Jan 23, 201704:49 PMBlog
Big income gain for Timberland
Fiscal first quarter earnings for Timberland Bancorp Inc. rose 24 percent over the comparable October-December period of 2015, according to a release today.
Reported net income of $3.14 million, or 43-cents per diluted common share, prompted the bank’s board of directors to announce a 22 percent increase to the quarterly cash dividend. Payable on Feb. 27, 2017, shareholders will now receive 11-cents per share.
“We are pleased with the ongoing strength of the company’s financial metrics, as we continue to grow the balance sheet toward $1 billion in assets,” sys Michael R. Sand, Timberland president and CEO. “The December quarter’s net income and earnings per share were both record operating results and have provided a strong first fiscal quarter for us to build upon during the remainder of our current fiscal year.”
Timberland management expects rising interest rates to have a positive impact on the company’s earnings this year, as will the scheduled maturities of two high cost Federal Home Loan Bank borrowings this coming summer.
Other quarterly financial results of note for Timberland Bancorp:
- Operating revenue increased 13% from comparable quarter prior fiscal year
- Non-interest income increased 28%
- Total assets increased 10% year-over-year
- Total deposits grew by 13% year-over-year
- Net loans receivable grew 7% year-over-year
- Non-performing assets decreased 53% to 0.7 percent of total assets
Timberland originated $90.15 million in loans during the quarter that ended Dec. 31, 2016, compared to $53.76 million in the same period of prior year. Commercial mortgage loans comprise 44 percent of mortgage loans for the bank, which also reported $42.6 million in commercial business loans in its portfolio for the quarter, about 6-percent of its total loan holdings.