Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”) today reported the FDIC and the Washington State Department of Financial Institutions have notified Timberland Bank that they have lifted the Memorandum of Understanding (“MOU”), which was dated December 29, 2009 for the Bank. The notice stated that the MOU is hereby rescinded and no further reporting is necessary.
“We are pleased that our regulators have acknowledged the significant improvement in the financial condition and operating results of the Bank during the past two years, including our significantly increased profitability for the year ended September 30, 2012,” said Michael R. Sand, President and Chief Executive Officer. “The improvement in operating performance is a testament to the diligent efforts of the entire Timberland team.”
On November 8, 2012, Timberland 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.
About Timberland Bancorp, Inc.Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank (“Bank”). The Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 22 branches (including its main office in Hoquiam).