Start here if you're new
what it is
It takes local deposits and turns them into home, construction, and commercial loans across 24 Washington branches.
how it gets paid
Last year Timberland Bancorp made $102M in revenue.
why it's growing
Revenue grew 284.3% last year. That was 8% revenue growth and 21% EPS growth vs. prior year.
what just happened
Latest quarter revenue reached $27M and EPS rose to $1.04.
At a glance
B+ balance sheet — decent shape, but not bulletproof
90/100 earnings predictability — you can trust these numbers
10.0x trailing p/e — the market's not buying it — or you found a deal
3.1% dividend yield — cash in your pocket every quarter
$3.68 fy2025 eps est
xvary composite: 59/100 — below average
What they do
It takes local deposits and turns them into home, construction, and commercial loans across 24 Washington branches.
This business wins the old-fashioned way: your banker is down the road, not inside an app. Timberland runs 24 branches across six Washington counties, and that local presence helps it keep relationships sticky when you need a mortgage, construction loan, or a place to park cash. The balance sheet is not trying anything cute either: long-term debt is just $20 million, or 6% of capital, which means fewer ways for your boring bank to surprise you.
How they make money
$102M
annual revenue · their business grew +284.3% last year
total revenue
$102M
+284.3%
The products that matter
commercial property lending
Commercial Real Estate Loans
$612M disclosed balance
this $612M book is the largest segment surfaced on the page. if local property values or lease demand weaken, this is where you look first.
largest loan bucket
apartment and rental housing lending
Multi-family Loans
$212M disclosed balance
at $212M, this is a meaningful piece of the credit book. it adds housing exposure, but it is still tied to the same state economy as everything else.
housing exposure
building and project finance
Construction Loans
inside a $2.1B loan book
construction lending is where local optimism meets local risk. the page does not give a segment balance here, which is a good reminder to treat this as a concentrated community bank, not a black box with perfect disclosure.
most cyclical
Key numbers
10.0x
trailing p/e
P/E ratio means price divided by earnings, plain English: how much you pay for each dollar of profit, so what: you are paying a small-bank multiple for steady earnings.
$3.68
fy2025 eps est
EPS means profit per share, plain English: your slice of annual earnings, so what: the stock already covers its 3.1% yield with room left over.
3.1%
dividend yield
Dividend yield means annual cash payout divided by share price, plain English: what you get paid to hold it, so what: you are not relying only on multiple expansion.
6%
debt to capital
Debt to capital means leverage inside the balance sheet, plain English: how hard the bank is borrowing against itself, so what: 6% is restrained for a lender.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 85 / 100
- long-term debt $20M (6% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TSBK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue reached $27M and EPS rose to $1.04.
That was 8% revenue growth and 21% EPS growth vs. prior year, based on EDGAR-sourced quarterly figures. Quiet part out loud: for a tiny bank, that is very solid operating momentum.
$27M
revenue
$1.04
eps
n/a
n/a
the number that mattered
The key number was $1.04 in quarterly EPS, because that annualizes to a run rate above the $3.68 full-year estimate.
source: company earnings report, 2026
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What could go wrong
the #1 risk is washington commercial real estate concentration. TSBK is a local lender, which sounds comforting until the local cycle turns against you.
med
One-state exposure
100% of the $2.1B loan book is tied to Washington. There is no geographic release valve if the local economy slows.
That makes your diversification problem obvious: one state carries the credit book, the deposit base, and the operating footprint.
med
Commercial real estate sensitivity
Commercial real estate loans total $612M, and multi-family adds another $212M. Put those side by side and you get a bank that is heavily tied to local property demand.
If occupancy, refinancing, or valuations weaken, cheap on earnings stops feeling cheap.
med
Margin compression
Net interest income is $31.3M. Non-interest income is $2.1M. When your fee income is that small, funding costs have a direct line into earnings.
If deposit costs rise faster than loan yields, the income statement tightens fast.
med
Leadership has to keep the bank boring
The prior CEO retired in 2023. That does not make this a crisis. It does mean the current team has to protect an 11.73% return on equity without stretching for growth.
For community banks, the mistake is usually not dramatic. It is a few bad loans made when everyone felt smart.
Put it together and the risk picture is clear: a $299M stock backed by a $2.1B Washington loan book works well when credit stays clean. If that local property exposure cracks, the multiple will not save you.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
Net interest income is the whole movie
It was $31.3M in the latest quarter data shown here. If that line stalls while deposit costs keep rising, the earnings story gets thinner fast.
credit
Provision for credit losses stayed tiny at $0.3M
That is good news. It is also the first number to watch if Washington property conditions soften. Small banks look safe until the reserve line wakes up.
calendar
Dividend payment lands February 27, 2026
The quarterly payout was raised to $0.29 per share. For a 3.1% yielder, dividend behavior is one of the cleanest signals management gives you.
balance sheet
Securities and CDs slipped to $216M
That 3% decline is not alarming on its own. It matters because small balance-sheet shifts can say a lot about how management is handling rates and liquidity.
Analyst rankings
earnings predictability
90 / 100
in human-speak, analysts see a bank whose reported results do not swing around much.
risk rank
3
this sits in the safer half of the market, but you still own a small lender with concentrated local credit exposure.
source: institutional data
Institutional activity
institutional ownership data for TSBK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$39
current price
n/a
target midpoint · n/a from current
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