Timberland Bancorp (TSBK)
Market Price (10/22/2026): $45.59 | Market Cap: $355.8 MilSector: Financials | Industry: Regional Banks
Timberland Bancorp (TSBK)
Market Price (10/22/2026): $45.59Market Cap: $355.8 MilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 8.2% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -75% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% Low stock price volatilityVol 12M is 22% | Trading close to highsDist 52W High is -3.0%, Dist 3Y High is -3.0% | Key risksTSBK key risks include [1] a high geographic business concentration in Washington State and [2] a significant portfolio concentration in higher-risk commercial real estate and construction loans. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 8.2% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -75% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| Low stock price volatilityVol 12M is 22% |
| Trading close to highsDist 52W High is -3.0%, Dist 3Y High is -3.0% |
| Key risksTSBK key risks include [1] a high geographic business concentration in Washington State and [2] a significant portfolio concentration in higher-risk commercial real estate and construction loans. |
Qualitative Assessment
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Updated on 10/1/2026
Timberland Bancorp (TSBK) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Solid Fiscal Q3 2026 Earnings Performance.
Timberland Bancorp reported strong financial results for fiscal Q3 2026 (the quarter ended June 30, 2026), which were announced on July 28, 2026. The company posted a net income of $7.72 million, translating to $0.98 per diluted share. This marked an increase from $7.10 million ($0.90 per diluted share) in the same period of the prior year and $7.13 million ($0.90 per diluted share) in fiscal Q2 2026. Operating revenue also rose to $21.79 million, with net interest income growing 7% year-over-year to $18.81 million. The net interest margin expanded to 3.85%, and the efficiency ratio improved to 53.40%. These positive company-specific fundamentals provided a strong floor for the stock during the period.
2. Increased Quarterly Dividend.
The company demonstrated its commitment to shareholder returns by increasing its quarterly dividend. On August 24, 2026, investors of record on August 10, 2026, received a $0.30 dividend per common share. This represented a positive adjustment from the previous quarterly dividend of $0.29, equating to an annualized dividend of $1.20 and a yield of 2.7%. A rising dividend often signals financial health and can attract income-focused investors, contributing to stock price stability.
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Timberland Bancorp (TSBK) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Solid Fiscal Q3 2026 Earnings Performance.
Timberland Bancorp reported strong financial results for fiscal Q3 2026 (the quarter ended June 30, 2026), which were announced on July 28, 2026. The company posted a net income of $7.72 million, translating to $0.98 per diluted share. This marked an increase from $7.10 million ($0.90 per diluted share) in the same period of the prior year and $7.13 million ($0.90 per diluted share) in fiscal Q2 2026. Operating revenue also rose to $21.79 million, with net interest income growing 7% year-over-year to $18.81 million. The net interest margin expanded to 3.85%, and the efficiency ratio improved to 53.40%. These positive company-specific fundamentals provided a strong floor for the stock during the period.
2. Increased Quarterly Dividend.
The company demonstrated its commitment to shareholder returns by increasing its quarterly dividend. On August 24, 2026, investors of record on August 10, 2026, received a $0.30 dividend per common share. This represented a positive adjustment from the previous quarterly dividend of $0.29, equating to an annualized dividend of $1.20 and a yield of 2.7%. A rising dividend often signals financial health and can attract income-focused investors, contributing to stock price stability.
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Updated on 10/1/2026
Timberland Bancorp (TSBK) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Solid Fiscal Q3 2026 Earnings Performance.
Timberland Bancorp reported strong financial results for fiscal Q3 2026 (the quarter ended June 30, 2026), which were announced on July 28, 2026. The company posted a net income of $7.72 million, translating to $0.98 per diluted share. This marked an increase from $7.10 million ($0.90 per diluted share) in the same period of the prior year and $7.13 million ($0.90 per diluted share) in fiscal Q2 2026. Operating revenue also rose to $21.79 million, with net interest income growing 7% year-over-year to $18.81 million. The net interest margin expanded to 3.85%, and the efficiency ratio improved to 53.40%. These positive company-specific fundamentals provided a strong floor for the stock during the period.
2. Increased Quarterly Dividend.
The company demonstrated its commitment to shareholder returns by increasing its quarterly dividend. On August 24, 2026, investors of record on August 10, 2026, received a $0.30 dividend per common share. This represented a positive adjustment from the previous quarterly dividend of $0.29, equating to an annualized dividend of $1.20 and a yield of 2.7%. A rising dividend often signals financial health and can attract income-focused investors, contributing to stock price stability.
3. Positive Analyst Rating and Upgrade.
During the period, Timberland Bancorp received favorable attention from analysts. On September 18, 2026, Weiss Ratings upgraded shares of Timberland Bancorp from a "buy (b+)" rating to a "buy (a-)". Furthermore, at least one research analyst assigned a "Strong Buy" rating to the stock, contributing to an overall average "Strong Buy" rating for TSBK. Positive analyst sentiment and upgrades can bolster investor confidence and provide support for the stock price.
4. Broader Regional Banking Sector Headwinds.
Despite positive company-specific developments, the broader regional banking sector faced challenges that likely tempered significant upward movement for TSBK. The U.S. savings and loan industry operated under a mixed backdrop, with elevated interest rates following the Federal Reserve's September 2026 rate hike. The stubbornly hawkish Fed contributed to tightening funding costs for many regional banks, which could impact deposit margins. This general caution around the regional banking sector, as observed across Wall Street, likely acted as a counterbalance to Timberland Bancorp's individual strengths, resulting in its largely stable stock performance.
Show less
Timberland Bancorp (TSBK) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Solid Fiscal Q3 2026 Earnings Performance.
Timberland Bancorp reported strong financial results for fiscal Q3 2026 (the quarter ended June 30, 2026), which were announced on July 28, 2026. The company posted a net income of $7.72 million, translating to $0.98 per diluted share. This marked an increase from $7.10 million ($0.90 per diluted share) in the same period of the prior year and $7.13 million ($0.90 per diluted share) in fiscal Q2 2026. Operating revenue also rose to $21.79 million, with net interest income growing 7% year-over-year to $18.81 million. The net interest margin expanded to 3.85%, and the efficiency ratio improved to 53.40%. These positive company-specific fundamentals provided a strong floor for the stock during the period.
2. Increased Quarterly Dividend.
The company demonstrated its commitment to shareholder returns by increasing its quarterly dividend. On August 24, 2026, investors of record on August 10, 2026, received a $0.30 dividend per common share. This represented a positive adjustment from the previous quarterly dividend of $0.29, equating to an annualized dividend of $1.20 and a yield of 2.7%. A rising dividend often signals financial health and can attract income-focused investors, contributing to stock price stability.
3. Positive Analyst Rating and Upgrade.
During the period, Timberland Bancorp received favorable attention from analysts. On September 18, 2026, Weiss Ratings upgraded shares of Timberland Bancorp from a "buy (b+)" rating to a "buy (a-)". Furthermore, at least one research analyst assigned a "Strong Buy" rating to the stock, contributing to an overall average "Strong Buy" rating for TSBK. Positive analyst sentiment and upgrades can bolster investor confidence and provide support for the stock price.
4. Broader Regional Banking Sector Headwinds.
Despite positive company-specific developments, the broader regional banking sector faced challenges that likely tempered significant upward movement for TSBK. The U.S. savings and loan industry operated under a mixed backdrop, with elevated interest rates following the Federal Reserve's September 2026 rate hike. The stubbornly hawkish Fed contributed to tightening funding costs for many regional banks, which could impact deposit margins. This general caution around the regional banking sector, as observed across Wall Street, likely acted as a counterbalance to Timberland Bancorp's individual strengths, resulting in its largely stable stock performance.
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Stock Movement Drivers
Fundamental Drivers
The 2.4% change in TSBK stock from 6/30/2026 to 10/21/2026 was primarily driven by a 1.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.51 | 45.59 | 2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 82 | 83 | 1.7% |
| Net Income Margin (%) | 37.9% | 38.0% | 0.3% |
| P/E Multiple | 11.3 | 11.3 | -0.5% |
| Shares Outstanding (Mil) | 8 | 8 | 0.9% |
| Cumulative Contribution | 2.4% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| TSBK | 2.4% | |
| Market (SPY) | 3.5% | -1.1% |
| Sector (XLF) | 4.5% | 31.5% |
Fundamental Drivers
The 17.2% change in TSBK stock from 3/31/2026 to 10/21/2026 was primarily driven by a 12.4% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.89 | 45.59 | 17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 80 | 83 | 3.1% |
| Net Income Margin (%) | 37.9% | 38.0% | 0.1% |
| P/E Multiple | 10.1 | 11.3 | 12.4% |
| Shares Outstanding (Mil) | 8 | 8 | 1.0% |
| Cumulative Contribution | 17.2% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| TSBK | 17.2% | |
| Market (SPY) | 19.2% | 0.6% |
| Sector (XLF) | 13.9% | 31.0% |
Fundamental Drivers
The 41.1% change in TSBK stock from 9/30/2025 to 10/21/2026 was primarily driven by a 19.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.31 | 45.59 | 41.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 75 | 83 | 10.1% |
| Net Income Margin (%) | 35.9% | 38.0% | 5.7% |
| P/E Multiple | 9.4 | 11.3 | 19.8% |
| Shares Outstanding (Mil) | 8 | 8 | 1.1% |
| Cumulative Contribution | 41.1% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| TSBK | 41.1% | |
| Market (SPY) | 17.0% | 12.6% |
| Sector (XLF) | 5.3% | 39.5% |
Fundamental Drivers
The 85.3% change in TSBK stock from 9/30/2023 to 10/21/2026 was primarily driven by a 54.9% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.60 | 45.59 | 85.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 75 | 83 | 10.4% |
| Net Income Margin (%) | 36.6% | 38.0% | 3.7% |
| P/E Multiple | 7.3 | 11.3 | 54.9% |
| Shares Outstanding (Mil) | 8 | 8 | 4.5% |
| Cumulative Contribution | 85.3% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| TSBK | 85.3% | |
| Market (SPY) | 87.1% | 35.2% |
| Sector (XLF) | 76.4% | 48.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TSBK Return | 18% | 28% | -5% | 0% | 21% | 31% | 129% |
| Peers Return | 22% | 2% | -5% | 0% | -1% | 13% | 31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| TSBK Win Rate | 75% | 58% | 50% | 50% | 58% | 80% | |
| Peers Win Rate | 60% | 45% | 43% | 52% | 45% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TSBK Max Drawdown | -11% | -17% | -36% | -22% | -14% | -9% | |
| Peers Max Drawdown | -22% | -24% | -41% | -31% | -25% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HFWA, FSBW, RVSB, FNWB, COLB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/21/2026 (YTD)
How Low Can It Go
| Event | TSBK | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.1% | -6.7% |
| % Gain to Breakeven | 56.4% | 7.1% |
| Time to Breakeven | 552 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.9% | -24.5% |
| % Gain to Breakeven | 14.8% | 32.4% |
| Time to Breakeven | 97 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.1% | -33.7% |
| % Gain to Breakeven | 96.6% | 50.9% |
| Time to Breakeven | 298 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.8% | -19.2% |
| % Gain to Breakeven | 46.6% | 23.8% |
| Time to Breakeven | 801 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.0% | -17.9% |
| % Gain to Breakeven | 51.5% | 21.8% |
| Time to Breakeven | 343 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -43.5% | -15.4% |
| % Gain to Breakeven | 77.0% | 18.2% |
| Time to Breakeven | 205 days | 125 days |
In The Past
Timberland Bancorp's stock fell -6.8% during the 2025 US Tariff Shock. Such a loss loss requires a 7.3% gain to breakeven.
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Asset Allocation
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| Event | TSBK | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.1% | -6.7% |
| % Gain to Breakeven | 56.4% | 7.1% |
| Time to Breakeven | 552 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.1% | -33.7% |
| % Gain to Breakeven | 96.6% | 50.9% |
| Time to Breakeven | 298 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.8% | -19.2% |
| % Gain to Breakeven | 46.6% | 23.8% |
| Time to Breakeven | 801 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.0% | -17.9% |
| % Gain to Breakeven | 51.5% | 21.8% |
| Time to Breakeven | 343 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -43.5% | -15.4% |
| % Gain to Breakeven | 77.0% | 18.2% |
| Time to Breakeven | 205 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -79.2% | -53.4% |
| % Gain to Breakeven | 379.9% | 114.4% |
| Time to Breakeven | 1815 days | 1085 days |
In The Past
Timberland Bancorp's stock fell -6.8% during the 2025 US Tariff Shock. Such a loss loss requires a 7.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Timberland Bancorp (TSBK)
Timberland Bancorp, Inc. (TSBK) operates as the bank holding company for Timberland Bank, providing comprehensive community banking services primarily to individuals and businesses across several counties in Washington state. Established in 1915 and headquartered in Hoquiam, Washington, the bank focuses on serving its local market with a range of financial products and services through its network of branches and ATMs in regions like Grays Harbor, Pierce, Thurston, Kitsap, King, and Lewis counties.
The company's core offerings include various deposit products such as money market, checking, and regular savings accounts, along with certificates of deposit. On the lending side, Timberland Bank specializes in a wide array of loans, including one-to four-family residential, multi-family, and commercial real estate loans. It also provides diverse construction loans, consumer loans like home equity lines of credit, automobile, boat, motorcycle, and recreational vehicle loans, as well as commercial business loans, catering to the broad financial needs of its community customers.
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It's like a neighborhood Bank of America, but exclusively for specific counties in Washington state.
Think of it as a small-scale U.S. Bancorp, focused solely on specific counties in Washington.
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- Deposit Products: The bank offers various accounts for holding funds, including checking, savings, money market, and certificates of deposit.
- Real Estate Loans: Timberland Bancorp provides financing for residential, multi-family, commercial real estate, and various construction projects.
- Consumer Loans: This category includes personal financing options such as home equity lines of credit, second mortgages, auto, boat, motorcycle, recreational vehicle, savings account, and unsecured loans.
- Commercial Business Loans: The bank offers lending services specifically designed to support the financial needs of businesses.
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Major Customers of Timberland Bancorp (TSBK)
Timberland Bancorp, through its subsidiary Timberland Bank, provides community banking services to a broad customer base within its operational areas in Washington. As a bank, it serves numerous individuals and businesses rather than a few major corporate customers. Therefore, its customers can be categorized as follows:
- Individuals/Consumers: This category includes customers who utilize personal banking services such as money market, checking, and regular savings accounts, as well as various consumer loans including one- to four-family residential loans, home equity lines of credit, second mortgage loans, automobile loans, boat loans, motorcycle loans, recreational vehicle loans, savings account loans, and unsecured loans.
- Small and Medium-sized Businesses (SMBs): These customers leverage the bank for commercial business loans, commercial real estate loans, and deposit products to support their operations and growth.
- Real Estate Developers and Investors: This category encompasses individuals and businesses involved in real estate, utilizing loans for multi-family properties, commercial real estate, various types of construction (custom and owner/builder, speculative one- to four-family, commercial, multi-family), and land development.
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Dean J. Brydon, Chief Executive Officer
Mr. Brydon has been affiliated with Timberland Bank since 1994 and has served as Chief Executive Officer since February 1, 2023. Prior to that, he served as President from January 24, 2022, to January 31, 2023, and as Chief Financial Officer from January 2000 to January 31, 2023. Mr. Brydon is a Certified Public Accountant.
Marci A. Basich, Executive VP, Chief Financial Officer & Treasurer
Ms. Basich has been affiliated with Timberland Bank since 1999. She has served as Executive Vice President and Chief Financial Officer since February 1, 2023, and as Treasurer of the Company since January 2002. She served as Treasurer of the Bank from January 2002 to January 31, 2023. Ms. Basich is a Certified Public Accountant.
Jonathan Arthur Fischer, President, Chief Operating Officer & Secretary
Mr. Fischer has been affiliated with Timberland Bank since October 1997. He has served as President since February 1, 2023, Chief Operating Officer since August 23, 2012, and as Secretary since January 24, 2022. Previously, Mr. Fischer served as Chief Risk Officer starting in October 2010, and also held roles as Compliance Officer, Community Reinvestment Act Officer, and Privacy Officer since January 2000.
Matthew J. DeBord, Executive VP, Chief Lending Officer
Mr. DeBord has been affiliated with Timberland Bank since 2012. He has served as an Executive Vice President and Chief Lending Officer since April 1, 2023. Prior to this role, Mr. DeBord was the Commercial Bank Team Leader.
Breanne D. Antich, Executive VP & Chief Technology Officer
Ms. Antich has been affiliated with Timberland Bank since 2007. She has served as an Executive Vice President since February 1, 2023, and as Chief Technology Officer since January 2022. Before these appointments, Ms. Antich served as IT Manager and Cash Management Officer.
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The key risks to Timberland Bancorp's business include its significant exposure to the real estate market, particularly commercial real estate, susceptibility to fluctuations in interest rates, and the increasing threats and costs associated with cybersecurity and technological advancements.
- Concentration in Real Estate Lending and Associated Credit Risk: Timberland Bancorp's loan portfolio has a substantial focus on real estate, including one-to four-family residential, multi-family, and commercial real estate loans, with commercial real estate making up a significant portion of its total loan portfolio. This concentration exposes the company to elevated risks related to potential defaults, foreclosures, and subsequent litigation, especially in a "high-stakes environment". A downturn in the housing market can also impact mortgage origination volumes and fees. The company's performance is highly sensitive to economic conditions within its primary Washington state markets, where various regions present distinct economic characteristics and risks.
- Interest Rate Risk and Net Interest Margin Compression: The company faces significant market risks from fluctuations in interest rates, which directly impact its net interest margin (NIM) and overall profitability. An environment of "high-for-longer interest rates" has been noted to squeeze NIM, as increased interest expenses can outpace growth in interest income. Changes in the yield curve and the broader interest rate environment can also affect the value of its investment securities and its ability to effectively manage interest rate risk.
- Cybersecurity Threats and Technology Investment Requirements: Timberland Bancorp, like other financial institutions, faces a growing threat landscape from cyberattacks and cybersecurity breaches. Protecting customer data and infrastructure necessitates significant and ongoing investment in cybersecurity. The increasing complexity of cyber threats, including those driven by artificial intelligence, requires substantial capital allocation for defense, automation, and distribution, which can be a costly endeavor for community banks. A breach could disrupt operations, compromise sensitive information, damage the company's reputation, and expose it to considerable liability.
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The clear emerging threat to Timberland Bancorp is the rise of digital-first banks and financial technology (fintech) companies. These entities leverage technology to offer banking services such as deposits, loans, and payment solutions with significantly lower overhead costs compared to traditional brick-and-mortar banks. This allows them to often provide more competitive interest rates, lower fees, and a superior digital user experience, attracting customers who prioritize convenience and digital access over physical branch locations. This shift erodes the competitive advantage of community banks like TSBK, which rely on a physical branch network and traditional banking models.
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Timberland Bancorp (symbol: TSBK) operates within the financial services market primarily in Washington State. The addressable markets for its main products and services in this region are as follows:
- Deposits: The total deposits by customers of banks in Washington State reached $211 billion as of 2024.
- Residential Mortgage Loans (One- to Four-Family Residential): New home loans booked in Washington State totaled $36.5 billion in 2024. The median home sales price in Washington was $647,600 in July 2025. The total dollar value of closed sales for residential homes and condominiums in July 2025 was approximately $5.69 billion.
- Commercial Real Estate and Construction Loans (Multi-family, Commercial Real Estate, Construction): The commercial real estate market in Washington State generated approximately $32 billion in annual transaction volume. The Commercial Leasing industry in Washington has a market size of $4.9 billion in 2026.
- Commercial Business Loans (Commercial Business, Small Business Loans): Small business loans in Washington State amounted to $12.8 billion in 2024. The broader commercial banking industry in Washington, which includes commercial and industrial loans, is projected to have a market size of $17.7 billion in 2026.
- Consumer Loans: While a specific overall market size for consumer loans in Washington State was not identified, the commercial banking industry, which includes the issuance of consumer loans, has a market size of $17.7 billion in 2026. Payday lending, a specific segment of consumer lending, was a $135 million industry in Washington in 2024.
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Timberland Bancorp (TSBK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Continued Net Interest Margin (NIM) Optimization: The company has demonstrated a consistent improvement in its net interest margin, which directly contributes to its net interest income. Timberland Bancorp's net interest margin increased to 3.85% from 3.64% a year ago and has expanded for seven consecutive quarters. The focus on maintaining or further optimizing this margin is a significant revenue driver.
- Strategic Loan Portfolio Expansion, Particularly in Commercial and Residential Lending: Timberland Bancorp is taking a disciplined approach to balance sheet expansion, prioritizing quality and returns over volume. The company aims to enhance residential lending and build stronger commercial banking relationships, as evidenced by a 3% year-over-year increase in net loans receivable in the first fiscal quarter of 2026 and a 9% year-over-year increase in net loans in fiscal year 2024.
- Branch Network Expansion and Enhanced Market Penetration: Timberland Bancorp continues to believe in the value of physical branches for growth. The company opened a new full-service branch in University Place, near Tacoma, Washington, on January 12, 2026, specifically to deepen its presence in a dynamic market and foster stronger commercial banking relationships. This strategic expansion into new areas within its Western Washington footprint is anticipated to attract new customers and grow the business.
- Growth and Stability of the Deposit Base: A strong and growing deposit base provides a crucial funding source for loan growth. Timberland Bancorp experienced a 5% increase in total deposits year-over-year in the first fiscal quarter of 2026, building on a 5% rise in fiscal 2025 and a 6% rise in fiscal 2024. Maintaining and growing these deposits will enable further asset expansion and revenue generation.
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Share Repurchases
- On July 22, 2025, Timberland Bancorp announced a new stock repurchase program authorizing the repurchase of up to 5% of its outstanding shares, or 393,842 shares. This program superseded a previous one.
- During the quarter ended June 30, 2025, the company repurchased 34,236 shares for $1.02 million.
- Between December 2023 and March 2025, share buybacks resulted in a net decrease of approximately 220,000 shares, representing over 2.5% of the total outstanding share count.
Share Issuance
- No significant share issuances by Timberland Bancorp were identified within the last 3-5 years.
Inbound Investments
- As of September 30, 2024, Vanguard Group Inc strategically increased its holdings in Timberland Bancorp by acquiring an additional 26,337 shares, bringing its total to 448,319 shares.
- As of February 25, 2026, Timberland Bancorp had 197 institutional owners holding a total of 6,148,820 shares.
- Major institutional shareholders include BlackRock, Inc., Dimensional Fund Advisors Lp, and Vanguard Group Inc.
Outbound Investments
- No specific information about strategic outbound investments or acquisitions made by Timberland Bancorp in other companies was found for the last 3-5 years.
Capital Expenditures
- Timberland Bancorp's capital expenditures for the last 12 months were -$1.73 million.
- In 2025, capital expenditures were USD -505.0 thousand, marking a 0.2% increase year-over-year.
- The company's Property, Plant & Equipment (PPE) was valued at $24.7 million in the last twelve months ending 2025, showing a year-over-year growth of 7.2%.
Peer Outperformance in Regional Banks
TSBK has outperformed 77% of its 259 Regional Banks peers over 5Y. Among the peers that beat it are FBP, BPOP and OFG. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that TSBK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
81%
of 281 industry peers · 46.0% return
3Y
33%
of 271 industry peers · 80.6% return
5Y
77%
of 259 industry peers · 90.6% return
Regional Banks peers with revenue growth within 4pp of TSBK's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TSBK | Timberland Bancorp | 3.6% | 11.3x | 46.0% | 80.6% | 90.6% | — |
| FBP | First BanCorp | 2.9% | 11.3x | 34.0% | 131.5% | 136.9% | +46pp |
| BPOP | Popular | 2.8% | 10.7x | 41.1% | 190.1% | 129.8% | +39pp |
| OFG | OFG Bancorp | 4.5% | 9.7x | 23.4% | 91.1% | 121.6% | +31pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is TSBK's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.3% | 70.9% | 117.9% | SPNT 175% · RGA 150% · RNR 149% |
| Diversified Banks | 12 | 28.8% | 148.1% | 90.6% | CM 141% · RY 126% · JPM 124% |
| Life & Health Insurance | 20 | 13.6% | 61.4% | 84.5% | JXN 473% · UNM 291% · MFC 183% |
| Multi-Sector Holdings | 4 | 9.7% | 58.8% | 71.2% | BRK-B 88% · VOYA 54% · JEF 30% |
| Investment Banking & Brokerage | 13 | -12.1% | 102.8% | 70.1% | IBKR 373% · SNEX 176% · GS 151% |
| Property & Casualty Insurance | 42 | 13.6% | 80.6% | 63.8% | TRV 174% · PGR 161% · ACGL 146% |
| Multi-line Insurance | 9 | 7.7% | 67.3% | 58.4% | GNW 98% · L 98% · AIZ 87% |
| Regional Banks ← | 260 | 29.2% | 97.1% | 53.0% | CBC 228% · FCNCA 161% · NIC 138% |
| Financial Exchanges & Data | 15 | 7.8% | 36.5% | 29.9% | CBOE 168% · VIRT 161% · CME 70% |
| Consumer Finance | 30 | -1.3% | 90.3% | 27.5% | ENVA 413% · EZPW 325% · FCFS 154% |
| Insurance Brokers | 15 | -6.3% | 7.3% | 19.4% | LIFE 416% · ARX 88% · AJG 66% |
| Diversified Financial Services | 4 | -4.1% | 22.5% | 5.3% | FRHC 158% · EQH 83% |
| Asset Management & Custody Banks | 84 | -13.7% | 21.9% | 3.0% | WT 296% · AAMI 257% · VCTR 244% |
| Commercial & Residential Mortgage Finance | 15 | -54.2% | 35.1% | -5.8% | FNMA 340% · FMCC 305% · ACT 149% |
| Specialized Finance | 3 | 7.9% | 35.9% | -12.1% | CACC -12% · HASI -22% |
| Mortgage REITs | 34 | -21.7% | -2.9% | -35.1% | RITM 25% · DX 17% · AGNC 6% |
| Transaction & Payment Processing Services | 17 | 0.6% | 8.3% | -36.6% | V 84% · MA 80% · CPAY 47% |
| Diversified Capital Markets | 20 | -53.8% | 13.4% | -63.7% | LPLA 89% · TW 45% · RIOT -52% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| With Timberland Bancorp Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.47 |
| Mkt Cap | 0.3 |
| Rev LTM | 118 |
| Op Inc LTM | - |
| FCF LTM | 55 |
| FCF 3Y Avg | 46 |
| CFO LTM | 61 |
| CFO 3Y Avg | 50 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.9% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 10.1% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 35.3% |
| CFO/Rev 3Y Avg | 35.6% |
| FCF/Rev LTM | 33.0% |
| FCF/Rev 3Y Avg | 33.1% |
Price Behavior
Price Behavior
| Market Price | $45.59 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 01/13/1998 | |
| Distance from 52W High | -3.0% | |
| 50 Days | 200 Days | |
| DMA Price | $45.75 | $41.58 |
| DMA Trend | up | up |
| Distance from DMA | -0.4% | 9.6% |
| 3M | 1YR | |
| Volatility | 15.8% | 22.4% |
| Downside Capture | 1.20 | 4.91 |
| Upside Capture | 30.76 | 49.54 |
| Correlation (S&P 500) | 3.8% | 9.5% |
TSBK Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.49 | 0.19 | -0.04 | 0.00 | 0.22 | 0.68 |
| Up Beta | -1.42 | -0.13 | -0.29 | -0.02 | 0.18 | 0.79 |
| Down Beta | 0.83 | 0.14 | -0.38 | -0.57 | 0.12 | 0.63 |
| Up Capture | 48% | 27% | 10% | 25% | 34% | 38% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 23 | 35 | 70 | 134 | 386 |
| Down Capture | 105% | 34% | 12% | 2% | 12% | 82% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 19 | 29 | 55 | 117 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TSBK | |
|---|---|---|---|---|
| TSBK | 46.3% | 22.4% | 1.61 | - |
| Sector ETF (XLF) | 7.5% | 14.4% | 0.27 | 35.7% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 9.0% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | -9.6% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | -24.8% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 34.6% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | -7.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TSBK | |
|---|---|---|---|---|
| TSBK | 13.2% | 25.7% | 0.46 | - |
| Sector ETF (XLF) | 9.7% | 18.3% | 0.39 | 41.6% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 29.4% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | -2.9% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 1.8% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 30.0% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 7.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TSBK | |
|---|---|---|---|---|
| TSBK | 14.8% | 35.3% | 0.48 | - |
| Sector ETF (XLF) | 13.1% | 22.1% | 0.54 | 55.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 45.0% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 0.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 15.2% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 44.3% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -0.3% | -0.6% | 3.4% |
| 4/30/2026 | 1.2% | 3.9% | 1.4% |
| 1/27/2026 | -2.0% | 4.5% | 5.8% |
| 10/31/2025 | 1.0% | 2.8% | 8.8% |
| 7/23/2025 | -3.4% | -7.6% | -5.3% |
| 4/24/2025 | -2.8% | 0.8% | 0.8% |
| 11/5/2024 | 8.6% | 4.3% | 6.5% |
| 7/24/2024 | 1.7% | -2.0% | -2.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 15 |
| # Negative | 11 | 11 | 8 |
| Median Positive | 1.1% | 2.5% | 4.2% |
| Median Negative | -1.8% | -2.0% | -4.5% |
| Max Positive | 8.6% | 11.4% | 19.1% |
| Max Negative | -5.6% | -10.3% | -9.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -0.3% | -0.6% | 3.4% |
| 4/30/2026 | 1.2% | 3.9% | 1.4% |
| 1/27/2026 | -2.0% | 4.5% | 5.8% |
| 10/31/2025 | 1.0% | 2.8% | 8.8% |
| 7/23/2025 | -3.4% | -7.6% | -5.3% |
| 4/24/2025 | -2.8% | 0.8% | 0.8% |
| 11/5/2024 | 8.6% | 4.3% | 6.5% |
| 7/24/2024 | 1.7% | -2.0% | -2.9% |
| 4/24/2024 | -4.6% | -2.1% | -3.2% |
| 1/23/2024 | 0.5% | -0.6% | -9.1% |
| 10/31/2023 | -0.6% | 4.2% | 4.2% |
| 7/27/2023 | 1.9% | -0.0% | -7.5% |
| 4/27/2023 | 0.7% | -10.3% | -8.4% |
| 1/24/2023 | -0.8% | -0.3% | 2.9% |
| 11/1/2022 | 2.4% | 11.4% | 16.2% |
| 7/28/2022 | 0.2% | 2.2% | 6.0% |
| 4/27/2022 | -0.0% | 0.7% | -1.9% |
| 1/24/2022 | -1.8% | -3.6% | -3.7% |
| 10/29/2021 | 0.8% | 1.5% | 0.2% |
| 7/29/2021 | -0.1% | -0.5% | 2.1% |
| 4/28/2021 | 0.2% | 2.0% | 5.0% |
| 1/26/2021 | -5.6% | -5.0% | 2.6% |
| 11/2/2020 | 4.1% | 2.2% | 19.1% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 15 |
| # Negative | 11 | 11 | 8 |
| Median Positive | 1.1% | 2.5% | 4.2% |
| Median Negative | -1.8% | -2.0% | -4.5% |
| Max Positive | 8.6% | 11.4% | 19.1% |
| Max Negative | -5.6% | -10.3% | -9.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 12/09/2025 | 10-K |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 12/11/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 12/11/2023 | 10-K |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 12/09/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 12/09/2025 | 10-K |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 12/11/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 12/11/2023 | 10-K |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 12/09/2022 | 10-K |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-Q |
| 09/30/2021 | 12/08/2021 | 10-K |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 12/09/2020 | 10-K |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/07/2020 | 10-Q |
| 09/30/2019 | 12/09/2019 | 10-K |
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Antich, Breanne D | Chief Technology Officer/EVP | Direct | Sell | 8182026 | 46.41 | 30 | 1,392 | 180,551 | Form |
| 2 | Drugge, Robert A | Direct | Sell | 8182026 | 45.87 | 2,000 | 91,740 | 1,754,298 | Form | |
| 3 | Brydon, Dean J | CEO | Direct | Sell | 8032026 | 45.24 | 3,000 | 135,720 | 1,625,066 | Form |
| 4 | Antich, Breanne D | Chief Technology Officer/EVP | Direct | Sell | 8032026 | 45.44 | 269 | 12,223 | 178,125 | Form |
| 5 | Seath, Matthew Douglas | Chief Risk Officer/EVP | Direct | Sell | 8032026 | 44.75 | 3,000 | 134,250 | 141,186 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Antich, Breanne D | Chief Technology Officer/EVP | Direct | Sell | 8182026 | 46.41 | 30 | 1,392 | 180,551 | Form |
| 2 | Drugge, Robert A | Direct | Sell | 8182026 | 45.87 | 2,000 | 91,740 | 1,754,298 | Form | |
| 3 | Brydon, Dean J | CEO | Direct | Sell | 8032026 | 45.24 | 3,000 | 135,720 | 1,625,066 | Form |
| 4 | Antich, Breanne D | Chief Technology Officer/EVP | Direct | Sell | 8032026 | 45.44 | 269 | 12,223 | 178,125 | Form |
| 5 | Seath, Matthew Douglas | Chief Risk Officer/EVP | Direct | Sell | 8032026 | 44.75 | 3,000 | 134,250 | 141,186 | Form |
| 6 | Smith, David Alan | Direct | Sell | 6242026 | 43.90 | 1,000 | 43,900 | 810,745 | Form | |
| 7 | Antich, Breanne D | Chief Technology Officer/EVP | Direct | Sell | 2092026 | 40.05 | 800 | 32,040 | 167,769 | Form |
| 8 | Basich, Marci A | Chief Financial Officer/EVP | Direct | Sell | 2062026 | 39.50 | 477 | 18,842 | 189,600 | Form |
| 9 | Fischer, Jonathan Arthur | President/COO | Direct | Sell | 2062026 | 39.50 | 2,000 | 79,000 | 258,725 | Form |
| 10 | Basich, Marci A | Chief Financial Officer/EVP | Direct | Sell | 2042026 | 39.50 | 376 | 14,852 | 189,600 | Form |
| 11 | Basich, Marci A | Chief Financial Officer/EVP | Direct | Sell | 2042026 | 39.52 | 4,347 | 171,793 | 189,696 | Form |
| 12 | Debord, Matthew J | Chief Lending Officer, EVP | Direct | Sell | 2022026 | 39.53 | 3,805 | 150,412 | 225,321 | Form |
| 13 | Clinton, Andrea M | Direct | Sell | 2022026 | 39.19 | 1,600 | 62,704 | 349,183 | Form | |
| 14 | Debord, Matthew J | Chief Lending Officer, EVP | Direct | Sell | 12172025 | 37.51 | 5,195 | 194,864 | 213,807 | Form |
| 15 | Stoney, Michael John | Direct | Sell | 12112025 | 36.99 | 1,000 | 36,990 | 334,390 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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