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.