Timberland Bancorp Inc. (TSBK, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $30.2 million; its shares were traded at around $4.28 with a P/E ratio of 30.6 and P/S ratio of 0.6. The dividend yield of Timberland Bancorp Inc. stocks is 10.3%. Timberland Bancorp Inc. had an annual average earning growth of 9% over the past 5 years.
million at June 30, 2009 from $557.69 million at September 30, 2008. The
decrease in the portfolio was primarily a result of a $30.42 million decrease
in construction loans (net of undisbursed portion of construction loans in
process), a $7.27 million decrease in consumer loans, a $5.82 million decrease
in commercial business loans, a $1.96 million decrease in one- to four-family
loans (including loans held for sale) and a $4.39 million increase in the
allowance for loan losses. These decreases to net loans receivable were
partially offset by a $32.72 million increase in commercial real estate loans
and a $5.04 million increase in land loans. The decrease in construction
loans was primarily the result of a $14.88 million decrease in multi-family
and condominium construction loans, a $12.80 million decrease in custom and
owner / builder construction loans, an $11.56 million decrease in one- to
four-family speculative construction loans, and a $7.54 million decrease in
land development loans; which were partially offset by a $2.44 million
increase in commercial real estate construction loans.
* Five land development loans totaling $5.88 million (of which the
largest had a balance of $2.12 million)
* Two condominium construction loans totaling $5.68 million (of which
the largest had a balance of $4.29 million)
* Eight commercial real estate loans totaling $5.50 million (of which
the largest had a balance $1.65 million)
* 13 land loans totaling $3.38 million (of which the largest had a
balance of $986,000)
* Seven single family home loans totaling $2.32 million (of which the
largest had a balance of $995,000)
* Seven single family speculative loans totaling $2.17 million (of which
the largest had a balance of $546,000)
* Two commercial business loans totaling $93,000
* Two home equity loans totaling $92,000.
Net Income: Earnings for the quarter ended June 30, 2009 increased by $1.60
million, or 293.8%, to $1.06 million from a net loss of $(546,000) for the
quarter ended June 30, 2008. Earnings available to common shareholders for
the quarter ended June 30, 2009, adjusted for preferred stock dividends of
$210,000 and preferred stock discount accretion of $79,000 was $769,000.
Earnings per diluted common share increased to $0.12 for the quarter ended
June 30, 2009 from a net loss of $(0.08) for the quarter ended June 30, 2008.
The $0.20 increase in diluted earnings per common share was primarily a result
of a $2.82 million ($2.59 million net of income tax - $0.40 per diluted common
share) decrease in loss on redemption of mutual funds and an $870,000
($574,000 net of income tax - $0.09 per diluted common share) increase in
non-interest income (excluding OTTI charges and loss on redemption of mutual
funds). These increases to earnings per diluted common share were partially
offset by a $1.45 million ($960,000 net of income tax - $0.15 per diluted
common share) increase non-interest expense, a $500,000 ($330,000 net of
income tax - $0.05 per diluted common share)
Earnings for the nine months ended June 30, 2009 decreased by $2.63 million,
or 99.0%, to net income of $27,000 from net income of $2.66 million for the
nine months ended June 30, 2008. Earnings available to common shareholders
for the nine months ended June 30, 2009, adjusted for preferred stock
dividends of $437,000 and preferred stock discount accretion of $79,000 was a
net loss or $(489,000). Earnings per diluted common share decreased to a loss
of $(0.07) for the nine months ended June 30, 2009 from earnings of $0.40 for
the nine months ended June 30, 2008. The $0.47 decrease in diluted earnings
per common share was primarily a result of a $5.09 million ($3.36 million net
of income tax - $0.51 per diluted common share) increase in the provision for
loan losses, a $2.29 million ($1.51 million net of income tax - $0.23 per
diluted common share) increase in OTTI charges, a $2.38 million ($1.57 million
net of income tax - $0.24 per diluted common share) increase in non-interest
expense, a $1.02 million ($671,000 net of income tax - $0.10 per diluted
common share) decrease in net interest income, and a $516,000 ($0.07 per
diluted common share) increase in preferred stock dividends and preferred
stock discount accretion. These decreases to earnings per diluted common
share were partially offset by a $2.82 million ($2.59 million net of income
tax - $0.40 per diluted common share) decrease in loss on redemption of mutual
funds and a $2.80 million ($1.85 million net of income tax - $0.28 per diluted
common share) increase in non-interest income (excluding OTTI charges and loss
on redemption of mutual funds).
Non-interest Income: Total non-interest income increased by $3.57 million, or
399.4%, to $2.67 million for the quarter ended June 30, 2009 from a loss of
$(893,000) for the quarter ended June 30, 2008. Excluding the $125,000 OTTI
charge recorded in the quarter ended June 30, 2009 and the $2.82 million loss
on redemption of mutual funds during the quarter ended June 30, 2008,
non-interest income increased by $870,000, or 45.1% to $2.80 million for the
quarter ended June 30, 2009 from $1.93 million for the quarter ended June 30,
2008. This increase was primarily a result of a $827,000 increase in gain on
sale of loans and a $118,000 increase in service charges on deposit accounts.
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 June 30, 2009. The sale of fixed rate one-to
four-family mortgage loans totaled $69.62 million for the quarter ended June
30, 2009 compared to $16.02 million for the quarter ended June 30, 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. These increases to non-interest income were partially offset
by a $169,000 valuation allowance on MSRs recorded during the quarter ended
June 30, 2009. The valuation allowance adjusted the recorded value of MSRs to
the current market value as determined by a third party valuation company.
Total non-interest income increased by $3.33 million, or 154.3%, to $5.49
million for the nine months ended June 30, 2009 from $2.16 million for the
nine months ended June 30, 2008. Excluding the $2.29 million OTTI charge
recorded in the nine months ended June 30, 2009 and the $2.28 million loss on
redemption of mutual funds during the nine months ended June 30, 2008,
non-interest income increased by $2.80 million, or 56.2% to $7.78 million for
the nine months ended June 30, 2009 from $4.98 million for the nine months
ended June 30, 2008. This increase was primarily a result of a $1.64 million
increase in gain on sale of loans, a $932,000 increase in service charges on
deposit accounts and a $141,000 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
nine months ended June 30, 2009. The sale of fixed rate one-to four-family
mortgage loans totaled $140.88 million for the nine months ended June 30, 2009
compared to $35.31 million for the nine months ended June 30, 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 attributable to a $134,000
non-recurring gain associated with transferring a portion of the BOLI
portfolio to a new insurance company in March 2009. These increases to non-
interest income were partially offset by a $169,000 valuation allowance on
MSRs recorded during the nine months ended June 30, 2009. The valuation
allowance adjusted the recorded value of MSRs to the current market value as
determined by a third party valuation 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 $30.2 million; its shares were traded at around $4.28 with a P/E ratio of 30.6 and P/S ratio of 0.6. The dividend yield of Timberland Bancorp Inc. stocks is 10.3%. 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 $11.92 million, or 2.1% to $545.77million at June 30, 2009 from $557.69 million at September 30, 2008. The
decrease in the portfolio was primarily a result of a $30.42 million decrease
in construction loans (net of undisbursed portion of construction loans in
process), a $7.27 million decrease in consumer loans, a $5.82 million decrease
in commercial business loans, a $1.96 million decrease in one- to four-family
loans (including loans held for sale) and a $4.39 million increase in the
allowance for loan losses. These decreases to net loans receivable were
partially offset by a $32.72 million increase in commercial real estate loans
and a $5.04 million increase in land loans. The decrease in construction
loans was primarily the result of a $14.88 million decrease in multi-family
and condominium construction loans, a $12.80 million decrease in custom and
owner / builder construction loans, an $11.56 million decrease in one- to
four-family speculative construction loans, and a $7.54 million decrease in
land development loans; which were partially offset by a $2.44 million
increase in commercial real estate construction loans.
* Five land development loans totaling $5.88 million (of which the
largest had a balance of $2.12 million)
* Two condominium construction loans totaling $5.68 million (of which
the largest had a balance of $4.29 million)
* Eight commercial real estate loans totaling $5.50 million (of which
the largest had a balance $1.65 million)
* 13 land loans totaling $3.38 million (of which the largest had a
balance of $986,000)
* Seven single family home loans totaling $2.32 million (of which the
largest had a balance of $995,000)
* Seven single family speculative loans totaling $2.17 million (of which
the largest had a balance of $546,000)
* Two commercial business loans totaling $93,000
* Two home equity loans totaling $92,000.
Net Income: Earnings for the quarter ended June 30, 2009 increased by $1.60
million, or 293.8%, to $1.06 million from a net loss of $(546,000) for the
quarter ended June 30, 2008. Earnings available to common shareholders for
the quarter ended June 30, 2009, adjusted for preferred stock dividends of
$210,000 and preferred stock discount accretion of $79,000 was $769,000.
Earnings per diluted common share increased to $0.12 for the quarter ended
June 30, 2009 from a net loss of $(0.08) for the quarter ended June 30, 2008.
The $0.20 increase in diluted earnings per common share was primarily a result
of a $2.82 million ($2.59 million net of income tax - $0.40 per diluted common
share) decrease in loss on redemption of mutual funds and an $870,000
($574,000 net of income tax - $0.09 per diluted common share) increase in
non-interest income (excluding OTTI charges and loss on redemption of mutual
funds). These increases to earnings per diluted common share were partially
offset by a $1.45 million ($960,000 net of income tax - $0.15 per diluted
common share) increase non-interest expense, a $500,000 ($330,000 net of
income tax - $0.05 per diluted common share)
Earnings for the nine months ended June 30, 2009 decreased by $2.63 million,
or 99.0%, to net income of $27,000 from net income of $2.66 million for the
nine months ended June 30, 2008. Earnings available to common shareholders
for the nine months ended June 30, 2009, adjusted for preferred stock
dividends of $437,000 and preferred stock discount accretion of $79,000 was a
net loss or $(489,000). Earnings per diluted common share decreased to a loss
of $(0.07) for the nine months ended June 30, 2009 from earnings of $0.40 for
the nine months ended June 30, 2008. The $0.47 decrease in diluted earnings
per common share was primarily a result of a $5.09 million ($3.36 million net
of income tax - $0.51 per diluted common share) increase in the provision for
loan losses, a $2.29 million ($1.51 million net of income tax - $0.23 per
diluted common share) increase in OTTI charges, a $2.38 million ($1.57 million
net of income tax - $0.24 per diluted common share) increase in non-interest
expense, a $1.02 million ($671,000 net of income tax - $0.10 per diluted
common share) decrease in net interest income, and a $516,000 ($0.07 per
diluted common share) increase in preferred stock dividends and preferred
stock discount accretion. These decreases to earnings per diluted common
share were partially offset by a $2.82 million ($2.59 million net of income
tax - $0.40 per diluted common share) decrease in loss on redemption of mutual
funds and a $2.80 million ($1.85 million net of income tax - $0.28 per diluted
common share) increase in non-interest income (excluding OTTI charges and loss
on redemption of mutual funds).
Non-interest Income: Total non-interest income increased by $3.57 million, or
399.4%, to $2.67 million for the quarter ended June 30, 2009 from a loss of
$(893,000) for the quarter ended June 30, 2008. Excluding the $125,000 OTTI
charge recorded in the quarter ended June 30, 2009 and the $2.82 million loss
on redemption of mutual funds during the quarter ended June 30, 2008,
non-interest income increased by $870,000, or 45.1% to $2.80 million for the
quarter ended June 30, 2009 from $1.93 million for the quarter ended June 30,
2008. This increase was primarily a result of a $827,000 increase in gain on
sale of loans and a $118,000 increase in service charges on deposit accounts.
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 June 30, 2009. The sale of fixed rate one-to
four-family mortgage loans totaled $69.62 million for the quarter ended June
30, 2009 compared to $16.02 million for the quarter ended June 30, 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. These increases to non-interest income were partially offset
by a $169,000 valuation allowance on MSRs recorded during the quarter ended
June 30, 2009. The valuation allowance adjusted the recorded value of MSRs to
the current market value as determined by a third party valuation company.
Total non-interest income increased by $3.33 million, or 154.3%, to $5.49
million for the nine months ended June 30, 2009 from $2.16 million for the
nine months ended June 30, 2008. Excluding the $2.29 million OTTI charge
recorded in the nine months ended June 30, 2009 and the $2.28 million loss on
redemption of mutual funds during the nine months ended June 30, 2008,
non-interest income increased by $2.80 million, or 56.2% to $7.78 million for
the nine months ended June 30, 2009 from $4.98 million for the nine months
ended June 30, 2008. This increase was primarily a result of a $1.64 million
increase in gain on sale of loans, a $932,000 increase in service charges on
deposit accounts and a $141,000 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
nine months ended June 30, 2009. The sale of fixed rate one-to four-family
mortgage loans totaled $140.88 million for the nine months ended June 30, 2009
compared to $35.31 million for the nine months ended June 30, 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 attributable to a $134,000
non-recurring gain associated with transferring a portion of the BOLI
portfolio to a new insurance company in March 2009. These increases to non-
interest income were partially offset by a $169,000 valuation allowance on
MSRs recorded during the nine months ended June 30, 2009. The valuation
allowance adjusted the recorded value of MSRs to the current market value as
determined by a third party valuation company.
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