Timberland Bancorp(US:TSBK)2023-05-09 18:13Financial Position - Total assets decreased by $73.89 million, or 4.0%, to $1.79 billion at March 31, 2023, from $1.86 billion at September 30, 2022[126] - Total deposits decreased by $83.41 million, or 5.1%, to $1.55 billion at March 31, 2023, from $1.63 billion at September 30, 2022[128] - Cash and cash equivalents decreased by $177.00 million, or 52.1%, to $162.65 million at March 31, 2023, from $339.65 million at September 30, 2022[130] - The Bank's liquid assets decreased to $218.34 million as of March 31, 2023, from $381.90 million at September 30, 2022, representing a decline of approximately 42.8%[180] Loan Performance - Net loans receivable increased by $77.77 million, or 6.9%, to $1.21 billion at March 31, 2023, from $1.13 billion at September 30, 2022[127] - The increase in net loans receivable was primarily due to increases in one- to four-family loans by $40.52 million and multi-family construction loans by $18.57 million[133] - Loan originations decreased by $128.20 million, or 41.8%, to $178.81 million for the six months ended March 31, 2023 from $307.01 million for the same period in 2022[134] - Total delinquent loans and non-accrual loans increased by $95,000, or 4.5%, to $2.19 million at March 31, 2023, compared to $2.10 million at September 30, 2022[169] - The allowance for loan losses was $14.70 million at March 31, 2023, representing 1.20% of loans receivable[169] Income and Expenses - Net income increased by $3.36 million, or 31.1%, to $14.17 million for the six months ended March 31, 2023 from $10.81 million for the same period in 2022[145] - Net interest income increased by $9.31 million to $34.89 million for the six months ended March 31, 2023 from $25.59 million for the same period in 2022[152] - Total interest and dividend income increased by $11.64 million for the six months ended March 31, 2023, contributing to the rise in net interest income[152] - Total non-interest income decreased by $447,000, or 14.5%, to $2.64 million for the quarter ended March 31, 2023, primarily due to a $370,000 decrease in net gain on sales of loans[169] - Total non-interest expense increased by $1.61 million, or 17.3%, to $10.94 million for the quarter ended March 31, 2023, driven by an $854,000 increase in salaries and employee benefits[171] Interest Rates and Margins - The average yield on interest-earning assets increased by 142 basis points to 4.51% for the quarter ended March 31, 2023 from 3.09% for the same period in 2022[149] - Total interest expense increased by $1.61 million, or 256.6%, to $2.24 million for the quarter ended March 31, 2023 from $627,000 for the same period in 2022[150] - The average cost of interest-bearing liabilities increased to 0.84% for the quarter ended March 31, 2023 from 0.23% for the same period in 2022[150] - Net interest margin increased to 4.02% for the six months ended March 31, 2023, from 2.93% for the same period in 2022[160] - The net interest margin increased to 3.99% for the three months ended March 31, 2023, up from 2.95% in the prior year[193] Capital and Liquidity - Shareholders' equity increased by $9.09 million, or 4.2%, to $227.66 million at March 31, 2023, from $218.57 million at September 30, 2022[129] - The Bank's regulatory liquidity ratio at March 31, 2023, was 16.96%, indicating sufficient liquidity to meet short-term needs[176] - The Bank exceeded all regulatory capital requirements as of March 31, 2023, maintaining a "well-capitalized" status under FDIC regulations[189] - The Bank's Tier 1 capital was $211.485 million, with a Tier 1 capital ratio of 11.89% as of March 31, 2023, significantly above the minimum requirement of 4.00%[191] - Timberland Bancorp's total capital was $228.429 million with a total capital ratio of 19.41% as of March 31, 2023, exceeding regulatory requirements[192] Dividends and Future Commitments - The current quarterly common stock dividend rate is $0.23 per share, with an estimated total dividend payment of approximately $1.89 million per quarter based on outstanding shares as of March 31, 2023[186] - The Bank projects fixed commitments of $155,000 for operating lease payments for the six months ending September 30, 2023, with no scheduled payments for FHLB borrowings during fiscal year 2023[183]