The Board of Directors of Hoquiam-based Timberland Bancorp, Inc. (NASDAQ: TSBK) has declared a cash dividend of 3 cents 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 percent, a Tier 1 leverage capital ratio of 11.43 percent and a tangible capital to assets ratio of 11.29 percent.
The developers of Seabrook team has announced an 83-acre project at Lake Chelan.
The lakefront site — to be know as The Lookout — is just one mile from downtown Chelan and is coming to market this summer. The development will offer views of the Chelan Valley, a community lakefront park, a 70-slip marina, swimming pools and a neighborhood artisan winery.
US Postal Service
lost $1.9 billion
in 2nd quarter
The U.S. Postal Service lost $1.9 billion during its second quarter — and losses will continue mounting if Congress doesn’t pass legislation giving the beleaguered mail carrier more flexibility in how it runs its operations, the postmaster general said Friday.
“To return the Postal Service to solvency requires a comprehensive approach, which is reflected in our updated five-year business plan,” said Postmaster General Patrick Donahoe.
“The major elements of the plan must be pursued and executed within a short window of opportunity to avoid unsustainable losses and potentially becoming a long-term burden to the American taxpayer,” he said in a statement.
Daily World & wire services
The U.S. Postal Service, which has seen mail volumes decline precipitously, has struggled to meet its financial obligations.
It has already reached its debt limit of $15 billion and has defaulted on $11.1 billion due for retiree health benefits last year. It expects to default on a $5.6 billion more in September, the postal service said.
To cut costs, the agency has reduced its workforce by 46,000 in the last year, mainly through attrition and severances.
The agency said Friday it is mulling postage price increases, a move some say would chase more customers away and worsen financial woes.
The Postal Service said Congress should pass legislation that would, among other things, allow it to adjust delivery frequency to five-day mail delivery, allow the agency to expand products and services, and require future employees to contribute a defined amount toward retirement.