This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Timberland Bancorp EPS Increases 12% For Fiscal 2013

HOQUIAM, Wash., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (Nasdaq:TSBK) ("Timberland" or "the Company") today reported net income of $894,000 for the current quarter, bringing net income for the fiscal year ended September 30, 2013 to $4.76 million. Net income to common shareholders, after adjusting for the preferred stock dividend and the preferred stock discount accretion was $696,000, or $0.10 per diluted common share for the fourth fiscal quarter of 2013. Net income to common shareholders increased 14% to $4.02 million, or $0.58 per diluted common share, for the 2013 fiscal year compared to $3.52 million, or $0.52 per diluted common share for the 2012 fiscal year.

For the prior quarter, ended June 30, 2013, Timberland reported net income to common shareholders of $678,000, or $0.10 per diluted common share, and for the quarter ended September 30, 2012 reported net income to common shareholders of $883,000, or $0.13 per diluted common share.

Timberland's Board of Directors also declared a quarterly cash dividend of $0.03 per common share payable on November 29, 2013 to shareholders of record on November 18, 2013.

"Our Western Washington franchise continues to generate solid core earnings from operations," stated Michael R. Sand, President and CEO. "Total fiscal 2013 revenues were nearly identical to 2012 revenues, earnings per diluted common share increased 12% and net interest margin held steady in spite of a challenging interest rate environment. Although residential refinance activity has declined as compared to prior periods we have continued to observe strong loan demand in our markets and have continued to grow our loan portfolio with shorter duration assets in consideration of the interest rate risk currently existing in our industry. During the quarter ended September 30, 2013 we absorbed a larger than typical expense for other real estate owned ("OREO") as we ordered and received updated valuations on a number of the properties owned and re-priced them to facilitate their sale in subsequent periods. During the quarter, OREO decreased by 23% and year-over-year non-performing assets declined by 27%. During the current quarter we will be evaluating the opportunity to purchase the preferred shares that remain outstanding from Timberland's preferred share issuance in December 2008."

1 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,923.44 -62.17 -0.37%
S&P 500 1,964.25 -8.58 -0.43%
NASDAQ 4,396.1110 -22.9230 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs