HOQUIAM, Wash., April 23, 2013 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (Nasdaq:TSBK) ("Timberland" or "the Company") today reported net income of $1.28 million for the quarter ended March 31, 2013. Net income to common shareholders, after adjusting for the preferred stock dividend, the preferred stock discount accretion and the discount on the repurchase of preferred stock was $1.20 million, or $0.17 per diluted common share. This compares to net income to common shareholders of $1.44 million, or $0.21 per diluted common share, for the quarter ended December 31, 2012 and net income to common shareholders of $541,000, or $0.08 per diluted common share, for the quarter ended March 31, 2012.
Net income to common shareholders after adjusting for the preferred stock dividend, the preferred stock discount accretion and the discount on the repurchase of preferred stock increased 69% to $2.64 million, or $0.39 per diluted common share for the first six months of fiscal 2013, from $1.56 million, or $0.23 per diluted common share, for the like period one year ago.
Timberland's Board of Directors also declared a quarterly cash dividend of $0.03 per common share payable on May 24, 2013 to shareholders of record on May 10, 2013."We continued to grow the loan portfolio while increasing the proportion of deposit liabilities in transaction and money market demand accounts this quarter," stated Michael R. Sand, Timberland's President and CEO. "These factors contributed to an increase in net interest margin from the prior quarter and also year over year. Loan demand remained strong during the quarter however we believe it is likely that refinance activity will gradually taper off during the remainder of the year. Operating efficiencies improved and the Company recorded a gain on the purchase of a portion of the Company's outstanding preferred shares at a discount this quarter."