Timberland Bancorp, Inc. Declares First Quarter Dividend, Payable on February 27, 2017; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016
January 23, 2017 at 09:05 pm
Share
Timberland Bancorp, Inc., Board of Directors announced a 22% increase in the quarterly cash dividend to shareholders to $0.11 per common share, payable on February 27, 2017, to shareholders of record on February 13, 2017.
The company reported unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, the company reported net interest income was $8,313,000 against $7,710,000 a year ago. The increased net interest income was primarily due to an increase in the average total interest-bearing assets and a reduction in the Federal Home Loan Bank borrowing expense during the quarter. Operating revenue (net interest income before provision for loan losses, plus non-interest income excluding other than temporary impairment charges on investment securities) increased 13% to $11.53 million for the current quarter from $10.23 million for the comparable quarter one year ago and increased 4% from $11.06 million for the preceding quarter. Income before income taxes was $4,719,000 against $3,749,000 a year ago. Net income was $3,147,000 against $2,528,000 a year ago. Net income per diluted share was $0.43 against $0.36 a year ago. Return on average assets was 1.39% against 1.22% a year ago. Return on average equity was 12.87% against 11.26% a year ago. Book value per common share was $14.32 compared to $13.02 a year ago. Tangible book value per common share was $13.51 against $12.21 a year ago.
Timberland Bancorp, Inc. is a holding company for Timberland Bank (the Bank). The Bank is a community-oriented bank, which offers a variety of savings products to its retail and business customers while concentrating its lending activities on real estate secured loans. Its lending activities are focused primarily on the origination of loans secured by real estate, including residential construction loans, one-to-four-family residential loans, multi-family loans and commercial real estate loans. The Bank also originates commercial business loans and other consumer loans. It offers personal checking, savings accounts, timberland financial services, health savings accounts, online banking, cash management and remote deposit, ACH transactions, merchant services, and others. The Bank serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches.
Timberland Bancorp, Inc. Declares First Quarter Dividend, Payable on February 27, 2017; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016