•
|
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
|
•
|
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;
|
Page 2
•
|
Net interest margin ("NIM") was 2.92% for the current quarter; and
|
•
|
The efficiency ratio was 57.40% for the current quarter compared to 54.45% for the preceding quarter and 47.83% for the comparable quarter one year ago.
|
•
|
Total assets increased 15% year-over-year and 2% from the prior quarter;
|
•
|
Total deposits increased 17% year-over-year and 2% from the prior quarter;
|
•
|
Net loans receivable (excluding SBA PPP loans) increased 8% year-over-year and increased 5% from the prior quarter;
|
•
|
Net loans receivable (including SBA PPP loans) decreased 1% year-over-year and increased 3% from the prior quarter;
|
•
|
Non-performing assets to total assets ratio improved to 0.17% from 0.19% one year ago; and
|
•
|
Book and tangible book (non-GAAP) values per common share increased to $25.20 and $23.24, respectively, at December 31, 2021.
|
SBA PPP Loan Income
($ in thousands) | ||||||||||||
Three Months Ended | ||||||||||||
Dec. 31, 2021
|
Sept. 30, 2021
|
Dec. 31, 2020
| ||||||||||
Interest income
|
$
|
71
|
$
|
167
|
$
|
295
| ||||||
Loan origination fee accretion
|
927
|
1,488
|
1,144
| |||||||||
Total SBA PPP loan income
|
$
|
998
|
$
|
1,655
|
$
|
1,439
|
Page 3
Page 4
December 31, 2021
|
September 30, 2021
|
December 31, 2020
| ||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
| |||||||||||||||||||
Mortgage loans:
| ||||||||||||||||||||||||
One- to four-family (a)
|
$
|
129,151
|
12%
|
$
|
119,935
|
11%
|
$
|
115,613
|
10%
| |||||||||||||||
Multi-family
|
84,180
|
7
|
87,563
|
8
|
89,413
|
8
| ||||||||||||||||||
Commercial
|
497,361
|
44
|
470,650
|
43
|
463,670
|
41
| ||||||||||||||||||
Construction - custom and
| ||||||||||||||||||||||||
owner/builder
|
116,267
|
10
|
109,152
|
10
|
117,872
|
10
| ||||||||||||||||||
Construction - speculative
one-to four-family
|
18,255
|
2
|
17,813
|
2
|
20,291
|
2
| ||||||||||||||||||
Construction - commercial
|
42,611
|
4
|
43,365
|
4
|
41,491
|
4
| ||||||||||||||||||
Construction - multi-family
|
54,710
|
5
|
52,071
|
5
|
29,410
|
3
| ||||||||||||||||||
Construction - land
| ||||||||||||||||||||||||
development
|
13,680
|
1
|
10,804
|
1
|
6,943
|
1
| ||||||||||||||||||
Land
|
18,568
|
2
|
19,936
|
2
|
22,635
|
2
| ||||||||||||||||||
Total mortgage loans
|
974,783
|
87
|
931,289
|
86
|
907,338
|
81
| ||||||||||||||||||
Consumer loans:
| ||||||||||||||||||||||||
Home equity and second
| ||||||||||||||||||||||||
mortgage
|
34,375
|
3
|
32,988
|
3
|
35,446
|
3
| ||||||||||||||||||
Other
|
2,462
|
--
|
2,512
|
--
|
2,979
|
--
| ||||||||||||||||||
Total consumer loans
|
36,837
|
3
|
35,500
|
3
|
38,425
|
3
| ||||||||||||||||||
Commercial loans:
| ||||||||||||||||||||||||
Commercial business loans
|
85,006
|
8
|
74,579
|
7
|
71,257
|
7
| ||||||||||||||||||
SBA PPP loans
|
21,397
|
2
|
40,922
|
4
|
103,468
|
9
| ||||||||||||||||||
Total commercial loans
|
106,403
|
10
|
115,501
|
11
|
174,725
|
16
| ||||||||||||||||||
Total loans
|
1,118,023
|
100%
|
1,082,290
|
100%
|
1,120,488
|
100%
| ||||||||||||||||||
Less:
| ||||||||||||||||||||||||
Undisbursed portion of
| ||||||||||||||||||||||||
construction loans in
| ||||||||||||||||||||||||
process
|
(106,009
|
)
|
(95,224
|
)
|
(94,298
|
)
| ||||||||||||||||||
Deferred loan origination
| ||||||||||||||||||||||||
fees
|
(4,539
|
)
|
(5,143
|
)
|
(5,449
|
)
| ||||||||||||||||||
Allowance for loan losses
|
(13,468
|
)
|
(13,469
|
)
|
(13,432
|
)
| ||||||||||||||||||
Total loans receivable, net
|
$
|
994,007
|
$
|
968,454
|
$
|
1,007,309
|
(a)
|
Does not include one- to four-family loans held for sale totaling $3,700, $3,217 and $10,871 at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.
|
Page 5
CRE Loan Portfolio Breakdown by Collateral
($ in thousands)
| ||||||||||||
Collateral Type
|
Amount
|
Percent
of CRE
Portfolio
|
Percent of
Total Loan
Portfolio
| |||||||||
Industrial warehouse
|
$
|
91,779
|
18%
|
8%
| ||||||||
Office buildings
|
74,682
|
15
|
7
| |||||||||
Medical/dental offices
|
61,807
|
12
|
5
| |||||||||
Other retail buildings
|
44,544
|
9
|
4
| |||||||||
Hotel/motels
|
26,602
|
5
|
2
| |||||||||
Restaurants
|
25,404
|
5
|
2
| |||||||||
Convenience stores
|
22,870
|
5
|
2
| |||||||||
Mini-storage
|
18,895
|
4
|
2
| |||||||||
Nursing homes
|
18,684
|
4
|
2
| |||||||||
Churches
|
11,775
|
3
|
1
| |||||||||
Shopping centers
|
10,714
|
2
|
1
| |||||||||
Additional CRE
|
89,605
|
18
|
8
| |||||||||
Total CRE
|
$
|
497,361
|
100%
|
44%
|
Page 6
Deposit Breakdown
($ in thousands)
|
December 31, 2021
|
September 30, 2021
|
December 31, 2020
| ||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
| |||||||||||||||||||
Non-interest-bearing demand
|
$
|
523,518
|
33%
|
$
|
535,212
|
34%
|
$
|
437,953
|
32%
| |||||||||||||||
NOW checking
|
459,079
|
28
|
430,097
|
27
|
387,158
|
28
| ||||||||||||||||||
Savings
|
269,423
|
17
|
260,689
|
17
|
226,955
|
16
| ||||||||||||||||||
Money market
|
211,837
|
13
|
199,045
|
13
|
158,928
|
12
| ||||||||||||||||||
Money market - reciprocal
|
10,619
|
1
|
11,383
|
1
|
12,389
|
1
| ||||||||||||||||||
Certificates of deposit under $250
|
110,168
|
7
|
112,348
|
7
|
124,789
|
9
| ||||||||||||||||||
Certificates of deposit $250 and over
|
21,987
|
1
|
21,781
|
1
|
26,944
|
2
| ||||||||||||||||||
Total deposits
| $ | 1,606,631 | 100% |
$
|
1,570,555
| 100% |
$
|
1,375,116
| 100% |
Page 7
Dec. 31,
|
Sept 30,
|
Dec. 31,
| ||||||||||
2021
|
2021
|
2020
| ||||||||||
ALL to loans receivable |
1.34
|
%
|
1.37
|
%
|
1.32
|
%
| ||||||
ALL to loans receivable (excluding SBA PPP loans) (non-GAAP)
|
1.37
|
%
|
1.43
|
%
|
1.46
|
%
| ||||||
ALL to loans receivable (excluding SBA PPP loans and South Sound
Acquisition loans) (non-GAAP)
|
1.41
|
%
|
1.49
|
%
|
1.56
|
%
|
December 31, 2021
|
September 30, 2021
|
December 31, 2020
| ||||||||||||||||||||||
Amount
|
Quantity
|
Amount
|
Quantity
|
Amount
|
Quantity
| |||||||||||||||||||
Mortgage loans:
| ||||||||||||||||||||||||
One- to four-family
|
$
|
582
|
3
|
$
|
406
|
2
|
$
|
419
|
2
| |||||||||||||||
Commercial
|
675
|
2
|
773
|
2
|
643
|
3
| ||||||||||||||||||
Land
|
676
|
3
|
683
|
3
|
405
|
4
| ||||||||||||||||||
Total mortgage loans
|
1,933
|
8
|
1,862
|
7
|
1,467
|
9
| ||||||||||||||||||
Consumer loans
| ||||||||||||||||||||||||
Home equity and second
| ||||||||||||||||||||||||
mortgage
|
456
|
4
|
516
|
5
|
607
|
7
| ||||||||||||||||||
Other
|
5
|
1
|
17
|
2
|
9
|
1
| ||||||||||||||||||
Total consumer loans
|
461
|
5
|
533
|
7
|
616
|
8
| ||||||||||||||||||
Commercial business loans
|
459
|
7
|
459
|
6
|
498
|
8
| ||||||||||||||||||
Total loans
|
$
|
2,853
|
20 |
$
|
2,854
|
20 |
$
|
2,581
|
25 |
December 31, 2021
|
September 30, 2021
|
December 31, 2020
| ||||||||||||||||||||||
Amount
|
Quantity
|
Amount
|
Quantity
|
Amount
|
Quantity
| |||||||||||||||||||
Land
|
$
|
157
|
3
|
$
|
157
|
3
|
$
|
268
|
4
| |||||||||||||||
Total
|
$
|
157
|
3
|
$
|
157
|
3
|
$
|
268
|
4
|
Page 8
Page 9
Page 10
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Three Months Ended
| |||||||||||
($ in thousands, except per share amounts)
|
Dec. 31,
|
Sept. 30,
|
Dec. 31,
| |||||||||
(unaudited)
|
2021
|
2021
|
2020
| |||||||||
Interest and dividend income
| ||||||||||||
Loans receivable
|
$
|
12,622
|
$
|
13,132
|
$
|
13,318
| ||||||
Investment securities
|
405
|
318
|
301
| |||||||||
Dividends from mutual funds, FHLB stock and other investments
|
27
|
28
|
28
| |||||||||
Interest bearing deposits in banks
|
288
|
301
|
310
| |||||||||
Total interest and dividend income
|
13,342
|
13,779
|
13,957
| |||||||||
Interest expense
| ||||||||||||
Deposits
|
631
|
654
|
904
| |||||||||
Borrowings
|
15
|
15
|
29
| |||||||||
Total interest expense
|
646
|
669
|
933
| |||||||||
Net interest income
|
12,696
|
13,110
|
13,024
| |||||||||
Provision for loan losses
|
--
|
--
|
--
| |||||||||
Net interest income after provision for loan losses
|
12,696
|
13,110
|
13,024
| |||||||||
Non-interest income
| ||||||||||||
Service charges on deposits
|
913
|
967
|
1,055
| |||||||||
ATM and debit card interchange transaction fees
|
1,277
|
1,329
|
1,156
| |||||||||
Gain on sales of loans, net
|
663
|
537
|
2,002
| |||||||||
Bank owned life insurance ("BOLI") net earnings
|
154
|
152
|
149
| |||||||||
Valuation recovery (allowance) on loan servicing rights, net
|
119
|
87
|
(236
|
)
| ||||||||
Recoveries on investment securities, net
|
8
|
5
|
5
| |||||||||
Other
|
308
|
373
|
428
| |||||||||
Total non-interest income, net
|
3,442
|
3,450
|
4,559
| |||||||||
Non-interest expense
| ||||||||||||
Salaries and employee benefits
|
5,171
|
4,805
|
4,613
| |||||||||
Premises and equipment
|
928
|
993
|
957
| |||||||||
Advertising
|
166
|
153
|
156
| |||||||||
OREO and other repossessed assets, net
|
(18
|
)
|
2
|
(26
|
)
| |||||||
ATM and debit card processing
|
464
|
489
|
431
| |||||||||
Postage and courier
|
136
|
159
|
138
| |||||||||
State and local taxes
|
255
|
267
|
283
| |||||||||
Professional fees
|
271
|
331
|
231
| |||||||||
FDIC insurance expense
|
128
|
113
|
96
| |||||||||
Loan administration and foreclosure
|
104
|
153
|
80
| |||||||||
Data processing and telecommunications
|
613
|
642
|
606
| |||||||||
Deposit operations
|
299
|
273
|
284
| |||||||||
Amortization of core deposit intangible ("CDI")
|
79
|
90
|
90
| |||||||||
Other, net
|
668
|
547
|
471
| |||||||||
Total non-interest expense, net
|
9,264
|
9,017
|
8,410
| |||||||||
Income before income taxes
|
6,874
|
7,543
|
9,173
| |||||||||
Provision for income taxes
|
1,389
|
1,525
|
1,883
| |||||||||
Net income
|
$
|
5,485
|
$
|
6,018
|
$
|
7,290
| ||||||
Net income per common share:
| ||||||||||||
Basic
|
$
|
0.66
|
$
|
0.72
|
$
|
0.88
| ||||||
Diluted
|
0.65
|
0.71
|
0.87
| |||||||||
Weighted average common shares outstanding:
| ||||||||||||
Basic
|
8,356,066
|
8,354,018
|
8,313,493
| |||||||||
Diluted
|
8,448,900
|
8,454,636
|
8,412,744
|
Page 11
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
| ||||||||||||
($ in thousands, except per share amounts) (unaudited)
|
Dec. 31,
|
Sept. 30,
|
Dec. 31,
| |||||||||
2021
|
2021
|
2020
| ||||||||||
Assets
| ||||||||||||
Cash and due from financial institutions
|
$
|
20,539
|
$
|
26,316
|
$
|
24,226
| ||||||
Interest-bearing deposits in banks
|
537,789
|
553,880
|
325,987
| |||||||||
Total cash and cash equivalents
|
558,328
|
580,196
|
350,213
| |||||||||
Certificates of deposit ("CDs") held for investment, at cost
|
24,648
|
28,482
|
49,629
| |||||||||
Investment securities:
| ||||||||||||
Held to maturity, at amortized cost
|
114,600
|
69,102
|
24,509
| |||||||||
Available for sale, at fair value
|
56,552
|
63,176
|
65,762
| |||||||||
Investments in equity securities, at fair value
|
946
|
955
|
974
| |||||||||
FHLB stock
|
2,103
|
2,103
|
1,922
| |||||||||
Other investments, at cost
|
3,000
|
3,000
|
3,000
| |||||||||
Loans held for sale
|
3,700
|
3,217
|
10,871
| |||||||||
Loans receivable
|
1,007,475
|
981,923
|
1,020,741
| |||||||||
Less: Allowance for loan losses
|
(13,468
|
)
|
(13,469
|
)
|
(13,432
|
)
| ||||||
Net loans receivable
|
994,007
|
968,454
|
1,007,309
| |||||||||
Premises and equipment, net
|
22,108
|
22,367
|
22,753
| |||||||||
OREO and other repossessed assets, net
|
157
|
157
|
268
| |||||||||
BOLI
|
22,346
|
22,193
|
21,745
| |||||||||
Accrued interest receivable
|
3,938
|
3,745
|
4,490
| |||||||||
Goodwill
|
15,131
|
15,131
|
15,131
| |||||||||
CDI
|
1,185
|
1,264
|
1,535
| |||||||||
Loan servicing rights, net
|
3,524
|
3,482
|
3,036
| |||||||||
Operating lease right-of-use assets
|
2,206
|
2,283
|
2,512
| |||||||||
Other assets
|
2,796
|
2,873
|
2,746
| |||||||||
Total assets
|
$
|
1,831,275
|
$
|
1,792,180
|
$
|
1,588,405
| ||||||
Liabilities and shareholders' equity
| ||||||||||||
Deposits: Non-interest-bearing demand
|
$
|
523,518
|
$
|
535,212
|
$
|
437,953
| ||||||
Deposits: Interest-bearing
|
1,083,113
|
1,035,343
|
937,163
| |||||||||
Total deposits
|
1,606,631
|
1,570,555
|
1,375,116
| |||||||||
Operating lease liabilities
|
2,285
|
2,359
|
2,565
| |||||||||
FHLB borrowings
|
5,000
|
5,000
|
10,000
| |||||||||
Other liabilities and accrued expenses
|
6,984
|
7,367
|
7,399
| |||||||||
Total liabilities
|
1,620,900
|
1,585,281
|
1,395,080
| |||||||||
Shareholders' equity
| ||||||||||||
Common stock, $.01 par value; 50,000,000 shares authorized;
8,348,821 shares issued and outstanding - December 31, 2021
8,355,469 shares issued and outstanding - September 30, 2021
8,317,793 shares issued and outstanding - December 31, 2020
|
42,436
|
42,673
|
42,480
| |||||||||
Retained earnings
|
167,897
|
164,167
|
150,801
| |||||||||
Accumulated other comprehensive income
|
42
|
59
|
44
| |||||||||
Total shareholders' equity
|
210,375
|
206,899
|
193,325
| |||||||||
Total liabilities and shareholders' equity
|
$
|
1,831,275
|
$
|
1,792,180
|
$
|
1,588,405
|
Page 12
KEY FINANCIAL RATIOS AND DATA
|
Three Months Ended
| |||||||||||
($ in thousands, except per share amounts) (unaudited)
|
Dec. 31,
|
Sept. 30,
|
Dec. 31,
| |||||||||
2021
|
2021
|
2020
| ||||||||||
PERFORMANCE RATIOS:
| ||||||||||||
Return on average assets (a)
|
1.20
|
%
|
1.36
|
%
|
1.84
|
%
| ||||||
Return on average equity (a)
|
10.55
|
%
|
11.77
|
%
|
15.39
|
%
| ||||||
Net interest margin (a)
|
2.92
|
%
|
3.13
|
%
|
3.48
|
%
| ||||||
Efficiency ratio
|
57.40
|
%
|
54.45
|
%
|
47.83
|
%
| ||||||
ASSET QUALITY RATIOS AND DATA:
| ||||||||||||
Non-accrual loans
|
$2,853
|
$2,854
|
$2,581
| |||||||||
Loans past due 90 days and still accruing
|
--
|
--
|
--
| |||||||||
Non-performing investment securities
|
140
|
159
|
205
| |||||||||
OREO and other repossessed assets
|
157
|
157
|
268
| |||||||||
Total non-performing assets (b)
|
$3,150
|
$3,170
|
$3,054
| |||||||||
Non-performing assets to total assets (b)
|
0.17
|
%
|
0.18
|
%
|
0.19
|
%
| ||||||
Net charge-offs (recoveries) during quarter
|
$ 1
|
$ --
|
$ (18
|
)
| ||||||||
ALL to non-accrual loans
|
472
|
%
|
472
|
%
|
520
|
%
| ||||||
ALL to loans receivable (c)
|
1.34
|
%
|
1.37
|
%
|
1.32
|
%
| ||||||
ALL to loans receivable (excluding SBA PPP loans) (d) (non-GAAP)
|
1.37
|
%
|
1.43
|
%
|
1.46
|
%
| ||||||
ALL to loans receivable (excluding SBA PPP loans and South Sound
Acquisition loans) (d) (e) (non-GAAP)
|
1.41
|
%
|
1.49
|
%
|
1.56
|
%
| ||||||
Troubled debt restructured loans on accrual status (f)
|
$2,361
|
$2,371
|
$2,868
| |||||||||
CAPITAL RATIOS:
| ||||||||||||
Tier 1 leverage capital
|
10.81
|
%
|
10.97
|
%
|
11.36
|
%
| ||||||
Tier 1 risk-based capital
|
20.24
|
%
|
20.92
|
%
|
20.23
|
%
| ||||||
Common equity Tier 1 risk-based capital
|
20.24
|
%
|
20.92
|
%
|
20.23
|
%
| ||||||
Total risk-based capital
|
21.49
|
%
|
22.17
|
%
|
21.48
|
%
| ||||||
Tangible common equity to tangible assets (non-GAAP)
|
10.69
|
%
|
10.73
|
%
|
11.24
|
%
| ||||||
BOOK VALUES:
| ||||||||||||
Book value per common share
|
$ 25.20
|
$ 24.76
|
$ 23.24
| |||||||||
Tangible book value per common share (g)
|
23.24
|
22.80
|
21.24
|
Page 13
For the Three Months Ended
| ||||||||||||||||||||||||
December 31, 2021
| September 30, 2021 |
December 31, 2020
| ||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
| |||||||||||||||||||
Assets
| ||||||||||||||||||||||||
Loans receivable and loans held for sale
|
$
|
997,358
|
5.06
|
%
|
$
|
1,000,063
|
5.25
|
%
|
$
|
1,030,289
|
5.17
|
%
| ||||||||||||
Investment securities and FHLB stock (1)
|
162,077
|
1.07
|
125,627
|
1.10
|
94,033
|
1.40
| ||||||||||||||||||
Interest-earning deposits in banks and CDs
|
580,337
|
0.20
|
551,918
|
0.22
|
374,376
|
0.33
| ||||||||||||||||||
Total interest-earning assets
|
1,739,772
|
3.07
|
1,677,608
|
3.29
|
1,498,698
|
3.73
| ||||||||||||||||||
Other assets
|
83,563
|
86,838
|
84,077
| |||||||||||||||||||||
Total assets
|
$
|
1,823,335
|
$
|
1,764,446
|
$
|
1,582,775
| ||||||||||||||||||
Liabilities and Shareholders' Equity
| ||||||||||||||||||||||||
NOW checking accounts
|
$
|
440,744
|
0.13
|
%
|
$
|
421,095
|
0.13
|
%
|
$
|
377,760
|
0.19
|
%
| ||||||||||||
Money market accounts
|
222,945
|
0.29
|
202,435
|
0.29
|
168,503
|
0.33
| ||||||||||||||||||
Savings accounts
|
264,651
|
0.08
|
257,856
|
0.08
|
222,866
|
0.08
| ||||||||||||||||||
Certificates of deposit accounts
|
132,590
|
0.83
|
137,518
|
0.91
|
155,125
|
1.38
| ||||||||||||||||||
Total interest-bearing deposits
|
1,060,930
|
0.24
|
1,018,904
|
0.26
|
924,254
|
0.39
| ||||||||||||||||||
Borrowings
|
5,000
|
1.20
|
5,000
|
1.19
|
10,000
|
1.15
| ||||||||||||||||||
Total interest-bearing liabilities
|
1,065,930
|
0.24
|
1,023,904
|
0.26
|
934,254
|
0.40
| ||||||||||||||||||
Non-interest-bearing demand deposits
|
538,865
|
525,047
|
448,350
| |||||||||||||||||||||
Other liabilities
|
10,567
|
10,991
|
10,687
| |||||||||||||||||||||
Shareholders' equity
|
207,973
|
204,504
|
189,484
| |||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,823,335
|
$
|
1,764,446
|
$
|
1,582,775
| ||||||||||||||||||
Interest rate spread
|
2.83
|
%
|
3.03
|
%
|
3.33
|
%
| ||||||||||||||||||
Net interest margin (2)
|
2.92
|
%
|
3.13
|
%
|
3.48
|
%
| ||||||||||||||||||
Average interest-earning assets to
| ||||||||||||||||||||||||
average interest-bearing liabilities
|
163.22
|
%
|
163.84
|
%
|
160.42
|
%
|
Page 14
($ in thousands)
|
December 31, 2021
|
September 30, 2021
|
December 31, 2020
| |||||||||
Shareholders' equity
|
$
|
210,375
|
$
|
206,899
|
$
|
193,325
| ||||||
Less goodwill and CDI
|
(16,316
|
)
|
(16,395
|
)
|
(16,666
|
)
| ||||||
Tangible common equity
|
$
|
194,059
|
$
|
190,504
|
$
|
176,659
| ||||||
Total assets
|
$
|
1,831,275
|
$
|
1,792,180
|
$
|
1,588,405
| ||||||
Less goodwill and CDI
|
(16,316
|
)
|
(16,395
|
)
|
(16,666
|
)
| ||||||
Tangible assets
|
$
|
1,814,959
|
$
|
1,775,785
|
$
|
1,571,739
|
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Disclaimer
Timberland Bancorp Inc. published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 21:34:58 UTC.