Business
Timberland Bancorp’s First Fiscal Quarter Net Income Increases 37% Year-Over-Year
Quarterly EPS Increased 38% to a record $0.90 from $0.65 One Year AgoQuarterly Return on Average Assets Increased to 1.63%Quarterly Return on Average Equity
About this update from Timberland Bancorp, Inc.
[{"type":"text","content":"Quarterly EPS Increased 38% to a record $0.90 from $0.65 One Year AgoQuarterly Return on Average Assets Increased to 1.63%Quarterly Return on Average Equity Increased to 13.63%Quarterly Net Interest Margin Expanded 39 Basis Points to 4.03%Loan Portfolio (Excluding PPP Loans) Increased 20% Year-Over-Year Announces a 5% Increase in the Quarterly Cash Dividend HOQUIAM, Wash., Jan. 23, 2023 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $7.51 million, or $0.90 per diluted common share, for the quarter ended December 31, 2022. This compares to net income of $7.05 million, or $0.85 per diluted common share, for the preceding quarter and $5.49 million, or $0.65 per diluted common share, for the comparable quarter one year ago. Timberland’s Board of Directors announced a $0.01 increase in the quarterly cash dividend to shareholders to $0.23 per share, payable on February 24, 2023, to shareholders of record on February 10, 2023. “We are pleased to report strong financial results for our first fiscal quarter including record earnings of $0.90 per diluted common share,” stated Michael Sand, CEO. “Our results were primarily due to continued robust loan and investment portfolio growth which collaborated with an increasingly beneficial interest rate environment to increase revenue compared to the preceding quarter and the comparable quarter one year ago. Our decision to build liquidity during the pandemic, while patiently awaiting higher interest rates, has proven beneficial as deploying a portion of that archived liquidity into loans and investments drove the quarter’s key financial metrics sharply higher. Tangible book value per share (non-GAAP) continued its upward trajectory increasing $0.58 to $25.21 from the $24.63 reported at the end of the prior quarter.” “Asset quality remains strong with quarter end non-performing assets at 12 basis points of total assets,” added Sand. “Although loan originations volumes have moderated, net loans receivable increased by more than $40 million for the quarter. As a result of this loan growth we recorded a provision for loan losses of $525,000 this quarter.” “The quarter’s 39 basis point expansion in the net interest margin was primarily due to Federal Reserve rate increases ...