Timberland Bancorp, Inc. reported net income of $6.86 million, or $0.86 per diluted common share, for the quarter ended December 31, 2024. This marks an 8% increase in net income and a 9% increase in earnings per share compared to the preceding quarter. Net income also increased 9% and earnings per share increased 12% compared to the first fiscal quarter a year ago.
A highlight of the quarter was the net interest margin expanding six basis points to 3.64%, driven primarily by a reduction in funding costs. While net loans decreased 1% due to significant loan payoffs, including a large substandard loan, credit quality metrics improved. Non-performing assets improved to 16 basis points of total assets, and non-accrual loans decreased by nearly 30%.
The company maintained its quarterly cash dividend at $0.25 per share, payable on February 28, 2025, to shareholders of record on February 14, 2025. Timberland also repurchased 27,260 shares of common stock for $883,000 during the quarter. Additionally, Timberland partnered with the Federal Home Loan Bank of Des Moines, facilitating $772,000 in donations to 43 local non-profit organizations.
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