This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,084.52 +4.95 0.03%
S&P 500 2,001.28 +4.54 0.23%
NASDAQ 4,574.3410 +16.6460 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs