Washington
|
0-23333
|
91-1863696 |
State or other jurisdiction
Of incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
624 Simpson Avenue, Hoquiam, Washington
|
98550
|
(Address of principal executive offices)
|
(Zip Code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions.
|
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
|
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on
which registered
|
||
Common Stock, par value $.01 per share
|
TSBK
|
The Nasdaq Stock Market LLC
|
|
TIMBERLAND BANCORP, INC.
|
|
|
|
|
DATE: July 23, 2024
|
By: /s/ Marci A. Basich
|
|
Marci A. Basich
Chief Financial Officer
|
Contact:
|
Dean J. Brydon, CEO
Jonathan A. Fischer, President & COO
Marci A. Basich, CFO
(360) 533-4747
www.timberlandbank.com
|
•
|
Quarterly EPS of $0.74
|
•
|
Quarterly Return on Average Assets of 1.25%
|
•
|
Quarterly Net Interest Margin improves to 3.53%
|
•
|
Net Loans Increased by 11% Year-Over-Year
|
•
|
Deposits Increased by 5% Year-Over-Year
|
•
|
Announces Quarterly Cash Dividend
|
•
|
Earnings per diluted common share (“EPS”) increased 6% to $0.74 for the current quarter from $0.70 for the preceding quarter
and decreased 4% from $0.77 for the comparable quarter one year ago; EPS for the first nine months of fiscal 2024 decreased 11% to $2.21 from $2.47 for the first nine months of fiscal 2023;
|
•
|
Net income increased 4% to $5.92 million for the current quarter from $5.71 million for the preceding quarter and decreased 6%
from $6.31 million for the comparable quarter one year ago; Net income decreased 12% to $17.93 million for the first nine months of fiscal 2024 compared to $20.48 million for the first nine months of fiscal 2023;
|
•
|
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 9.95% and 1.25%,
respectively;
|
•
|
Net interest margin (“NIM”) for the current quarter expanded to 3.53% from 3.48% for the preceding quarter and compressed from
3.94% for the comparable quarter one year ago; and
|
•
|
The efficiency ratio for the current quarter was 58.97% compared to 60.22% for the preceding quarter and 56.01% for the
comparable quarter one year ago.
|
•
|
Total assets decreased slightly (less than 1%) from the prior quarter and increased 5% year-over-year;
|
•
|
Net loans receivable increased 3% from the prior quarter and increased 11% year-over-year;
|
•
|
Total deposits decreased 1% from the prior quarter and increased 5% year-over-year;
|
•
|
Total shareholders’ equity increased 1% from the prior quarter and increased 5% year-over-year; 70,000 shares of common stock
were repurchased during the quarter for $1.77 million;
|
•
|
Non-performing assets to total assets ratio was 0.22% at June 30, 2024 compared to 0.19% at March 31, 2024 and 0.09% at June
30, 2023;
|
•
|
Book and tangible book (non-GAAP) values per common share increased to $30.33 and $28.36, respectively, at June 30, 2024; and
|
•
|
Liquidity (both on-balance sheet and off-balance sheet) remained strong at June 30, 2024 with only $20 million in borrowings
and additional secured borrowing line capacity of $665 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023 |
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family (a)
|
$
|
288,611
|
19
|
%
|
$
|
276,433
|
19
|
%
|
$
|
229,274
|
17
|
%
|
||||||||||||
Multi-family
|
177,950
|
12
|
167,275
|
12
|
111,777
|
8
|
||||||||||||||||||
Commercial
|
597,865
|
40
|
577,373
|
40
|
557,015
|
40
|
||||||||||||||||||
Construction - custom and
|
||||||||||||||||||||||||
owner/builder
|
128,222
|
9
|
122,988
|
8
|
136,595
|
10
|
||||||||||||||||||
Construction - speculative
one-to four-family
|
11,441
|
1
|
16,407
|
1
|
12,522
|
1
|
||||||||||||||||||
Construction - commercial
|
32,130
|
2
|
32,318
|
2
|
42,657
|
3
|
||||||||||||||||||
Construction - multi-family
|
35,631
|
2
|
36,795
|
3
|
73,859
|
5
|
||||||||||||||||||
Construction - land
|
||||||||||||||||||||||||
development
|
19,104
|
1
|
16,051
|
1
|
15,968
|
1
|
||||||||||||||||||
Land
|
32,384
|
2
|
31,821
|
2
|
25,908
|
2
|
||||||||||||||||||
Total mortgage loans
|
1,323,338
|
88
|
1,277,461
|
88
|
1,205,575
|
87
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
mortgage
|
43,679
|
3
|
42,357
|
3
|
40,008
|
3
|
||||||||||||||||||
Other
|
3,121
|
--
|
2,925
|
--
|
2,469
|
--
|
||||||||||||||||||
Total consumer loans
|
46,800
|
3
|
45,282
|
3
|
42,477
|
3
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Commercial business loans
|
136,213
|
9
|
135,505
|
9
|
137,114
|
10
|
||||||||||||||||||
SBA PPP loans
|
314
|
--
|
367
|
--
|
519
|
--
|
||||||||||||||||||
Total commercial loans
|
136,527
|
9
|
135,872
|
9
|
137,633
|
10
|
||||||||||||||||||
Total loans
|
1,506,665
|
100
|
%
|
1,458,615
|
100
|
%
|
1,385,685
|
100
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Undisbursed portion of
|
||||||||||||||||||||||||
construction loans in
|
||||||||||||||||||||||||
process
|
(87,196
|
)
|
(77,502
|
)
|
(104,774
|
)
|
||||||||||||||||||
Deferred loan origination
|
||||||||||||||||||||||||
fees
|
(5,404
|
)
|
(5,179
|
)
|
(4,957
|
)
|
||||||||||||||||||
Allowance for credit losses
|
(17,046
|
)
|
(16,818
|
)
|
(15,307
|
)
|
||||||||||||||||||
Total loans receivable, net
|
$
|
1,397,019
|
$
|
1,359,116
|
$
|
1,260,647
|
(a)
|
Does not include one- to four-family loans held for sale totaling $1,795, $1,311, and $0 at June 30, 2024, March 31, 2024, and
June 30, 2023, respectively.
|
Collateral Type
|
Balance
|
Percent of
CRE
Portfolio
|
Percent of
Total Loan
Portfolio
|
Average
Balance Per
Loan
|
Non-
Accrual
|
|||||||||||||||
Industrial warehouse
|
$
|
126,605
|
21
|
%
|
8
|
%
|
$
|
1,241
|
$
|
195
|
||||||||||
Medical/dental offices
|
81,099
|
14
|
5
|
1,287
|
--
|
|||||||||||||||
Office buildings
|
69,314
|
12
|
5
|
797
|
--
|
|||||||||||||||
Other retail buildings
|
50,365
|
8
|
3
|
536
|
--
|
|||||||||||||||
Mini-storage
|
38,908
|
6
|
3
|
1,441
|
--
|
|||||||||||||||
Hotel/motel
|
31,450
|
5
|
2
|
2,859
|
--
|
|||||||||||||||
Restaurants
|
27,294
|
5
|
2
|
557
|
161
|
|||||||||||||||
Gas stations/conv. stores
|
25,406
|
4
|
2
|
1,059
|
--
|
|||||||||||||||
Nursing homes
|
18,548
|
3
|
1
|
2,319
|
--
|
|||||||||||||||
Churches
|
14,375
|
2
|
1
|
799
|
--
|
|||||||||||||||
Shopping centers
|
10,788
|
2
|
1
|
1,798
|
--
|
|||||||||||||||
Mobile home parks
|
9,942
|
2
|
1
|
473
|
--
|
|||||||||||||||
Additional CRE
|
93,771
|
16
|
6
|
705
|
954
|
|||||||||||||||
Total CRE
|
$
|
597,865
|
100
|
%
|
40
|
%
|
$
|
930
|
$
|
1,310
|
Deposit Breakdown
($ in thousands)
|
||||||||||||||||||||||||
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Non-interest-bearing demand
|
$
|
407,125
|
25
|
%
|
$
|
424,906
|
26
|
%
|
$
|
452,729
|
29
|
%
|
||||||||||||
NOW checking
|
324,795
|
20
|
336,621
|
20
|
397,761
|
26
|
||||||||||||||||||
Savings
|
207,921
|
13
|
211,085
|
13
|
241,651
|
16
|
||||||||||||||||||
Money market
|
327,162
|
20
|
311,994
|
19
|
209,276
|
13
|
||||||||||||||||||
Certificates of deposit under $250
|
195,022
|
12
|
190,762
|
12
|
148,142
|
10
|
||||||||||||||||||
Certificates of deposit $250 and over
|
117,788
|
7
|
118,698
|
7
|
64,849
|
4
|
||||||||||||||||||
Certificates of deposit – brokered
|
48,731
|
3
|
44,488
|
3
|
38,322
|
2
|
||||||||||||||||||
Total deposits
|
$
|
1,628,544
|
100
|
%
|
$
|
1,638,554
|
100
|
%
|
$
|
1,552,730
|
100
|
%
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
||||||||||||||||||||||
Amount
|
Quantity
|
Amount
|
Quantity
|
Amount
|
Quantity
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family
|
$
|
135
|
2
|
$
|
380
|
3
|
$
|
373
|
2
|
|||||||||||||||
Commercial
|
1,310
|
4
|
1,149
|
3
|
686
|
2
|
||||||||||||||||||
Construction – custom and
|
||||||||||||||||||||||||
owner/builder
|
152
|
1
|
152
|
1
|
--
|
--
|
||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
54
|
1
|
||||||||||||||||||
Total mortgage loans
|
1,597
|
7
|
1,681
|
7
|
1,113
|
5
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
mortgage
|
615
|
3
|
165
|
1
|
184
|
2
|
||||||||||||||||||
Total consumer loans
|
615
|
3
|
165
|
1
|
184
|
2
|
||||||||||||||||||
Commercial business loans
|
1,908
|
8
|
1,759
|
6
|
289
|
4
|
||||||||||||||||||
Total loans
|
$
|
4,120
|
18
|
$
|
3,605
|
14
|
$
|
1,586
|
11
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Three Months Ended
|
|||||||||||
($ in thousands, except per share amounts) (unaudited)
|
June 30
|
March 31,
|
June 30,
|
|||||||||
2024
|
2024
|
2023
|
||||||||||
Interest and dividend income
|
||||||||||||
Loans receivable
|
$
|
19,537
|
$
|
18,909
|
$
|
16,215
|
||||||
Investment securities
|
2,335
|
2,246
|
2,384
|
|||||||||
Dividends from mutual funds, FHLB stock and other investments
|
94
|
82
|
70
|
|||||||||
Interest bearing deposits in banks
|
2,173
|
1,919
|
1,220
|
|||||||||
Total interest and dividend income
|
24,139
|
23,156
|
19,889
|
|||||||||
Interest expense
|
||||||||||||
Deposits
|
7,938
|
7,301
|
3,123
|
|||||||||
Borrowings
|
220
|
220
|
132
|
|||||||||
Total interest expense
|
8,158
|
7,521
|
3,255
|
|||||||||
Net interest income
|
15,981
|
15,635
|
16,634
|
|||||||||
Provision for credit losses – loans
|
264
|
166
|
610
|
|||||||||
Provision for (recapture of) credit losses – investment securities
|
(12
|
)
|
3
|
--
|
||||||||
Recapture of credit losses - unfunded commitments
|
(8
|
)
|
(88
|
)
|
--
|
|||||||
Net int. income after provision for (recapture of) credit losses
|
15,737
|
15,554
|
16,024
|
|||||||||
Non-interest income
|
||||||||||||
Service charges on deposits
|
1,014
|
988
|
970
|
|||||||||
ATM and debit card interchange transaction fees
|
1,297
|
1,212
|
1,335
|
|||||||||
Gain on sales of loans, net
|
68
|
41
|
80
|
|||||||||
Bank owned life insurance (“BOLI”) net earnings
|
158
|
156
|
157
|
|||||||||
Gain on sale of investment securities, net
|
--
|
--
|
95
|
|||||||||
Recoveries on investment securities, net
|
2
|
2
|
2
|
|||||||||
Other
|
252
|
216
|
236
|
|||||||||
Total non-interest income, net
|
2,791
|
2,615
|
2,875
|
|||||||||
Non-interest expense
|
||||||||||||
Salaries and employee benefits
|
5,928
|
6,024
|
5,860
|
|||||||||
Premises and equipment
|
1,011
|
1,081
|
1,010
|
|||||||||
Gain on sale of premises and equipment, net
|
(3
|
)
|
--
|
(32
|
)
|
|||||||
Advertising
|
211
|
159
|
179
|
|||||||||
ATM and debit card processing
|
580
|
601
|
491
|
|||||||||
Postage and courier
|
130
|
145
|
128
|
|||||||||
State and local taxes
|
335
|
325
|
297
|
|||||||||
Professional fees
|
335
|
319
|
577
|
|||||||||
FDIC insurance expense
|
208
|
206
|
191
|
|||||||||
Loan administration and foreclosure
|
156
|
134
|
126
|
|||||||||
Technology and communications
|
1,086
|
1,040
|
944
|
|||||||||
Deposit operations
|
450
|
324
|
430
|
|||||||||
Amortization of core deposit intangible (“CDI”)
|
56
|
57
|
68
|
|||||||||
Other, net
|
586
|
576
|
658
|
|||||||||
Total non-interest expense, net
|
11,069
|
10,991
|
10,927
|
|||||||||
Income before income taxes
|
7,459
|
7,178
|
7,972
|
|||||||||
Provision for income taxes
|
1,535
|
1,470
|
1,666
|
|||||||||
Net income
|
$
|
5,924
|
$
|
5,708
|
$
|
6,306
|
||||||
Net income per common share:
|
||||||||||||
Basic
|
$
|
0.74
|
$
|
0.71
|
$
|
0.77
|
||||||
Diluted
|
0.74
|
0.70
|
0.77
|
|||||||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
8,004,552
|
8,081,924
|
8,156,831
|
|||||||||
Diluted
|
8,039,345
|
8,121,109
|
8,213,975
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Nine Months Ended
|
|||||||||||
($ in thousands, except per share amounts) (unaudited)
|
June 30,
2024
|
June 30,
2023
|
||||||||||
Interest and dividend income
|
||||||||||||
Loans receivable
|
$
|
56,841
|
$
|
45,622
|
||||||||
Investment securities
|
6,892
|
7,058
|
||||||||||
Dividends from mutual funds, FHLB stock and other investments
|
266
|
185
|
||||||||||
Interest bearing deposits in banks
|
5,791
|
5,524
|
||||||||||
Total interest and dividend income
|
69,790
|
58,389
|
||||||||||
Interest expense
|
||||||||||||
Deposits
|
21,383
|
6,729
|
||||||||||
Borrowings
|
787
|
132
|
||||||||||
Total interest expense
|
22,170
|
6,861
|
||||||||||
Net interest income
|
47,620
|
51,528
|
||||||||||
Provision for credit losses – loans
|
810
|
1,610
|
||||||||||
Recapture of credit losses – investment securities
|
(20
|
)
|
--
|
|||||||||
Recapture of credit losses - unfunded commitments
|
(130
|
)
|
--
|
|||||||||
Net int. income after provision for (recapture of) credit losses
|
46,960
|
49,918
|
||||||||||
Non-interest income
|
||||||||||||
Service charges on deposits
|
3,024
|
2,810
|
||||||||||
ATM and debit card interchange transaction fees
|
3,773
|
3,861
|
||||||||||
Gain on sales of loans, net
|
188
|
147
|
||||||||||
Bank owned life insurance (“BOLI”) net earnings
|
470
|
470
|
||||||||||
Gain on sale of securities, net
|
--
|
95
|
||||||||||
Recoveries on investment securities, net
|
9
|
7
|
||||||||||
Other
|
740
|
826
|
||||||||||
Total non-interest income, net
|
8,204
|
8,216
|
||||||||||
Non-interest expense
|
||||||||||||
Salaries and employee benefits
|
17,863
|
17,806
|
||||||||||
Premises and equipment
|
3,065
|
2,935
|
||||||||||
Gain on sales of premises and equipment, net
|
(3
|
)
|
(32
|
)
|
||||||||
Advertising
|
556
|
551
|
||||||||||
OREO and other repossessed assets, net
|
1
|
1
|
||||||||||
ATM and debit card processing
|
1,796
|
1,463
|
||||||||||
Postage and courier
|
401
|
397
|
||||||||||
State and local taxes
|
979
|
894
|
||||||||||
Professional fees
|
908
|
1,479
|
||||||||||
FDIC insurance expense
|
624
|
517
|
||||||||||
Loan administration and foreclosure
|
395
|
385
|
||||||||||
Technology and telecommunications
|
3,101
|
2,612
|
||||||||||
Deposit operations
|
1,094
|
1,022
|
||||||||||
Amortization of CDI
|
169
|
203
|
||||||||||
Other, net
|
1,735
|
2,173
|
||||||||||
Total non-interest expense, net
|
32,684
|
32,406
|
||||||||||
Income before income taxes
|
22,480
|
25,728
|
||||||||||
Provision for income taxes
|
4,552
|
5,252
|
||||||||||
Net income
|
$
|
17,928
|
$
|
20,476
|
||||||||
Net income per common share:
|
||||||||||||
Basic
|
$
|
2.22
|
$
|
2.50
|
||||||||
Diluted
|
2.21
|
2.47
|
||||||||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
8,067,068
|
8,203,255
|
||||||||||
Diluted
|
8,109,043
|
8,279,079
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
($ in thousands, except per share amounts) (unaudited)
|
June 30,
|
March 31,
|
June 30,
|
|||||||||
2024
|
2024
|
2023
|
||||||||||
Assets
|
||||||||||||
Cash and due from financial institutions
|
$
|
25,566
|
$
|
22,310
|
$
|
28,308
|
||||||
Interest-bearing deposits in banks
|
133,347
|
158,039
|
101,645
|
|||||||||
Total cash and cash equivalents
|
158,913
|
180,349
|
129,953
|
|||||||||
Certificates of deposit (“CDs”) held for investment, at cost
|
10,458
|
11,204
|
16,931
|
|||||||||
Investment securities:
|
||||||||||||
Held to maturity, at amortized cost (net of ACL – investment
securities)
|
176,787
|
211,818
|
275,053
|
|||||||||
Available for sale, at fair value
|
74,515
|
61,746
|
43,842
|
|||||||||
Investments in equity securities, at fair value
|
836
|
839
|
837
|
|||||||||
FHLB stock
|
2,037
|
2,037
|
2,802
|
|||||||||
Other investments, at cost
|
3,000
|
3,000
|
3,000
|
|||||||||
Loans held for sale
|
1,795
|
1,311
|
--
|
|||||||||
Loans receivable
|
1,414,065
|
1,375,934
|
1,275,954
|
|||||||||
Less: ACL – loans
|
(17,046
|
)
|
(16,818
|
)
|
(15,307
|
)
|
||||||
Net loans receivable
|
1,397,019
|
1,359,116
|
1,260,647
|
|||||||||
Premises and equipment, net
|
21,558
|
21,718
|
21,574
|
|||||||||
BOLI
|
23,436
|
23,278
|
23,276
|
|||||||||
Accrued interest receivable
|
7,045
|
7,108
|
5,451
|
|||||||||
Goodwill
|
15,131
|
15,131
|
15,131
|
|||||||||
CDI
|
508
|
564
|
745
|
|||||||||
Loan servicing rights, net
|
1,526
|
1,717
|
2,321
|
|||||||||
Operating lease right-of-use assets
|
1,550
|
1,624
|
1,845
|
|||||||||
Other assets
|
4,515
|
4,674
|
4,305
|
|||||||||
Total assets
|
$
|
1,900,629
|
$
|
1,907,234
|
$
|
1,807,713
|
||||||
Liabilities and shareholders’ equity
|
||||||||||||
Deposits: Non-interest-bearing demand
|
$
|
407,125
|
$
|
424,906
|
$
|
452,729
|
||||||
Deposits: Interest-bearing
|
1,221,419
|
1,213,648
|
1,100,001
|
|||||||||
Total deposits
|
1,628,544
|
1,638,554
|
1,552,730
|
|||||||||
Operating lease liabilities
|
1,649
|
1,723
|
1,939
|
|||||||||
FHLB borrowings
|
20,000
|
20,000
|
15,000
|
|||||||||
Other liabilities and accrued expenses
|
9,213
|
8,278
|
8,781
|
|||||||||
Total liabilities
|
1,659,406
|
1,668,555
|
1,578,450
|
|||||||||
Shareholders’ equity
|
||||||||||||
Common stock, $.01 par value; 50,000,000 shares authorized;
7,953,421 shares issued and outstanding – June 30, 2024
8,023,121 shares issued and outstanding – March 31, 2024
8,094,174 shares issued and outstanding – June 30, 2023
|
30,681
|
32,338
|
35,401
|
|||||||||
Retained earnings
|
211,087
|
207,086
|
194,606
|
|||||||||
Accumulated other comprehensive loss
|
(545
|
)
|
(745
|
)
|
(744
|
)
|
||||||
Total shareholders’ equity
|
241,223
|
238,679
|
229,263
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
1,900,629
|
$
|
1,907,234
|
$
|
1,807,713
|
Three Months Ended
|
||||||||||||
PERFORMANCE RATIOS:
|
June 30,
2024
|
March 31,
2024
|
June 30,
2023
|
|||||||||
Return on average assets (a)
|
1.25
|
%
|
1.22
|
%
|
1.42
|
%
|
||||||
Return on average equity (a)
|
9.95
|
%
|
9.67
|
%
|
11.07
|
%
|
||||||
Net interest margin (a)
|
3.53
|
%
|
3.48
|
%
|
3.94
|
%
|
||||||
Efficiency ratio
|
58.97
|
%
|
60.22
|
%
|
56.01
|
%
|
||||||
Nine Months Ended
|
||||||||||||
PERFORMANCE RATIOS:
|
June 30,
2024
|
June 30,
2023
|
||||||||||
Return on average assets (a)
|
1.27
|
%
|
1.51
|
%
|
||||||||
Return on average equity (a)
|
10.10
|
%
|
12.17
|
%
|
||||||||
Net interest margin (a)
|
3.53
|
%
|
3.99
|
%
|
||||||||
Efficiency ratio
|
58.55
|
%
|
54.24
|
%
|
||||||||
ASSET QUALITY RATIOS AND DATA:
|
June 30,
2024
|
March 31,
2024
|
June 30,
2023
|
|||||||||
Non-accrual loans
|
$
|
4,120
|
$
|
3,605
|
$
|
1,586
|
||||||
Loans past due 90 days and still accruing
|
--
|
--
|
--
|
|||||||||
Non-performing investment securities
|
72
|
79
|
87
|
|||||||||
OREO and other repossessed assets
|
--
|
--
|
--
|
|||||||||
Total non-performing assets (b)
|
$
|
4,192
|
$
|
3,684
|
$
|
1,673
|
||||||
Non-performing assets to total assets (b)
|
0.22
|
%
|
0.19
|
%
|
0.09
|
%
|
||||||
Net charge-offs (recoveries) during quarter
|
$
|
36
|
$
|
3
|
$
|
1
|
||||||
Allowance for credit losses - loans to non-accrual loans,
|
414
|
%
|
467
|
%
|
965
|
%
|
||||||
Allowance for credit losses - loans to loans receivable (c)
|
1.21
|
%
|
1.22
|
%
|
1.20
|
%
|
||||||
CAPITAL RATIOS:
|
||||||||||||
Tier 1 leverage capital
|
12.04
|
%
|
12.01
|
%
|
12.27
|
%
|
||||||
Tier 1 risk-based capital
|
17.97
|
%
|
18.08
|
%
|
18.11
|
%
|
||||||
Common equity Tier 1 risk-based capital
|
17.97
|
%
|
18.08
|
%
|
18.11
|
%
|
||||||
Total risk-based capital
|
19.22
|
%
|
19.33
|
%
|
19.36
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
11.97
|
%
|
11.79
|
%
|
11.91
|
%
|
||||||
BOOK VALUES:
|
||||||||||||
Book value per common share
|
$
|
30.33
|
$
|
29.75
|
$
|
28.32
|
||||||
Tangible book value per common share (d)
|
28.36
|
27.79
|
26.36
|
For the Three Months Ended
|
||||||||||||||||||||||||
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans receivable and loans held for sale
|
$
|
1,391,582
|
5.65
|
%
|
$
|
1,365,417
|
5.57
|
%
|
$
|
1,254,044
|
5.17
|
%
|
||||||||||||
Investment securities and FHLB stock (1)
|
268,954
|
3.63
|
298,003
|
3.14
|
331,385
|
2.96
|
||||||||||||||||||
Interest-earning deposits in banks and CDs
|
161,421
|
5.41
|
143,121
|
5.39
|
101,798
|
4.79
|
||||||||||||||||||
Total interest-earning assets
|
1,821,957
|
5.33
|
1,806,541
|
5.16
|
1,687,227
|
4.72
|
||||||||||||||||||
Other assets
|
82,008
|
81,337
|
84,255
|
|||||||||||||||||||||
Total assets
|
$
|
1,903,965
|
$
|
1,887,878
|
$
|
1,771,482
|
||||||||||||||||||
Liabilities and Shareholders’ Equity
|
||||||||||||||||||||||||
NOW checking accounts
|
$
|
329,344
|
1.29
|
%
|
$
|
367,924
|
1.61
|
%
|
$
|
387,426
|
1.02
|
%
|
||||||||||||
Money market accounts
|
326,023
|
3.56
|
270,623
|
3.14
|
205,023
|
0.84
|
||||||||||||||||||
Savings accounts
|
208,488
|
0.27
|
214,233
|
0.23
|
255,463
|
0.19
|
||||||||||||||||||
Certificates of deposit accounts
|
311,545
|
4.21
|
295,202
|
4.16
|
201,374
|
2.93
|
||||||||||||||||||
Brokered CDs
|
45,442
|
5.32
|
40,402
|
5.40
|
9,576
|
5.11
|
||||||||||||||||||
Total interest-bearing deposits
|
1,220,842
|
2.62
|
1,188,384
|
2.47
|
1,058,862
|
1.18
|
||||||||||||||||||
Borrowings
|
20,001
|
4.42
|
20,001
|
4.42
|
12,255
|
4.32
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,240,843
|
2.64
|
1,208,385
|
2.50
|
1,071,117
|
1.22
|
||||||||||||||||||
Non-interest-bearing demand deposits
|
413,494
|
431,826
|
462,315
|
|||||||||||||||||||||
Other liabilities
|
10,245
|
10,182
|
10,199
|
|||||||||||||||||||||
Shareholders’ equity
|
239,383
|
237,485
|
227,851
|
|||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,903,965
|
$
|
1,887,878
|
$
|
1,771,482
|
||||||||||||||||||
Interest rate spread
|
2.69
|
%
|
2.66
|
%
|
3.50
|
%
|
||||||||||||||||||
Net interest margin (2)
|
3.53
|
%
|
3.48
|
%
|
3.94
|
%
|
||||||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
146.83
|
%
|
149.50
|
%
|
157.52
|
%
|
For the Nine Months Ended
|
||||||||||||||||
June 30, 2024
|
June 30, 2023
|
|||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||
Assets
|
||||||||||||||||
Loans receivable and loans held for sale
|
$
|
1,363,213
|
5.57
|
%
|
$
|
1,206,294
|
5.04
|
%
|
||||||||
Investment securities and FHLB stock (1)
|
294,789
|
3.24
|
333,659
|
2.89
|
||||||||||||
Interest-earning deposits in banks and CDs
|
143,537
|
5.39
|
182,312
|
4.04
|
||||||||||||
Total interest-earning assets
|
1,801,539
|
5.17
|
1,722,265
|
4.52
|
||||||||||||
Other assets
|
81,650
|
84,167
|
||||||||||||||
Total assets
|
$
|
1,883,189
|
$
|
1,806,432
|
||||||||||||
Liabilities and Shareholders’ Equity
|
||||||||||||||||
NOW checking accounts
|
$
|
358,052
|
1.48
|
%
|
$
|
413,372
|
0.75
|
%
|
||||||||
Money market accounts
|
273,683
|
3.09
|
221,131
|
0.67
|
||||||||||||
Savings accounts
|
214,275
|
0.24
|
270,076
|
0.15
|
||||||||||||
Certificates of deposit accounts
|
291,707
|
4.12
|
169,001
|
2.27
|
||||||||||||
Brokered CDs
|
42,856
|
5.37
|
3,192
|
5.15
|
||||||||||||
Total interest-bearing deposits
|
1,180,573
|
2.42
|
1,076,772
|
0.84
|
||||||||||||
Borrowings
|
22,457
|
4.68
|
4,087
|
4.32
|
||||||||||||
Total interest-bearing liabilities
|
1,203,030
|
2.46
|
1,080,859
|
0.85
|
||||||||||||
Non-interest-bearing demand deposits
|
431,849
|
491,404
|
||||||||||||||
Other liabilities
|
11,273
|
9,896
|
||||||||||||||
Shareholders’ equity
|
237,037
|
224,273
|
||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,883,189
|
$
|
1,806,432
|
||||||||||||
Interest rate spread
|
2.71
|
%
|
3.67
|
%
|
||||||||||||
Net interest margin (2)
|
3.53
|
%
|
3.99
|
%
|
||||||||||||
Average interest-earning assets to
|
||||||||||||||||
average interest-bearing liabilities
|
149.75
|
%
|
159.34
|
%
|
($ in thousands)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Shareholders’ equity
|
$
|
241,223
|
$
|
238,679
|
$
|
229,263
|
||||||
Less goodwill and CDI
|
(15,639
|
)
|
(15,695
|
)
|
(15,876
|
)
|
||||||
Tangible common equity
|
$
|
225,584
|
$
|
222,984
|
$
|
213,387
|
||||||
Total assets
|
$
|
1,900,629
|
$
|
1,907,234
|
$
|
1,807,713
|
||||||
Less goodwill and CDI
|
(15,639
|
)
|
(15,695
|
)
|
(15,876
|
)
|
||||||
Tangible assets
|
$
|
1,884,990
|
$
|
1,891,539
|
$
|
1,791,837
|