Timberland reports earnings for 2nd quarter


Timberland Bancorp, Inc. this week reported fiscal 2012 second-quarter net income of $808,000.

Net income available to common shareholders, after adjusting for the preferred stock dividend and the preferred stock discount accretion was $540,000, or 8 cents per diluted common share. This compares to net income to common shareholders of $1.02 million, or 15 cents per diluted common share, for the quarter ended December 31, 2011, and net income to common shareholders of $819,000, or 12 cents per diluted common share, for the quarter ended March 31, 2011.

Net income of $2.09 million was recorded for first half of fiscal 2012 compared to net income of $2.44 million for the first six months of fiscal 2011. “Our fiscal second quarter profits demonstrate the ongoing improvement in our core operations with both loans and deposits increasing, asset quality improving, capital levels remaining strong and net interest margin remaining stable” said Michael R. Sand, President and Chief Executive Officer. “Our local economic recovery is gaining traction with accelerating shipments at the Port of Grays Harbor, where export vehicle volumes are expected to triple this year. In addition, the $367 million construction project to build the massive concrete pontoons for the floating bridge that connects Seattle and Bellevue is on schedule to complete the first six of the thirty-three sections this spring.”

Fiscal Second Quarter 2012 Highlights (at or for the period ended March 31, 2012, compared to March 31, 2011, or Dec. 31, 2011):

• Recorded net income of $808,000;

• Earned 8 cents per diluted common share;

• Non-interest income increased 18 percent to $2.49 million from $2.11 million for the comparable quarter one year ago;

• Total delinquent loans and non-accrual loans decreased 11 percent during the quarter and 17 percent year-over-year;

• Non-performing assets ratio improved to 5.40 percent;

•Total deposits increased $15 million during the quarter;

• Net loans increased $6 million during the quarter; and

Total delinquent loans (past due 30 days or more) and non-accrual loans decreased 11 percent to $44 million at March 31, 2012 from $49.1 million at December 31, 2011 and decreased 17 percent from $52.8 million one year ago. The non-performing assets to total assets ratio was 5.40 percent at March 31, compared to 5.55 pecent three months earlier and 5.04 percent a year ago.