1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies
10qk
10qk
Articles 

Timberland Bancorp Inc. Reports Operating Results (10-Q)

February 07, 2011 | About:

Timberland Bancorp Inc. (NASDAQ:TSBK) 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.

Highlight of Business Operations:

Loans: Net loans receivable decreased by $3.84 million, or 0.7%, to $523.75

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.



Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 5.0/5 (1 vote)

Comments

Please leave your comment:


Select portfolio(s):

  • Loading...

Why you are interested?

Your selection and notes will be stored in your portfolio.

Login to add portfolio
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK