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Timberland Bancorp Inc. has a market cap of $31.5 million; its shares were traded at around $4.47 with and P/S ratio of 0.7. The dividend yield of Timberland Bancorp Inc. stocks is 0.9%.TSBK is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:Loans: Net loans receivable decreased by $8.56 million, or 1.6% to $538.65
million at March 31, 2010 from $547.21 million at September 30, 2009. The
decrease in the portfolio was primarily a result of a $26.32 million decrease
in construction loan balances (net of undisbursed portion of construction
loans in process), a $2.79 million decrease in consumer loan balances, a $1.79
million decrease in land loan balances and a $2.52 million increase in the
allowance for loan losses. These decreases to net loans receivable were
partially offset by a $9.97 million increase in commercial real estate loan
balances, a $7.60 million increase in multi-family loan balances, a $4.40
million increase in commercial business loan balances and a $2.74 million
increase in one-to-four family loan balances. The decrease in the
construction and land loan balances was primarily due to loan payoffs and
changes in the Bank's underwriting standards for these types of loans, which
has decreased the level of construction and land loan originations.
* 27 land loans totaling $7.78 million (of which the largest had a
balance of $844,000)
* Six land development loans totaling $6.64 million (of which the
largest had a balance of $2.34 million)
* Four commercial real estate loans totaling $3.47 million (of which the
largest had a balance of $2.84 million)
* 12 single family home loans totaling $2.69 million (of which the
largest had a balance of $756,000)
* Six single family speculative loans totaling $2.45 million (of which
the largest had a balance of $775,000)
* Two condominium construction loans totaling $2.13 million (of which
the largest had a balance of $1.80 million)
* Two one-to-four family owner/builder construction loans totaling
$991,000 (of which the largest had a balance of $800,000)
* One commercial business loan with a balance of $78,000
* Three home equity loans totaling $70,000
* Two consumer loans totaling $63,000
The Company had net charge-offs totaling $5.28 million for the six months
ended March 31, 2010 compared to $2.37 million for the six months ended March
31, 2009. The charge-offs during the six months ended March 31, 2010 were
primarily associated with construction loans and land loans. In recognition
of a real estate market that reflected lower valuations during the period net
charge-offs consisted of the following:
* $1.55 million on three condominium construction loans
* $1.22 million on three commercial real estate loans
* $1.12 million on 17 land loans
* $488,000 on four land development loans
* $414,000 on three single family construction loans
* $266,000 on six single family speculative construction loans
* $164,000 on six home equity loans
* $46,000 on four single family home loans
* $11,000 on three consumer loans
The $0.33 increase in diluted loss per common share for the six months ended
March 31, 2010 was primarily the result of a $1.30 million ($861,000 net of
income tax - $0.13 per diluted common share) increase in the provision for
loan losses, a $1.21 million ($801,000 net of income tax - $0.12 per diluted
common share) increase in non-interest expense, a $419,000 ($277,000 net of
income tax - $0.04 per diluted common share) decrease in non-interest income
and a $292,000 increase in preferred stock dividends and preferred stock
accretion which increased the net loss to common shareholders by approximately
$0.04 per diluted common share.
Total interest and dividend income decreased by $644,000 or 6.6%, to $9.16
million for the quarter ended March 31, 2010 from $9.80 million for the
quarter ended March 31, 2009 as the yield on interest earning assets decreased
to 5.59% from 6.20%. The decrease in the weighted average yield on interest
earning assets was primarily a result of an increase in the amount of lower
yielding cash equivalents and other liquid assets and an increase in the
amount of loans on non-accrual status. Total average interest earning assets
increased by $22.88 million to $655.36 million for the quarter ended March 31,
2010 from $632.48 million for quarter ended March 31, 2009. Total interest
expense decreased by $673,000, or 19.9%, to $2.71 million for the quarter
ended March 31, 2010 from $3.38 million for the quarter ended March 31, 2009
as the average rate paid on interest bearing liabilities decreased to 1.88%
for the quarter ended March 31, 2010 from 2.58% for the quarter ended March
31, 2009. The decrease in funding costs was primarily a result of a decrease
in overall market rates and a decrease in the level of average FHLB advances.
Total average interest bearing liabilities increased by $40.03 million to
$572.71 million for the quarter ended March 31, 2010 from $532.68 million for
the quarter ended March 31, 2009. The net interest margin decreased to 3.93%
for the quarter ended March 31, 2010 from 4.06% for the quarter ended March
31, 2009. The margin compression was primarily attributable to the reversal
of interest income on loans placed on non-accrual status during the quarter
ended March 31, 2010 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 March 31, 2010 reduced the net interest margin by
approximately 10 basis points.
Total interest and dividend income decreased by $1.33 million or 6.7%, to
$18.50 million for the six months ended March 31, 2010 from $19.83 million for
the six months ended March 31, 2009 as the yield on interest earning assets
decreased to 5.67% from 6.35%. The decrease in the weighted average yield on
interest earning assets was primarily a result of an increase in the amount of
lower yielding cash equivalents and other liquid assets and an increase in the
amount of loans on non-accrual status. Total average interest earning assets
increased by $27.12 million to $652.02 million for the six months ended March
31, 2010 from $624.90 million for the six months ended March 31, 2009. Total
interest expense decreased by $1.28 million, or 18.5%, to $5.66 million for
the six months ended March 31, 2010 from $6.95 million for the six months
ended March 31, 2009 as the average rate paid on interest bearing liabilities
decreased to 2.00% for the six months ended March 31, 2010 from 2.62% for the
six months ended March 31, 2009. The decrease in funding costs was primarily
a result of a decrease in overall market rates and a decrease in the level of
average FHLB advances. Total average interest bearing liabilities increased
by $34.72 million to $566.51 million for the six months ended March 31, 2010
from $531.78 million for the six months ended March 31, 2009. The net
interest margin decreased to 3.94% for the six months ended March 31, 2010
from 4.12% for the six months ended March 31, 2009. The margin compression
was primarily attributable to the reversal of interest income on loans placed
on non-accrual status during the six months ended March 31, 2010 and an
increased level of liquid assets with lower yields. The reversal of interest
income on loans placed on non-accrual status during the six months ended March
31, 2010 reduced the net interest margin by approximately 16 basis points.
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