Timberland Bancorp Inc. (TSBK, Financial) filed Quarterly Report for the period ended 2010-12-31.
Timberland Bancorp Inc. has a market cap of $32.69 million; its shares were traded at around $4.76 with and P/S ratio of 0.77. Hedge Fund Gurus that owns TSBK: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns TSBK: Chuck Royce of Royce& Associates.
million at December 31, 2010 from $527.59 million at September 30, 2010. The
decrease in the portfolio was primarily a result of a $4.67 million decrease
in land loan balances, a $4.38 million decrease in one- to four-family loan
balances, a $2.85 million decrease in multi-family loan balances and a $1.33
million decrease in consumer loan balances. These decreases to net loans
receivable were partially offset by a $9.84 million increase in commercial
real estate loan balances.
Deposits: Deposits decreased by $1.48 million, or 0.3%, to $577.39 million at
December 31, 2010 from $578.87 million at September 30, 2010. The decrease
was primarily a result of a $7.24 million decrease in non-interest bearing
checking account balances and a $3.10 million decrease in CD account balances.
This decrease was partially offset by a $4.11 million increase in N.O.W.
checking accounts balances, a $3.03 million increase in money market account
balances and a $1.72 million increase in savings account balances.
Total non-accrual loans of $26.17 million at December 31, 2010 were comprised
of 78 loans and 55 credit relationships. Included in these non-accrual loans
at December 31, 2010 were:
* 29 land loans totaling $8.10 million (of which the largest had a
balance of $2.73 million)
* Nine commercial real estate loans totaling $6.30 million (of which the
largest had a balance of $2.71 million)
* 16 single family home loans totaling $4.12 million (of which the
largest had a balance of $722,000)
* Eight land development loans totaling $3.52 million (of which the
largest had a balance of $1.42 million)
* Three single family speculative home loans totaling $1.70 million (of
which the largest had a balance of $751,000)
* Two condominium construction loans totaling $1.35 million (of which the
largest had a balance of $1.03 million)
* Five home equity loans totaling $739,000 (of which the largest had a
balance of $344,000)
* One single family owner / builder construction loan with a balance of
$279,000
* Two commercial business loans totaling $44,000
* Three consumer loans totaling $28,000
Net Income (Loss): Net income for the quarter ended December 31, 2010
increased by $1.14 million, or 506.7%, to $1.36 million from net income of
$224,000 for the quarter ended December 31, 2009. Net income to common
shareholders after adjusting for preferred stock dividends of $208,000 and
preferred stock discount accretion of $54,000 was $1.10 million, or $0.16 per
diluted common share for the quarter ended December 31, 2010, compared to a
loss of $(35,000), or $(0.01) per diluted common share, for the quarter ended
December 31, 2009.
The $0.17 increase in net income per diluted common share was primarily the
result of a $1.70 million ($1.12 million net of income tax - $0.17 per diluted
common share) decrease in the provision for loan losses and a $982,000
($648,000 net of income tax - $0.10 per diluted common share) increase in
non-interest income. These increases to net income per diluted common share
were partially offset by an $878,000 ($580,000 net of income tax - $0.09 per
diluted common share) increase in non-interest expense and a $60,000 ($40,000
net of income tax - $0.01 per diluted common share) decrease in net interest
income.
Non-interest Income: Total non-interest income increased $982,000, or 49.9%,
to $2.95 million for the quarter ended December 31, 2010 from $1.97 million
for the quarter ended December 31, 2009. This increase was primarily a result
of a $634,000 valuation allowance recovery on MSRs, a $252,000 increase in
gain on sale of loans and a $79,000 gain on the sale of MBS. Also
contributing to the increased non-interest income was a $152,000 decrease in
the net OTTI on MBS and other investments for the quarter ended December 31,
2010. These increases to non-interest income were partially offset by a
$146,000 decrease to service charges on deposits.
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Timberland Bancorp Inc. has a market cap of $32.69 million; its shares were traded at around $4.76 with and P/S ratio of 0.77. Hedge Fund Gurus that owns TSBK: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns TSBK: Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Loans: Net loans receivable decreased by $3.84 million, or 0.7%, to $523.75million at December 31, 2010 from $527.59 million at September 30, 2010. The
decrease in the portfolio was primarily a result of a $4.67 million decrease
in land loan balances, a $4.38 million decrease in one- to four-family loan
balances, a $2.85 million decrease in multi-family loan balances and a $1.33
million decrease in consumer loan balances. These decreases to net loans
receivable were partially offset by a $9.84 million increase in commercial
real estate loan balances.
Deposits: Deposits decreased by $1.48 million, or 0.3%, to $577.39 million at
December 31, 2010 from $578.87 million at September 30, 2010. The decrease
was primarily a result of a $7.24 million decrease in non-interest bearing
checking account balances and a $3.10 million decrease in CD account balances.
This decrease was partially offset by a $4.11 million increase in N.O.W.
checking accounts balances, a $3.03 million increase in money market account
balances and a $1.72 million increase in savings account balances.
Total non-accrual loans of $26.17 million at December 31, 2010 were comprised
of 78 loans and 55 credit relationships. Included in these non-accrual loans
at December 31, 2010 were:
* 29 land loans totaling $8.10 million (of which the largest had a
balance of $2.73 million)
* Nine commercial real estate loans totaling $6.30 million (of which the
largest had a balance of $2.71 million)
* 16 single family home loans totaling $4.12 million (of which the
largest had a balance of $722,000)
* Eight land development loans totaling $3.52 million (of which the
largest had a balance of $1.42 million)
* Three single family speculative home loans totaling $1.70 million (of
which the largest had a balance of $751,000)
* Two condominium construction loans totaling $1.35 million (of which the
largest had a balance of $1.03 million)
* Five home equity loans totaling $739,000 (of which the largest had a
balance of $344,000)
* One single family owner / builder construction loan with a balance of
$279,000
* Two commercial business loans totaling $44,000
* Three consumer loans totaling $28,000
Net Income (Loss): Net income for the quarter ended December 31, 2010
increased by $1.14 million, or 506.7%, to $1.36 million from net income of
$224,000 for the quarter ended December 31, 2009. Net income to common
shareholders after adjusting for preferred stock dividends of $208,000 and
preferred stock discount accretion of $54,000 was $1.10 million, or $0.16 per
diluted common share for the quarter ended December 31, 2010, compared to a
loss of $(35,000), or $(0.01) per diluted common share, for the quarter ended
December 31, 2009.
The $0.17 increase in net income per diluted common share was primarily the
result of a $1.70 million ($1.12 million net of income tax - $0.17 per diluted
common share) decrease in the provision for loan losses and a $982,000
($648,000 net of income tax - $0.10 per diluted common share) increase in
non-interest income. These increases to net income per diluted common share
were partially offset by an $878,000 ($580,000 net of income tax - $0.09 per
diluted common share) increase in non-interest expense and a $60,000 ($40,000
net of income tax - $0.01 per diluted common share) decrease in net interest
income.
Non-interest Income: Total non-interest income increased $982,000, or 49.9%,
to $2.95 million for the quarter ended December 31, 2010 from $1.97 million
for the quarter ended December 31, 2009. This increase was primarily a result
of a $634,000 valuation allowance recovery on MSRs, a $252,000 increase in
gain on sale of loans and a $79,000 gain on the sale of MBS. Also
contributing to the increased non-interest income was a $152,000 decrease in
the net OTTI on MBS and other investments for the quarter ended December 31,
2010. These increases to non-interest income were partially offset by a
$146,000 decrease to service charges on deposits.
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