“Net interest margin remained strong at 3.94% for the quarter, just 5 basis points lower than the prior quarter’s margin and 83 basis points higher compared to the year ago quarter,” said Jonathan Fischer, President and Chief Operating Officer. At the same time, both on-balance sheet and off-balance sheet liquidity remained strong with only $15 million in borrowings at Jand additional secured borrowing line capacity of $691 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.” Due primarily to loan portfolio growth, a $610,000 provision for loan losses was made for the quarter. “Loan origination volumes remained steady and net loans receivable grew by $50 million during the quarter. “Asset quality metrics remain excellent, with quarter end non-performing assets at 9 basis points of total assets,” Brydon continued. The new stock repurchase program replaces our existing stock repurchase program, which had 74,212 shares available to be repurchased.” Under the new repurchase program, Timberland may repurchase up to 5% of the outstanding shares, or 404,708 shares. In addition, the Company also announced the adoption of a new stock repurchase program. This represents the 43 rd consecutive quarter Timberland will have paid a cash dividend. As a result of the Company’s strong earnings and capital position, Timberland’s Board of Directors announced a quarterly cash dividend of $0.23 per share, payable on August 25, 2023, to shareholders of record on August 11, 2023. “Strong quarterly loan portfolio growth of 4% in conjunction with a higher interest rate environment compared to a year ago contributed to our solid quarterly and year-to-date results. “Timberland’s third fiscal quarter produced strong financial results, with net income and EPS increasing 10% and 12%, respectively, compared to the year ago quarter,” stated Dean Brydon, Chief Executive Officer. This compares to net income of $5.74 million, or $0.69 per diluted common share for the comparable quarter one year ago and $6.66 million, or $0.80 per diluted common share, for the preceding quarter.įor the first nine months of fiscal 2023, Timberland’s net income increased 24% to $20.48 million, or $2.47 per diluted common share, compared to $16.55 million, or $1.97 per diluted common share for the first nine months of fiscal 2022.

(NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $6.31 million, or $0.77 per diluted common share, for the quarter ended June 30, 2023. HOQUIAM, Wash., J(GLOBE NEWSWIRE) - Timberland Bancorp, Inc. Announces $0.23 Quarterly Cash Dividend.Quarterly Return on Average Equity of 11.07%.Quarterly Return on Average Assets of 1.42%.Quarterly EPS Increased 12% to $0.77 from $0.69 One Year Ago.

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