tsbk-202306300001046050--09-302023Q1falseP2YP5YP2Y00010460502022-10-012023-06-3000010460502023-08-01xbrli:shares00010460502023-06-30iso4217:USD00010460502022-09-30iso4217:USDxbrli:shares00010460502023-04-012023-06-3000010460502022-04-012022-06-3000010460502021-10-012022-06-300001046050us-gaap:DepositAccountMember2023-04-012023-06-300001046050us-gaap:DepositAccountMember2022-04-012022-06-300001046050us-gaap:DepositAccountMember2022-10-012023-06-300001046050us-gaap:DepositAccountMember2021-10-012022-06-300001046050us-gaap:CreditAndDebitCardMember2023-04-012023-06-300001046050us-gaap:CreditAndDebitCardMember2022-04-012022-06-300001046050us-gaap:CreditAndDebitCardMember2022-10-012023-06-300001046050us-gaap:CreditAndDebitCardMember2021-10-012022-06-300001046050us-gaap:AssetManagement1Member2023-04-012023-06-300001046050us-gaap:AssetManagement1Member2022-04-012022-06-300001046050us-gaap:AssetManagement1Member2022-10-012023-06-300001046050us-gaap:AssetManagement1Member2021-10-012022-06-300001046050us-gaap:CommonStockMember2023-04-012023-06-300001046050us-gaap:CommonStockMember2022-04-012022-06-300001046050us-gaap:CommonStockMember2022-10-012023-06-300001046050us-gaap:CommonStockMember2021-10-012022-06-300001046050us-gaap:CommonStockMember2022-03-310001046050us-gaap:RetainedEarningsMember2022-03-310001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-3100010460502022-03-310001046050us-gaap:RetainedEarningsMember2022-04-012022-06-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001046050us-gaap:CommonStockMemberus-gaap:EmployeeStockOptionMember2022-04-012022-06-300001046050us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001046050us-gaap:CommonStockMember2022-06-300001046050us-gaap:RetainedEarningsMember2022-06-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-3000010460502022-06-300001046050us-gaap:CommonStockMember2023-03-310001046050us-gaap:RetainedEarningsMember2023-03-310001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100010460502023-03-310001046050us-gaap:RetainedEarningsMember2023-04-012023-06-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001046050us-gaap:CommonStockMemberus-gaap:EmployeeStockOptionMember2023-04-012023-06-300001046050us-gaap:EmployeeStockOptionMember2023-04-012023-06-300001046050us-gaap:CommonStockMember2023-06-300001046050us-gaap:RetainedEarningsMember2023-06-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001046050us-gaap:CommonStockMember2021-09-300001046050us-gaap:RetainedEarningsMember2021-09-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-3000010460502021-09-300001046050us-gaap:RetainedEarningsMember2021-10-012022-06-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-012022-06-300001046050us-gaap:CommonStockMemberus-gaap:EmployeeStockOptionMember2021-10-012022-06-300001046050us-gaap:EmployeeStockOptionMember2021-10-012022-06-300001046050us-gaap:CommonStockMember2022-09-300001046050us-gaap:RetainedEarningsMember2022-09-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001046050us-gaap:RetainedEarningsMember2022-10-012023-06-300001046050us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-012023-06-300001046050us-gaap:CommonStockMemberus-gaap:EmployeeStockOptionMember2022-10-012023-06-300001046050us-gaap:EmployeeStockOptionMember2022-10-012023-06-30tsbk:segment0001046050us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-06-300001046050us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-06-300001046050us-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300001046050us-gaap:TaxableMunicipalNotesMember2023-06-300001046050us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2023-06-300001046050us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-09-300001046050us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-09-300001046050us-gaap:ResidentialMortgageBackedSecuritiesMember2022-09-300001046050us-gaap:TaxableMunicipalNotesMember2022-09-300001046050us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2022-09-30tsbk:security0001046050srt:MinimumMember2023-06-30xbrli:pure0001046050srt:MaximumMember2023-06-300001046050srt:WeightedAverageMember2023-06-300001046050srt:MinimumMember2022-06-300001046050srt:MaximumMember2022-06-300001046050srt:WeightedAverageMember2022-06-300001046050us-gaap:AssetPledgedAsCollateralMember2023-06-300001046050us-gaap:AssetPledgedAsCollateralMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMember2022-09-300001046050tsbk:MortgageLoansMultiFamilyMember2023-06-300001046050tsbk:MortgageLoansMultiFamilyMember2022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2022-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2022-09-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2023-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2022-09-300001046050tsbk:ConstructionCommercialMember2023-06-300001046050tsbk:ConstructionCommercialMember2022-09-300001046050tsbk:ConstructionMultiFamilyMember2023-06-300001046050tsbk:ConstructionMultiFamilyMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMember2022-09-300001046050tsbk:MortgageLoansLandMember2023-06-300001046050tsbk:MortgageLoansLandMember2022-09-300001046050us-gaap:MortgagesMember2023-06-300001046050us-gaap:MortgagesMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMember2022-09-300001046050us-gaap:ConsumerLoanMember2023-06-300001046050us-gaap:ConsumerLoanMember2022-09-300001046050us-gaap:CommercialLoanMember2023-06-300001046050us-gaap:CommercialLoanMember2022-09-300001046050tsbk:SBAPPPLoansMember2023-06-300001046050tsbk:SBAPPPLoansMember2022-09-300001046050tsbk:CommercialAndPPPLoansMember2023-06-300001046050tsbk:CommercialAndPPPLoansMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMember2023-03-310001046050tsbk:MortgageLoansOneToFourFamilyMember2023-04-012023-06-300001046050tsbk:MortgageLoansMultiFamilyMember2023-03-310001046050tsbk:MortgageLoansMultiFamilyMember2023-04-012023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2023-03-310001046050us-gaap:CommercialMortgageBackedSecuritiesMember2023-04-012023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2023-03-310001046050tsbk:ConstructionCustomAndOwnerbuilderMember2023-04-012023-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2023-03-310001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2023-04-012023-06-300001046050tsbk:ConstructionCommercialMember2023-03-310001046050tsbk:ConstructionCommercialMember2023-04-012023-06-300001046050tsbk:ConstructionMultiFamilyMember2023-03-310001046050tsbk:ConstructionMultiFamilyMember2023-04-012023-06-300001046050tsbk:ConstructionLandDevelopmentMember2023-03-310001046050tsbk:ConstructionLandDevelopmentMember2023-04-012023-06-300001046050tsbk:MortgageLoansLandMember2023-03-310001046050tsbk:MortgageLoansLandMember2023-04-012023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2023-03-310001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2023-04-012023-06-300001046050us-gaap:ConsumerPortfolioSegmentMember2023-03-310001046050us-gaap:ConsumerPortfolioSegmentMember2023-04-012023-06-300001046050us-gaap:CommercialLoanMember2023-03-310001046050us-gaap:CommercialLoanMember2023-04-012023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMember2022-10-012023-06-300001046050tsbk:MortgageLoansMultiFamilyMember2022-10-012023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2022-10-012023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2022-10-012023-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2022-10-012023-06-300001046050tsbk:ConstructionCommercialMember2022-10-012023-06-300001046050tsbk:ConstructionMultiFamilyMember2022-10-012023-06-300001046050tsbk:ConstructionLandDevelopmentMember2022-10-012023-06-300001046050tsbk:MortgageLoansLandMember2022-10-012023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2022-10-012023-06-300001046050us-gaap:ConsumerPortfolioSegmentMember2022-10-012023-06-300001046050us-gaap:CommercialLoanMember2022-10-012023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMember2022-03-310001046050tsbk:MortgageLoansOneToFourFamilyMember2022-04-012022-06-300001046050tsbk:MortgageLoansOneToFourFamilyMember2022-06-300001046050tsbk:MortgageLoansMultiFamilyMember2022-03-310001046050tsbk:MortgageLoansMultiFamilyMember2022-04-012022-06-300001046050tsbk:MortgageLoansMultiFamilyMember2022-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2022-03-310001046050us-gaap:CommercialMortgageBackedSecuritiesMember2022-04-012022-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2022-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2022-03-310001046050tsbk:ConstructionCustomAndOwnerbuilderMember2022-04-012022-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2022-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2022-03-310001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2022-04-012022-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2022-06-300001046050tsbk:ConstructionCommercialMember2022-03-310001046050tsbk:ConstructionCommercialMember2022-04-012022-06-300001046050tsbk:ConstructionCommercialMember2022-06-300001046050tsbk:ConstructionMultiFamilyMember2022-03-310001046050tsbk:ConstructionMultiFamilyMember2022-04-012022-06-300001046050tsbk:ConstructionMultiFamilyMember2022-06-300001046050tsbk:ConstructionLandDevelopmentMember2022-03-310001046050tsbk:ConstructionLandDevelopmentMember2022-04-012022-06-300001046050tsbk:ConstructionLandDevelopmentMember2022-06-300001046050tsbk:MortgageLoansLandMember2022-03-310001046050tsbk:MortgageLoansLandMember2022-04-012022-06-300001046050tsbk:MortgageLoansLandMember2022-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2022-03-310001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2022-04-012022-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2022-06-300001046050us-gaap:ConsumerPortfolioSegmentMember2022-03-310001046050us-gaap:ConsumerPortfolioSegmentMember2022-04-012022-06-300001046050us-gaap:ConsumerPortfolioSegmentMember2022-06-300001046050us-gaap:CommercialLoanMember2022-03-310001046050us-gaap:CommercialLoanMember2022-04-012022-06-300001046050us-gaap:CommercialLoanMember2022-06-300001046050tsbk:MortgageLoansOneToFourFamilyMember2021-09-300001046050tsbk:MortgageLoansOneToFourFamilyMember2021-10-012022-06-300001046050tsbk:MortgageLoansMultiFamilyMember2021-09-300001046050tsbk:MortgageLoansMultiFamilyMember2021-10-012022-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2021-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2021-10-012022-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2021-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMember2021-10-012022-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2021-09-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMember2021-10-012022-06-300001046050tsbk:ConstructionCommercialMember2021-09-300001046050tsbk:ConstructionCommercialMember2021-10-012022-06-300001046050tsbk:ConstructionMultiFamilyMember2021-09-300001046050tsbk:ConstructionMultiFamilyMember2021-10-012022-06-300001046050tsbk:ConstructionLandDevelopmentMember2021-09-300001046050tsbk:ConstructionLandDevelopmentMember2021-10-012022-06-300001046050tsbk:MortgageLoansLandMember2021-09-300001046050tsbk:MortgageLoansLandMember2021-10-012022-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2021-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2021-10-012022-06-300001046050us-gaap:ConsumerPortfolioSegmentMember2021-09-300001046050us-gaap:ConsumerPortfolioSegmentMember2021-10-012022-06-300001046050us-gaap:CommercialLoanMember2021-09-300001046050us-gaap:CommercialLoanMember2021-10-012022-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:MortgageLoansMultiFamilyMember2023-06-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:MortgageLoansMultiFamilyMember2023-06-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:ConstructionCustomAndOwnerbuilderMember2023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2023-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2023-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:ConstructionCommercialMember2023-06-300001046050tsbk:ConstructionCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:ConstructionCommercialMember2023-06-300001046050tsbk:ConstructionCommercialMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:ConstructionCommercialMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:MortgageLoansLandMember2023-06-300001046050us-gaap:FinancingReceivables60To89DaysPastDueMembertsbk:MortgageLoansLandMember2023-06-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:MortgageLoansLandMember2023-06-300001046050tsbk:MortgageLoansLandMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050us-gaap:FinancialAssetNotPastDueMembertsbk:MortgageLoansLandMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:SBAPPPLoansMember2023-06-300001046050us-gaap:FinancingReceivables60To89DaysPastDueMembertsbk:SBAPPPLoansMember2023-06-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:SBAPPPLoansMember2023-06-300001046050tsbk:SBAPPPLoansMemberus-gaap:FinancialAssetPastDueMember2023-06-300001046050us-gaap:FinancialAssetNotPastDueMembertsbk:SBAPPPLoansMember2023-06-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001046050us-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001046050us-gaap:FinancialAssetPastDueMember2023-06-300001046050us-gaap:FinancialAssetNotPastDueMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:MortgageLoansMultiFamilyMember2022-09-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:MortgageLoansMultiFamilyMember2022-09-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:ConstructionCustomAndOwnerbuilderMember2022-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2022-09-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2022-09-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:ConstructionCommercialMember2022-09-300001046050tsbk:ConstructionCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:ConstructionCommercialMember2022-09-300001046050tsbk:ConstructionCommercialMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:ConstructionCommercialMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:MortgageLoansLandMember2022-09-300001046050us-gaap:FinancingReceivables60To89DaysPastDueMembertsbk:MortgageLoansLandMember2022-09-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:MortgageLoansLandMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050us-gaap:FinancialAssetNotPastDueMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMembertsbk:SBAPPPLoansMember2022-09-300001046050us-gaap:FinancingReceivables60To89DaysPastDueMembertsbk:SBAPPPLoansMember2022-09-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembertsbk:SBAPPPLoansMember2022-09-300001046050tsbk:SBAPPPLoansMemberus-gaap:FinancialAssetPastDueMember2022-09-300001046050us-gaap:FinancialAssetNotPastDueMembertsbk:SBAPPPLoansMember2022-09-300001046050us-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001046050us-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001046050us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001046050us-gaap:FinancialAssetPastDueMember2022-09-300001046050us-gaap:FinancialAssetNotPastDueMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:PassMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMembertsbk:WatchMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:SpecialMentionMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:SubstandardMember2023-06-300001046050us-gaap:PassMembertsbk:MortgageLoansMultiFamilyMember2023-06-300001046050tsbk:WatchMembertsbk:MortgageLoansMultiFamilyMember2023-06-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:MortgageLoansMultiFamilyMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:PassMember2023-06-300001046050tsbk:WatchMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:PassMember2023-06-300001046050tsbk:WatchMembertsbk:ConstructionCustomAndOwnerbuilderMember2023-06-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:ConstructionCustomAndOwnerbuilderMember2023-06-300001046050us-gaap:PassMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2023-06-300001046050tsbk:WatchMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2023-06-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2023-06-300001046050us-gaap:PassMembertsbk:ConstructionCommercialMember2023-06-300001046050tsbk:WatchMembertsbk:ConstructionCommercialMember2023-06-300001046050tsbk:ConstructionCommercialMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:ConstructionCommercialMember2023-06-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:PassMember2023-06-300001046050tsbk:WatchMembertsbk:ConstructionMultiFamilyMember2023-06-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:ConstructionMultiFamilyMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:PassMember2023-06-300001046050tsbk:WatchMembertsbk:ConstructionLandDevelopmentMember2023-06-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:ConstructionLandDevelopmentMember2023-06-300001046050us-gaap:PassMembertsbk:MortgageLoansLandMember2023-06-300001046050tsbk:WatchMembertsbk:MortgageLoansLandMember2023-06-300001046050tsbk:MortgageLoansLandMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:MortgageLoansLandMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:PassMember2023-06-300001046050tsbk:WatchMembertsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-06-300001046050tsbk:WatchMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:PassMember2023-06-300001046050tsbk:WatchMemberus-gaap:CommercialLoanMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2023-06-300001046050us-gaap:PassMembertsbk:SBAPPPLoansMember2023-06-300001046050tsbk:WatchMembertsbk:SBAPPPLoansMember2023-06-300001046050tsbk:SBAPPPLoansMemberus-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMembertsbk:SBAPPPLoansMember2023-06-300001046050us-gaap:PassMember2023-06-300001046050tsbk:WatchMember2023-06-300001046050us-gaap:SpecialMentionMember2023-06-300001046050us-gaap:SubstandardMember2023-06-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:PassMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMembertsbk:WatchMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:SpecialMentionMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMemberus-gaap:SubstandardMember2022-09-300001046050us-gaap:PassMembertsbk:MortgageLoansMultiFamilyMember2022-09-300001046050tsbk:WatchMembertsbk:MortgageLoansMultiFamilyMember2022-09-300001046050tsbk:MortgageLoansMultiFamilyMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:MortgageLoansMultiFamilyMember2022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:PassMember2022-09-300001046050tsbk:WatchMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:PassMember2022-09-300001046050tsbk:WatchMembertsbk:ConstructionCustomAndOwnerbuilderMember2022-09-300001046050tsbk:ConstructionCustomAndOwnerbuilderMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:ConstructionCustomAndOwnerbuilderMember2022-09-300001046050us-gaap:PassMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2022-09-300001046050tsbk:WatchMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2022-09-300001046050tsbk:ConstructionSpeculativeOneToFourFamilyMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:ConstructionSpeculativeOneToFourFamilyMember2022-09-300001046050us-gaap:PassMembertsbk:ConstructionCommercialMember2022-09-300001046050tsbk:WatchMembertsbk:ConstructionCommercialMember2022-09-300001046050tsbk:ConstructionCommercialMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:ConstructionCommercialMember2022-09-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:PassMember2022-09-300001046050tsbk:WatchMembertsbk:ConstructionMultiFamilyMember2022-09-300001046050tsbk:ConstructionMultiFamilyMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:ConstructionMultiFamilyMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:PassMember2022-09-300001046050tsbk:WatchMembertsbk:ConstructionLandDevelopmentMember2022-09-300001046050tsbk:ConstructionLandDevelopmentMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:ConstructionLandDevelopmentMember2022-09-300001046050us-gaap:PassMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:WatchMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:MortgageLoansLandMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:PassMember2022-09-300001046050tsbk:WatchMembertsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2022-09-300001046050tsbk:WatchMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300001046050us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:PassMember2022-09-300001046050tsbk:WatchMemberus-gaap:CommercialLoanMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2022-09-300001046050us-gaap:PassMembertsbk:SBAPPPLoansMember2022-09-300001046050tsbk:WatchMembertsbk:SBAPPPLoansMember2022-09-300001046050tsbk:SBAPPPLoansMemberus-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMembertsbk:SBAPPPLoansMember2022-09-300001046050us-gaap:PassMember2022-09-300001046050tsbk:WatchMember2022-09-300001046050us-gaap:SpecialMentionMember2022-09-300001046050us-gaap:SubstandardMember2022-09-300001046050tsbk:MortgageLoansOneToFourFamilyMember2021-10-012022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMember2021-10-012022-09-300001046050tsbk:MortgageLoansLandMember2021-10-012022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMember2021-10-012022-09-300001046050us-gaap:ConsumerPortfolioSegmentMember2021-10-012022-09-300001046050us-gaap:CommercialLoanMember2021-10-012022-09-3000010460502021-10-012022-09-300001046050us-gaap:CommercialMortgageBackedSecuritiesMembertsbk:AccrualMember2023-06-300001046050tsbk:NonAccrualMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001046050tsbk:AccrualMembertsbk:MortgageLoansLandMember2023-06-300001046050tsbk:NonAccrualMembertsbk:MortgageLoansLandMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMembertsbk:AccrualMember2023-06-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMembertsbk:NonAccrualMember2023-06-300001046050tsbk:AccrualMember2023-06-300001046050tsbk:NonAccrualMember2023-06-300001046050us-gaap:CommercialMortgageBackedSecuritiesMembertsbk:AccrualMember2022-09-300001046050tsbk:NonAccrualMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-09-300001046050tsbk:AccrualMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:NonAccrualMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMembertsbk:AccrualMember2022-09-300001046050tsbk:ConsumerLoansHomeEquityAndSecondMortgageMembertsbk:NonAccrualMember2022-09-300001046050tsbk:AccrualMember2022-09-300001046050tsbk:NonAccrualMember2022-09-300001046050tsbk:PortfolioSegmentMembertsbk:MortgageLoansLandMember2021-10-012022-09-30tsbk:contract0001046050tsbk:PortfolioSegmentMembertsbk:MortgageLoansLandMember2022-09-300001046050tsbk:PortfolioSegmentMember2021-10-012022-09-300001046050tsbk:PortfolioSegmentMember2022-09-300001046050srt:MinimumMember2019-10-010001046050srt:MaximumMember2019-10-0100010460502022-10-012023-03-310001046050us-gaap:EmployeeStockOptionMember2023-04-012023-06-300001046050us-gaap:EmployeeStockOptionMember2022-10-012023-06-300001046050us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001046050us-gaap:EmployeeStockOptionMember2021-10-012022-06-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-04-012023-06-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-04-012023-06-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-10-012023-06-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-10-012023-06-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300001046050us-gaap:AvailableforsaleSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-012022-06-300001046050us-gaap:HeldtomaturitySecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-012022-06-300001046050us-gaap:EmployeeStockOptionMember2023-06-300001046050tsbk:EquityIncentivePlan2014Member2015-01-270001046050tsbk:EquityIncentivePlan2019Member2020-01-280001046050tsbk:EquityIncentivePlan2019Membertsbk:EmployeeMember2020-01-280001046050tsbk:EquityIncentivePlan2019Membertsbk:DirectorsMember2020-01-280001046050us-gaap:RestrictedStockMember2022-10-012023-06-300001046050tsbk:EquityIncentivePlan2014Member2023-06-300001046050tsbk:EquityIncentivePlan2019Member2023-06-300001046050us-gaap:EmployeeStockOptionMembertsbk:A9.00Member2022-10-012023-06-300001046050us-gaap:EmployeeStockOptionMembertsbk:A9.00Member2023-06-300001046050tsbk:A10261071Memberus-gaap:EmployeeStockOptionMember2022-10-012023-06-300001046050tsbk:A10261071Memberus-gaap:EmployeeStockOptionMember2023-06-300001046050tsbk:ExercisePriceRange15.67Memberus-gaap:EmployeeStockOptionMember2022-10-012023-06-300001046050tsbk:ExercisePriceRange15.67Memberus-gaap:EmployeeStockOptionMember2023-06-300001046050tsbk:ExercisePriceRange26502725Memberus-gaap:EmployeeStockOptionMember2022-10-012023-06-300001046050tsbk:ExercisePriceRange26502725Memberus-gaap:EmployeeStockOptionMember2023-06-300001046050tsbk:ExercisePriceRange28232969Memberus-gaap:EmployeeStockOptionMember2022-10-012023-06-300001046050tsbk:ExercisePriceRange28232969Memberus-gaap:EmployeeStockOptionMember2023-06-300001046050tsbk:ExercisePriceRange31803340Memberus-gaap:EmployeeStockOptionMember2022-10-012023-06-300001046050tsbk:ExercisePriceRange31803340Memberus-gaap:EmployeeStockOptionMember2023-06-300001046050us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050tsbk:MutualFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050tsbk:MutualFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050tsbk:MutualFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050tsbk:MutualFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel1Member2023-06-300001046050us-gaap:FairValueInputsLevel2Member2023-06-300001046050us-gaap:FairValueInputsLevel3Member2023-06-300001046050us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050tsbk:MutualFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050tsbk:MutualFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050tsbk:MutualFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050tsbk:MutualFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel1Member2022-09-300001046050us-gaap:FairValueInputsLevel2Member2022-09-300001046050us-gaap:FairValueInputsLevel3Member2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialLoanMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001046050us-gaap:FairValueInputsLevel3Membertsbk:TotalImpairedLoansMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001046050us-gaap:CommercialLoanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001046050us-gaap:CommercialLoanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialLoanMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001046050us-gaap:FairValueInputsLevel3Membertsbk:TotalImpairedLoansMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001046050us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001046050us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001046050us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-06-300001046050us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-06-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001046050us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001046050us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001046050us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-09-300001046050us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-09-300001046050us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001046050us-gaap:InvestmentAdviceMember2023-04-012023-06-300001046050us-gaap:InvestmentAdviceMember2022-10-012023-06-300001046050us-gaap:InvestmentAdviceMember2022-04-012022-06-300001046050us-gaap:InvestmentAdviceMember2021-10-012022-06-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _____ to _____.
Commission file number 000-23333
TIMBERLAND BANCORP, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
Washington | 91-1863696 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
| | | | | |
624 Simpson Avenue, Hoquiam, Washington | 98550 |
(Address of principal executive offices) | (Zip Code) |
(360) 533-4747
(Registrant’s telephone number, including area code)
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, $.01 par value | TSBK | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ___
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes _☒_ No __
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ___ No _☒_
As of August 1, 2023, there were 8,095,174 shares of the registrant's common stock, $.01 par value per share outstanding.
INDEX
| | | | | | | | | | | |
| | | Page |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Item 4. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
Certifications | |
| | Exhibit 31.1 | |
| | Exhibit 31.2 | |
| | Exhibit 32 | |
| | Exhibit 101 | |
| | Exhibit 104 | |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
June 30, 2023 and September 30, 2022
(Dollars in thousands, except per share amounts)
| | | | | | | | | | | |
| June 30, 2023 | | September 30, 2022 |
| (Unaudited) | | * |
Assets | | | |
Cash and cash equivalents: | | | |
Cash and due from financial institutions | $ | 28,308 | | | $ | 24,808 | |
Interest-bearing deposits in banks | 101,645 | | | 291,947 | |
Total cash and cash equivalents | 129,953 | | | 316,755 | |
| | | |
Certificates of deposit (“CDs”) held for investment (at cost, which approximates fair value) | 16,931 | | | 22,894 | |
Investment securities held to maturity, at amortized cost (estimated fair value of $260,471 and $249,783) | 275,053 | | | 266,608 | |
Investment securities available for sale, at fair value | 43,842 | | | 41,415 | |
Investments in equity securities, at fair value | 837 | | | 835 | |
Federal Home Loan Bank of Des Moines (“FHLB”) stock, at cost | 2,802 | | | 2,194 | |
Other investments, at cost | 3,000 | | | 3,000 | |
Loans held for sale | — | | | 748 | |
| | | |
| | | |
| | | |
Loans receivable, net of allowance for loan losses of $15,307 and $13,703 | 1,260,647 | | | 1,132,426 | |
| | | |
Premises and equipment, net | 21,574 | | | 21,898 | |
| | | |
Accrued interest receivable | 5,451 | | | 4,483 | |
Bank owned life insurance (“BOLI”) | 23,276 | | | 22,806 | |
Goodwill | 15,131 | | | 15,131 | |
Core deposit intangible (“CDI”), net | 745 | | | 948 | |
Loan servicing rights, net | 2,321 | | | 3,023 | |
| | | |
| | | |
Operating lease right-of-use ("ROU") assets | 1,845 | | | 1,980 | |
Other assets | 4,305 | | | 3,364 | |
Total assets | $ | 1,807,713 | | | $ | 1,860,508 | |
| | | |
Liabilities and shareholders’ equity | | | |
Liabilities | | | |
Deposits: | | | |
Non-interest-bearing demand | $ | 452,729 | | | $ | 530,058 | |
Interest-bearing | 1,100,001 | | | 1,102,118 | |
Total deposits | 1,552,730 | | | 1,632,176 | |
| | | |
FHLB borrowings | 15,000 | | | — | |
Operating lease liabilities | 1,939 | | | 2,066 | |
Other liabilities and accrued expenses | 8,781 | | | 7,697 | |
Total liabilities | $ | 1,578,450 | | | $ | 1,641,939 | |
* Derived from audited consolidated financial statements.
See notes to unaudited consolidated financial statements
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (continued)
June 30, 2023 and September 30, 2022
(Dollars in thousands, except per share amounts)
| | | | | | | | | | | |
| June 30, 2023 | | September 30, 2022 |
| (Unaudited) | | * |
Commitments and contingent liabilities (see Note 12) | | | |
Shareholders’ equity | | | |
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued | $ | — | | | $ | — | |
Common stock, $0.01 par value; 50,000,000 shares authorized; 8,094,174 shares issued and outstanding - June 30, 2023 8,221,952 shares issued and outstanding - September 30, 2022 | 35,401 | | | 38,751 | |
| | | |
Retained earnings | 194,606 | | | 180,535 | |
Accumulated other comprehensive loss | (744) | | | (717) | |
Total shareholders’ equity | 229,263 | | | 218,569 | |
Total liabilities and shareholders’ equity | $ | 1,807,713 | | | $ | 1,860,508 | |
* Derived from audited consolidated financial statements.
See notes to unaudited consolidated financial statements
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
For the three and nine months ended June 30, 2023 and 2022
(Dollars in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Nine Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest and dividend income | | | | | | | |
Loans receivable and loans held for sale | $ | 16,215 | | | $ | 12,628 | | | $ | 45,622 | | | $ | 37,870 | |
Investment securities | 2,384 | | | 1,016 | | | 7,058 | | | 2,012 | |
Dividends from mutual funds, FHLB stock and other investments | 70 | | | 25 | | | 185 | | | 80 | |
Interest-bearing deposits in banks and CDs | 1,220 | | | 958 | | | 5,524 | | | 1,528 | |
Total interest and dividend income | 19,889 | | | 14,627 | | | 58,389 | | | 41,490 | |
| | | | | | | |
Interest expense | | | | | | | |
Deposits | 3,123 | | | 645 | | | 6,729 | | | 1,902 | |
FHLB borrowings | 132 | | | — | | | 132 | | | 17 | |
Total interest expense | 3,255 | | | 645 | | | 6,861 | | | 1,919 | |
| | | | | | | |
Net interest income | 16,634 | | | 13,982 | | | 51,528 | | | 39,571 | |
| | | | | | | |
Provision for loan losses | 610 | | | — | | | 1,610 | | | — | |
| | | | | | | |
Net interest income after provision for loan losses | 16,024 | | | 13,982 | | | 49,918 | | | 39,571 | |
| | | | | | | |
Non-interest income | | | | | | | |
| | | | | | | |
| | | | | | | |
Net recoveries on investment securities | 2 | | | 5 | | | 7 | | | 16 | |
Gain on sale of investment securities available for sale, net | 95 | | | — | | | 95 | | | — | |
Service charges on deposits | 970 | | | 1,052 | | | 2,810 | | | 2,979 | |
ATM and debit card interchange transaction fees | 1,335 | | | 1,345 | | | 3,861 | | | 3,868 | |
BOLI net earnings | 157 | | | 151 | | | 470 | | | 457 | |
Gain on sales of loans, net | 80 | | | 258 | | | 147 | | | 1,337 | |
Escrow fees | 27 | | | 41 | | | 85 | | | 164 | |
Valuation recovery on MSRs | — | | | — | | | — | | | 119 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Other, net | 209 | | | 250 | | | 741 | | | 687 | |
Total non-interest income, net | 2,875 | | | 3,102 | | | 8,216 | | | 9,627 | |
See notes to unaudited consolidated financial statements
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (continued)
For the three and nine months ended June 30, 2023 and 2022
(Dollars in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Nine Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Non-interest expense | | | | | | | |
Salaries and employee benefits | $ | 5,860 | | | $ | 5,243 | | | $ | 17,806 | | | $ | 15,606 | |
Premises and equipment | 1,010 | | | 904 | | | 2,935 | | | 2,814 | |
Gain on sales/dispositions of premises and equipment, net | (32) | | | (6) | | | (32) | | | — | |
Advertising | 179 | | | 187 | | | 551 | | | 513 | |
OREO and other repossessed assets, net | — | | | (2) | | | 1 | | | (18) | |
ATM and debit card interchange transaction fees | 491 | | | 515 | | | 1,463 | | | 1,429 | |
Postage and courier | 128 | | | 140 | | | 397 | | | 440 | |
State and local taxes | 297 | | | 265 | | | 894 | | | 754 | |
Professional fees | 577 | | | 580 | | | 1,479 | | | 1,173 | |
Federal Deposit Insurance Corporation ("FDIC") insurance | 191 | | | 123 | | | 517 | | | 377 | |
Loan administration and foreclosure | 126 | | | 180 | | | 385 | | | 380 | |
Data processing and telecommunications | 944 | | | 698 | | | 2,612 | | | 1,980 | |
| | | | | | | |
Deposit operations | 430 | | | 316 | | | 1,022 | | | 878 | |
Amortization of CDI | 68 | | | 79 | | | 203 | | | 237 | |
Other | 658 | | | 652 | | | 2,173 | | | 1,909 | |
Total non-interest expense, net | 10,927 | | | 9,874 | | | 32,406 | | | 28,472 | |
| | | | | | | |
Income before income taxes | 7,972 | | | 7,210 | | | 25,728 | | | 20,726 | |
| | | | | | | |
Provision for income taxes | 1,666 | | | 1,472 | | | 5,252 | | | 4,176 | |
| | | | | | | |
Net income | $ | 6,306 | | | $ | 5,738 | | | $ | 20,476 | | | $ | 16,550 | |
| | | | | | | |
Net income per common share | | | | | | | |
Basic | $ | 0.77 | | | $ | 0.69 | | | $ | 2.50 | | | $ | 1.99 | |
Diluted | $ | 0.77 | | | $ | 0.69 | | | $ | 2.47 | | | $ | 1.97 | |
| | | | | | | |
Weighted average common shares outstanding | | | | | | | |
Basic | 8,156,831 | | | 8,279,436 | | | 8,203,255 | | | 8,324,371 | |
Diluted | 8,213,975 | | | 8,349,859 | | | 8,279,079 | | | 8,406,977 | |
| | | | | | | |
Dividends paid per common share | $ | 0.23 | | | $ | 0.22 | | | $ | 0.78 | | | $ | 0.65 | |
See notes to unaudited consolidated financial statements
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three and nine months ended June 30, 2023 and 2022
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Nine Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Comprehensive income | | | | | | | |
Net income | $ | 6,306 | | | $ | 5,738 | | | $ | 20,476 | | | $ | 16,550 | |
Other comprehensive loss | | | | | | | |
Unrealized holding loss on investment securities available for sale, net of income taxes of $(66), $(122), $(8) and $(167), respectively | (249) | | | (459) | | | (29) | | | (629) | |
| | | | | | | |
Change in other than temporary impairment ("OTTI") on investment securities held to maturity, net of income taxes: | | | | | | | |
| | | | | | | |
| | | | | | | |
Accretion of OTTI on investment securities held to maturity, net of income taxes of $0, $0, $1 and $1, respectively | — | | | 1 | | | 2 | | | 5 | |
Total other comprehensive loss, net of income taxes | (249) | | | (458) | | | (27) | | | (624) | |
| | | | | | | |
Total comprehensive income | $ | 6,057 | | | $ | 5,280 | | | $ | 20,449 | | | $ | 15,926 | |
See notes to unaudited consolidated financial statements
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For the three and nine months ended June 30, 2023 and 2022
(Dollars in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Number of Shares | | Amount | | | | | | Accumulated Other Compre-hensive Income (Loss) | | |
| Common Stock | | Common Stock | | | Retained Earnings | | | Total |
Balance, March 31, 2022 | 8,305,826 | | $ | 40,988 | | | | $ | 171,388 | | $ | (107) | | 212,269 | |
| | | | | | | | | | | |
Net income | — | | — | | | | 5,738 | | — | | 5,738 |
Other comprehensive loss | — | | — | | | | — | | (458) | | (458) |
Repurchase of common stock | (58,678) | | (1,502) | | | | — | | — | | (1,502) |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Exercise of stock options | 2,300 | | 27 | | | | — | | — | | 27 |
| | | | | | | | | | | |
| | | | | | | | | | | |
Common stock dividends ($0.22 per common share) | — | | — | | | | (1,827) | | — | | (1,827) |
| | | | | | | | | | | |
| | | | | | | | | | | |
Stock option compensation expense | — | | 72 | | | | — | | — | | 72 |
| | | | | | | | | | | |
| | | | | | | | | | | |
Balance, June 30, 2022 | 8,249,448 | | $ | 39,585 | | | | $ | 175,299 | | $ | (565) | | $ | 214,319 |
| | | | | | | | | | | |
Balance, March 31, 2023 | 8,203,174 | | $ | 37,979 | | | | $ | 190,177 | | $ | (495) | | $ | 227,661 |
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income | — | | — | | | | 6,306 | | — | | 6,306 |
Other comprehensive loss | — | | — | | | | — | | (249) | | (249) |
Repurchase of common stock | (110,000) | | (2,674) | | | | — | | — | | (2,674) |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Exercise of stock options | 1,000 | | 17 | | | | — | | — | | 17 |
| | | | | | | | | | | |
| | | | | | | | | | | |
Common stock dividends ($0.23 per common share) | — | | — | | | | (1,877) | | — | | (1,877) |
| | | | | | | | | | | |
| | | | | | | | | | | |
Stock option compensation expense | — | | 79 | | | | — | | — | | 79 |
| | | | | | | | | | | |
| | | | | | | | | | | |
Balance, June 30, 2023 | 8,094,174 | | $ | 35,401 | | | | $ | 194,606 | | $ | (744) | | $ | 229,263 |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Common Stock | | | | | | Accumulated Other Compre-hensive Income (Loss) | | |
| | | Number of Shares | | | | Amount | | | Retained Earnings | | | Total |
Balance, September 30, 2021 | | | 8,355,469 | | | | | $ | 42,673 | | | | | $ | 164,167 | | | $ | 59 | | | $ | 206,899 | |
Net income | | | — | | | | | — | | | | | 16,550 | | | — | | | 16,550 | |
Other comprehensive loss | | | — | | | | | — | | | | | — | | | (624) | | | (624) | |
Repurchase of common stock | | | (135,791) | | | | | (3,651) | | | | | — | | | — | | | (3,651) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Exercise of stock options | | | 29,770 | | | | | 359 | | | | | — | | | — | | | 359 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Common stock dividends ($0.65 per common share) | | | — | | | | | — | | | | | (5,418) | | | — | | | (5,418) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Stock option compensation expense | | | — | | | | | 204 | | | | | — | | | — | | | 204 | |
| | | | | | | | | | | | | | | |
Balance, June 30, 2022 | | | 8,249,448 | | | | | $ | 39,585 | | | | | $ | 175,299 | | | $ | (565) | | | $ | 214,319 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Balance, September 30, 2022 | | | 8,221,952 | | | | | $ | 38,751 | | | | | $ | 180,535 | | | $ | (717) | | | $ | 218,569 | |
| | | | | | | | | | | | | | | |
Net income | | | — | | | | | — | | | | | 20,476 | | | — | | | 20,476 | |
Other comprehensive loss | | | — | | | | | — | | | | | — | | | (27) | | | (27) | |
Repurchase of common stock | | | (154,833) | | | | | (4,119) | | | | | — | | | — | | | (4,119) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Exercise of stock options | | | 27,055 | | | | | 534 | | | | | — | | | — | | | 534 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Common stock dividends ($0.78 per common share) | | | — | | | | | — | | | | | (6,405) | | | — | | | (6,405) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Stock option compensation expense | | | — | | | | | 235 | | | | | — | | | — | | | 235 | |
| | | | | | | | | | | | | | | |
Balance, June 30, 2023 | | | 8,094,174 | | | | | $ | 35,401 | | | | | $ | 194,606 | | | $ | (744) | | | $ | 229,263 | |
See notes to unaudited consolidated financial statements
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended June 30, 2023 and 2022
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended June 30, |
| 2023 | | 2022 |
Cash flows from operating activities | | | |
Net income | $ | 20,476 | | | $ | 16,550 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Provision for loan losses | 1,610 | | | — | |
Depreciation | 1,022 | | | 1,035 | |
Deferred income taxes/(benefits) | (77) | | | 223 | |
Accretion of discount on purchased loans | (64) | | | (154) | |
Amortization of CDI | 203 | | | 237 | |
| | | |
| | | |
Stock option compensation expense | 235 | | | 204 | |
Gain on sale of investment securities available for sale, net | (95) | | | — | |
Net recoveries on investment securities | (7) | | | (16) | |
Change in fair value of investments in equity securities | (2) | | | 83 | |
| | | |
Amortization (accretion) of discounts and premiums on securities | (922) | | | 123 | |
Gain on sales of OREO and other repossessed assets, net | — | | | (1) | |
| | | |
Gain on sales of loans, net | (147) | | | (1,337) | |
Gain on sales/disposition of premises and equipment, net | (32) | | | — | |
Loans originated for sale | (6,062) | | | (47,199) | |
Proceeds from sales of loans | 6,957 | | | 51,053 | |
Amortization of loan servicing rights | 769 | | | 879 | |
Valuation recovery on loan servicing rights, net | — | | | (119) | |
BOLI net earnings | (470) | | | (457) | |
| | | |
Increase (decrease) in deferred loan origination fees | 636 | | | (1,192) | |
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses | (800) | | | (1,521) | |
Net cash provided by operating activities | 23,230 | | | 18,391 | |
| | | |
Cash flows from investing activities | | | |
Net decrease in CDs held for investment | 5,963 | | | 4,594 | |
Proceeds from sale of investment securities available for sale | 8,929 | | | — | |
| | | |
Purchase of investment securities held to maturity | (15,601) | | | (167,671) | |
Purchase of investment securities available for sale | (16,994) | | | — | |
Proceeds from maturities and prepayments of investment securities held to maturity | 8,000 | | | 8,737 | |
Proceeds from maturities and prepayments of investment securities available for sale | 5,784 | | | 16,977 | |
Purchase of FHLB stock | (608) | | | (91) | |
| | | |
| | | |
Increase in loans receivable, net | (130,403) | | | (118,167) | |
Purchases of premises and equipment | (711) | | | (822) | |
Proceeds from sales of premises and equipment | 45 | | | — | |
| | | |
| | | |
| | | |
| | | |
Proceeds from sales of OREO and other repossessed assets | — | | | 158 | |
Net cash used in investing activities | (135,596) | | | (256,285) | |
See notes to unaudited consolidated financial statements
TIMBERLAND BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
For the nine months ended June 30, 2023 and 2022
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended June 30, |
| 2023 | | 2022 |
Cash flows from financing activities | | | |
Net increase (decrease) in deposits | $ | (79,446) | | | $ | 93,559 | |
| | | |
Proceeds from (repayments of) FHLB borrowings | 15,000 | | | (5,000) | |
Proceeds from exercise of stock options | 534 | | | 359 | |
| | | |
| | | |
Repurchase of common stock | (4,119) | | | (3,651) | |
Payment of dividends | (6,405) | | | (5,418) | |
Net cash provided by (used in) financing activities | (74,436) | | | 79,849 | |
| | | |
Net decrease in cash and cash equivalents | (186,802) | | | (158,045) | |
Cash and cash equivalents | | | |
Beginning of period | 316,755 | | | 580,196 | |
End of period | $ | 129,953 | | | $ | 422,151 | |
| | | |
Supplemental disclosure of cash flow information | | | |
Income taxes paid | $ | 6,268 | | | $ | 3,642 | |
Interest paid | $ | 6,088 | | | $ | 1,955 | |
| | | |
Supplemental disclosure of non-cash investing activities | | | |
| | | |
Other comprehensive loss related to investment securities | $ | (27) | | | $ | (624) | |
| | | |
Operating lease liabilities arising from recording of ROU assets | $ | 71 | | | $ | — | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
See notes to unaudited consolidated financial statements
Timberland Bancorp, Inc. and Subsidiary
Notes to Unaudited Consolidated Financial Statements
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Presentation: The accompanying unaudited consolidated financial statements of Timberland Bancorp, Inc. and its wholly-owned subsidiary, Timberland Bank (the "Bank") (collectively, "the Company") were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022 (“2022 Form 10-K”). The unaudited consolidated results of operations for the nine months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2023.
(b) Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company and the Bank’s wholly-owned subsidiary, Timberland Service Corporation. All significant inter-company transactions and balances have been eliminated in consolidation.
(c) Operating Segment: The Company has one reportable operating segment which is defined as community banking in western Washington under the operating name, "Timberland Bank."
(d) The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheets, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
(e) Certain prior period amounts have been reclassified to conform to the June 30, 2023 presentation with no change to previously reported net income or total shareholders’ equity.
(2) INVESTMENT SECURITIES
Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of June 30, 2023 and September 30, 2022 (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
June 30, 2023 | | | | | | | |
Held to maturity | | | | | | | |
U.S. Treasury and U.S. government agency securities | $ | 171,385 | | | $ | — | | | $ | (9,927) | | | $ | 161,458 | |
Mortgage-backed securities ("MBS"): | | | | | | | |
U.S. government agencies | 53,347 | | | 10 | | | (2,529) | | | 50,828 | |
Private label residential | 48,025 | | | 258 | | | (2,295) | | | 45,988 | |
Taxable municipal securities | 1,796 | | | — | | | (47) | | | 1,749 | |
Bank issued trust preferred securities | 500 | | | — | | | (52) | | | 448 | |
Total | $ | 275,053 | | | $ | 268 | | | $ | (14,850) | | | $ | 260,471 | |
| | | | | | | |
Available for sale | | | | | | | |
| | | | | | | |
MBS: U.S. government agencies | $ | 44,772 | | | $ | — | | | $ | (930) | | | $ | 43,842 | |
Total | $ | 44,772 | | | $ | — | | | $ | (930) | | | $ | 43,842 | |
| | | | | | | |
September 30, 2022 | | | | | | | |
Held to maturity | | | | | | | |
U.S. Treasury and U.S. government agency securities | $ | 170,676 | | | $ | 11 | | | $ | (12,109) | | | $ | 158,578 | |
MBS: | | | | | | | |
U.S. government agencies | 43,995 | | | 4 | | | (2,486) | | | 41,513 | |
Private label residential | 49,335 | | | 245 | | | (2,392) | | | 47,188 | |
Taxable municipal securities | 2,102 | | | — | | | (67) | | | 2,035 | |
Bank issued trust preferred securities | 500 | | | — | | | (31) | | | 469 | |
Total | $ | 266,608 | | | $ | 260 | | | $ | (17,085) | | | $ | 249,783 | |
| | | | | | | |
Available for sale | | | | | | | |
MBS: U.S. government agencies | $ | 42,309 | | | $ | — | | | $ | (894) | | | $ | 41,415 | |
| | | | | | | |
Total | $ | 42,309 | | | $ | — | | | $ | (894) | | | $ | 41,415 | |
Held to maturity and available for sale investment securities with unrealized losses were as follows as of June 30, 2023 (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Than 12 Months | | 12 Months or Longer | | Total |
| Estimated Fair Value | | Gross Unrealized Losses | | Quantity | | Estimated Fair Value | | Gross Unrealized Losses | | Quantity | | Estimated Fair Value | | Gross Unrealized Losses |
Held to maturity | | | | | | | | | | | | | | | |
U.S. Treasury and U.S. government agency securities | $ | 19,045 | | | $ | (207) | | | 2 | | | $ | 142,413 | | | $ | (9,720) | | | 25 | | | $ | 161,458 | | | $ | (9,927) | |
MBS: | | | | | | | | | | | | | | | |
U.S. government agencies | 26,124 | | | (474) | | | 18 | | | 19,498 | | | (2,055) | | | 42 | | | 45,622 | | | (2,529) | |
Private label residential | 10,461 | | | (265) | | | 7 | | | 32,351 | | | (2,030) | | | 27 | | | 42,812 | | | (2,295) | |
Taxable municipal securities | — | | | — | | | — | | | 1,749 | | | (47) | | | 1 | | | 1,749 | | | (47) | |
Bank issued trust preferred securities | — | | | — | | | — | | | 448 | | | (52) | | | 1 | | | 448 | | | (52) | |
Total | $ | 55,630 | | | $ | (946) | | | 27 | | | $ | 196,459 | | | $ | (13,904) | | | 96 | | | $ | 252,089 | | | $ | (14,850) | |
| | | | | | | | | | | | | | | |
Available for sale | | | | | | | | | | | | | | | |
MBS: U.S. government agencies | $ | 22,328 | | | $ | (188) | | | 10 | | | $ | 21,213 | | | $ | (742) | | | 21 | | | $ | 43,541 | | | $ | (930) | |
Total | $ | 22,328 | | | $ | (188) | | | 10 | | | $ | 21,213 | | | $ | (742) | | | 21 | | | $ | 43,541 | | | $ | (930) | |
Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2022 (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Than 12 Months | | 12 Months or Longer | | Total |
| Estimated Fair Value | | Gross Unrealized Losses | | Quantity | | Estimated Fair Value | | Gross Unrealized Losses | | Quantity | | Estimated Fair Value | | Gross Unrealized Losses |
Held to maturity | | | | | | | | | | | | | | | |
U.S. Treasury and U.S. government agency securities | $ | 115,504 | | | $ | (7,224) | | | 17 | | | $ | 33,638 | | | $ | (4,885) | | | 9 | | | $ | 149,142 | | | $ | (12,109) | |
MBS: | | | | | | | | | | | | | | | |
U.S. government agencies | 35,896 | | | (1,449) | | | 54 | | | 5,306 | | | (1,037) | | | 5 | | | 41,202 | | | (2,486) | |
Private label residential | 35,447 | | | (2,166) | | | 27 | | | 8,708 | | | (226) | | | 6 | | | 44,155 | | | (2,392) | |
Taxable municipal securities | 2,035 | | | (67) | | | 1 | | | — | | | — | | | — | | | 2,035 | | | (67) | |
Bank issued trust preferred securities | 469 | | | (31) | | | 1 | | | — | | | — | | | — | | | 469 | | | (31) | |
Total | $ | 189,351 | | | $ | (10,937) | | | 100 | | | $ | 47,652 | | | $ | (6,148) | | | 20 | | | $ | 237,003 | | | $ | (17,085) | |
| | | | | | | | | | | | | | | |
Available for sale | | | | | | | | | | | | | | | |
MBS: U.S. government agencies | $ | 25,170 | | | $ | (292) | | | 16 | | | $ | 15,705 | | | $ | (602) | | | 13 | | | $ | 40,875 | | | $ | (894) | |
| | | | | | | | | | | | | | | |
Total | $ | 25,170 | | | $ | (292) | | | 16 | | | $ | 15,705 | | | |