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Timberland Bancorp Inc (TSBK) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

SEC Filings

Timberland Bancorp Inc

CIK: 1046050 Ticker: TSBK
Exhibit 99.1

       Contact:   Michael R. Sand,
         CEO
       Dean J. Brydon, President & CFO
                         (360) 533-4747
                         www.timberlandbank.com

Timberland Bancorp Announces First Fiscal Quarter Earnings

First Fiscal Quarter Net Income of $5.49 Million
Quarterly Return on Average Equity of 10.55%
Loan Portfolio (Excluding PPP Loans) Increased 5% During Quarter
Announces a 5% increase in the Quarterly Cash Dividend

HOQUIAM, WA – January 24, 2022 – Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $5.49 million, or $0.65 per diluted common share, for the quarter ended December 31, 2021.  This compares to net income of $6.02 million, or $0.71 per diluted common share, for the preceding quarter and $7.29 million, or $0.87 per diluted common share, for the comparable quarter one year ago.

Timberland’s Board of Directors announced a $0.01 increase in the quarterly cash dividend to shareholders to $0.22 per share, payable on February 25, 2022, to shareholders of record on February 11, 2022.

“We are pleased to report very strong loan originations and significant loan growth for the quarter ended December 31, 2021,” stated Michael Sand, CEO.  “Net loans outstanding, excluding Paycheck Protection Program (“PPP”) loans, increased $45.1 million, or nearly 5% (19.4% on an annualized basis) during the quarter; a significant increase from the 9% annualized loan growth (net of PPP loan balances) reported in the earnings release for the prior quarter.  In that same earnings release I commented that we were, “…most encouraged by opportunities for increased loan originations in our strong, western Washington markets.”  I’m pleased to reiterate that message as we continue to observe abundant opportunities to originate quality loans within our market footprint.  While the best use of our ample liquidity is to commit funds to loans, recent increases in market interest rates combined with the prospect of near term Federal Reserve tightening has begun to provide more palatable opportunities for committing funds to investment securities at an increased pace.  Our excess liquidity position will accommodate fairly significant investments during the next few quarters in short and moderate duration investments to supplement interest income without compromising our intentional positioning of the Bank to benefit strongly should rates rise sharply.”

“As expected, during the quarter, PPP loans continued to recede from the balance sheet due to staff’s diligent efforts in obtaining loan forgiveness for PPP customers.  PPP loan balances decreased to $21.4 million at December 31, 2021 from $40.9 million at the end of the preceding quarter and PPP loan origination fees of $907,000 remain to be accreted into income as forgiveness is obtained.”

“Also,” Sand continued, “I am pleased to announce the promotion of Dean Brydon to the position of President of Timberland Bank and Timberland Bancorp, Inc. and to announce the implementation of the Company's CEO succession plan, the details of which are in included in the Form 8-K filing released contemporaneously with this earnings release.  Dean and I have worked together for twenty-seven years and I can attest to his integrity, business acumen, foresight and commitment to the Company which, in my view, and in the opinion of Timberland’s Directors, qualify him to serve as President for the next year and to assume the position of CEO upon my retirement from the Company in January 2023.”

First Fiscal Quarter 2022 Earnings and Balance Sheet Highlights (at or for the period ended December 31, 2021, compared to December 31, 2020 or September 30, 2021):
 
   Earnings Highlights:
Net income was $5.49 million for the current quarter compared to $6.02 million for the preceding quarter and $7.29 million for the comparable quarter one year ago; EPS was $0.65 for the current quarter compared to $0.71 for the preceding quarter and $0.87 for the comparable quarter one year ago;
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 10.55% and 1.20%, respectively;



The following information was filed by Timberland Bancorp Inc (TSBK) on Monday, January 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Timberland Bancorp Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Recent Accounting Pronouncements
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parentheticals)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements: Balances Of Assets And Liabilities Measured At Estimated Fair Value On A Recurring Basis (Details)
Fair Value Measurements: Balances Of Assets Measured At Estimated Fair Value On A Non-Recurring Basis, And Total Losses Resulting From Estimated Fair Value Adjustments (Details)
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details)
Fair Value Measurements: Schedule Of Estimated Fair Values Of Financial Instruments (Details)
Goodwill And Cdi
Goodwill And Cdi - Goodwill (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities: Marketable Securities (Details)
Investment Securities: Narrative-Realized Gains (Losses) (Details)
Investment Securities: Other Than Temporary Impairment, Credit Losses Recognized In Earnings (Details)
Investment Securities: Schedule Of Contractual Maturities Of Debt Securities (Details)
Investment Securities: Schedule Of Significant Inputs Utilized To Measure Management's Estimate Of The Credit Loss Component On Otti Securities (Details)
Investment Securities: Unrealized Gain (Loss) On Investments (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Schedule Of Lease Maturities (Details)
Loans Receivable And Allowance For Loan Losses
Loans Receivable And Allowance For Loan Losses (Tables)
Loans Receivable And Allowance For Loan Losses - Narrative (Details)
Loans Receivable And Allowance For Loan Losses: Covid Modifications (Details)
Loans Receivable And Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details)
Loans Receivable And Allowance For Loan Losses: Impaired Financing Receivables (Details)
Loans Receivable And Allowance For Loan Losses: Past Due Status Of Loans (Details)
Loans Receivable And Allowance For Loan Losses: Schedule 1 Of Troubled Debt Restructured Loans (Details)
Loans Receivable And Allowance For Loan Losses: Schedule Of Allowance For Loan Losses (Details)
Loans Receivable And Allowance For Loan Losses: Schedule Of Loans Evaluated Individually For Impairment And Collectively Evaluated For Impairment In The Allowance For Loan Losses (Details)
Loans Receivable And Allowance For Loan Losses: Schedule Of Loans Receivable And Loans Held For Sale (Details)
Net Income Per Common Share
Net Income Per Common Share (Tables)
Net Income Per Common Share: Schedule Of Earnings Per Share (Details)
Revenue From Contract With Customer (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers
Stock Compensation Plans
Stock Compensation Plans (Details)
Stock Compensation Plans (Tables)
Stock Compensation Plans And Stock Based Compensation: Schedule Of Fair Value Assumptions (Details)
Stock Compensation Plans: Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award (Details)
Stock Compensation Plans: Stock Options By Exercise Price (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Timberland Bancorp Inc provided additional information to their SEC Filing as exhibits

Ticker: TSBK
CIK: 1046050
Form Type: 10-Q Quarterly Report
Accession Number: 0000939057-22-000052
Submitted to the SEC: Tue Feb 08 2022 4:17:10 PM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Savings Institutions Not Federally Chartered

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