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Timberland Bancorp Inc. (TSBK+2.55%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details a decrease in total assets to $1.91 billion from $1.92 billion at the end of the previous fiscal year. This change was primarily attributed to decreases in loans receivable and investment securities.
Net loans receivable decreased by $9.70 million to $1.41 billion, influenced by reductions in commercial business and real estate loans.
Total deposits fell by $17.25 million to $1.63 billion, with notable decreases in money market and non-interest bearing demand accounts.
Shareholders' equity increased by $3.79 million to $249.20 million, driven by net income and proceeds from stock option exercises.
Net income for the quarter was $6.86 million, an increase from $6.30 million in the same quarter of the previous year. This rise was due to higher net interest income and a decrease in the provision for credit losses.
Net interest income rose by $966,000 to $16.97 million, supported by an increase in the average yield on interest-earning assets and a higher average balance of loans receivable.
The provision for credit losses was $27,000, down from $336,000 in the prior year, reflecting changes in the loan portfolio and credit conditions.
Non-interest income decreased by $101,000 to $2.70 million, impacted by lower service charges on deposits and decreased gains on loan sales.
Non-interest expense increased by $443,000 to $11.07 million, mainly due to higher salaries and benefits, technology costs, and professional fees.
The filing also reports that Timberland Bancorp remains well-capitalized under regulatory requirements, with a Tier 1 capital ratio of 18.00%.
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. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.