Business
Timberland Bancorp Reports Third Fiscal Quarter Net Income of $5.92 Million
Quarterly EPS of $0.74Quarterly Return on Average Assets of 1.25%Quarterly Net Interest Margin improves to 3.53%Net Loans Increased by 11%
About this update from Timberland Bancorp, Inc.
[{"type":"text","content":"Quarterly EPS of $0.74Quarterly Return on Average Assets of 1.25%Quarterly Net Interest Margin improves to 3.53%Net Loans Increased by 11% Year-Over-YearDeposits Increased by 5% Year-Over-YearAnnounces Quarterly Cash Dividend HOQUIAM, Wash., July 23, 2024 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $5.92 million, or $0.74 per diluted common share, for the quarter ended June 30, 2024. This compares to net income of $5.71 million, or $0.70 per diluted common share, for the preceding quarter and $6.31 million, or $0.77 per diluted common share, for the comparable quarter one year ago. For the first nine months of fiscal 2024, Timberland’s net income decreased 12% to $17.93 million, or $2.21 per diluted common share, compared to $20.48 million, or $2.47 per diluted common share for the first nine months of fiscal 2023. “We are pleased with our third quarter fiscal year 2024 operating results, which were highlighted by increased earnings, net interest margin improvement, and continued loan portfolio growth,” stated Dean Brydon, Chief Executive Officer. “Net income and EPS increased by 4% and 6%, respectively, compared to the prior quarter primarily due to an improvement in our net interest margin and higher non-interest income. While third quarter earnings increased compared to the prior quarter, they were lower compared to the year ago quarter, which was near the highest point of our margin in this interest rate cycle before deposit cost increases began compressing margins.” As a result of Timberland’s solid earnings and strong capital position, its Board of Directors announced a quarterly cash dividend to shareholders to $0.24 per share, payable on August 23, 2024, to shareholders of record on August 9, 2024. This represents the 47th consecutive quarter Timberland will have paid a cash dividend. “The loan portfolio continues to grow nicely, with solid quarterly and year-over-year growth,” Brydon continued. “Net loans receivable grew by $38 million, or 3%, during the quarter, with increases primarily in the commercial real estate, 1-4 family and multi-family portfolios. We continue to remain optimistic regarding the overall strength of our loan portfolio and the opportunities for loan growth in our mark...