Business
Timberland Bancorp’s 2021 Fiscal Year Net Income Increases to $27.58 Million
Reports 11th Consecutive Year of Increased Net Income and Earnings per ShareFiscal Year Diluted Earnings per Share Increases to $3.27Fiscal Year Return on
About this update from Timberland Bancorp, Inc.
[{"type":"text","content":"Reports 11th Consecutive Year of Increased Net Income and Earnings per ShareFiscal Year Diluted Earnings per Share Increases to $3.27Fiscal Year Return on Average Assets of 1.64%Fiscal Year Return on Average Equity of 13.98%Announces $0.21 Quarterly Cash Dividend HOQUIAM, Wash., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported that net income increased 14% to $27.58 million for the fiscal year ended September 30, 2021 from $24.27 million for the fiscal year ended September 30, 2020, which year was affected by a $3.70 million ($2.92 million after income taxes) provision to the loan loss reserves. Earnings per diluted common share (“EPS”) increased 14% to $3.27 for the 2021 fiscal year from $2.88 for the 2020 fiscal year. Timberland also reported quarterly net income of $6.02 million, or $0.71 per diluted common share for the quarter ended September 30, 2021. This compares to net income of $6.36 million, or $0.76 per diluted common share for the comparable quarter one year ago, which quarter was affected by a $500,000 ($395,000 after income taxes) provision for loan loss reserves, and net income of $7.02 million, or $0.83 per diluted common share for the preceding quarter. Timberland’s Board of Directors declared a quarterly cash dividend to shareholders of $0.21 per common share, payable on November 26, 2021, to shareholders of record on November 12, 2021. “We are pleased to report record net income for our fiscal year ended September 30, 2021 and, for the eleventh consecutive year, increased net income and earnings per share,” stated Michael Sand, President and CEO. “Strong gain on sale of loans income persisted during the fiscal year and the accretion of loan origination fees linked to the Paycheck Protection Program (“PPP”) was also a robust contributor to the year’s net income. Compared to the fiscal year just ended, gain on sale of loans income and the benefit derived from PPP loan fee accretion is expected to diminish during our 2022 fiscal year. As we have continued to build liquidity we have been reticent to commit significant amounts to fixed income investments during the past year, believing better opportunities would become available at such time as the Federal Reserve initiated its tapering pr...