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Articles 

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

February 05, 2010 | About:

Timberland Bancorp Inc. (NASDAQ:TSBK) filed Quarterly Report for the period ended 2009-12-31.

Timberland Bancorp Inc. has a market cap of $28.7 million; its shares were traded at around $4.06 with and P/S ratio of 0.7. The dividend yield of Timberland Bancorp Inc. stocks is 3%. Timberland Bancorp Inc. had an annual average earning growth of 9% over the past 5 years.TSBK is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.

Highlight of Business Operations:

Loans: Net loans receivable decreased by $52,000, or 0.01% to $547.16 million

at December 31, 2009 from $547.21 million at September 30, 2009. The decrease

in the portfolio was primarily a result of a $9.97 million decrease in

construction loans (net of undisbursed portion of construction loans in

process), a $1.91 million decrease in consumer loans, a $752,000 decrease in

commercial business loans, a $483,000 decrease in land loans and a $759,000

increase in the allowance for loan losses. These decreases to net loans

receivable were partially offset by a $9.41 million increase in commercial

real estate loans, a $2.20 million increase in multi-family loans and a $2.12

million increase in one-to-four family loans.



* 23 land loans totaling $9.04 million (of which the largest had a

balance of $2.49 million)

* Seven land development loans totaling $7.76 million (of which the

largest had a balance of $2.25 million)

* Six commercial real estate loans totaling $6.51 million (of which the

largest had a balance $3.48 million)

* Two condominium construction loans totaling $5.72 million (of which

the largest had a balance of $3.24 million)

* Eight single family speculative loans totaling $2.94 million (of which

the largest had a balance of $783,000)

* Seven single family home loans totaling $1.72 million (of which the

largest had a balance of $752,000)

* Three one-to-four family owner/builder construction loans totaling

$662,000

* Four consumer loans totaling $111,000

* Four second mortgage loans totaling $100,000.



* $502,000 on a condominium construction loan

* $350,000 on seven land loans

* $324,000 on three land development loans

* $305,000 on two commercial real estate loans

* $200,000 on four single family speculative construction loans

* $109,000 on four home equity loans

* $35,000 on a single family construction loan

* $10,000 on two single family home loans

* $6,000 on a a secured consumer loan



Net Income: Net income for the quarter ended December 31, 2009 decreased by

$137,000, or 38.0%, to $224,000 from $361,000 for the quarter ended December

31, 2008. Income available to common shareholders after adjusting for

preferred stock dividends of $208,000 and preferred stock discount accretion

of $51,000 was a loss of $(35,000), or $(0.01) per diluted common share for

the quarter ended December 31, 2009, compared to net income available to

common shareholders of $343,000, or $0.05 per diluted common share for the

quarter ended December 31, 2008.



The $0.06 decrease in diluted earnings per common share was primarily the

result of a $1.29 million ($848,000 net of income tax - $0.13 per diluted

common share) increase in the provision for loan losses, a $73,000 ($48,000

net of income tax - $0.01 per diluted common share) decrease in net interest

income and a $241,000 increase in preferred stock dividends and preferred

stock accretion which decreased earnings by approximately $0.03 per diluted

common share. These decreases to diluted earnings per common share were

partially offset by a $1.06 million ($701,000 net of income tax - $0.11 per

diluted common share) increase in non-interest income.



Total interest and dividend income decreased by $684,000 or 6.8%, to $9.34

million for the quarter ended December 31, 2009 from $10.03 million for the

quarter ended December 31, 2008 as the yield on interest earning assets

decreased to 5.76% from 6.50%. Total average interest earning assets

increased by $31.44 million to $648.72 million for the quarter ended December

31, 2009 from $617.28 million for quarter ended December 31, 2008. Total

interest expense decreased by $611,000, or 17.2%, to $2.95 million for the

quarter ended December 31, 2009 from $3.56 million for the quarter ended

December 31, 2008 as the average rate paid on interest bearing liabilities

decreased to 2.09% for the quarter ended December 31, 2009 from 2.67% for the

quarter ended December 31, 2008. Total average interest bearing liabilities

increased by $29.74 million to $560.44 million for the quarter ended December

31, 2009 from $530.70 million for the quarter ended December 31, 2008. The

net interest margin decreased to 3.94% for the quarter ended December 31, 2009

from 4.19% for the quarter ended December 31, 2008. The margin compression

was primarily attributable to the reversal of interest income on loans placed

on non-accrual status during the quarter ended December 31, 2009 and an

increased level of liquid assets with lower yields. The reversal of interest

income on loans placed on non-accrual status during the quarter ended December

31, 2009 reduced the net interest margin by approximately 22 basis points.



Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

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