On this page of StockholderLetter.com we present the latest annual shareholder letter from TIMBERLAND BANCORP INC — ticker symbol TSBK. Reading current and past TSBK letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT PLANT YOUR FUTURE HERE
Winlock Auburn Edgewood Puyallup Station Yelm Bethel (Spanaway) LEWIS PIERCE KING Chehalis Olympia (2 branches) Toledo THURSTON Lacey (2 branches) Tumwater Montesano Aberdeen (2 branches) Elma GRAYS HARBOR Hoquiam Ocean Shores Silverdale Gig Harbor Poulsbo Timberland Branch Locations
Dear Fellow Shareholders of Timberland Bancorp, Inc.: On behalf of the Directors and Employees of Timberland Bancorp, Inc. and its subsidiary, Timberland Bank, it is our privilege to invite you to attend the annual meeting for our fiscal year ended September 30, 2024. The meeting will be convened on January 28, 2025 at 1:00 p.m. and will be conducted virtually. Instructions to access the virtual meeting are included on your proxy card and are also included in the instructions accompanying your proxy materials. During the meeting we will review the Company s operating results for the recently concluded fiscal year and the subsequent first fiscal quarter, conduct an election of Directors, vote on other matters described in the proxy statement and respond to appropriate questions from shareholders. Dean J. Brydon Jonathan A. Fischer We encourage you to review the information contained in the Form 10-K following this letter to acquaint yourself with the Company s 2024 fiscal year financial performance. It was considered a challenging year for the banking industry as increased funding costs and an inverted yield curve led to margin compression and reduced profitability for most institutions. However, the outlook for the industry improved over the second half of 2024 as margins and deposit levels for the industry began showing signs of stabilizing. We were pleased to see some much-needed slope to the yield curve following the recent Federal Reserve actions to reduce short-term interest rates. Despite the challenging environment for financial institutions over the past year, Timberland continued to generate strong profitability numbers, while maintaining a strong and conservative balance sheet. In September 2024, Timberland was honored to be one of only 30 Banks in the U.S. named to Piper Sandler s annual list of top-performing small-cap banks and thrifts in its Sm-All Star Class of 2024. This prestigious annual list reflects the top banks and thrifts in the industry across various metrics including growth, profitability, credit quality, and capital strength. A few of the highlights from the 2024 fiscal year include: Diluted Earnings Per Share ( EPS ) of $3.01; Net Income of $24.28 million; Return on Average Assets was 1.28%; Return on Average Equity was 10.19%; Net Loans Receivable increased by 9%; Total Deposits increased by 6%; Liquidity (both on-balance sheet and off-balance sheet) remained strong with only $20 million in borrowings and additional secured borrowing line capacity of $692 million available through the Federal Home Loan Bank and the Federal Reserve. Non-performing assets to total assets ratio of only 0.20% at September 30, 2024; Tier 1 Leverage Capital Ratio increased to 12.12% at September 30, 2024. Paid quarterly cash dividends for the 48th consecutive quarter; We would like to thank our Employees for their hard work and dedication to serving all of our customers, communities, and shareholders. We believe Timberland is well-positioned to continue generating top quartile financial results while implementing initiatives to grow the Company. Thank you for choosing to be a shareholder of the Company. We encourage you to participate in our virtual annual meeting. We wish you a Merry Christmas and a Happy New Year! Sincerely, Dean J. Brydon CEO Jonathan A. Fischer President & COO
FINANCIAL HIGHLIGHTS TIMBERLAND BANCORP, INC. AND SUBSIDIARY The following table presents selected financial information concerning the consolidated financial position and results of operations of Timberland Bancorp, Inc. ("Company") at and for the dates indicated. The consolidated data is derived in part from, and should be read in conjunction with, the Consolidated Financial Statements of the Company and its subsidiary presented herein. (Dollars in thousands except share data) Total Assets $1,860,508 2022 2022 $1,923,475 $1,839,905 $1,860,508 1,132,426 1,632,176 218,569 $1,839,905 1,302,305 1,560,935 233,073 $1,923,475 1,421,523 1,647,668 245,413 58,508 2,674 55,834 270 55,564 12,624 38,626 29,562 5,962 23,600 79,951 11,592 68,359 2,132 66,227 11,140 43,373 33,994 6,876 $ 27,118 2.84 2.82 2024 Loans Receivable, Net $1,421,523 $1,302,305 $1,132,426 2022 2024 SELECTED FINANCIAL DATA Total Assets Loans Receivable, Net Total Deposits Shareholders Equity 2023 September 30, 2023 2023 2024 Total Deposits OPERATING DATA Interest and Dividend Income Interest Expense Net Interest Income Provision for Credit Losses Net Interest Income after Provision for Credit Losses Non-Interest Income Non-Interest Expense Income before Income Taxes Provision for Income Taxes Net Income 94,825 30,658 64,167 1,151 63,016 11,136 43,746 30,406 6,123 $ 24,283 $1,647,668 $1,632,176 $1,560,935 NET INCOME PER COMMON SHARE 2022 2023 2024 Basic Diluted 3.32 3.29 3.02 3.01 Net Income KEY FINANCIAL RATIOS $27,118 $24,283 $23,600 2022 2023 Return on Average Assets Return on Average Equity Net Interest Margin Efficiency Ratio Non-Performing Assets to Total Assets (1) Total Equity-to-Assets 1.27% 11.14 3.16 56.42 0.12 11.75 1.50% 12.01 3.95 54.56 0.09 12.67 1.28% 10.19 3.54 58.09 0.20 12.76 2024 (1) Non-performing assets include non-accrual loans, loans past due 90 days or more and still accruing, non-accrual investment securities, other real estate owned and other repossessed assets.
2024 FORM 10-K We have included our Form 10-K, as filed with the Securities and Exchange Commission, with our annual report to give you more complete information about our Company. A table of contents can be found facing page one. Written requests to obtain a copy of any exhibit listed in Part IV should be sent to Timberland Bancorp, Inc., 624 Simpson Avenue, Hoquiam, Washington 98550, attention: Investor Relations Department.
 • shareholder letter icon 12/18/2024 Letter Continued (Full PDF)
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TSBK Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT
PLANT YOUR
FUTURE HERE

Winlock
Auburn
Edgewood
Puyallup
Station
Yelm Bethel
(Spanaway)
LEWIS
PIERCE
KING
Chehalis Olympia (2 branches)
Toledo
THURSTON
Lacey
(2 branches)
Tumwater
Montesano
Aberdeen
(2 branches)
Elma
GRAYS
HARBOR
Hoquiam
Ocean
Shores
Silverdale
Gig Harbor
Poulsbo
Timberland Branch Locations

Dear Fellow Shareholders of Timberland Bancorp, Inc.:
On behalf of the Directors and Employees of Timberland Bancorp,
Inc. and its subsidiary, Timberland Bank, it is our privilege to invite
you to attend the annual meeting for our fiscal year ended
September 30, 2024. The meeting will be convened on January 28,
2025 at 1:00 p.m. and will be conducted virtually. Instructions to
access the virtual meeting are included on your proxy card and are
also included in the instructions accompanying your proxy
materials. During the meeting we will review the Company   s
operating results for the recently concluded fiscal year and the
subsequent first fiscal quarter, conduct an election of Directors,
vote on other matters described in the proxy statement and
respond to appropriate questions from shareholders.
Dean J. Brydon
Jonathan A. Fischer
We encourage you to review the information contained in the Form 10-K following this letter to acquaint yourself with the
Company   s 2024 fiscal year financial performance.
It was considered a challenging year for the banking industry as increased funding costs and an inverted yield curve led to margin
compression and reduced profitability for most institutions. However, the outlook for the industry improved over the second half of
2024 as margins and deposit levels for the industry began showing signs of stabilizing. We were pleased to see some much-needed
slope to the yield curve following the recent Federal Reserve actions to reduce short-term interest rates.
Despite the challenging environment for financial institutions over the past year, Timberland continued to generate strong
profitability numbers, while maintaining a strong and conservative balance sheet. In September 2024, Timberland was honored to be
one of only 30 Banks in the U.S. named to Piper Sandler   s annual list of top-performing small-cap banks and thrifts in its    Sm-All
Star Class of 2024.    This prestigious annual list reflects the top banks and thrifts in the industry across various metrics including
growth, profitability, credit quality, and capital strength.
A few of the highlights from the 2024 fiscal year include:




Diluted Earnings Per Share (   EPS   ) of $3.01;
Net Income of $24.28 million;
Return on Average Assets was 1.28%;
Return on Average Equity was 10.19%;
Net Loans Receivable increased by 9%;
Total Deposits increased by 6%;
Liquidity (both on-balance sheet and off-balance sheet) remained strong with only $20 million in borrowings and additional
secured borrowing line capacity of $692 million available through the Federal Home Loan Bank and the Federal Reserve.
    Non-performing assets to total assets ratio of only 0.20% at September 30, 2024;
    Tier 1 Leverage Capital Ratio increased to 12.12% at September 30, 2024.
    Paid quarterly cash dividends for the 48th consecutive quarter;
We would like to thank our Employees for their hard work and dedication to serving all of our customers, communities, and
shareholders.
We believe Timberland is well-positioned to continue generating top quartile financial results while implementing initiatives to grow
the Company.
Thank you for choosing to be a shareholder of the Company. We encourage you to participate in our virtual annual meeting.
We wish you a Merry Christmas and a Happy New Year!
Sincerely,
Dean J. Brydon
CEO
Jonathan A. Fischer
President & COO

FINANCIAL HIGHLIGHTS
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
The following table presents selected financial information concerning the consolidated financial position and results of operations of
Timberland Bancorp, Inc. ("Company") at and for the dates indicated. The consolidated data is derived in part from, and should be
read in conjunction with, the Consolidated Financial Statements of the Company and its subsidiary presented herein. (Dollars in
thousands except share data)
Total Assets
$1,860,508
2022
2022
$1,923,475
$1,839,905
$1,860,508
1,132,426
1,632,176
218,569
$1,839,905
1,302,305
1,560,935
233,073
$1,923,475
1,421,523
1,647,668
245,413

58,508
2,674
55,834
270
55,564
12,624
38,626
29,562
5,962



23,600
79,951
11,592
68,359
2,132
66,227
11,140
43,373
33,994
6,876
$ 27,118

2.84
2.82


2024
Loans Receivable, Net
$1,421,523
$1,302,305
$1,132,426
2022
2024
SELECTED FINANCIAL DATA
Total Assets
Loans Receivable, Net
Total Deposits
Shareholders    Equity
2023
September 30,
2023
2023
2024
Total Deposits
OPERATING DATA
Interest and Dividend Income
Interest Expense
Net Interest Income
Provision for Credit Losses
Net Interest Income after Provision for Credit Losses
Non-Interest Income
Non-Interest Expense
Income before Income Taxes
Provision for Income Taxes
Net Income
94,825
30,658
64,167
1,151
63,016
11,136
43,746
30,406
6,123
$ 24,283
$1,647,668
$1,632,176
$1,560,935
NET INCOME PER COMMON SHARE
2022
2023
2024
Basic
Diluted
3.32
3.29
3.02
3.01
Net Income
KEY FINANCIAL RATIOS
$27,118
$24,283
$23,600
2022
2023
Return on Average Assets
Return on Average Equity
Net Interest Margin
Efficiency Ratio
Non-Performing Assets to Total Assets (1)
Total Equity-to-Assets
1.27%
11.14
3.16
56.42
0.12
11.75
1.50%
12.01
3.95
54.56
0.09
12.67
1.28%
10.19
3.54
58.09
0.20
12.76
2024

(1) Non-performing assets include non-accrual loans, loans past due 90 days or more and still accruing,
non-accrual investment securities, other real estate owned and other repossessed assets.

2024 FORM 10-K
We have included our Form 10-K, as filed with the Securities and Exchange Commission,
with our annual report to give you more complete information about our Company. A table
of contents can be found facing page one.
Written requests to obtain a copy of any exhibit listed in Part IV should be sent to
Timberland Bancorp, Inc., 624 Simpson Avenue, Hoquiam, Washington 98550, attention:
Investor Relations Department.



shareholder letter icon 12/18/2024 Letter Continued (Full PDF)
 

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