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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _____ to _____.

Commission file number 000-23333

TIMBERLAND BANCORP, INC.

(Exact name of registrant as specified in its charter)


Washington			91-1863696
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)


624 Simpson Avenue, Hoquiam, Washington			98550
(Address of principal executive offices)			(Zip Code)

(360) 533-4747

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $.01 par value	TSBK	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required 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 be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such 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, 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 reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ___ No _☒_

As of February 2, 2026, there were 7,884,326 shares of the registrant's common stock, $.01 par value per share outstanding.

INDEX


PART I.	FINANCIAL INFORMATION	Page

Item 1.	Financial Statements (unaudited)

	Consolidated Balance Sheets	3

	Consolidated Statements of Income	5

	Consolidated Statements of Comprehensive Income	7

	Consolidated Statements of Shareholders’ Equity	8

	Consolidated Statements of Cash Flows	9

	Notes to Unaudited Consolidated Financial Statements	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51

Item 4.	Controls and Procedures	51

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	52

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52

Item 3.	Defaults Upon Senior Securities	52

Item 4.	Mine Safety Disclosures	52

Item 5.	Other Information	52

Item 6.	Exhibits	53

SIGNATURES
Certifications
	Exhibit 31.1
	Exhibit 31.2
	Exhibit 32
	Exhibit 101
	Exhibit 104

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

December 31, 2025 and September 30, 2025

(Dollars in thousands, except per share amounts)


	December 31, 2025		September 30, 2025
	(Unaudited)		*
Assets
Cash and cash equivalents:
Cash and due from financial institutions	$	23,176	$	23,649
Interest-bearing deposits in banks	223,688		219,779
Total cash and cash equivalents	246,864		243,428

Certificates of deposit (“CDs”) held for investment, at cost	6,470		7,217
Investment securities held to maturity, at amortized cost (net of allowance for credit losses ("ACL") of $34 and $36), (estimated fair value of $129,395 and $132,334)	133,259		136,861
Investment securities available for sale, at fair value	75,243		78,240
Investments in equity securities, at fair value	867		864
Federal Home Loan Bank of Des Moines (“FHLB”) stock, at cost	2,045		2,045
Other investments, at cost	3,000		3,000
Loans held for sale	3,736		1,127


Loans receivable, net of ACL of $18,125 and $18,091	1,458,832		1,463,590

Premises and equipment, net	21,826		21,684
Other real estate owned (“OREO”) and other repossessed assets, net	221		221
Accrued interest receivable	7,435		7,393
Bank owned life insurance (“BOLI”)	21,988		21,830
Goodwill	15,131		15,131
Core deposit intangible (“CDI”), net	237		271
Loan servicing rights, net	678		815


Operating lease right-of-use ("ROU") assets	2,856		2,949
Other assets	5,439		6,113
Total assets	$	2,006,127	$	2,012,779

Liabilities and shareholders’ equity
Liabilities
Deposits:
Non-interest-bearing demand	$	404,300	$	430,685
Interest-bearing	1,300,182		1,285,950
Total deposits	1,704,482		1,716,635

Operating lease liabilities	3,015		3,077
FHLB borrowings	20,000		20,000
Other liabilities and accrued expenses	10,221		10,453
Total liabilities	$	1,737,718	$	1,750,165

* Derived from audited consolidated financial statements.

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS (continued)

December 31, 2025 and September 30, 2025

(Dollars in thousands, except per share amounts)


	December 31, 2025		September 30, 2025
	(Unaudited)		*
Commitments and contingencies (see Note 12)
Shareholders’ equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued	$	—	$	—
Common stock, $0.01 par value; 50,000,000 shares authorized; 7,879,828 shares issued and outstanding - December 31, 2025 7,889,571 shares issued and outstanding - September 30, 2025	26,025		26,305

Retained earnings	242,617		236,607
Accumulated other comprehensive loss	(233)		(298)
Total shareholders’ equity	268,409		262,614
Total liabilities and shareholders’ equity	$	2,006,127	$	2,012,779

* Derived from audited consolidated financial statements.

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

For the three months ended December 31, 2025 and 2024

(Dollars in thousands, except per share amounts)

(Unaudited)


	Three Months Ended December 31,
	2025		2024
Interest and dividend income
Loans receivable and loans held for sale	$	22,673	$	21,032
Investment securities	1,862		2,138
Dividends from mutual funds, FHLB stock and other investments	82		86
Interest-bearing deposits in banks and CDs	2,578		2,001
Total interest and dividend income	27,195		25,257

Interest expense
Deposits	8,043		8,084
FHLB borrowings	203		203
Total interest expense	8,246		8,287

Net interest income	18,949		16,970

Provision for (recapture of) credit losses
Provision for credit losses - loans	16		52
Recapture of credit losses - investment securities	(2)		(5)
Recapture of credit losses - unfunded commitments	(49)		(20)
Total provision for (recapture of) credit losses - net	(35)		27

Net interest income after provision for (recapture of) credit losses	18,984		16,943

Non-interest income


Net recoveries on investment securities	5		3

Service charges on deposits	989		999
ATM and debit card interchange transaction fees	1,194		1,267
BOLI net earnings	158		166
Gain on sales of loans, net	78		43
Escrow fees	24		18

Servicing income on loans sold	53		27


Other, net	263		174
Total non-interest income, net	2,764		2,697

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (continued)

For the three months ended December 31, 2025 and 2024

(Dollars in thousands, except per share amounts)

(Unaudited)


	Three Months Ended December 31,
	2025		2024
Non-interest expense
Salaries and employee benefits	$	6,453	$	6,092
Premises and equipment	1,074		950

Advertising	192		181
OREO and other repossessed assets, net	5		—
ATM and debit card interchange transaction fees	582		521
Postage and courier	143		121
State and local taxes	457		346
Professional fees	316		346
Federal Deposit Insurance Corporation ("FDIC") insurance	221		210
Loan administration and foreclosure	80		128
Technology and communications	1,055		1,140

Deposit operations	347		332
Amortization of CDI	34		45
Other	472		655
Total non-interest expense, net	11,431		11,067

Income before income taxes	10,317		8,573

Provision for income taxes	2,101		1,713

Net income	$	8,216	$	6,860

Net income per common share
Basic	$	1.04	$	0.86
Diluted	$	1.04	$	0.86

Weighted average common shares outstanding
Basic	7,885,656		7,958,275
Diluted	7,923,037		7,999,504

Dividends paid per common share	$	0.28	$	0.25

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended December 31, 2025 and 2024

(Dollars in thousands)

(Unaudited)


	Three Months Ended December 31
	2025		2024
Comprehensive income
Net income	$	8,216	$	6,860
Other comprehensive income (loss)
Unrealized holding gain (loss) on investment securities available for sale, net of income taxes of $17, and $(216), respectively	65		(812)





Total other comprehensive income (loss), net of income taxes	65		(812)

Total comprehensive income	$	8,281	$	6,048

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the three months ended December 31, 2025 and 2024

(Dollars in thousands, except per share amounts)

(Unaudited)


	Common Stock				Accumulated Other Compre-hensive Income (Loss)
	Number of Shares	Amount		Retained Earnings					Total
Balance, September 30, 2024	7,960,127	$	29,862		$	215,531	$	20		$	245,413
Net income	—	—			6,860		—			6,860
Other comprehensive loss	—	—			—		(812)			(812)
Repurchase of common stock, net of tax	(27,404)	(884)			—		—			(884)
Restricted stock grant forfeitures	(450)	—			—		—			—




Exercise of stock options	22,400	474			—		—			474



Common stock dividends ($0.25 per common share)	—	—			(1,993)		—			(1,993)


Stock-based compensation expense	—	141			—		—			141

Balance, December 31, 2024	7,954,673	$	29,593		$	220,398	$	(792)		$	249,199


Balance, September 30, 2025	7,889,571	$	26,305		$	236,607	$	(298)		$	262,614

Net income	—	—			8,216		—			8,216
Other comprehensive income	—	—			—		65			65
Repurchase of common stock, net of tax	(29,303)	(1,000)			—		—			(1,000)


Restricted stock grant forfeitures	(2,080)	—			—		—			—
Exercise of stock options	21,640	562			—		—			562


Common stock dividends ($0.28 per common share)	—	—			(2,206)		—			(2,206)


Stock-based compensation expense	—	158			—		—			158

Balance, December 31, 2025	7,879,828	$	26,025		$	242,617	$	(233)		$	268,409

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended December 31, 2025 and 2024

(Dollars in thousands)

(Unaudited)


	Three Months Ended December 31,
	2025		2024
Cash flows from operating activities
Net income	$	8,216	$	6,860
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Recapture of) provision for credit losses	(35)		27
Depreciation	363		375

Accretion of discount on purchased loans	(9)		(8)
Amortization of CDI	34		45

Stock-based compensation expense	158		141


Net recoveries on investment securities	(5)		(3)
Change in fair value of investments in equity securities	(3)		26

Accretion of discounts and premiums on securities	(277)		(252)


Gain on sales of loans, net	(78)		(43)

Loans originated for sale	(6,196)		(2,680)
Proceeds from sales of loans	3,665		2,312
Amortization of loan servicing rights	173		200

BOLI net earnings	(158)		(166)

Change in deferred loan origination fees	(190)		20
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses	426		(9,910)
Net cash provided by (used in) operating activities	6,084		(3,056)

Cash flows from investing activities
Net decrease in CDs held for investment	747		2,739



Purchase of investment securities available for sale	(3,958)		(8,577)
Proceeds from maturities and prepayments of investment securities held to maturity	3,766		16,119
Proceeds from maturities and prepayments of investment securities available for sale	7,158		2,860



Decrease in loans receivable, net	4,941		9,419
Purchase of premises and equipment	(505)		(506)






Net cash provided by investing activities	12,149		22,054

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the three months ended December 31, 2025 and 2024

(Dollars in thousands)

(Unaudited)


	Three Months Ended December 31,
	2025		2024
Cash flows from financing activities
Net decrease in deposits	$	(12,153)	$	(17,252)


Proceeds from exercise of stock options	562		474


Repurchase of common stock, net of tax	(1,000)		(884)
Payment of dividends	(2,206)		(1,993)
Net cash used in financing activities	(14,797)		(19,655)

Net increase (decrease) in cash and cash equivalents	3,436		(657)
Cash and cash equivalents
Beginning of period	243,428		164,728
End of period	$	246,864	$	164,071

Supplemental disclosure of cash flow information
Income taxes paid	$	—	$	—
Interest paid	$	8,284	$	8,543

Supplemental disclosure of non-cash investing activities

Other comprehensive income (loss) related to investment securities	$	65	$	(812)
Loans transferred to OREO and other repossessed assets	$	—	$	221

See notes to unaudited consolidated financial statements

Timberland Bancorp, Inc. and Subsidiary

Notes to Unaudited Consolidated Financial Statements

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation: The accompanying unaudited consolidated financial statements of Timberland Bancorp, Inc. and its wholly-owned subsidiary, Timberland Bank (the "Bank") (collectively, "the Company") were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 (“2025 Form 10-K”). The unaudited consolidated results of operations for the three months ended December 31, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2026.

(b) Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, the Bank, and the Bank's wholly owned subsidiary, Timberland Service Corp. All significant inter-company transactions and balances have been eliminated in consolidation.

(c) Operating Segment: The Company's revenue is primarily derived from the business of banking. Management has assigned certain responsibilities by business-line and evaluates financial performance on a Company-wide basis. The Company's financial performance is monitored on a consolidated basis by the Company's Chief Executive Officer, President and Chief Financial Officer, which are considered the Company's chief operating decision makers ("CODMs") for financial oversight. The primary measure of performance is consolidated net income. Financial performance is reviewed monthly by the CODMs. The presentation of financial performance is consistent with amounts and financial statement line items shown in the Company's consolidated balance sheets and consolidated statements of income. All of the Company's operations are considered by management to be aggregated in one reportable operating segment.

(d) The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheets, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

(e) Certain prior period amounts have been reclassified to conform to the December 31, 2025 presentation with no change to previously reported net income or total shareholders’ equity.

Timberland Bancorp, Inc. and Subsidiary

Notes to Unaudited Consolidated Financial Statements

(2) INVESTMENT SECURITIES

Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of December 31, 2025 and September 30, 2025 (dollars in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Allowance for Credit Losses
December 31, 2025
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	69,733	$	5	$	(2,340)	$	67,398	$	—
Mortgage-backed securities ("MBS"):
U.S. government agencies	46,175		195		(1,199)		45,171		—
Private label residential	16,247		222		(747)		15,722		33
Municipal securities	605		4		—		609		—
Bank issued trust preferred securities	499		—		(4)		495		1
Total	$	133,259	$	426	$	(4,290)	$	129,395	$	34


December 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale

MBS: U.S. government agencies	$	75,538	$	449	$	(744)	$	75,243

Total	$	75,538	$	449	$	(744)	$	75,243


September 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Allowance for Credit Losses
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	69,646	$	15	$	(2,760)	$	66,901	$	—
MBS:
U.S. government agencies	48,735		199		(1,357)		47,577		—
Private label residential	17,376		196		(822)		16,750		35
Municipal securities	605		6		—		611		—
Bank issued trust preferred securities	499		—		(4)		495		1
Total	$	136,861	$	416	$	(4,943)	$	132,334	$	36


September 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale
U.S. government securities	$	4,968	$	—	$	—	$	4,968
MBS: U.S. government agencies	73,649		382		(759)		73,272

Total	$	78,617	$	382	$	(759)	$	78,240

Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 31, 2025 (dollars in thousands):


	Less Than 12 Months					12 Months or Longer					Total
	Estimated Fair Value		Gross Unrealized Losses		Quantity	Estimated Fair Value		Gross Unrealized Losses		Quantity	Estimated Fair Value		Gross Unrealized Losses
Held to maturity
U.S. Treasury and U.S. government agency securities	$	—	$	—	—	$	57,422	$	(2,340)	14	$	57,422	$	(2,340)
MBS:
U.S. government agencies	235		(1)		3	25,805		(1,198)		38	26,040		(1,199)
Private label residential	14		—		1	13,090		(747)		15	13,104		(747)

Bank issued trust preferred securities	495		(4)		1	—		—		—	495		(4)
Total	$	744	$	(5)	5	$	96,317	$	(4,285)	67	$	97,061	$	(4,290)

Available for sale

MBS:
U.S. government agencies	$	10,020	$	(52)	3	$	28,258	$	(692)	24	$	38,278	$	(744)
Total	$	10,020	$	(52)	3	$	28,258	$	(692)	24	$	38,278	$	(744)

Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2025 (dollars in thousands):


	Less Than 12 Months					12 Months or Longer					Total
	Estimated Fair Value		Gross Unrealized Losses		Quantity	Estimated Fair Value		Gross Unrealized Losses		Quantity	Estimated Fair Value		Gross Unrealized Losses
Held to maturity
U.S. Treasury and U.S. government agency securities	$	—	$	—	—	$	56,960	$	(2,760)	14	$	56,960	$	(2,760)
MBS:
U.S. government agencies	7		—		1	27,776		(1,357)		42	27,783		(1,357)
Private label residential	341		(2)		3	14,646		(820)		14	14,987		(822)

Bank issued trust preferred securities	495		(4)		1	—		—		—	495		(4)
Total	$	843	$	(6)	5	$	99,382	$	(4,937)	70	$	100,225	$	(4,943)

Available for sale
U.S. government securities	$	3,977	$	—	1	$	—	$	—	—	$	3,977	$	—
MBS:
U.S. government agencies	11,922		(67)		3	28,947		(692)		24	40,869		(759)

Total	$	15,899	$	(67)	4	$	28,947	$	(692)	24	$	44,846	$	(759)

During the three months ended December 31, 2025, the Company recorded a $3,000 net realized loss on 13 held to maturity investment securities, all of which had been recognized previously as a credit loss. During the three months ended December

31, 2024, the Company recorded a $2,000 net realized loss on 13 held to maturity investment securities all of which had been recognized previously as credit losses.

The recorded amount of investment securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral and other non-profit organization deposits totaled $194.02 million and $195.93 million at December 31, 2025 and September 30, 2025, respectively.

The contractual maturities of investment securities at December 31, 2025 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions.


	Held to Maturity				Available for Sale
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	34,886	$	34,614	$	2,122	$	2,125
Due after one year to five years	45,217		43,120		3,752		3,747
Due after five years to ten years	34		141		188		187
Due after ten years	53,122		51,520		69,476		69,184
Total	$	133,259	$	129,395	$	75,538	$	75,243

Credit Quality Indicators and Allowance for Credit Losses

Available for Sale Investment Securities

The Company assesses each available for sale investment security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis results from a credit loss or other factors. The Company did not record an ACL on any available for sale investment securities at December 31, 2025 or September 30, 2025. As of both dates, the Company considered the unrealized losses across the classes of major security-type to be related to fluctuations in market conditions, primarily interest rates, and not reflective of a deterioration in credit value. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that these securities are impaired because of their credit quality or related to any issuer or industry specific event. The Company has the ability and intent to hold the investments until the fair value recovers.

Held to Maturity Investment Securities

The Company measures expected credit losses on held to maturity investment securities, which are comprised of U.S. government agency and U.S. government mortgage-backed securities, private label mortgage-backed securities, municipal, and other bonds. The Company’s agency and mortgage-backed securities that are issued by U.S. government entities and agencies are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. As such, no ACL has been established for these securities. The ACL on the private label mortgage-backed securities, municipal, and other bonds within the held to maturity securities portfolio is calculated using the probability of default/loss given default ("PD/LGD") method. The calculation is completed on a quarterly basis using the default studies provided by an industry leading source. At December 31, 2025 and September 30, 2025, the ACL on the held to maturity securities portfolio totaled $34,000 and $36,000, respectively.

The following tables set forth information for the three months ended December 31, 2025 and 2024 regarding activity in the ACL by portfolio segment (dollars in thousands):


	Three Months Ended December 31, 2025				Three Months Ended December 31, 2024
	Beginning Allowance		Provision for (Recapture of) Credit Losses		Ending Allowance		Beginning Allowance		Provision for (Recapture of) Credit Losses		Ending Allowance
Held to Maturity

MBS:

Private label residential	$	35	$	(2)	$	33	$	55	$	(3)	$	52

Bank issued trust preferred securities	1		—		1		5		(2)		3
Total	$	36	$	(2)	$	34	$	60	$	(5)	$	55

The ACL on held to maturity securities is included within investment securities held to maturity on the consolidated balance sheets. Changes in the ACL are recorded through the provision for (recapture of) credit losses on the consolidated income statement.

Accrued interest receivable on held to maturity investment securities totaled $418,000 at December 31, 2025 and is included in accrued interest receivable on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Held to maturity investment securities are typically classified as non-accrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held to maturity investment securities are placed on non-accrual status, unpaid interest credited to income is reversed. The Company had $32,000 of private label mortgage-backed held to maturity investment securities in non-accrual status at December 31, 2025.

The Company monitors the credit quality of investment securities held to maturity using credit ratings from Moody's, S&P and Fitch. The Company monitors the credit ratings on a quarterly basis.

The following tables set forth the Company's held to maturity investment securities at December 31, 2025 and September 30, 2025, by credit quality indicator (dollars in thousands):


	Credit Ratings
As of December 31, 2025	AAA/AA/A		BBB/BB/B		Unrated		Total
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	69,733	$	—	$	—	$	69,733
MBS:
U.S. government agencies	46,175		—		—		46,175
Private label residential	11,734		—		4,513		16,247
Municipal securities	605		—		—		605
Bank issued trust preferred securities	—		—		499		499
Total held to maturity	$	128,247	$	—	$	5,012	$	133,259


	Credit Ratings
As of September 30, 2025	AAA/AA/A		BBB/BB/B		Unrated		Total
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	69,646	$	—	$	—	$	69,646
MBS:
U.S. government agencies	48,735		—		—		48,735
Private label residential	12,455		—		4,921		17,376
Municipal securities	605		—		—		605
Bank issued trust preferred securities	—		—		499		499
Total held to maturity	$	131,441	$	—	$	5,420	$	136,861

Prior to adopting ASU 2016-13 during the year ended September 30, 2024, the Company bifurcated OTTI into (1) amounts related to credit losses which are recognized through earnings and (2) amounts related to all other factors which are recognized as a component of other comprehensive income (loss). To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of its revised expected cash flows, discounted using its pre-impairment yield. The revised expected cash flow estimates for individual securities are based primarily on an analysis of default rates, prepayment speeds and third-party analytic reports. Significant judgment by management was required in this analysis that included, but not limited to, assumptions regarding the collectability of principal and interest, net of related expenses, on the underlying loans. The amounts written off due to credit loss remain and continue to be recovered on a cash basis.

The following table presents a roll forward of the credit loss component of held to maturity investment securities that have been written down for OTTI with the credit loss component recognized in earnings for the three months ended December 31, 2025 and 2024 (dollars in thousands):


	Three Months Ended December 31,
	2025		2024
Beginning balance of credit loss	$	788	$	803



Subtractions:
Net realized loss previously recorded as credit losses	(3)		—
Recovery of prior credit loss	(5)		(2)
Ending balance of credit loss	$	780	$	801

(3) GOODWILL AND CDI

Goodwill is initially recorded when the purchase price paid in a business combination exceeds the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed. Goodwill is presumed to have an indefinite useful life and is analyzed annually for impairment. The Company performs an annual review during the third quarter of each fiscal year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. For purposes of goodwill impairment testing, the services offered through the Bank and its subsidiary are managed as one strategic unit and represent the Company's only reporting unit.

An assessment of qualitative factors is completed to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative analysis concludes that further analysis is required, then a quantitative impairment test would be completed. The quantitative goodwill impairment test is used to identify the existence of impairment and the amount of impairment loss and compares the reporting unit’s estimated fair value, including goodwill, to its carrying amount. If the fair value exceeds the carrying amount, then goodwill is not considered impaired. If the carrying amount exceeds its fair value, an impairment loss would be recognized equal to the amount of excess, limited to the amount of total goodwill allocated to that reporting unit. The Company performed its fiscal year 2025 goodwill impairment test during the quarter ended June 30, 2025. Based on this assessment, the Company determined that it is not "more likely than not" that the Company's fair value is less than its carrying amount, and, therefore, goodwill was determined not to be impaired at May 31, 2025.

As of December 31, 2025, management believes that there have been no events or changes in the circumstances since May 31, 2025 that would indicate a potential impairment of goodwill. No assurances can be given, however, that the Company will not record an impairment loss on goodwill in the future. If adverse economic conditions or any decreases in the Company's stock price and market capitalization were deemed to be other than temporary, it may significantly affect the fair value of the Company's goodwill and may trigger impairment charges. Any impairment charge could have a material adverse effect on the Company's results of operations and financial condition.

CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of a business combination compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period of ten years. CDI is evaluated for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. As of December 31, 2025, management believes that there have been no events or changes in the circumstances that would indicate a potential impairment of CDI.

(4) LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

Loans receivable by portfolio segment consisted of the following at December 31, 2025 and September 30, 2025 (dollars in thousands):


	December 31, 2025				September 30, 2025
	Amount		Percent		Amount		Percent
Mortgage loans:
One- to four-family (1)	$	325,724	20.7	%	$	317,691	20.1	%
Multi-family	212,331		13.5		207,767		13.2
Commercial real estate	611,989		38.9		610,692		38.7
Construction - custom and owner/builder	102,177		6.5		130,341		8.3
Construction - speculative one- to four-family	15,110		1.0		10,745		0.7
Construction - commercial	20,199		1.3		21,818		1.4
Construction - multi-family	65,856		4.2		45,660		2.9
Construction - land development	2,387		0.2		15,324		1.0
Land	33,521		2.1		35,952		2.3
Total mortgage loans	1,389,294		88.4		1,395,990		88.6

Consumer loans:
Home equity and second mortgage	52,569		3.3		50,479		3.2
Other	1,898		0.1		2,034		0.1
Total consumer loans	54,467		3.4		52,513		3.3

Commercial loans:
Commercial business	128,397		8.2		126,937		8.1
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans	20		—		58		—
Total commercial loans	128,417		8.2		126,995		8.1

Total loans receivable	1,572,178		100.0	%	1,575,498		100.0	%
Less:
Undisbursed portion of construction loans in process ("LIP")	89,883				88,289
Deferred loan origination fees, net	5,338				5,528
ACL	18,125				18,091
Subtotal	113,346				111,908
Loans receivable, net	$	1,458,832			$	1,463,590

__________________

(1) Does not include one- to four-family loans held for sale totaling $3.74 million and $1.13 million at December 31, 2025 and September 30, 2025, respectively.

Loans receivable at December 31, 2025 and September 30, 2025, are reported net of unamortized discounts totaling $43,000 and $51,000, respectively.

Credit Quality Indicators

The Company uses credit risk grades which reflect the Company’s assessment of a loan’s risk or loss potential. The Company categorizes loans into risk grade categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors such as the estimated fair value of the collateral. The Company uses the following definitions for credit risk ratings as part of the on-going monitoring of the credit quality of its loan portfolio:

Pass: Pass loans are defined as those loans that meet acceptable quality underwriting standards.

Watch: Watch loans are defined as those loans that still exhibit acceptable quality, but have some concerns that justify greater attention. If these concerns are not corrected, a potential for further adverse categorization exists. These concerns could relate to a specific condition peculiar to the borrower, its industry segment or the general economic environment.

Special Mention: Special mention loans are defined as those loans deemed by management to have some potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the payment prospects of the loan.

Substandard: Substandard loans are defined as those loans that are inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. If the weakness or weaknesses are not corrected, there is the distinct possibility that some loss will be sustained.

Doubtful: Loans in this classification have the weaknesses of substandard loans with the additional characteristic that the weaknesses make the collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. At December 31, 2025, no loans were classified as doubtful. At September 30, 2025, there was one loan classified as doubtful which is supported by an SBA guarantee of the remaining balance.

Loss: Loans in this classification are considered uncollectible and of such little value that continuance as an asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this loan even though partial recovery may be realized in the future. At December 31, 2025 and September 30, 2025, there were no loans classified as loss.

The following table sets forth the Company's loan portfolio at December 31, 2025 by risk attribute and year of origination as well as current period gross charge-offs (dollars in thousands):


	Term Loans Amortized Cost Basis by Origination Fiscal Year
Type	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total Loans Receivable
One-to four-family
Risk Rating
Pass	$	136	$	12,291	$	40,200	$	74,354	$	101,198	$	89,908	$	—	$	318,087
Watch	—		—		—		550		—		270		—		820
Special Mention	—		—		—		—		4,829		—		—		4,829
Substandard	—		—		—		1,781		207		—		—		1,988
Total one- to four-family	$	136	$	12,291	$	40,200	$	76,685	$	106,234	$	90,178	$	—	$	325,724


Multi-family
Risk Rating
Pass	$	5,505	$	16,257	$	13,128	$	39,852	$	38,905	$	85,983	$	1,594	$	201,224
Watch	—		—		—		—		—		11,107		—		11,107


Total multi-family	$	5,505	$	16,257	$	13,128	$	39,852	$	38,905	$	97,090	$	1,594	$	212,331


Commercial real estate
Risk Rating
Pass	$	4,464	$	47,877	$	25,255	$	79,316	$	122,444	$	303,629	$	12,017	$	595,002
Watch	—		—		—		—		237		12,087		—		12,324
Special Mention	—		—		—		—		—		31		—		31
Substandard	—		—		—		—		304		4,328		—		4,632
Total commercial real estate	$	4,464	$	47,877	$	25,255	$	79,316	$	122,985	$	320,075	$	12,017	$	611,989



	Term Loans Amortized Cost Basis by Origination Fiscal Year
Type	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total Loans Receivable
Construction-custom & owner/builder (1)
Risk Rating
Pass	$	2,341	$	39,185	$	5,423	$	1,500	$	1,098	$	—	$	—	$	49,547
Watch	—		767		5,810		3,735		306		1,312		—		11,930

Substandard	—		—		—		—		553		—		—		553
Total construction-custom & owner/builder	$	2,341	$	39,952	$	11,233	$	5,235	$	1,957	$	1,312	$	—	$	62,030


Construction-speculative one-to four-family (1)
Risk Rating
Pass	$	1,789	$	5,847	$	235	$	322	$	—	$	—	$	—	$	8,193



Total construction-speculative one-to four-family	$	1,789	$	5,847	$	235	$	322	$	—	$	—	$	—	$	8,193


Construction-commercial (1)
Risk Rating
Pass	$	32	$	9,272	$	3,100	$	2,855	$	—	$	—	$	—	$	15,259



Total construction-commercial	$	32	$	9,272	$	3,100	$	2,855	$	—	$	—	$	—	$	15,259


Construction-multi-family (1)
Risk Rating
Pass	$	2,146	$	18,351	$	7,800	$	—	$	—	$	—	$	—	$	28,297



Total construction-multi-family	$	2,146	$	18,351	$	7,800	$	—	$	—	$	—	$	—	$	28,297


Construction-land development (1)
Risk Rating
Pass	$	—	$	—	$	—	$	2,067	$	—	$	—	$	—	$	2,067



Total construction-land development	$	—	$	—	$	—	$	2,067	$	—	$	—	$	—	$	2,067


Land
Risk Rating
Pass	$	2,192	$	8,272	$	8,652	$	3,645	$	5,521	$	4,133	$	362	$	32,777
Watch	—		—		—		—		296		448		—		744


Total land	$	2,192	$	8,272	$	8,652	$	3,645	$	5,817	$	4,581	$	362	$	33,521


Home equity and second mortgage
Risk Rating
Pass	$	1,029	$	2,358	$	4,843	$	3,260	$	1,438	$	2,293	$	36,982	$	52,203
Watch	—		—		—		—		—		10		—		10

Substandard	—		—		—		—		—		57		299		356
Total home equity and second mortgage	$	1,029	$	2,358	$	4,843	$	3,260	$	1,438	$	2,360	$	37,281	$	52,569


	Term Loans Amortized Cost Basis by Origination Fiscal Year
Type	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total Loans Receivable
Other consumer
Risk Rating
Pass	$	439	$	105	$	450	$	381	$	68	$	389	$	40	$	1,872
Watch	—		—		—		—		—		6		—		6

Substandard	—		—		—		—		—		—		20		20
Total other consumer	$	439	$	105	$	450	$	381	$	68	$	395	$	60	$	1,898


Commercial business
Risk Rating
Pass	$	1,488	$	10,706	$	12,455	$	17,033	$	25,676	$	12,959	$	45,710	$	126,027

Special Mention	—		—		—		—		174		483		650		1,307
Substandard	—		—		—		159		140		510		254		1,063

Total commercial business	$	1,488	$	10,706	$	12,455	$	17,192	$	25,990	$	13,952	$	46,614	$	128,397


SBA PPP
Risk Rating
Pass	$	—	$	—	$	—	$	—	$	—	$	20	$	—	$	20



Total SBA PPP	$	—	$	—	$	—	$	—	$	—	$	20	$	—	$	20


Total loans receivable, gross (1)
Risk Rating
Pass	$	21,561	$	170,521	$	121,541	$	224,585	$	296,348	$	499,314	$	96,705	$	1,430,575
Watch	—		767		5,810		4,285		839		25,240		—		36,941
Special Mention	—		—		—		—		5,003		514		650		6,167
Substandard	—		—		—		1,940		1,204		4,895		573		8,612

Total loans receivable	$	21,561	$	171,288	$	127,351	$	230,810	$	303,394	$	529,963	$	97,928	$	1,482,295
Current period gross charge-off	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

_____________________

(1) Net of construction LIP

The following table sets forth the Company's loan portfolio at September 30, 2025, by risk attribute and year of origination as well as gross charges offs in the year ending September 30, 2025:


	Term Loans Amortized Cost Basis by Origination Fiscal Year
Type	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total Loans Receivable
One-to four-family
Risk Rating
Pass	$	10,885	$	25,692	$	79,193	$	102,942	$	45,274	$	47,078	$	—	$	311,064

Special Mention	—		—		—		4,846		—		—		—		4,846
Substandard	—		—		1,781		—		—		—		—		1,781
Total one- to four-family	$	10,885	$	25,692	$	80,974	$	107,788	$	45,274	$	47,078	$	—	$	317,691


Multi-family
Risk Rating
Pass	$	16,305	$	13,129	$	40,004	$	39,064	$	22,489	$	62,516	$	1,334	$	194,841
Watch	—		—		—		—		—		3,264		—		3,264

Substandard	—		—		—		—		9,662		—		—		9,662
Total multi-family	$	16,305	$	13,129	$	40,004	$	39,064	$	32,151	$	65,780	$	1,334	$	207,767


Commercial real estate
Risk Rating
Pass	$	47,145	$	25,419	$	79,692	$	123,631	$	82,507	$	225,019	$	10,212	$	593,625
Watch	—		—		—		238		—		9,307		—		9,545
Special Mention	—		—		—		—		—		32		—		32
Substandard	—		—		—		—		—		7,490		—		7,490
Total commercial real estate	$	47,145	$	25,419	$	79,692	$	123,869	$	82,507	$	241,848	$	10,212	$	610,692


Construction-custom & owner/builder (1)
Risk Rating
Pass	$	32,733	$	33,785	$	560	$	—	$	758	$	—	$	—	$	67,836
Watch	—		3,875		5,367		1,855		1,232		—		—		12,329

Substandard	—		—		—		553		—		—		—		553
Total construction-custom & owner/builder	$	32,733	$	37,660	$	5,927	$	2,408	$	1,990	$	—	$	—	$	80,718


Construction-speculative one-to four-family (1)
Risk Rating
Pass	$	6,375	$	16	$	44	$	—	$	—	$	—	$	—	$	6,435
Watch	—		—		488		—		—		—		—		488


Total construction-speculative one-to four-family	$	6,375	$	16	$	532	$	—	$	—	$	—	$	—	$	6,923


Construction-commercial (1)
Risk Rating
Pass	$	10,284	$	2,725	$	2,725	$	—	$	—	$	—	$	—	$	15,734



Total construction-commercial	$	10,284	$	2,725	$	2,725	$	—	$	—	$	—	$	—	$	15,734






	Term Loans Amortized Cost Basis by Origination Fiscal Year
Type	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total Loans Receivable
Construction-multi-family (1)
Risk Rating
Pass	$	11,084	$	7,604	$	—	$	—	$	—	$	—	$	—	$	18,688



Total construction-multi-family	$	11,084	$	7,604	$	—	$	—	$	—	$	—	$	—	$	18,688


Construction-land development (1)
Risk Rating
Pass	$	—	$	358	$	1,629	$	—	$	—	$	—	$	—	$	1,987


Substandard	—		—		—		11,549		—		—		—		11,549
Total construction-land development	$	—	$	358	$	1,629	$	11,549	$	—	$	—	$	—	$	13,536



Land
Risk Rating
Pass	$	11,667	$	9,393	$	3,741	$	5,805	$	1,951	$	2,339	$	303	$	35,199
Watch	—		—		—		298		—		455		—		753


Total land	$	11,667	$	9,393	$	3,741	$	6,103	$	1,951	$	2,794	$	303	$	35,952


Home equity and second mortgage
Risk Rating
Pass	$	2,528	$	5,154	$	3,574	$	1,556	$	237	$	2,112	$	34,649	$	49,810
Watch	—		—		—		—		—		10		—		10

Substandard	—		—		—		—		—		57		602		659
Total home equity and second mortgage	$	2,528	$	5,154	$	3,574	$	1,556	$	237	$	2,179	$	35,251	$	50,479


Other consumer
Risk Rating
Pass	$	565	$	459	$	390	$	82	$	48	$	423	$	38	$	2,005
Watch	—		—		—		—		—		7		—		7

Substandard	—		—		—		—		—		—		22		22
Total other consumer	$	565	$	459	$	390	$	82	$	48	$	430	$	60	$	2,034
Current period gross write-offs	$	4	$	1	$	—	$	—	$	—	$	—	$	1	$	6
Commercial business
Risk Rating
Pass	$	10,686	$	12,875	$	17,674	$	27,359	$	5,793	$	9,870	$	40,048	$	124,305
Watch	—		—		—

TIMBERLAND BANCORP INC 10-Q