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Timberland Bancorp Earns $1.28 Million In Fiscal First Quarter 2012

Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”) today reported fiscal 2012 first quarter net income of $1.28 million. Net income available to common shareholders, after adjusting for the preferred stock dividend and the preferred stock discount accretion, was $1.02 million, or $0.15 per diluted common share. This compares to a net loss to common shareholders of $(339,000), or $(0.05) per diluted common share, for the quarter ended September 30, 2011 and net income to common shareholders of $1.10 million, or $0.16 per diluted common share, for the quarter ended December 31, 2010.

“We are pleased to announce a profitable first fiscal quarter that included a 29% reduction in other real estate owned. Net interest margin was stable, capital ratios remained strong and loan originations increased 39% over the prior quarter,” said Michael R. Sand, President and Chief Executive Officer. “We continue to benefit from historically low interest rates and a strengthening regional economy which have contributed to an increased demand for home mortgage and business loans.”

“Our emphasis on cash management services has contributed to an improvement in our deposit mix and has supported this quarter’s growth in the C&I loan portfolio,” stated Sand. “Non CD deposits now represent 63% of total deposits compared to 58% one year ago.”

Fiscal First Quarter 2012 Highlights (at or for the period ended December 31, 2011, compared to December 31, 2010, or September 30, 2011):
  • Recorded net income of $1.28 million;
  • Earned $0.15 per diluted common share;
  • Capital levels remain very strong: Total Risk Based Capital of 16.65%; Tier 1 Leverage Capital Ratio of 11.26%; Tangible Capital to Tangible Assets Ratio of 11.14%;
  • Loan originations increased 39% over the prior quarter;
  • Non-interest income increased 31% to $2.44 million from $1.86 million for the quarter immediately prior;
  • Net interest margin remained strong at 3.73%;
  • OREO and other repossessed assets decreased 29% during quarter;
  • The provision for loan losses decreased to $650,000 compared to $1.76 million for preceding quarter and $900,000 for comparable quarter one year ago;
  • Net charge-offs were $624,000 compared to $1.60 million for preceding quarter and $415,000 for comparable quarter one year ago; and
  • Book value per common share increased to $10.12, and tangible book value per common share was $9.26 at quarter end.

Capital Ratios and Asset Quality

Timberland Bancorp remains very well capitalized with a total risk-based capital ratio of 16.65%, a Tier 1 leverage capital ratio of 11.26% and a tangible capital to tangible assets ratio of 11.14% at December 31, 2011.

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