Business
Timberland Bancorp’s Fiscal Fourth Quarter Net Income Increases 23%
Quarterly EPS Increases 23% to $0.85 from $0.69 for the Preceding QuarterQuarterly Return on Average Assets Increases to 1.51%Quarterly Return on Average
About this update from Timberland Bancorp, Inc.
[{"type":"text","content":"Quarterly EPS Increases 23% to $0.85 from $0.69 for the Preceding QuarterQuarterly Return on Average Assets Increases to 1.51%Quarterly Return on Average Equity Increases to 13.06%Quarterly Net Interest Margin Expands 53 Basis Points to 3.64%Loan Portfolio (Excluding PPP Loans) Increased 22% Year-Over-Year Announces a $0.22 Quarterly Cash Dividend and a $0.10 Special Cash Dividend HOQUIAM, Wash., Oct. 31, 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 $7.05 million, or $0.85 per diluted common share, for the quarter ended September 30, 2022. This compares to net income of $5.74 million, or $0.69 per diluted common share, for the preceding quarter and $6.02 million, or $0.71 per diluted common share, for the comparable quarter one year ago. Timberland also reported net income of $23.60 million, or $2.82 per diluted common share, for the fiscal year ended September 30, 2022 compared to net income of $27.58 million, or $3.27 per diluted common share, for the fiscal year ended September 30, 2021. Timberland’s Board of Directors declared a quarterly cash dividend to shareholders of $0.22 per share and a special cash dividend of $0.10 per share. Both dividends are payable on November 25, 2022, to shareholders of record on November 10, 2022. “We are pleased to report strong fiscal fourth quarter results,” stated Michael Sand, CEO. “Continued growth in the loan and investment portfolios and a Fed orchestrated higher rate environment combined to significantly increase Company revenue and profitability relative to the prior quarter. “Our decision to build liquidity during the mid and post pandemic periods while patiently awaiting higher interest rates is now proving beneficial to the Company’s earnings profile. As noted throughout this release, key financial metrics moved sharply higher this quarter and tangible book value per share continued its upward trajectory.” “Asset quality continues to be strong with no charge-offs recorded during the quarter and non-performing assets reported at 12 basis points of total assets at quarter end,” added Sand. “The tangible common equity to tangible assets ratio, a non-GAAP ratio, reached 10.98% this quarter.” “The 53 basis point expansion in the net interest margin hel...