, including legal proceedings and equity matters [Legal Proceedings and Risk Factors](index=64&type=section&id=Item%201.%20Legal%20Proceedings) This section confirms no material legal proceedings and no significant changes to previously disclosed risk factors - The Company is not a party to any material legal proceedings[225](index=225&type=chunk) - There have been no material changes in Risk Factors from the 2023 Form 10-K[226](index=226&type=chunk) [Use of Proceeds and Stock Repurchases](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's stock repurchase activities and remaining authorization under its current plan Stock Repurchases for Quarter Ended March 31, 2024 | Period | Total Shares Repurchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 2024 | 0 | $ - | | Feb 2024 | 80,000 | $26.91 | | Mar 2024 | 19,787 | $26.21 | | **Total** | **99,787** | **$26.77** | - As of March 31, 2024, **262,025** shares remained available for purchase under the company's 19th stock repurchase plan, which was announced on July 25, 2023[230](index=230&type=chunk)