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Timberland Bancorp Receives Approval To Pay Preferred Dividends

Timberland Bancorp, Inc. (NASDAQ:TSBK) (“Timberland” or “the Company”) today reported that the Federal Reserve approved its request for permission to pay outstanding dividends on preferred shares issued to the U.S. Treasury through August 15, 2012. The payment was remitted to the U.S. Treasury on August 21, 2012. Timberland’s strong capital ratios were not affected by the remittance. At June 30, 2012, Timberland’s capital ratios were:
Total Risk Based Capital                 16.85%
Tier 1 Leverage Capital Ratio 11.59%
Tangible Capital to Tangible Assets Ratio 11.52%

In July, Timberland reported fiscal 2012 third quarter net income of $1.35 million. Net income available to common shareholders, after adjusting for the preferred stock dividend and the preferred stock discount accretion, was $1.08 million, or $0.16 per diluted common share. This compares to net income to common shareholders of $541,000, or $ 0.08 per diluted common share, for the quarter ended March 31, 2012, and a net loss to common shareholders of $(1.55 million), or $(0.23) per diluted common share, for the quarter ended June 30, 2011. Net income for the first nine months of fiscal 2012 of $3.44 million is a significant increase over the net income of $1.16 million recorded for the first nine months of fiscal 2011. Net income available to common shareholders for the first nine months of fiscal 2012 after the preferred stock dividends and the preferred stock discount accretion was $2.64 million, or $0.39 per diluted common share, compared to $370,000, or $0.05 per diluted common share, in the like period one year ago.

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