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Timberland Bancorp Reports EPS Of $0.08 For Fiscal Second Quarter 2012

Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”) today reported fiscal 2012 second quarter net income of $808,000. Net income available to common shareholders, after adjusting for the preferred stock dividend and the preferred stock discount accretion was $540,000, or $0.08 per diluted common share. This compares to net income to common shareholders of $1.02 million, or $0.15 per diluted common share, for the quarter ended December 31, 2011 and net income to common shareholders of $819,000, or $0.12 per diluted common share, for the quarter ended March 31, 2011.

Net income of $2.09 million was recorded for first half of fiscal 2012 compared to net income of $2.44 million for the first six months of fiscal 2011. Net income available to common shareholders for the first half of fiscal 2012 after the preferred stock dividend and the preferred stock discount accretion was $1.56 million, or $0.23 per diluted common share, compared to $1.92 million, or $0.28 per diluted common share, in the like period one year ago.

“Our fiscal second quarter profits demonstrate the ongoing improvement in our core operations with both loans and deposits increasing, asset quality improving, capital levels remaining strong and net interest margin remaining stable,” said Michael R. Sand, President and Chief Executive Officer. “Our local economic recovery is gaining traction with accelerating shipments at the Port of Grays Harbor, where export vehicle volumes are expected to triple this year. In addition, the $367 million construction project to build the massive concrete pontoons for the floating bridge that connects Seattle and Bellevue is on schedule to complete the first six of the thirty-three sections this spring.”

Fiscal Second Quarter 2012 Highlights (at or for the period ended March 31, 2012, compared to March 31, 2011, or December 31, 2011):
  • Recorded net income of $808,000;
  • Earned $0.08 per diluted common share;
  • Capital levels remain very strong: Total Risk Based Capital of 16.54%; Tier 1 Leverage Capital Ratio of 11.42%; Tangible Capital to Tangible Assets Ratio of 11.13%;
  • Non-interest income increased 18% to $2.49 million from $2.11 million for the comparable quarter one year ago;
  • Net interest margin remained strong at 3.72%;
  • Total delinquent loans and non-accrual loans decreased 11% during the quarter and 17% year-over-year;
  • Non-performing assets ratio improved to 5.40%;
  • Total deposits increased $15 million during the quarter;
  • Net loans increased $6 million during the quarter; and
  • Book value per common share increased to $10.20, and tangible book value per common share was $9.35 at quarter end.

Capital Ratios and Asset Quality

Timberland Bancorp remains very well capitalized with a total risk-based capital ratio of 16.54%, a Tier 1 leverage capital ratio of 11.42% and a tangible capital to tangible assets ratio of 11.13% at March 31, 2012.

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