Timberland Bancorp Reports Second Fiscal Quarter Net Income of $6.76 Million

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].