Timberland Bancorp's First Fiscal Quarter Net Income Increases to $6.86 Million

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].