Business
Timberland Bancorp Announces Third Fiscal Quarter Earnings
Third Fiscal Quarter Net Income of $5.74 MillionQuarterly Return on Average Equity of 10.80%Loan Portfolio (Excluding PPP Loans) Increased 5.7% During
About this update from Timberland Bancorp, Inc.
[{"type":"text","content":"Third Fiscal Quarter Net Income of $5.74 MillionQuarterly Return on Average Equity of 10.80%Loan Portfolio (Excluding PPP Loans) Increased 5.7% During QuarterAnnounces $0.22 Quarterly Cash Dividend HOQUIAM, Wash., July 26, 2022 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $5.74 million, or $0.69 per diluted common share, for the quarter ended June 30, 2022. This compares to net income of $5.33 million, or $0.63 per diluted common share, for the preceding quarter and $7.02 million, or $0.83 per diluted common share, for the comparable quarter one year ago. For the first nine months of fiscal 2022, Timberland earned $16.55 million, or $1.97 per diluted common share, compared to $21.57 million or $2.55 per diluted common share for the first nine months of fiscal 2021. Timberland’s Board of Directors declared a quarterly cash dividend to shareholders of $0.22 per share, payable on August 26, 2022, to shareholders of record on August 12, 2022. “Timberland generated strong fiscal third quarter financial results,” stated Michael Sand, CEO. “Compared to the prior quarter, net income and earnings per share increased 8% and 10%, respectively, largely on the strength of continued solid loan growth and higher interest rates. This quarter we experienced continued strong loan growth, with net loans receivable, excluding Paycheck Protection Program (“PPP”) loans, increasing 5.7%, or 22.8% on an annualized basis. Loan growth was primarily due to increases in multi-family, commercial business, commercial real estate and residential mortgage loans originated within our western Washington market footprint. Increased interest income from the larger loan portfolio more than offset the quarter’s $584,000 decrease in income from the soon to be completely forgiven PPP loan portfolio.” “Our net interest margin expanded 16 basis points compared to the prior quarter, benefitting from the recent interest rate increases enacted by the Federal Reserve,” added Dean Brydon, President and CFO. “This expansion was a result of deploying excess liquidity to fund loan growth, and from investing in short and moderate duration investments to supplement interest income. The Company continues to be well positioned to benefit from additional...