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TheStreet Open House

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

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management's beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements included in this report or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. We caution readers not to place undue reliance on any forward-looking statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2013 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us, and could negatively affect the Company's operations and stock price performance.

       
       
TIMBERLAND BANCORP INC. AND SUBSIDIARY      
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended
($ in thousands, except per share amounts) Dec. 31, Sept. 30, Dec. 31,
(unaudited) 2012 2012 2011
Interest and dividend income      
Loans receivable $7,414 $7,577 $7,805
MBS and other investments 77 81 125
Dividends from mutual funds 12 6 13
Interest bearing deposits in banks 86 86 89
 Total interest and dividend income 7,589 7,750 8,032
       
Interest expense      
Deposits 728 822 1,169
FHLB advances 472 472 562
Total interest expense 1,200 1,294 1,731
Net interest income 6,389 6,456 6,301
       
Provision for loan losses 200 900 650
Net interest income after provision for loan losses 6,189 5,556 5,651
       
Non-interest income      
OTTI and realized losses on MBS and other investments, net (10) (25) (60)
Service charges on deposits 947 980 970
Gain on sale of loans, net 642 749 560
Bank owned life insurance ("BOLI") net earnings 143 150 157
Valuation recovery (allowance) on MSRs 254 (134) 84
ATM and debit card interchange transaction fees 515 551 517
Other 224 232 216
 Total non-interest income, net 2,715 2,503 2,444
       
Non-interest expense      
Salaries and employee benefits 3,114 3,061 2,929
Premises and equipment 690 696 650
Advertising 177 173 208
OREO and other repossessed assets expense, net 288 684 502
ATM 221 196 194
Postage and courier 113 120 118
Amortization of core deposit intangible ("CDI") 33 37 37
State and local taxes 139 148 149
Professional fees 242 195 178
FDIC insurance 241 239 225
Other insurance 52 51 56
Loan administration and foreclosure 138 201 161
Data processing and telecommunications 287 346 300
Deposit operations 164 183 223
Other 478 347 291
Total non-interest expense 6,377 6,677 6,221
       
Income before income taxes $2,527 $1,382 $1,874
Provision for income taxes 819 230 591
Net income  1,708 1,152 1,283
       
Preferred stock dividends (201) (208) (208)
Preferred stock discount accretion (63) (61) (59)
Net income to common shareholders $1,444 $883 $1,016
       
Net income per common share:      
Basic $0.21 $0.13 $0.15
Diluted 0.21 0.13 0.15
       
Weighted average common shares outstanding:      
Basic 6,815,782 6,780,899 6,780,516
Diluted 6,815,782 6,780,899 6,780,516
       
       
TIMBERLAND BANCORP INC. AND SUBSIDIARY      
CONSOLIDATED BALANCE SHEETS      
($ in thousands, except per share amounts) (unaudited) Dec. 31, Sept. 30, Dec. 31,
  2012 2012 2011
Assets      
Cash and due from financial institutions $12,082 $11,008 $12,671
Interest-bearing deposits in banks 73,766 85,660 98,876
Total cash and cash equivalents 85,848 96,668 111,547
       
Certificates of deposit ("CDs") held for investment, at cost 26,752 23,490 19,810
MBS and other investments:      
Held to maturity, at amortized cost 3,197 3,339 3,941
Available for sale, at fair value 4,682 4,945 6,284
FHLB stock 5,604 5,655 5,705
       
Loans receivable 554,659 548,878 537,904
Loans held for sale 2,036 1,427 3,110
Less: Allowance for loan losses (11,769) (11,825) (11,972)
Net loans receivable 544,926 538,480 529,042
       
Premises and equipment, net 18,027 17,886 17,353
OREO and other repossessed assets, net 13,230 13,302 7,714
BOLI 16,668 16,524 16,074
Accrued interest receivable 2,080 2,183 2,388
Goodwill 5,650 5,650 5,650
Core deposit intangible 217 249 360
Mortgage servicing rights, net 2,213 2,011 2,169
Prepaid FDIC insurance assessment 957 1,186 1,873
Other assets 4,570 5,386 5,939
Total assets $734,621 $736,954 $735,849
       
Liabilities and shareholders' equity      
Deposits: Non-interest-bearing demand $78,425 $75,296 $61,178
Deposits: Interest-bearing 515,974 522,630 527,997
Total deposits 594,399 597,926 589,175
       
FHLB advances 45,000 45,000 55,000
Repurchase agreements 625 855 538
Other liabilities and accrued expenses 2,694 2,854 3,806
Total liabilities 642,718 646,635 648,519
Shareholders' equity      
Preferred stock, $.01 par value; 1,000,000 shares authorized; 16,641 shares, Series A, issued and outstanding $1,000 per share liquidation value  16,292 16,229 16,048
Common stock, $.01 par value; 50,000,000 shares authorized; 7,045,036 shares issued and outstanding 10,500 10,484 10,464
Unearned shares- Employee Stock Ownership Plan (1,653) (1,719) (1,917)
Retained earnings 67,232 65,788 63,286
Accumulated other comprehensive loss (468) (463) (551)
Total shareholders' equity 91,903 90,319 87,330
Total liabilities and shareholders' equity $734,621 $736,954 $735,849
   
   
KEY FINANCIAL RATIOS AND DATA  Three Months Ended
($ in thousands, except per share amounts) (unaudited) Dec. 31, Sept. 30,  Dec. 31,
  2012 2012 2011
       
PERFORMANCE RATIOS:      
Return on average assets (a) 0.92% 0.62% 0.70%
Return on average equity (a) 7.53% 5.14% 5.93%
Net interest margin (a) 3.78% 3.83% 3.73%
Efficiency ratio 70.05% 74.53% 71.14%
       
   
  Dec. 31, Sept. 30, Dec. 31,
  2012 2012 2011
ASSET QUALITY RATIOS AND DATA:      
Non-accrual loans $21,737 $21,331 $27,803
Loans past due 90 days and still accruing 357 1,198 2,677
Non-performing investment securities 2,334 2,442 2,650
OREO and other repossessed assets 13,230 13,302 7,714
Total non-performing assets (b) $37,658 $38,273 $40,844
       
       
Non-performing assets to total assets (b) 5.13% 5.19% 5.55%
Net charge-offs during quarter $256 $679 $624
Allowance for loan losses to non-accrual loans 54% 55% 43%
Allowance for loan losses to loans receivable, net (c) 2.11% 2.15% 2.21%
Troubled debt restructured loans on accrual status (d) $13,008 $13,410 $18,297
       
       
CAPITAL RATIOS:      
Tier 1 leverage capital 11.86% 11.66% 11.26%
Tier 1 risk based capital 15.66% 15.51% 15.39%
Total risk based capital 16.92% 16.77% 16.65%
Tangible capital to tangible assets (e) 11.81% 11.55% 11.14%
       
       
BOOK VALUES:      
Book value per common share $10.73 $10.52 $10.12
Tangible book value per common share (e) 9.90 9.68 9.26
       
       
(a) Annualized
(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets. Troubled debt restructured loans on accrual status are not included. 
(c) Includes loans held for sale and is before the allowance for loan losses.
(d) Does not include troubled debt restructured loans totaling $10,733, $10,093 and $7,334 reported as non-accrual loans at December 31, 2012, September 30, 2012 and December 31, 2011, respectively. 
(e) Calculation subtracts goodwill and core deposit intangible from the equity component and from assets.
   
   
AVERAGE CONSOLIDATED BALANCE SHEETS: Three Months Ended
($ in thousands) (unaudited) Dec. 31, Sept. 30, Dec. 31,
  2012 2012 2011
       
Average total loans $553,404 $547,028 $537,876
Average total interest-bearing assets (a) 676,061 673,827 675,432
Average total assets 739,858 738,161 736,265
Average total interest-bearing deposits 519,308 523,461 526,100
Average FHLB advances and other borrowings 45,649 45,784 55,559
Average shareholders' equity 90,721 89,695 86,534
       
(a) Includes loans and MBS on non-accrual status
CONTACT: Michael R. Sand,
         President & CEO
         Dean J. Brydon, CFO
         (360) 533-4747
         www.timberlandbank.com

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