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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 March 31, 2026

☐ 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 May 4, 2026, there were 7,827,953 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	38

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54

Item 4.	Controls and Procedures	54

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	55

Item 1A.	Risk Factors	55

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55

Item 3.	Defaults Upon Senior Securities	56

Item 4.	Mine Safety Disclosures	56

Item 5.	Other Information	56

Item 6.	Exhibits	56

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

March 31, 2026 and September 30, 2025

(Dollars in thousands, except per share amounts)


	March 31, 2026		September 30, 2025
	(Unaudited)		*
Assets
Cash and cash equivalents:
Cash and due from financial institutions	$	24,157	$	23,649
Interest-bearing deposits in banks	270,514		219,779
Total cash and cash equivalents	294,671		243,428

Certificates of deposit (“CDs”) held for investment, at cost	5,972		7,217
Investment securities held to maturity, at amortized cost (net of allowance for credit losses ("ACL") of $31 and $36), (estimated fair value of $113,288 and $132,334)	117,327		136,861
Investment securities available for sale, at fair value	91,869		78,240
Investments in equity securities, at fair value	862		864
Federal Home Loan Bank of Des Moines (“FHLB”) stock, at cost	2,103		2,045
Other investments, at cost	3,000		3,000
Loans held for sale	1,642		1,127


Loans receivable, net of ACL of $18,648 and $18,091	1,450,877		1,463,590

Premises and equipment, net	21,925		21,684
Other real estate owned (“OREO”) and other repossessed assets, net	221		221
Accrued interest receivable	7,397		7,393
Bank owned life insurance (“BOLI”)	22,143		21,830
Goodwill	15,131		15,131
Core deposit intangible (“CDI”), net	203		271
Loan servicing rights, net	641		815


Operating lease right-of-use ("ROU") assets	2,767		2,949
Other assets	7,635		6,113
Total assets	$	2,046,386	$	2,012,779

Liabilities and shareholders’ equity
Liabilities
Deposits:
Non-interest-bearing demand	$	407,980	$	430,685
Interest-bearing	1,335,230		1,285,950
Total deposits	1,743,210		1,716,635

Operating lease liabilities	2,937		3,077
FHLB borrowings	20,000		20,000
Other liabilities and accrued expenses	9,150		10,453
Total liabilities	$	1,775,297	$	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)

March 31, 2026 and September 30, 2025

(Dollars in thousands, except per share amounts)


	March 31, 2026		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; 7,833,643 shares issued and outstanding - March 31, 2026 7,889,571 shares issued and outstanding - September 30, 2025	23,982		26,305

Retained earnings	247,457		236,607
Accumulated other comprehensive loss	(350)		(298)
Total shareholders’ equity	271,089		262,614
Total liabilities and shareholders’ equity	$	2,046,386	$	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 and six months ended March 31, 2026 and 2025

(Dollars in thousands, except per share amounts)

(Unaudited)


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Interest and dividend income
Loans receivable and loans held for sale	$	21,793	$	20,896	$	44,467	$	41,928
Investment securities	1,751		2,003		3,613		4,141
Dividends from mutual funds, FHLB stock and other investments	77		82		158		168
Interest-bearing deposits in banks and CDs	2,334		1,884		4,912		3,885
Total interest and dividend income	25,955		24,865		53,150		50,122

Interest expense
Deposits	7,513		7,454		15,555		15,538
FHLB borrowings	198		198		401		402
Total interest expense	7,711		7,652		15,956		15,940

Net interest income	18,244		17,213		37,194		34,182

Provision for (recapture of) credit losses
Provision for credit losses - loans	523		237		539		289
Recapture of credit losses - investment securities	(3)		(5)		(5)		(10)
Provision for (recapture of) credit losses - unfunded commitments	3		14		(46)		(7)
Total provision for (recapture of) credit losses - net	523		246		488		272

Net interest income after provision for (recapture of) credit losses	17,721		16,967		36,706		33,910

Non-interest income


Net recoveries on investment securities	10		4		16		7

Service charges on deposits	934		959		1,923		1,958
ATM and debit card interchange transaction fees	1,131		1,176		2,325		2,443
BOLI net earnings	155		165		313		331
Gain on sales of loans, net	236		122		314		165
Escrow fees	28		17		52		35

Servicing income on loans sold	72		35		125		62


Other, net	241		209		503		383
Total non-interest income, net	2,807		2,687		5,571		5,384

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (continued)

For the three and six months ended March 31, 2026 and 2025

(Dollars in thousands, except per share amounts)

(Unaudited)


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Non-interest expense
Salaries and employee benefits	$	6,469	$	5,977	$	12,922	$	12,068
Premises and equipment	1,116		1,075		2,190		2,025

Advertising	182		189		374		370
OREO and other repossessed assets, net	3		9		9		9
ATM and debit card interchange transaction fees	471		521		1,052		1,043
Postage and courier	155		142		298		264
State and local taxes	428		335		885		680
Professional fees	325		431		641		777
Federal Deposit Insurance Corporation ("FDIC") insurance	228		219		449		429
Loan administration and foreclosure	141		155		221		283
Technology and communications	1,177		1,121		2,232		2,261

Deposit operations	363		319		710		652
Amortization of CDI	34		45		68		90
Other	567		656		1,039		1,309
Total non-interest expense, net	11,659		11,194		23,090		22,260

Income before income taxes	8,869		8,460		19,187		17,034

Provision for income taxes	1,738		1,705		3,840		3,419

Net income	$	7,131	$	6,755	$	15,347	$	13,615

Net income per common share
Basic	$	0.91	$	0.85	$	1.95	$	1.71
Diluted	$	0.90	$	0.85	$	1.94	$	1.71

Weighted average common shares outstanding
Basic	7,875,436		7,937,063		7,880,602		7,947,786
Diluted	7,922,232		7,968,632		7,922,639		7,984,238

Dividends paid per common share	$	0.29	$	0.25	$	0.57	$	0.50

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three and six months ended March 31, 2026 and 2025

(Dollars in thousands)

(Unaudited)


	Three Months Ended March 31				Six Months Ended March 31
	2026		2025		2026		2025
Comprehensive income
Net income	$	7,131	$	6,755	$	15,347	$	13,615
Other comprehensive income (loss)
Unrealized holding gain (loss) on investment securities available for sale, net of income taxes of $(32), $32, $15, and $(183) respectively	(117)		122		(52)		(690)





Total other comprehensive income (loss), net of income taxes	(117)		122		(52)		(690)

Total comprehensive income	$	7,014	$	6,877	$	15,295	$	12,925

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the three and six months ended March 31, 2026 and 2025

(Dollars in thousands, except per share amounts)

(Unaudited)


	Common Stock						Accumulated Other Compre-hensive Income (Loss)
	Number of Shares	Amount		Retained Earnings					Total
Balance, December 31, 2024	7,954,673	$	29,593		$	220,398	$	(792)		$	249,199

Net income	—	—			6,755		—			6,755
Other comprehensive income	—	—			—		122			122
Repurchase of common stock, net of tax	(61,764)	(1,908)			—		—			(1,908)



Restricted stock grant forfeitures	(1,380)	(11)			—		—			(11)
Exercise of stock options	11,960	212			—		—			212


Common stock dividends ($0.25 per common share)	—	—			(1,987)		—			(1,987)


Stock-based compensation expense	—	142			—		—			142


Balance, March 31, 2025	7,903,489	$	28,028		$	225,166	$	(670)		$	252,524

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


Net income	—	—			7,131		—			7,131
Other comprehensive loss	—	—			—		(117)			(117)
Repurchase of common stock, net of tax	(80,000)	(3,108)			—		—			(3,108)




Exercise of stock options	33,815	877			—		—			877


Common stock dividends ($0.29 per common share)	—	—			(2,291)		—			(2,291)


Stock-based compensation expense	—	188			—		—			188


Balance, March 31, 2026	7,833,643	$	23,982		$	247,457	$	(350)		$	271,089


	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	—	—			13,615		—			13,615
Other comprehensive loss	—	—			—		(690)			(690)
Repurchase of common stock, net of tax	(89,168)	(2,792)			—		—			(2,792)
Restricted stock grant forfeitures	(1,830)	(11)			—		—			(11)




Exercise of stock options	34,360	686			—		—			686



Common stock dividends ($0.50 per common share)	—	—			(3,980)		—			(3,980)


Stock-based compensation expense	—	283			—		—			283

Balance, March 31, 2025	7,903,489	$	28,028		$	225,166	$	(670)		$	252,524


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

Net income	—	—			15,347		—			15,347
Other comprehensive loss	—	—			—		(52)			(52)
Repurchase of common stock, net of tax	(109,303)	(4,108)			—		—			(4,108)


Restricted stock grant forfeitures	(2,080)	—			—		—			—
Exercise of stock options	55,455	1,439			—		—			1,439


Common stock dividends ($0.57 per common share)	—	—			(4,497)		—			(4,497)


Stock-based compensation expense	—	346			—		—			346

Balance, March 31, 2026	7,833,643	$	23,982		$	247,457	$	(350)		$	271,089

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended March 31, 2026 and 2025

(Dollars in thousands)

(Unaudited)


	Six Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	15,347	$	13,615
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	488		272
Depreciation	737		753

Accretion of discount on purchased loans	(18)		(24)
Amortization of CDI	68		90

Stock-based compensation expense	346		272


Net recoveries on investment securities	(16)		(7)
Change in fair value of investments in equity securities	2		13

Accretion of discounts and premiums on securities	(500)		(526)


Gain on sales of loans, net	(314)		(165)

Loans originated for sale	(15,223)		(8,472)
Proceeds from sales of loans	15,022		7,486
Amortization of loan servicing rights	322		394

BOLI net earnings	(313)		(331)

Change in deferred loan origination fees	(269)		(96)
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses	(2,874)		(3,976)
Net cash provided by operating activities	12,805		9,298

Cash flows from investing activities
Net decrease in CDs held for investment	1,245		1,498



Purchase of investment securities available for sale	(24,950)		(22,422)
Proceeds from maturities and prepayments of investment securities held to maturity	19,843		31,395
Proceeds from maturities and prepayments of investment securities available for sale	11,466		9,290
Purchase of FHLB stock	(58)		(8)


Decrease in loans receivable, net	12,461		1,059
Purchase of premises and equipment	(978)		(703)






Net cash provided by investing activities	19,029		20,109

See notes to unaudited consolidated financial statements

TIMBERLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the six months ended March 31, 2026 and 2025

(Dollars in thousands)

(Unaudited)


	Six Months Ended March 31,
	2026		2025
Cash flows from financing activities
Net increase in deposits	$	26,575	$	3,162


Proceeds from exercise of stock options	1,439		686


Repurchase of common stock, net of tax	(4,108)		(2,792)
Payment of dividends	(4,497)		(3,980)
Net cash provided by (used in) financing activities	19,409		(2,924)

Net increase in cash and cash equivalents	51,243		26,483
Cash and cash equivalents
Beginning of period	243,428		164,728
End of period	$	294,671	$	191,211

Supplemental disclosure of cash flow information
Income taxes paid	$	4,319	$	3,677
Interest paid	$	16,186	$	16,375

Supplemental disclosure of non-cash investing activities

Other comprehensive loss related to investment securities	$	(52)	$	(690)
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 six months ended March 31, 2026 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 March 31, 2026 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 March 31, 2026 and September 30, 2025 (dollars in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Allowance for Credit Losses
March 31, 2026
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	56,803	$	—	$	(2,274)	$	54,529	$	—
Mortgage-backed securities ("MBS"):
U.S. government agencies	44,806		69		(1,248)		43,627		—
Private label residential	15,113		209		(796)		14,526		31
Municipal securities	605		1		—		606		—

Total	$	117,327	$	279	$	(4,318)	$	113,288	$	31


March 31, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale

MBS: U.S. government agencies	$	92,313	$	344	$	(788)	$	91,869

Total	$	92,313	$	344	$	(788)	$	91,869


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 March 31, 2026 (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	$	—	$	—	—	$	54,529	$	(2,274)	13	$	54,529	$	(2,274)
MBS:
U.S. government agencies	6,194		(20)		7	24,827		(1,228)		36	31,021		(1,248)
Private label residential	1,810		(28)		3	11,683		(768)		13	13,493		(796)


Total	$	8,004	$	(48)	10	$	91,039	$	(4,270)	62	$	99,043	$	(4,318)

Available for sale

MBS:
U.S. government agencies	$	17,709	$	(209)	6	$	26,130	$	(579)	23	$	43,839	$	(788)
Total	$	17,709	$	(209)	6	$	26,130	$	(579)	23	$	43,839	$	(788)

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 six months ended March 31, 2026, the Company recorded a $3,000 net realized loss on 14 held to maturity investment securities, all of which had been recognized previously as a credit loss. During the six months ended March 31, 2025, 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 $196.29 million and $195.93 million at March 31, 2026 and September 30, 2025, respectively.

The contractual maturities of investment securities at March 31, 2026 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	$	21,384	$	21,184	$	—	$	—
Due after one year to five years	44,998		42,874		3,684		3,684
Due after five years to ten years	32		132		183		181
Due after ten years	50,913		49,098		88,446		88,004
Total	$	117,327	$	113,288	$	92,313	$	91,869

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 March 31, 2026 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 March 31, 2026 and September 30, 2025, the ACL on the held to maturity securities portfolio totaled $31,000 and $36,000, respectively.

The following tables set forth information for the three and six months ended March 31, 2026 and 2025 regarding activity in the ACL by portfolio segment (dollars in thousands):


	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	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	$	33	$	(2)	$	31	$	52	$	(4)	$	48

Bank issued trust preferred securities	1		(1)		—		3		(1)		2
Total	$	34	$	(3)	$	31	$	55	$	(5)	$	50


	Six Months Ended March 31, 2026								Six Months Ended March 31, 2025
	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			$	(4)	$	31		$	55	$	(7)	$	48
Bank issued trust preferred securities	1				(1)		—			5		(3)		2
Total	$	36	$	—	$	(5)	$	31		$	60	$	(10)	$	50

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 $276,000 at March 31, 2026 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 $30,000 of private label mortgage-backed held to maturity investment securities in non-accrual status at March 31, 2026.

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 March 31, 2026 and September 30, 2025, by credit quality indicator (dollars in thousands):


	Credit Ratings
As of March 31, 2026	AAA/AA/A		BBB/BB/B		Unrated		Total
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	56,803	$	—	$	—	$	56,803
MBS:
U.S. government agencies	44,806		—		—		44,806
Private label residential	10,839		—		4,274		15,113
Municipal securities	605		—		—		605

Total held to maturity	$	113,053	$	—	$	4,274	$	117,327


	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 other-than-temporary impairment ("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 six months ended March 31, 2026 and 2025 (dollars in thousands):


	Six Months Ended March 31,
	2026		2025
Beginning balance of credit loss	$	788	$	803



Subtractions:
Net realized loss previously recorded as credit losses	(3)		2
Recovery of prior credit loss	(13)		(7)
Ending balance of credit loss	$	772	$	798

(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 March 31, 2026, 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 assurance 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 March 31, 2026, 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 March 31, 2026 and September 30, 2025 (dollars in thousands):


	March 31, 2026				September 30, 2025
	Amount		Percent		Amount		Percent
Mortgage loans:
One- to four-family (1)	$	311,500	19.9	%	$	317,691	20.1	%
Multi-family	214,107		13.7		207,767		13.2
Commercial real estate	611,117		39.0		610,692		38.7
Construction - custom and owner/builder	104,074		6.7		130,341		8.3
Construction - speculative one- to four-family	15,840		1.0		10,745		0.7
Construction - commercial	12,985		0.8		21,818		1.4
Construction - multi-family	80,246		5.1		45,660		2.9
Construction - land development	2,915		0.2		15,324		1.0
Land	32,214		2.1		35,952		2.3
Total mortgage loans	1,384,998		88.5		1,395,990		88.6

Consumer loans:
Home equity and second mortgage	53,252		3.4		50,479		3.2
Other	2,018		0.1		2,034		0.1
Total consumer loans	55,270		3.5		52,513		3.3

Commercial loans:
Commercial business	125,087		8.0		126,937		8.1
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans	5		—		58		—
Total commercial loans	125,092		8.0		126,995		8.1

Total loans receivable	1,565,360		100.0	%	1,575,498		100.0	%
Less:
Undisbursed portion of construction loans in process ("LIP")	90,576				88,289
Deferred loan origination fees, net	5,259				5,528
ACL	18,648				18,091
Subtotal	114,483				111,908
Loans receivable, net	$	1,450,877			$	1,463,590

__________________

(1) Does not include one- to four-family loans held for sale totaling $1.64 million and $1.13 million at March 31, 2026 and September 30, 2025, respectively.

Loans receivable at March 31, 2026 and September 30, 2025, are reported net of unamortized discounts totaling $33,000 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 March 31, 2026, 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 March 31, 2026 and September 30, 2025, there were no loans classified as loss.

The following table sets forth the Company's loan portfolio at March 31, 2026 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	$	1,104	$	13,408	$	34,506	$	69,133	$	95,163	$	89,207	$	—	$	302,521
Watch	—		—		—		547		1,420		269		—		2,236
Special Mention	—		—		—		—		4,809		—		—		4,809
Substandard	—		—		—		1,731		203		—		—		1,934
Total one- to four-family	$	1,104	$	13,408	$	34,506	$	71,411	$	101,595	$	89,476	$	—	$	311,500


Multi-family
Risk Rating
Pass	$	13,623	$	16,206	$	13,118	$	34,972	$	38,743	$	84,759	$	1,633	$	203,054
Watch	—		—		—		—		—		11,053		—		11,053


Total multi-family	$	13,623	$	16,206	$	13,118	$	34,972	$	38,743	$	95,812	$	1,633	$	214,107


Commercial real estate
Risk Rating
Pass	$	11,024	$	51,547	$	24,300	$	81,353	$	122,194	$	295,903	$	6,866	$	593,187
Watch	—		—		770		—		—		12,271		—		13,041
Special Mention	—		—		—		—		—		30		—		30
Substandard	—		—		—		—		531		4,328		—		4,859
Total commercial real estate	$	11,024	$	51,547	$	25,070	$	81,353	$	122,725	$	312,532	$	6,866	$	611,117



	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	$	8,584	$	40,101	$	1,268	$	—	$	—	$	—	$	—	$	49,953
Watch	—		1,916		5,362		3,977		306		1,413		—		12,974

Substandard	—		—		—		—		553		—		—		553
Total construction-custom & owner/builder	$	8,584	$	42,017	$	6,630	$	3,977	$	859	$	1,413	$	—	$	63,480


Construction-speculative one-to four-family (1)
Risk Rating
Pass	$	5,030	$	4,031	$	240	$	—	$	—	$	—	$	—	$	9,301



Total construction-speculative one-to four-family	$	5,030	$	4,031	$	240	$	—	$	—	$	—	$	—	$	9,301


Construction-commercial (1)
Risk Rating
Pass	$	529	$	6,688	$	3,100	$	—	$	—	$	—	$	—	$	10,317



Total construction-commercial	$	529	$	6,688	$	3,100	$	—	$	—	$	—	$	—	$	10,317


Construction-multi-family (1)
Risk Rating
Pass	$	6,724	$	25,237	$	7,800	$	—	$	—	$	—	$	—	$	39,761



Total construction-multi-family	$	6,724	$	25,237	$	7,800	$	—	$	—	$	—	$	—	$	39,761


Construction-land development (1)
Risk Rating
Pass	$	412	$	—	$	—	$	2,213	$	—	$	—	$	—	$	2,625



Total construction-land development	$	412	$	—	$	—	$	2,213	$	—	$	—	$	—	$	2,625


Land
Risk Rating
Pass	$	3,648	$	7,959	$	8,381	$	2,422	$	4,609	$	3,900	$	310	$	31,229
Watch	—		—		249		—		296		440		—		985


Total land	$	3,648	$	7,959	$	8,630	$	2,422	$	4,905	$	4,340	$	310	$	32,214


Home equity and second mortgage
Risk Rating
Pass	$	1,459	$	2,262	$	4,507	$	2,957	$	1,418	$	2,452	$	37,698	$	52,753
Watch	—		—		—		—		—		14		—		14

Substandard	—		—		—		133		—		56		296		485
Total home equity and second mortgage	$	1,459	$	2,262	$	4,507	$	3,090	$	1,418	$	2,522	$	37,994	$	53,252


	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	$	756	$	75	$	441	$	368	$	68	$	262	$	28	$	1,998


Substandard	—		—		—		—		—		—		20		20
Total other consumer	$	756	$	75	$	441	$	368	$	68	$	262	$	48	$	2,018


Commercial business
Risk Rating
Pass	$	4,916	$	11,049	$	11,911	$	16,391	$	24,047	$	11,988	$	42,649	$	122,951
Watch	—		—		—		—		40		—		128		168
Special Mention	—		—		—		—		—		281		—		281
Substandard	—		—		—		159		140		1,134		254		1,687

Total commercial business	$	4,916	$	11,049	$	11,911	$	16,550	$	24,227	$	13,403	$	43,031	$	125,087


SBA PPP
Risk Rating
Pass	$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	5



Total SBA PPP	$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	5


Total loans receivable, gross (1)
Risk Rating
Pass	$	57,809	$	178,563	$	109,572	$	209,809	$	286,242	$	488,476	$	89,184	$	1,419,655
Watch	—		1,916		6,381		4,524		2,062		25,460		128		40,471
Special Mention	—		—		—		—		4,809		311		—		5,120
Substandard	—		—		—		2,023		1,427		5,518		570		9,538

Total loans receivable	$	57,809	$	180,479	$	115,953	$	216,356	$	294,540	$	519,765	$	89,882	$	1,474,784
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

TIMBERLAND BANCORP INC 10-Q