Timberland Bancorp Declares Quarterly Cash Dividend, Payable on February 26, 2016; Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Reports Impairment Charges for the Quarter Ended December 31, 2015
January 25, 2016 at 04:00 pm EST
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Timberland Bancorp, Inc. announced a 14% increase in the quarterly cash dividend to common shareholders to $0.08 per common share, payable on February 26, 2016 to shareholders of record on February 12, 2016.
The company announced unaudited consolidated earnings results for the first quarter ended December 31, 2015. or the quarter, net interest income was $7,710,000 against $6,703,000 a year ago. Net interest income improved in the current quarter primarily due to the increased level of average loans and average interest-earning assets and the collection of $475,000 of non-accrual interest. Income before income taxes was $3,749,000 against $2,552,000 a year ago. Net income was $2,528,000 against $1,727,000 a year ago. Net income per common share - Diluted was $0.36 against $0.24 a year ago. Return on average assets was 1.22% against 0.92% a year ago. Return on average equity was 11.26% against 8.29% a year ago. Tangible book value per common share was $12.21 against $11.15 a year ago.
For the quarter, net charge-offs were $35,000 against $105,000 a year ago.
Timberland Bancorp, Inc. is a holding company for Timberland Bank (the Bank). The Bank is a community-oriented bank, which offers a variety of savings products to its retail and business customers while concentrating its lending activities on real estate secured loans. Its lending activities are focused primarily on the origination of loans secured by real estate, including residential construction loans, one-to-four-family residential loans, multi-family loans and commercial real estate loans. The Bank also originates commercial business loans and other consumer loans. It offers personal checking, savings accounts, timberland financial services, health savings accounts, online banking, cash management and remote deposit, ACH transactions, merchant services, and others. The Bank 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 23 branches.
Timberland Bancorp Declares Quarterly Cash Dividend, Payable on February 26, 2016; Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Reports Impairment Charges for the Quarter Ended December 31, 2015