Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”) today reported earnings of $4.59 million for fiscal 2012 compared to earnings of $1.09 million for fiscal 2011. Net income available to common shareholders for fiscal 2012, after the preferred stock dividends and the preferred stock discount accretion, was $3.52 million, or $0.52 per diluted common share, compared to $32,000, or $0.00 per diluted common share for fiscal 2011.
Timberland reported net income of $1.15 million for its fiscal fourth quarter ended September 30, 2012. The quarter’s net income to common shareholders, after adjusting for the preferred stock dividend and the preferred stock discount accretion, was $883,000, or $0.13 per diluted common share, compared to net income of $1.08 million, or $0.16 per diluted common share for the quarter ended June 30, 2012 and a net loss of $(339,000), or $(0.05) per diluted common share for the quarter ended September 30, 2011.
“Profitability increased significantly year over year as historically low interest rates and the improving economy contributed to an increase in the gain on sale of loans and a reduction in provision expense,” said Michael R. Sand, President and CEO. “We will continue to focus on reducing non-performing assets and on maintaining the Bank’s net interest margin during the new fiscal year.”
Fiscal 2012 Highlights (at or for the period ended September 30, 2012, compared to September 30, 2011, or June 30, 2012):
- Fiscal 2012 net income increased to $4.59 million compared to $1.09 million for fiscal 2011;
- Fiscal 2012 earnings per diluted common share increased to $0.52 compared to $0.00 for fiscal 2011;
- Net income for the current quarter was $1.15 million compared to $1.35 million for the preceding quarter and a loss of $(73,000) for the comparable quarter one year ago;
- Earnings per diluted common share for current quarter was $0.13 compared to $0.16 for the preceding quarter and a loss of $(0.05) for the comparable quarter one year ago;
- Net interest margin was 3.83% for the current quarter and 3.81% for fiscal 2012;
- Total delinquent and non-accrual loans decreased 12% during the quarter and 30% year-over-year;
- Net charge-offs for the current quarter decreased 56% from the preceding quarter and decreased 58% from the comparable quarter one year ago;
- Capital levels remain very strong: Total Risk Based Capital of 16.77%; Tier 1 Leverage Capital Ratio of 11.66%; Tangible Capital to Tangible Assets Ratio of 11.55%; and
- Book value per common share increased to $10.52, and tangible book value per common share increased to $9.68 at year end.