NasdaqGM:TSBK

Stock Analysis Report

Executive Summary

Timberland Bancorp, Inc. operates as the bank holding company for Timberland Bank that provides various banking services in Washington.


Snowflake Analysis

Flawless balance sheet with solid track record.


Similar Companies

Share Price & News

How has Timberland Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TSBK has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.6%

TSBK

-1.0%

US Mortgage

-1.1%

US Market


1 Year Return

-8.7%

TSBK

4.9%

US Mortgage

17.9%

US Market

Return vs Industry: TSBK underperformed the US Mortgage industry which returned 4.9% over the past year.

Return vs Market: TSBK underperformed the US Market which returned 17.9% over the past year.


Shareholder returns

TSBKIndustryMarket
7 Day-0.6%-1.0%-1.1%
30 Day-3.3%-1.2%1.4%
90 Day-4.9%-3.0%6.9%
1 Year-5.9%-8.7%7.4%4.9%20.3%17.9%
3 Year40.5%30.3%18.7%10.2%47.8%38.3%
5 Year190.4%156.3%58.4%40.9%71.9%53.0%

Price Volatility Vs. Market

How volatile is Timberland Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Timberland Bancorp undervalued compared to its fair value and its price relative to the market?

32.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TSBK ($27.57) is trading below our estimate of fair value ($41.02)

Significantly Below Fair Value: TSBK is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TSBK is good value based on its PE Ratio (9.2x) compared to the Mortgage industry average (13.6x).

PE vs Market: TSBK is good value based on its PE Ratio (9.2x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TSBK's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: TSBK is overvalued based on its PB Ratio (1.3x) compared to the US Mortgage industry average (1.1x).


Next Steps

Future Growth

How is Timberland Bancorp forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

6.4%

Forecasted Banks industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Timberland Bancorp has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Timberland Bancorp performed over the past 5 years?

26.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TSBK has high quality earnings.

Growing Profit Margin: TSBK's current net profit margins (38.1%) are higher than last year (34.2%).


Past Earnings Growth Analysis

Earnings Trend: TSBK's earnings have grown significantly by 26.2% per year over the past 5 years.

Accelerating Growth: TSBK's earnings growth over the past year (33.8%) exceeds its 5-year average (26.2% per year).

Earnings vs Industry: TSBK earnings growth over the past year (33.8%) exceeded the Mortgage industry 11.1%.


Return on Equity

High ROE: TSBK's Return on Equity (14.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Timberland Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: TSBK has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if TSBK's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: TSBK's level of assets compared to its equity is low.

Allowance for Bad Loans: TSBK has a sufficient allowance for bad loans.

Low Risk Liabilities: TSBK's liabilities are made up of primarily low risk sources of funding.

Loan Level: TSBK has an acceptable proportion of non-loan assets held.

Low Risk Deposits: TSBK's loans are broadly funded by customer deposits.

Level of Bad Loans: TSBK has an appropriate level of bad loans (0.3%)


Next Steps

Dividend

What is Timberland Bancorp's current dividend yield, its reliability and sustainability?

2.90%

Current Dividend Yield


Dividend Yield vs Market

company2.9%marketbottom25%1.4%markettop25%3.7%industryaverage2.9%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: TSBK's dividend (2.9%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: TSBK's dividend (2.9%) is low compared to the top 25% of dividend payers in the US market (3.73%).


Stability and Growth of Payments

Stable Dividend: TSBK's dividend payments have been volatile in the past 10 years.

Growing Dividend: TSBK's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (19.9%), TSBK's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

13.4yrs

Average management tenure


CEO

Mike Sand (65yo)

16.4yrs

Tenure

US$502,137

Compensation

Mr. Michael R. Sand has been the President of Timberland BanCorp. Inc. and its subsidiary Timberland Bank (also known as Timberland Savings Bank) since January 23, 2003. Mr. Sand has been affiliated with T ...


CEO Compensation Analysis

Compensation vs Market: Mike's total compensation ($USD502.14K) is below average for companies of similar size in the US market ($USD1.11M).

Compensation vs Earnings: Mike's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Michael Sand
President16.4yrsUS$502.14k2% $4.6m
Dean Brydon
Executive VP20.1yrsUS$301.91k0.61% $1.4m
Robert Drugge
Executive Vice President of Lending13.4yrsUS$301.70k0.36% $819.8k
Jonathan Fischer
Executive VP & COO7.5yrsUS$260.12k0.16% $375.1k
Edward Foster
Executive VP & Chief Credit Administrator8yrsUS$243.61k0.14% $317.1k
Marci Basich
Senior VP & Treasurer18.1yrsno datano data
Clarence Hamre
Advisory Director11yrsUS$22.03kno data
Harold Warren
Advisory Director11.3yrsUS$2.38kno data
Richard Pifer
Regional Manager of Community Lending16.1yrsno datano data

13.4yrs

Average Tenure

63.5yo

Average Age

Experienced Management: TSBK's management team is seasoned and experienced (13.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Michael Sand
President16.4yrsUS$502.14k2% $4.6m
David Smith
Independent Director20.1yrsUS$32.22k0.20% $451.4k
Andrea Clinton
Independent Director23.4yrsUS$32.12k0.083% $192.0k
Jon Parker
Chairman of the Board11.1yrsUS$36.32k0.47% $1.1m
James Davis
Independent Director2.8yrsUS$30.72kno data
Larry Goldberg
Independent Director10.4yrsUS$34.02k0.088% $203.3k
Michael Stoney
Independent Director9.8yrsUS$32.82k0.087% $199.9k
Kathy Leodler
Independent Director2.8yrsUS$32.42k0.0024% $5.7k
Daniel Yerrington
Director1.3yrsUS$26.92k1.37% $3.2m

10.4yrs

Average Tenure

65yo

Average Age

Experienced Board: TSBK's board of directors are seasoned and experienced ( 10.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: TSBK insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.9%.


Top Shareholders

Company Information

Timberland Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Timberland Bancorp, Inc.
  • Ticker: TSBK
  • Exchange: NasdaqGM
  • Founded: 1915
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Market Cap: US$230.645m
  • Shares outstanding: 8.37m
  • Website: https://www.timberlandbank.com

Number of Employees


Location

  • Timberland Bancorp, Inc.
  • 624 Simpson Avenue
  • Hoquiam
  • Washington
  • 98550
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TSBKNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDJan 1998

Biography

Timberland Bancorp, Inc. operates as the bank holding company for Timberland Bank that provides various banking services in Washington. It offers various deposit products, including money market deposit accounts, checking accounts, regular savings accounts, and certificates of deposit. The company also provides one-to four-family residential, multi-family, commercial real estate, construction, custom and owner/builder construction, speculative one- to four-family construction, commercial construction, multi-family construction, land development construction, and land loans. In addition, it offers consumer loans comprising home equity lines of credit and second mortgage loans; and automobile loans, boat loans, motorcycle loans, recreational vehicle loans, savings account loans, and unsecured loans, as well as commercial business loans. The company operates 24 branches located in Grays Harbor, Pierce, Thurston, Kitsap, King, and Lewis counties in Washington. As of September 30, 2019, it operated 25 proprietary automated teller machines. Timberland Bancorp, Inc. was founded in 1915 and is based in Hoquiam, Washington. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 00:45
End of Day Share Price2020/02/21 00:00
Earnings2019/12/31
Annual Earnings2019/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.