Business
Timberland Bancorp’s Third Fiscal Quarter Net Income Increases 10% Year-Over-Year
Quarterly EPS Increased 12% to $0.77 from $0.69 One Year AgoQuarterly Return on Average Assets of 1.42%Quarterly Return on Average Equity of 11.07%Quarterly
About this update from Timberland Bancorp, Inc.
[{"type":"text","content":"Quarterly EPS Increased 12% to $0.77 from $0.69 One Year AgoQuarterly Return on Average Assets of 1.42%Quarterly Return on Average Equity of 11.07%Quarterly Net Interest Margin of 3.94%Announces $0.23 Quarterly Cash DividendAnnounces New Stock Repurchase Program HOQUIAM, Wash., July 25, 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 $6.31 million, or $0.77 per diluted common share, for the quarter ended June 30, 2023. This compares to net income of $5.74 million, or $0.69 per diluted common share for the comparable quarter one year ago and $6.66 million, or $0.80 per diluted common share, for the preceding quarter. For the first nine months of fiscal 2023, Timberland’s net income increased 24% to $20.48 million, or $2.47 per diluted common share, compared to $16.55 million, or $1.97 per diluted common share for the first nine months of fiscal 2022. “Timberland’s third fiscal quarter produced strong financial results, with net income and EPS increasing 10% and 12%, respectively, compared to the year ago quarter,” stated Dean Brydon, Chief Executive Officer. “Strong quarterly loan portfolio growth of 4% in conjunction with a higher interest rate environment compared to a year ago contributed to our solid quarterly and year-to-date results. As a result of the Company’s strong earnings and capital position, Timberland’s Board of Directors announced a quarterly cash dividend of $0.23 per share, payable on August 25, 2023, to shareholders of record on August 11, 2023. This represents the 43rd consecutive quarter Timberland will have paid a cash dividend. In addition, the Company also announced the adoption of a new stock repurchase program. Under the new repurchase program, Timberland may repurchase up to 5% of the outstanding shares, or 404,708 shares. The new stock repurchase program replaces our existing stock repurchase program, which had 74,212 shares available to be repurchased.” “Asset quality metrics remain excellent, with quarter end non-performing assets at 9 basis points of total assets,” Brydon continued. “Loan origination volumes remained steady and net loans receivable grew by $50 million during the quarter. Due primarily to loan portfolio growth, a $610,000 provision for loan losses was m...