HOQUIAM, Wash., April 23, 2013 (GLOBE NEWSWIRE) -- The Board of Directors of Timberland Bancorp, Inc. (Nasdaq:TSBK) ("Timberland" or "the Company") has declared a cash dividend of $0.03 per common share. The dividend will be paid on May 24, 2013 to shareholders of record on May 10, 2013.
Timberland 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. Timberland remains well capitalized with total risk based capital of 16.21%, a Tier 1 leverage capital ratio of 11.43% and a tangible capital to assets ratio of 11.29%.
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).
CONTACT: Michael R. Sand, President & CEO Dean J. Brydon, CFO (360) 533-4747 www.timberlandbank.com