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Item 5. Market for Registrant’s Common Equity

2021-12-08 compared with 2020-12-09 · 5 added, 89 removed, 28 unchanged (77% of the section changed)

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Company's common stock is traded on the Nasdaq Global Market under the symbol “TSBK.” As of November 30, 2020, there were 8,315,993 shares of common stock issued and approximately 451 shareholders of record.

The Company's common stock is traded on the Nasdaq Global Market under the symbol “TSBK.” As of December 2, 2021, there were 8,354,717 shares of common stock issued and approximately 436 shareholders of record.

Our cash dividend payout policy is reviewed regularly by management and the Board of Directors.

8 unchanged sentences

The Company has had various stock repurchase programs since January 1998.

On July 28, 2015, the Company announced a plan to repurchase 352,681 shares of the Company's common stock.

On February 24, 2021, the Company announced a plan to repurchase 415,970 shares of the Company's common stock.

This marked the Company's 18th stock repurchase plan.

On March 16, 2020, the Company temporarily suspended stock repurchases and then on October 29, 2020 announced plans to resume purchases under the existing stock repurchase program.

As of September 30, 2021, the Company had repurchased 16,688 shares under this plan at an average price of $28.08 per share.

7 unchanged sentences

Five-Year Stock Performance Graph

The following graph compares the cumulative total shareholder return on our common stock with the cumulative total return on the Nasdaq Composite Index and with the SNL Thrift $500 Million to $1 Billion Index, peer group indices.

The following graph compares the cumulative total shareholder return on our common stock with the cumulative total return on the Nasdaq Composite Index and with the S&P 600 Thrifts & Mortgage Finance Index, peer group indices.

The S&P 600 Thrifts & Mortgage Finance Index replaces the SNL Thrift $500M-$1B Index used in prior years as this index was retired in August 2021.

Total return assumes the reinvestment of all dividends and that the value of the Company’s Common Stock and each index was $100 on September 30, 2016.

3 unchanged sentences

NASDAQ Composite Index 100.00 123.68 154.82 155.63 219.37 285.75

SNL Thrift $500M-$1B Index * 100.00 113.81 163.99 189.97 172.63 145.82

S&P 600 Thrifts & Mortgage Finance Index 100.00 139.42 154.10 161.15 115.47 203.53

S&P Global Market Intelligence

For additional information, see Part III, Item 12 of this Form 10-K for information regarding the Company's Equity Compensation Plans, which is incorporated into this Item 5 by reference.

Selected Financial Data

The following table sets forth certain information concerning the consolidated financial position and results of operations of the Company and its subsidiary at and for the dates indicated.

The consolidated data is derived in part from, and should be read in conjunction with, the Consolidated Financial Statements of the Company and its subsidiary presented herein.

At September 30,

2020 2019 2018 2017 2016

(Dollars in thousands)

SELECTED FINANCIAL CONDITION DATA:

Total assets $ 1,565,978 $ 1,247,132 $ 1,018,290 $ 952,024 $ 891,388

Loans receivable, net 1,013,875 886,662 725,391 690,364 663,146

Investment securities held to maturity 27,890 31,102 12,810 7,139 7,511

Investment securities available for sale 57,907 22,532 1,154 1,241 1,342

FHLB stock 1,922 1,437 1,190 1,107 2,204

Other investments

3,000 3,000 3,000 3,000 —

Cash and due from financial institutions and interest-bearing deposits in banks

314,452 143,015 148,864 148,188 108,941

Certificates of deposit held for investment 65,545 78,346 63,290 43,034 53,000

OREO and other repossessed assets, net 1,050 1,683 1,913 3,301 4,117

Deposits 1,358,406 1,068,227 889,506 837,898 761,534

FHLB borrowings 10,000 — — — 30,000

Shareholders' equity 187,630 171,067 124,657 111,000 96,834

Year Ended September 30,

2020 2019 2018 2017 2016

(Dollars in thousands, except per share data)

SELECTED OPERATING DATA:

Interest and dividend income $ 55,583 $ 55,725 $ 41,833 $ 38,338 $ 34,875

Interest expense 4,701 4,565 2,778 3,197 4,072

Net interest income 50,882 51,160 39,055 35,141 30,803

Provision for (recapture of) loan losses 3,700 — — (1,250) —

Net interest income after provision for (recapture of) loan losses 47,182 51,160 39,055 36,391 30,803

Non-interest income 17,188 14,341 12,544 12,368 10,889

Non-interest expense 34,063 35,580 29,177 27,516 26,637

Income before income taxes 30,307 29,921 22,422 21,243 15,055

Provision for income taxes 6,038 5,901 5,701 7,076 4,901

Net income $ 24,269 $ 24,020 $ 16,721 $ 14,167 $ 10,154

Net income per common share:

Basic $ 2.91 $ 2.89 $ 2.28 $ 1.99 $ 1.48

Diluted $ 2.88 $ 2.84 $ 2.22 $ 1.92 $ 1.43

Dividends per common share $ 0.85 $ 0.78 $ 0.60 $ 0.50 $ 0.37

Dividend payout ratio (1) 29.19 % 27.04 % 26.50 % 25.70 % 25.39 %

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(1) Cash dividends to common shareholders divided by net income to common shareholders.

At September 30,

2020 2019 2018 2017 2016

Number of real estate loans outstanding 2,508 2,766 2,550 2,593 2,615

Deposit accounts 58,566 59,547 55,441 54,707 53,611

Full-service offices 24 24 22 22 22

At or For the Year Ended September 30,

2020 2019 2018 2017 2016

KEY FINANCIAL RATIOS:

Performance Ratios:

Return on average assets (1) 1.75 % 1.96 % 1.70 % 1.53 % 1.19 %

Return on average equity (2) 13.59 14.91 14.27 13.65 11.00

Interest rate spread (3) 3.70 4.31 4.10 3.93 3.72

Net interest margin (4) 3.90 4.50 4.23 4.07 3.88

Average interest-earning assets to average interest-bearing liabilities

155.98 148.15 144.17 137.75 131.69

Non-interest expense as a percent of average total assets

2.45 2.91 2.96 2.98 3.13

Efficiency ratio (5) 50.04 54.32 56.55 57.92 63.89

Asset Quality Ratios:

Non-accrual and 90 days or more past due loans as a percent of total loans receivable, net

0.28 % 0.34 % 0.18 % 0.28 % 0.45 %

Non-performing assets as a percent of total assets (6)

0.27 0.40 0.36 0.60 0.88

Allowance for loan losses as a percent of total loans receivable, net (7)

1.31 1.08 1.30 1.36 1.46

Allowance for loan losses as a percent of non-performing loans (8)

461.76 319.49 723.61 499.90 326.66

Net charge-offs (recoveries) to average outstanding loans

— (0.02) — (0.14) 0.02

Capital Ratios:

Total equity-to-assets ratio 11.98 % 13.71 % 12.24 % 11.66 % 10.86 %

Average equity to average assets 12.85 13.17 11.90 11.25 10.84

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(1) Net income divided by average total assets.

(2) Net income divided by average total equity.

(3) Difference between weighted average yield on interest-earning assets and weighted average cost of interest-bearing liabilities.

(4) Net interest income before provision for (recapture of) loan losses as a percentage of average interest-earning assets.

(5) Non-interest expenses divided by the sum of net interest income and non-interest income.

(6) Non-performing assets include non-accrual loans, loans past due 90 days or more and still accruing, non-accrual investment securities, OREO and other repossessed assets.

(7) Loans receivable is before the allowance for loan losses.

(8) Non-performing loans include non-accrual loans and loans past due 90 days or more and still accruing.

TDRs that are on accrual status are not included.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity