The parent company of Timberland Bank on Wednesday reported a significantly higher quarterly profit, joining several other South Sound banking companies that have made similar announcements.
Hoquiam-based Timberland Bancorp, which operates five bank branches in Thurston County, earned net income of $2.16 million, or 31 cents a share in its fiscal third quarter, compared to 1.43 million, or 20 cents a share, in the same quarter a year ago.
The company also announced on Wednesday that it will pay a cash dividend of 7 cents, and the board has authorized repurchasing up to 5 percent of the company’s outstanding shares.
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“The company’s strong operating results and continued growth in loans, deposits and assets reflect the strength of our Western Washington markets and the effectiveness of our teams in originating loans and gathering core deposits,” said Michael Sand, president and chief executive, in a statement.