On this page of StockholderLetter.com we present the latest annual shareholder letter from TIMBERLAND BANCORP INC — ticker symbol TSBK. Reading current and past TSBK letters to shareholders can bring important insights into the investment thesis.

 •  12/17/2025 Letter Continued (Full PDF)
 •  12/18/2024 TSBK Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  TSBK Benford's Law Stock Score = 96

TSBK Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
PLANT YOUR
FUTURE HERE


Dear Fellow Shareholders of Timberland Bancorp, Inc.:
On behalf of the Directors and Employees of Timberland Bancorp,
Inc. and its subsidiary, Timberland Bank, it is our privilege to invite
you to attend the annual meeting for our fiscal year ended
September 30, 2025. The meeting will be convened on January 27,
2026, at 1:00 p.m. and will be conducted virtually. Instructions to
access the virtual meeting are included on your proxy card and are
also included in the instructions accompanying your proxy
materials. During the meeting we will review the Company   s
operating results for the recently concluded fiscal year and the
subsequent first fiscal quarter, conduct an election of Directors,
vote on other matters described in the proxy statement and
respond to appropriate questions from shareholders.
Dean J. Brydon
Jonathan A. Fischer
We encourage you to review the information contained in the Form 10-K following this letter to acquaint yourself with the
Company   s 2025 fiscal year financial performance.
Overall, it was an encouraging year for the banking industry as the yield curve regained some much-needed slope, and margins began
to recover. The industry also saw deposits levels not only stabilize but begin to grow again at a more normalized pace. Despite the
continued uncertainties in the economy, the outlook for community banks looks brighter than it has in recent years.
Fiscal 2025 was a record year for Timberland in terms of profitability, as we reached all-time highs for net income and earnings per
share. We also saw steady balance sheet growth and surpassed the $2 billion mark for the first time in our history.
A few of the highlights from the 2025 fiscal year include:




Diluted Earnings Per Share (   EPS   ) increased to $3.67;
Net Income increased to $29.16 million;
Return on Average Assets increased to 1.50%;
Return on Average Equity increased to 11.56%;
Net Interest Margin increased to 3.76%;
Total Assets increased by 5%;
Liquidity (both on-balance sheet and off-balance sheet) remained strong with only $20 million in borrowings and additional
secured borrowing line capacity of $690 million available through the Federal Home Loan Bank and the Federal Reserve.
    Non-performing assets to total assets ratio of only 0.23% at September 30, 2025;
    Tier 1 Leverage Capital Ratio increased to 12.59% at September 30, 2025; and
    Increased the quarterly cash dividend to shareholders to $0.28 per share, marking 52 consecutive quarters of paying cash
dividends.
We believe Timberland is well-positioned to continue generating top-quartile financial results while implementing initiatives to
grow the Company. We are excited to be in the process of opening a new full-service branch in University Place. This expansion
positions us to better serve a growing market with strong business potential and deepen our commercial banking relationships in
the area.
We would like to thank our Employees for their hard work and dedication to serving our customers, communities, and shareholders.
Thank you for choosing to be a shareholder of the Company. We encourage you to participate in our virtual annual meeting.
We wish you a Merry Christmas and a Happy New Year!
Sincerely,
Dean J. Brydon
CEO
Jonathan A. Fischer
President & COO

FINANCIAL HIGHLIGHTS
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
The following table presents selected financial information concerning the consolidated financial position and results of operations of
Timberland Bancorp, Inc. ("Company") at and for the dates indicated. The consolidated data is derived in part from, and should be
read in conjunction with, the Consolidated Financial Statements of the Company and its subsidiary presented herein. (Dollars in
thousands except share data)
Total Assets
2023
$2,012,779
$1,839,905 $1,923,475
2024
2023
$1,421,523 $1,463,590
2024
$1,839,905
1,302,305
1,560,935
233,073
$1,923,475
1,421,523
1,647,668
245,413
$2,012,779
1,463,590
1,716,635
262,614


$ 102,277
32,077
70,200
934
69,266
12,352
45,387
36,231
7,070
$ 29,161
2025
Loans Receivable, Net
$1,302,305
2025
SELECTED FINANCIAL DATA
Total Assets
Loans Receivable, Net
Total Deposits
Shareholders    Equity
2023
September 30,
2024
2025
Total Deposits
OPERATING DATA
Interest and Dividend Income
Interest Expense
Net Interest Income
Provision for Credit Losses
Net Interest Income after Provision for Credit Losses
Non-Interest Income
Non-Interest Expense
Income before Income Taxes
Provision for Income Taxes
Net Income
79,951
11,592
68,359
2,132
66,227
11,140
43,373
33,994
6,876
$ 27,118
94,825
30,658
64,167
1,151
63,016
11,136
43,746
30,406
6,123
$ 24,283
$1,716,635
$1,647,668
e highlight   s
section
should
be 3.76% instead of 1.50%, I did not catch that the number was wrong in the draft I sent
$1,560,935
NET INCOME PER COMMON SHARE
Basic
rected copy
send it 2025
off to the auditors
for their review.
2023we will
2024
Diluted

3.32
3.29

3.02
3.01

3.68
3.67
Net Income
$27,118
2023
$29,161
$24,283
2024
KEY FINANCIAL RATIOS
Return on Average Assets
Return on Average Equity
Net Interest Margin
Efficiency Ratio
Non-Performing Assets to Total Assets (1)
Total Equity-to-Assets
2025
1.50%
12.01
3.95
54.56
0.09
12.67
1.28%
10.19
3.54
58.09
0.20
12.76
1.50%
11.56
3.76
54.98
0.23
13.05

(1) Non-performing assets include non-accrual loans, loans past due 90 days or more and still accruing,
non-accrual investment securities, other real estate owned and other repossessed assets.

2025 FORM 10-K
We have included our Form 10-K, as filed with the Securities and Exchange Commission,
with our annual report to give you more complete information about our Company. A table
of contents can be found facing page one.
Written requests to obtain a copy of any exhibit listed in Part IV should be sent to
Timberland Bancorp, Inc., 624 Simpson Avenue, Hoquiam, Washington 98550, attention:
Investor Relations Department.
HI,
Just a couple of changes:
President   s letter the net interest margin b
On the Financial Highlights page
Total Assets Chart first date s/b 2023, it is 2
Net Income Chart -please add the years to
These are the only changes we have. Once
Thanks



 12/17/2025 Letter Continued (Full PDF)