Timberland Bancorp Inc. (TSBK, Financial) filed Quarterly Report for the period ended 2009-03-31.
Timberland Bancorp Inc. was organized for the purpose of becoming the holding company for Timberland Savings Bank. The Savings Bank is a community oriented savings bank which offeres a variety of savings products to its retail customers while concentrating its lending activities on real estate mortgage loans. Timberland Bancorp Inc. has a market cap of $39 million; its shares were traded at around $5.53 with a P/E ratio of 16.8 and P/S ratio of 0.8. The dividend yield of Timberland Bancorp Inc. stocks is 8%. Timberland Bancorp Inc. had an annual average earning growth of 9% over the past 5 years.
million at March 31, 2009 from $557.69 million at September 30, 2008. The
decrease in the portfolio was primarily a result of a $19.55 million decrease
in construction loans (net of undisbursed portion of construction loans in
process), a $5.39 million decrease in commercial business loans, a $4.61
million decrease in consumer loans, a $3.46 million decrease in multi-family
loans, and a $4.00 million increase in the allowance for loan losses. These
decreases to net loans receivable were partially offset by an $18.56 million
increase in commercial real estate loans, an $8.22 million increase in one- to
four-family loans (including a $6.01 million increase in one- to four-family
loans held for sale), and a $6.69 million increase in land loans. The
decrease in construction loans was primarily reflected in a $12.11 million
decrease in custom and owner / builder construction loans, a $10.53 million
decrease in multi-family and condominium construction loans, a $6.50 million
decrease in speculative construction loans, and a $4.25 million decrease in
land development loans; which were partially offset by an $8.02 million
increase in commercial real estate construction loans.
Total non-accrual loans of $19.87 million at March 31, 2009 were comprised of
49 loans and 34 credit relationships. Included in these non-accrual loans
were:
* Four land development loans totaling $5.88 million (of which the
largest had a balance of $2.60 million)
* 18 individual lot / land loans totaling $3.90 million (of which the
largest had a balance of $1.00 million)
* 13 Single family speculative loans totaling $3.78 million (of which
the largest had a balance of $451,000)
* Six commercial real estate loans totaling $3.78 million (of which the
largest had a balance of $1.39 million)
* One multi-family loan for $1.39 million
* Three single family home loans totaling $595,000 (of which the largest
had a balance of $334,000)
* Three commercial business loans totaling $592,000
* One single family construction loan for $123,000
Net Income: Earnings for the quarter ended March 31, 2009 decreased by $2.98
million, or 187.9%, to a net loss of $(1.39) million from net income of $1.59
million for the quarter ended March 31, 2008. Earnings available to common
shareholders for the quarter ended March 31, 2009, adjusted for the dividend
of $208,000 payable to the U.S. Treasury on preferred stock was a net loss of
$(1.60) million. Earnings per diluted common share decreased to a loss of
$(0.24) for the quarter ended March 31, 2009 from earnings of $0.24 for the
quarter ended March 31, 2008. The $0.48 decrease in diluted earnings per
common share was primarily a result of a $4.48 million ($2.95 million net of
income tax - $0.45 per diluted common share) increase in the provision for
loan losses, a $993,000 ($655,000 net of income tax - $0.10 per diluted common
share) increase in OTTI charges, a $236,000 ($156,000 net of income tax -
$0.02 per diluted common share) increase in non-interest expense, a $254,000
($168,000 net of income tax - $0.02 per diluted common share) decrease in net
interest income, and a $208,000 ($0.03 per diluted common share) increase in
dividends payable to preferred shareholders. These decreases to earnings per
diluted common share were partially offset by $1.35 million ($937,000 net of
income tax - $0.14 per diluted common share) increase in non-interest income
(excluding OTTI charges).
Earnings for the six months ended March 31, 2009 decreased by $4.23 million,
or 132.2%, to a net loss of $(1.03) million from net income of $3.20 million
for the six months ended March 31, 2008. Earnings available to common
shareholders for the six months ended March 31, 2009, adjusted for the
dividend of $227,000 payable to the U.S. Treasury on preferred stock was a net
loss of $(1.26) million. Earnings per diluted common share decreased to a
loss of $(0.19) for the six months ended March 31, 2009 from earnings of $0.48
for the six months ended March 31, 2008. The $0.67 decrease in diluted
earnings per common share was primarily a result of a $4.59 million ($3.03
million net of income tax - $0.46 per diluted common share) increase in the
provision for loan losses, a $2.16 million ($1.43 million net of income tax -
$0.21 per diluted common share) increase in OTTI charges, a $920,000 ($607,000
net of income tax - $0.09 per diluted common share) increase in non-interest
expense, a $710,000 ($469,000 net of income tax - $0.07 per diluted common
share) decrease in net interest income, and a $227,000 ($0.03 per diluted
common share) increase in dividends payable to preferred shareholders. These
decreases to earnings per diluted common share were partially offset by $1.93
million ($1.27 million net of income tax - $0.19 per diluted common share)
increase in non-interest income (excluding OTTI charges).
Non-interest Income: Total non-interest income increased by $358,000, or
23.0%, to $1.91 million for the quarter ended March 31, 2009 from $1.55
million for the quarter ended March 31, 2008. Excluding the $993,000 OTTI
charge recorded in the quarter ended March 31, 2009, non-interest income
increased by $1.35 million, or 86.9% to $2.91 million for the quarter ended
March 31, 2009 from $1.55 million for the quarter ended March 31, 2008. This
increase was primarily a result of a $720,000 increase in loan sale income
(gain on sale of loans and servicing income on loans sold), a $361,000
increase in service charges on deposit accounts and a $137,000 increase in
BOLI net earnings. The increased income from loan sales was primarily a
result of an increase in the dollar value of residential mortgage loans sold
in the secondary market during the quarter ended March 31, 2009. The sale of
fixed rate one-to four-family mortgage loans totaled $60.7 million for the
quarter ended March 31, 2009 compared to $11.9 million for the quarter ended
March 31, 2008. The increase in loan sales was primarily attributable to
lower interest rates for 30-year fixed rates loans which increased refinancing
activity. The increase in service charge income was primarily a result of
implementing an automated overdraft decision-making program in May 2008 and
increasing the fees charged for overdrafts. The increase in BOLI income was
due to a $134,000 non-recurring gain associated with transferring a portion of
the BOLI portfolio to a new insurance company.
Total non-interest income decreased by $234,000, or 7.7%, to $2.82 million for
the six months ended March 31, 2009 from $3.05 million for the six months
ended March 31, 2008. Excluding the $2.16 million OTTI charge recorded in the
six months ended March 31, 2009, non-interest income increased by $1.93
million, or 63.2% to $4.98 million for the six months ended March 31, 2009
from $3.05 million for the six months ended March 31, 2008. This increase was
primarily a result of an $823,000 increase in loan sale income (gain on sale
of loans and servicing income on loans sold), an $815,000 increase in service
charges on deposit accounts and a $139,000 increase in BOLI net earnings. The
increased income from loan sales was primarily a result of an increase in the
dollar value of residential mortgage loans sold in the secondary market during
the quarter ended March 31, 2009. The sale of fixed rate one-to four-family
mortgage loans totaled $71.3 million for the six months ended March 31, 2009
compared to $19.3 million for the six months ended March 31, 2008. The
increase in loan sales was primarily attributable to lower interest rates for
30-year fixed rates loans which increased refinancing activity. The increase
in service charge income was primarily a result of implementing an automated
overdraft decision-making program in May 2008 and increasing the fees charged
for overdrafts. The increase in BOLI income was due to a $134,000
non-recurring gain associated with transferring a portion of the BOLI
portfolio to a new insurance company.
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Timberland Bancorp Inc. was organized for the purpose of becoming the holding company for Timberland Savings Bank. The Savings Bank is a community oriented savings bank which offeres a variety of savings products to its retail customers while concentrating its lending activities on real estate mortgage loans. Timberland Bancorp Inc. has a market cap of $39 million; its shares were traded at around $5.53 with a P/E ratio of 16.8 and P/S ratio of 0.8. The dividend yield of Timberland Bancorp Inc. stocks is 8%. Timberland Bancorp Inc. had an annual average earning growth of 9% over the past 5 years.
Highlight of Business Operations:
Loans: Net loans receivable decreased by $3.31 million, or 0.6% to $554.37million at March 31, 2009 from $557.69 million at September 30, 2008. The
decrease in the portfolio was primarily a result of a $19.55 million decrease
in construction loans (net of undisbursed portion of construction loans in
process), a $5.39 million decrease in commercial business loans, a $4.61
million decrease in consumer loans, a $3.46 million decrease in multi-family
loans, and a $4.00 million increase in the allowance for loan losses. These
decreases to net loans receivable were partially offset by an $18.56 million
increase in commercial real estate loans, an $8.22 million increase in one- to
four-family loans (including a $6.01 million increase in one- to four-family
loans held for sale), and a $6.69 million increase in land loans. The
decrease in construction loans was primarily reflected in a $12.11 million
decrease in custom and owner / builder construction loans, a $10.53 million
decrease in multi-family and condominium construction loans, a $6.50 million
decrease in speculative construction loans, and a $4.25 million decrease in
land development loans; which were partially offset by an $8.02 million
increase in commercial real estate construction loans.
Total non-accrual loans of $19.87 million at March 31, 2009 were comprised of
49 loans and 34 credit relationships. Included in these non-accrual loans
were:
* Four land development loans totaling $5.88 million (of which the
largest had a balance of $2.60 million)
* 18 individual lot / land loans totaling $3.90 million (of which the
largest had a balance of $1.00 million)
* 13 Single family speculative loans totaling $3.78 million (of which
the largest had a balance of $451,000)
* Six commercial real estate loans totaling $3.78 million (of which the
largest had a balance of $1.39 million)
* One multi-family loan for $1.39 million
* Three single family home loans totaling $595,000 (of which the largest
had a balance of $334,000)
* Three commercial business loans totaling $592,000
* One single family construction loan for $123,000
Net Income: Earnings for the quarter ended March 31, 2009 decreased by $2.98
million, or 187.9%, to a net loss of $(1.39) million from net income of $1.59
million for the quarter ended March 31, 2008. Earnings available to common
shareholders for the quarter ended March 31, 2009, adjusted for the dividend
of $208,000 payable to the U.S. Treasury on preferred stock was a net loss of
$(1.60) million. Earnings per diluted common share decreased to a loss of
$(0.24) for the quarter ended March 31, 2009 from earnings of $0.24 for the
quarter ended March 31, 2008. The $0.48 decrease in diluted earnings per
common share was primarily a result of a $4.48 million ($2.95 million net of
income tax - $0.45 per diluted common share) increase in the provision for
loan losses, a $993,000 ($655,000 net of income tax - $0.10 per diluted common
share) increase in OTTI charges, a $236,000 ($156,000 net of income tax -
$0.02 per diluted common share) increase in non-interest expense, a $254,000
($168,000 net of income tax - $0.02 per diluted common share) decrease in net
interest income, and a $208,000 ($0.03 per diluted common share) increase in
dividends payable to preferred shareholders. These decreases to earnings per
diluted common share were partially offset by $1.35 million ($937,000 net of
income tax - $0.14 per diluted common share) increase in non-interest income
(excluding OTTI charges).
Earnings for the six months ended March 31, 2009 decreased by $4.23 million,
or 132.2%, to a net loss of $(1.03) million from net income of $3.20 million
for the six months ended March 31, 2008. Earnings available to common
shareholders for the six months ended March 31, 2009, adjusted for the
dividend of $227,000 payable to the U.S. Treasury on preferred stock was a net
loss of $(1.26) million. Earnings per diluted common share decreased to a
loss of $(0.19) for the six months ended March 31, 2009 from earnings of $0.48
for the six months ended March 31, 2008. The $0.67 decrease in diluted
earnings per common share was primarily a result of a $4.59 million ($3.03
million net of income tax - $0.46 per diluted common share) increase in the
provision for loan losses, a $2.16 million ($1.43 million net of income tax -
$0.21 per diluted common share) increase in OTTI charges, a $920,000 ($607,000
net of income tax - $0.09 per diluted common share) increase in non-interest
expense, a $710,000 ($469,000 net of income tax - $0.07 per diluted common
share) decrease in net interest income, and a $227,000 ($0.03 per diluted
common share) increase in dividends payable to preferred shareholders. These
decreases to earnings per diluted common share were partially offset by $1.93
million ($1.27 million net of income tax - $0.19 per diluted common share)
increase in non-interest income (excluding OTTI charges).
Non-interest Income: Total non-interest income increased by $358,000, or
23.0%, to $1.91 million for the quarter ended March 31, 2009 from $1.55
million for the quarter ended March 31, 2008. Excluding the $993,000 OTTI
charge recorded in the quarter ended March 31, 2009, non-interest income
increased by $1.35 million, or 86.9% to $2.91 million for the quarter ended
March 31, 2009 from $1.55 million for the quarter ended March 31, 2008. This
increase was primarily a result of a $720,000 increase in loan sale income
(gain on sale of loans and servicing income on loans sold), a $361,000
increase in service charges on deposit accounts and a $137,000 increase in
BOLI net earnings. The increased income from loan sales was primarily a
result of an increase in the dollar value of residential mortgage loans sold
in the secondary market during the quarter ended March 31, 2009. The sale of
fixed rate one-to four-family mortgage loans totaled $60.7 million for the
quarter ended March 31, 2009 compared to $11.9 million for the quarter ended
March 31, 2008. The increase in loan sales was primarily attributable to
lower interest rates for 30-year fixed rates loans which increased refinancing
activity. The increase in service charge income was primarily a result of
implementing an automated overdraft decision-making program in May 2008 and
increasing the fees charged for overdrafts. The increase in BOLI income was
due to a $134,000 non-recurring gain associated with transferring a portion of
the BOLI portfolio to a new insurance company.
Total non-interest income decreased by $234,000, or 7.7%, to $2.82 million for
the six months ended March 31, 2009 from $3.05 million for the six months
ended March 31, 2008. Excluding the $2.16 million OTTI charge recorded in the
six months ended March 31, 2009, non-interest income increased by $1.93
million, or 63.2% to $4.98 million for the six months ended March 31, 2009
from $3.05 million for the six months ended March 31, 2008. This increase was
primarily a result of an $823,000 increase in loan sale income (gain on sale
of loans and servicing income on loans sold), an $815,000 increase in service
charges on deposit accounts and a $139,000 increase in BOLI net earnings. The
increased income from loan sales was primarily a result of an increase in the
dollar value of residential mortgage loans sold in the secondary market during
the quarter ended March 31, 2009. The sale of fixed rate one-to four-family
mortgage loans totaled $71.3 million for the six months ended March 31, 2009
compared to $19.3 million for the six months ended March 31, 2008. The
increase in loan sales was primarily attributable to lower interest rates for
30-year fixed rates loans which increased refinancing activity. The increase
in service charge income was primarily a result of implementing an automated
overdraft decision-making program in May 2008 and increasing the fees charged
for overdrafts. The increase in BOLI income was due to a $134,000
non-recurring gain associated with transferring a portion of the BOLI
portfolio to a new insurance company.
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