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Sep 30, 2021
Timberland Q4 2021 Earnings Report
Net income decreased slightly due to lower gain on sales of loans and increases in operating expenses.
Key Takeaways
Timberland Bancorp reported a decrease in net income for the quarter ended September 30, 2021, compared to the same quarter one year ago. Net income was $6.02 million, or $0.71 per diluted common share, compared to $6.36 million, or $0.76 per diluted common share for the comparable quarter one year ago.
Net income was $6.02 million for the current quarter compared to $6.36 million for the comparable quarter one year ago.
EPS was $0.71 for the current quarter compared to $0.76 for the comparable quarter one year ago.
Return on average equity and return on average assets for the current quarter were 11.77% and 1.36%, respectively.
Net interest margin was 3.13% for the current quarter.
Revenue by Segment
Forward Guidance
Timberland anticipates opportunities for increased loan originations in its strong, western Washington markets. PPP loan fee accretion is expected to diminish during the 2022 fiscal year.
Positive Outlook
- Likelihood of Fed tapering beginning in the near term.
- The general level of interest rates has increased during the past several months.
- Strong regional economy.
- Likely customer dislocation resulting from recently announced M&A activity.
- Increased opportunities to develop new lending relationships within our local markets.
Challenges Ahead
- Gain on sale of loans income and the benefit derived from PPP loan fee accretion is expected to diminish during our 2022 fiscal year.
- Persistence of loan prepayments this past quarter.
- The Bank’s liquidity significantly above normal levels and continues to put pressure on the Bank’s net interest margin.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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