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Timberland Bancorp Inc. (TSBK0.00%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements showing total assets of $1.92 billion, an increase from $1.84 billion at the end of the previous fiscal year. Net loans receivable increased to $1.42 billion, primarily due to growth in multi-family and one- to four-family loans.
Total deposits grew to $1.65 billion, with significant increases in money market and certificate of deposit account balances. Shareholders' equity rose to $245.41 million, driven by net income and partially offset by dividends and share repurchases.
Net income for the year was $24.28 million, a decrease from $27.12 million in the prior year. The decrease was attributed to a reduction in net interest income and an increase in non-interest expense, partially offset by a decrease in the provision for credit losses.
Net interest income decreased by $4.19 million to $64.17 million, primarily due to higher interest expense on deposits and borrowings. The net interest margin declined to 3.54% from 3.95% in the previous year.
The provision for credit losses was $1.15 million, reflecting an increase in loans receivable. Non-performing assets increased to $3.94 million, representing 0.20% of total assets.
Non-interest income remained stable at $11.14 million, while non-interest expense increased slightly to $43.75 million, driven by higher technology and communication costs.
The company maintained its focus on expanding its presence in existing markets, increasing core deposits, and managing interest rate risk through a diversified loan portfolio.
Timberland Bancorp continues to emphasize community banking and customer service, leveraging its branch network in western Washington to attract deposits and originate loans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Timberland Bancorp Inc. annual 10-K report dated December 11, 2024. To report an error, please email earnings@qz.com.