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

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]