Timberland Bancorp Inc (TSBK) Q1 2025 Earnings Report

Timberland Bancorp’s QQ1 2025 results present a curious mix of very small core revenue and a sizable non-operating income contribution. Core revenue for the quarter was 655 thousand USD, producing operating income of 128 thousand USD and a slim operating margin of 0.20%. The standout driver of quarterly profitability was total other income and expenses net of 8.445 million USD, which lifted income before tax to 8.573 million USD and delivered a net income of 6.86 million USD (net income margin of 10.47%). While this supports a positive quarterly cadence, the heavy reliance on non-operating income raises sustainability questions. The company demonstrates a modest RoA of 0.36% and RoE of 2.75% for the quarter, with a price-to-book near 0.97 and a modest dividend yield (+0.82%). Balance sheet highlights include a large investment portfolio (long-term investments of approximately 1.629 billion USD) and a current liability base that dwarfs current assets, implying liquidity considerations that warrant close monitoring. The quarter also shows a pronounced revenue QoQ drop versus the prior quarter (YoY revenue up 13.7% but QoQ down 97.7%), underscoring seasonality or one-off effects in non-core income. Overall, Timberland remains a small regional bank with a conservative capital position and a valuation that sits near peers, contingent on stability of non-interest income and sustainable loan growth.