Timberland Bancorp, Inc. reported net income of $6.36 million, or $0.79 per diluted common share, for the quarter ended September 30, 2024. This represents an increase from $5.92 million, or $0.74 per diluted common share, in the preceding quarter. For the full fiscal year ended September 30, 2024, net income was $24.28 million, or $3.01 per diluted common share.
The company's net interest margin expanded five basis points to 3.58% for the fourth quarter, compared to the preceding quarter. This expansion was driven by yield improvements on interest-earning assets outpacing the increase in funding costs. Net loans receivable grew by $25 million, or 2%, during the quarter, primarily in construction loan disbursements and the one-to-four-family loan portfolio.
Asset quality metrics remained stable, with only $12,000 in net charge-offs for the quarter and non-performing assets at 20 basis points of total assets. The Board of Directors announced a 4% increase to the quarterly cash dividend, raising it to $0.25 per share. This dividend is payable on November 29, 2024, to shareholders of record on November 15, 2024, marking the 48th consecutive quarter of dividend payments.
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