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Timberland Bancorp EPS Increases 40% To $0.21 For First Fiscal Quarter

Balance Sheet Management

Total assets decreased by $2.3 million to $734.6 million at December 31, 2012 from $737.0 million at September 30, 2012. The decrease in total assets was primarily due to a $3.5 million decrease in total deposits which reduced the amount of assets held in overnight funds.

Liquidity as measured by cash and cash equivalents, CDs held for investment and available for sale investments was 18.2% of total liabilities at December 31, 2012 compared to 19.3% at September 30, 2012 and 21.2% one year ago.

Net loans receivable increased $6.4 million to $544.9 million at December 31, 2012 from $538.5 million at September 30, 2012. The increase was primarily due to a $14.3 million increase in commercial real estate loan balances, a $1.9 million increase in one-to four-family loan balances, a $943,000 increase in multi-family loan balances and a $2.2 million decrease in the undisbursed portion of construction loans in process. These increases to net loans receivable were partially offset by decreases of $9.4 million in construction and land development loan balances, $1.8 million in consumer loan balances and $1.7 million in land loan balances. The increase in commercial real estate loan balances and the decrease in construction loan balances were primarily due to several large commercial construction loan projects converting to permanent financing during the quarter.

Timberland continued to reduce its exposure to land development and land loans. Land development loan balances decreased to $581,000 at December 31, 2012, a 68% decrease year-over-year. The Bank's land loan portfolio decreased to $37.9 million at December 31, 2012, a 4% decrease from the preceding quarter and an 18% decrease year-over-year. The well diversified land loan portfolio consists of 301 loans on a variety of land types including individual building lots, acreage, raw land and commercially zoned properties. The average loan balance for the entire land portfolio was approximately $126,000 at December 31, 2012.

             
LOAN PORTFOLIO            
             
  December 31, 2012 September 30, 2012 December 31, 2011
($ in thousands) Amount Percent Amount Percent Amount Percent
             
Mortgage Loans:            
One-to four-family $108,835 19% $106,979 19% $110,502 20%
Multi-family 48,464 8 47,521 8 30,866 6
Commercial 270,537 47 256,254 45 245,874 44
Construction and land development 46,985 8 56,406 10 57,803 10
Land 37,920 7 39,655 7 46,198 8
Total mortgage loans 512,741 89 506,815 89 491,243 88
             
Consumer Loans:            
Home equity and second mortgage 31,196 6 32,814 6 34,607 6
Other 6,029 1 6,183 1 6,695 1
Total consumer loans 37,225 7 38,997 7 41,302 7
             
Commercial business loans 22,596 4 22,588 4 27,426 5
Total loans 572,562 100% 568,400 100% 559,971 100%
Less:            
Undisbursed portion of construction loans in process (14,100)   (16,325)   (17,073)  
Deferred loan origination fees (1,767)   (1,770)   (1,884)  
Allowance for loan losses (11,769)   (11,825)   (11,972)  
Total loans receivable, net $544,926   $538,480   $529,042  
             
             
CONSTRUCTION LOAN COMPOSITION            
             
  December 31, 2012 September 30, 2012 December 31, 2011
     Percent   Percent    Percent
     of Loan   of Loan    of Loan
($ in thousands) Amount Portfolio Amount Portfolio Amount Portfolio
             
Custom and owner / builder $33,530 6% $33,345 6% $28,797 5%
Speculative one- to four-family 1,912  -- 1,880  -- 2,186 1
Commercial real estate 10,617 2 20,247 4 16,693 3
Multi-family (including condominium) 345  -- 345  -- 8,320 1
Land development 581  -- 589  -- 1,807  --
Total construction loans $46,985 8% $56,406 10% $57,803 10%

Timberland's loan originations were $51.9 million during the quarter ended December 31, 2012 compared to $69.0 million for the preceding quarter and $51.6 million for the quarter one year ago. Timberland continues to sell fixed rate one-to-four family mortgage loans into the secondary market for asset–liability management purposes and to generate non-interest income. During the quarter ended December 31, 2012, $24.1 million fixed-rate one-to four-family mortgage loans were sold compared to $28.5 million for the preceding quarter and $22.9 million for the comparable quarter ended one year ago.

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