Timberland Bancorp, Inc. has a market cap of $36.4 million; its shares were traded at around $5.15 with a P/E ratio of 15.2 and P/S ratio of 0.9.
Highlight of Business Operations:Certain matters discussed in this Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning our future operations. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing assets in our loan portfolio, and may result in our allowance for loan losses not being adequate to cover actual losses, and require us to materially increase our loan loss reserves; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Board of Governors of the Federal Reserve System and our bank subsidiary by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including our compliance with the memoranda of understandings (“MOU”) and the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our allowance for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements and restrictions on us, any of which could adversely affect our liquidity and earnings; our compliance with regulatory enforcement actions; the requirements and restrictions that have been imposed upon the Company and the Bank under the MOUs with the Federal Reserve Bank of San Francisco (in the case of the Company) and the FDIC and the Washington DFI (in the case of the Bank) and the possibility that the Company and the Bank will be unable to fully comply with their respective MOUs, which could result in the imposition of additional requirements or restrictions; legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules and any changes in the rules applicable to institutions participating in the TARP Capital Purchase Program; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing regulations; our ability to attract and retain deposits; further increases in premiums for deposit insurance; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risk associated with the loans on our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; the failure or security breach of computer systems on which we depend; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common and preferred stock; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us;
The Company reported net income of $1.35 million for the quarter ended June 30, 2012 compared to a net loss of $(1.28) million for the quarter ended June 30, 2011. Net income to common shareholders after adjusting for the preferred stock dividend and the preferred stock discount accretion was $1.08 million for the quarter ended June 30, 2012 compared to a net loss of $(1.55 million) for the quarter ended June 30, 2011. The increase in earnings for the quarter was primarily a result of a decreased provision for loan losses, decreased non-interest expense, increased non-interest income and increased net interest income. Net income per diluted common share was $0.16 for the quarter ended June 30, 2012 compared to a net loss per diluted common share of $(0.23) for the quarter ended June 30, 2011.
The Company reported net income of $3.44 million for the nine months ended June 30, 2012 compared to net income of $1.16 million for the nine months ended June 30, 2011. Net income to common shareholders after adjusting for the preferred stock dividends and the preferred stock discount accretion was $2.64 million for the nine months ended June 30, 2012 compared to net income of $370,000 for the nine months ended June 30, 2011. The increase in earnings for the nine months ended June 30, 2012 was primarily a result of a decreased provision for loan losses, decreased non-interest expense, increased non-interest income and increased net interest income. Net income per diluted common share was $0.39 for the nine months ended June 30, 2012 compared to net income per diluted common share of $0.05 for the nine months ended June 30, 2011.
The following tables sets forth, for the periods indicated, information regarding average balances of assets and liabilities as well as the total dollar amounts of interest income from average interest-earning assets and interest expense on average interest-bearing liabilities and average yields and costs. Such yields and costs for the periods indicated are derived by dividing income or expense by the average daily balance of assets or liabilities, respectively, for the periods presented. (Dollars in thousands)
Total non-interest income increased $458,000, or 6.7%, to $7.28 million for the nine months ended June 30, 2012 from $6.82 million for the nine months ended June 30, 2011. The increase was primarily a result of a $508,000 increase in gain on sale of loans, a $237,000 increase in ATM and debit card interchange transaction fees, a $146,000 decrease in net OTTI on MBS and other investments and a $96,000 increase in BOLI net earnings. These increases to non-interest income were partially offset by a $559,000 decrease in the valuation recovery on MSRs. The increase in gain on sale of loans was primarily a result of an increased volume of fixed rate one-to four-family loans sold during the nine months ended June 30, 2012.
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