Timberland Bancorp delivered a solid Q4 2024 performance with a revenue print of $27.96 million, marking a YoY rise of 48.98% and a QoQ increase of 3.83%. Gross profit matched revenue (gross margin 100%), and operating income reached $7.93 million, translating to an operating margin of 28.3%. Net income of $6.36 million produced a net margin of 22.7% and an EPS (diluted) of $0.79. The quarter benefited from favorable operating leverage, yet the year-over-year trajectory shows some earnings softening despite topline strength. Cash generation remained robust: cash from operations was $6.62 million and free cash flow was $6.32 million, supporting a year-end cash balance of $164.7 million and a net cash position of approximately -$153.4 million on a net debt basis (net cash). Total assets stood at $1.923 billion against liabilities of $1.678 billion and stockholders’ equity of $245.4 million, with a modest leverage profile (debt to equity 0.088).