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Timberland Bancorp Inc. reports news as the bank holding company for Timberland Bank, a Washington community bank serving consumers and businesses with lending and deposit services. Recurring updates focus on quarterly and fiscal-year earnings, net interest margin, loan and deposit trends, asset quality, nonperforming assets, capital management and common-stock dividends.
Company announcements also cover branch activity, stock repurchase programs, investor presentations and recognition within bank and thrift performance rankings. Timberland Bank’s lending references include residential and commercial real estate, construction, home equity, land, SBA and business credit products, alongside checking, savings, online banking and treasury-related services.
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Timberland Bancorp (NASDAQ: TSBK) reported strong results for the second fiscal quarter ended March 31, 2023, with net income rising 25% to $6.66 million ($0.80 per diluted share), up from $5.33 million ($0.63 per diluted share) year-over-year. The EPS increased by 27% compared to the same quarter last year. For the first six months, net income grew 31% to $14.17 million ($1.70 per share). Despite a slight decrease in total assets by 5% year-over-year, loan portfolios surged by 17%. The company also announced a quarterly cash dividend of $0.23 per share, maintaining a solid capital position and a non-performing asset ratio of only 0.12%. However, total deposits dipped by 6% year-over-year due to competitive pressures. The net interest margin stood strong at 3.99%, reflecting the higher interest rate environment.
Timberland Bancorp reported a record net income of $7.51 million, or $0.90 per diluted share for the quarter ending December 31, 2022, up 38% year-over-year. The return on average assets rose to 1.63% and return on equity to 13.63%. The net interest margin expanded 39 basis points to 4.03%, driven by higher interest rates. The loan portfolio, excluding PPP loans, increased 20% from last year. Additionally, the quarterly cash dividend was increased to $0.23 per share, payable on February 24, 2023. However, total deposits declined 2% during the quarter.
Timberland Bancorp reported a net income of $7.05 million ($0.85 per share) for Q4 2022, marking a 23% increase from Q3 2022. The quarterly return on average assets rose to 1.51%, and the net interest margin expanded by 53 basis points to 3.64%. Year-over-year, net loans increased by 22%, excluding PPP loans. A quarterly cash dividend of $0.22 and a special cash dividend of $0.10 were announced, payable on November 25, 2022. Despite a slight outflow in deposits, asset quality remains strong, with non-performing assets at just 0.12% of total assets.
Timberland Bancorp reported a net income of $5.74 million or $0.69 per share for Q3 2022, reflecting an 8% increase from the prior quarter but a decline from $7.02 million a year earlier. For the first nine months, net income was $16.55 million, down from $21.57 million year-over-year. The total asset value grew by 1% to $1.89 billion, with deposits rising by 9% year-over-year. A quarterly cash dividend of $0.22 was announced, payable on August 26, 2022.
Timberland Bancorp, Inc. (NASDAQ: TSBK) announced its ranking as the 51st among the Top 200 Publicly Traded Community Banks in America by American Banker magazine, based on three-year average return on equity as of December 31, 2021. This recognition highlights the bank's strong financial performance over the past three years. Timberland Bank serves consumers and businesses in various Washington counties through its 24 branches, offering a full range of lending and deposit services.
Timberland Bancorp, Inc. (NASDAQ: TSBK) has been recognized by Keefe Bruyette & Woods, earning a spot on the 2022 Bank Honor Roll. This accolade is awarded to banks with assets exceeding $500 million that have demonstrated ten consecutive years of annual earnings per share growth. Only 17 banks nationally qualified, highlighting Timberland’s strong performance. CEO Michael Sand expressed pride in this recognition, affirming the commitment of the company's staff and its significance in the community banking sector.
Timberland Bancorp reported a net income of $5.33 million ($0.63 per diluted share) for Q2 FY2022, a decrease from $5.49 million in the previous quarter and $7.25 million a year ago. Year-to-date income totaled $10.81 million ($1.28 per share), down from $14.54 million in FY2021. The loan portfolio, excluding PPP loans, rose 6% during the quarter. The board declared a $0.22 cash dividend, payable May 27, 2022. Return on equity stood at 10.10%, with total assets increasing 10% year-over-year to $1.88 billion.