Timberland Bancorp Inc 2023年度报告

☐ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 For the transitionperiod from ______________to Commission File Number:0-23333 TIMBERLAND BANCORP, INC. (I.R.S. Employer IdentificationNo.) 624 SimpsonAvenue,Hoquiam,Washington98550 Registrant’s telephone number, including area code:(360)533-4747 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired 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 besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch 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,a 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 reportingcompany☐Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessmentof the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant's executive officers during the relevant recoveryperiod pursuant to §240.10D-1.b.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☐ As of December 4, 2024, the registrant had 7,967,916 shares of common stock issued and outstanding. Theaggregate market value of the common stock held by nonaffiliates of the registrant, based on the closing sales priceof the registrant’s common stock as quoted on the NASDAQ Global Market on March 31, 2024, was $215.98 million(8,023,121 shares at $26.92). For purposes of this calculation, common stock held by officers and directors of theregistrant was included. DOCUMENTS INCORPORATED BY REFERENCE 1.Portions of Definitive Proxy Statement for the 2024 Annual Meeting of Shareholders (Part III). TIMBERLAND BANCORP, INC.2024 ANNUAL REPORT ON FORM 10-KTABLE OF CONTENTS PART I. Page General4Market Area4Lending Activities6Investment Activities21Deposit Activities and Other Sources of Funds22Bank Owned Life Insurance25How We Are Regulated25Taxation31Competition32Subsidiary Activities32Employees and Human Capital Resources32Executive Officers of the Registrant34 Item 1A.Risk Factors35Item 1B.Unresolved Staff Comments46Item 1C.Cybersecurity46Item 2.Properties47Item 3.Legal Proceedings47Item 4.Mine Safety Disclosures47PART II.Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities47Item 6.Reserved49Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations49General49Overview49Operating Strategy50Selected Financial Data51Critical Accounting Estimates54Market Risk and Asset and Liability Management55Comparison of Financial Condition at September 30, 2024 and September 30, 202357Comparison of Operating Results for the Years Ended September 30, 2024 and 202359Average Balances, Interest and Average Yields/Cost61Rate/Volume Analysis63Liquidity and Capital Resources63New Accounting Pronouncements65Item 7A.Quantitative and Qualitative Disclosures About Market Risk65Item 8.Financial Statements and Supplementa