TSBK - Timberland Bancorp Is Now Available At A Discount To Its Tangible Book Value

2024-05-12 11:40:00 ET

Summary

• Timberland Bancorp's loan book remains robust despite the negative impact of interest rate evolution within the financial markets.
• The bank reported an increase in interest income, but a decrease in total net interest income compared to the previous quarter.
• Timberland Bancorp has a strong balance sheet and a low amount of loans past due, making it an attractive investment opportunity.

Introduction

I have a weak spot for robust but small regional banks, and ever since I started following Timberland Bancorp ( TSBK ) about 3.5 years ago , I continued to be pleasantly surprised by the bank’s performance and how robust its loan book is with a low amount of loans past due . Meanwhile, the earnings remain relatively strong despite the negative impact from the interest rate evolution on the financial markets and the Washington State-based bank’s dividend yield of just over 3.5% is somewhat attractive, mainly due to the low payout ratio and its ability to continue to add its earnings to its balance sheet, further boosting its tangible book value per share....

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