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Timberland Bancorp EPS Increases 12% For Fiscal 2013

Stocks in this article: TSBK

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."

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