After adjusting for a preferred stock dividend payment to the federal government, Timberland Bancorp of Hoquiam reported net income of $1.44 million, or 21 cents a share, compared to net income of $1.02 million, or 15 cents a share, in its fiscal first quarter of 2011.
President and Chief Executive Michael Sand cited several factors that lifted earnings, including loan growth.
Net loans increased $6.4 million to $544.9 million in the quarter from $538.5 million at the end of September. The company saw gains in commercial, one-to-four family and multifamily loans, the earnings data show.
Other announcements:
-The company will pay a cash dividend of 3 cents on Feb. 20 to all shareholders of record as of Feb. 6.
-A memorandum of understanding between the Federal Reserve Bank of San Francisco and Timberland Bancorp was rescinded on Jan. 15. The Federal Deposit Insurance Corporation and the state Department of Financial Institutions rescinded a memorandum of understanding with Timberland Bank last month.
The company’s stock, which trades under the ticker symbol TSBK, closed up 7 cents Friday at $7.80 a share. In the past 52 weeks, the stock has ranged between $4 and $7.80 a share.
