Timberland Bancorp earns $1.28 million profit in fiscal first quarter

posted 12:27 PM 02/10
Permanent Link.

Disposing of troubled assets and strong loan growth were among key factors that helped the parent company of Timberland Bank earn a profit in its fiscal first quarter after reporting a loss in its fiscal fourth quarter.

Another contributing factor in the fiscal first quarter was that the company didn’t have to set aside as much money -- its loan loss provision -- to cover potentially bad loans.

All of that helped Timberland Bancorp Inc. of Hoquiam to earn a $1.28 million profit in its fiscal first quarter after reporting a $339,000 loss, or five cents a share, in the previous quarter.

After adjustments to earnings -- including a preferred stock dividend payment to the U.S. Treasury for accepting TARP funds -- Timberland earned a $1.02 million profit, or 15 cents a share, compared to a profit of $1.10 million, or 16 cents a share, in the same fiscal first-quarter period in 2010.

Highlights for the fiscal first quarter included the company’s loan loss provision falling to $650,000 from $1.76 million in the previous quarter; a 29 percent reduction in bank-owned real estate from the previous quarter; and a 39 percent increase in loan growth from the previous quarter.

President and Chief Executive Michael Sand said the reduction in bank-owned real estate was accomplished by selling real estate properties, including a condominium project in Burien. And refinancing is driving loan growth as customers seek to take advantage of fixed mortgage interest rates that have hovered around 4 percent, he said.

“I’m encouraged that this year will be better than last year,” said Sand about his outlook for the economy in the new year.

Sand has worked for the bank since 1977 and became president in 2003, he said. Timberland went public in 1998. The company has bank branches throughout Puget Sound, including five in Thurston County. Thurston and Pierce County are strong loan production markets for Timberland, Sand said.

In Thurston County, the company finances multifamily, commercial and medical office projects, such as the Providence Medical Group office building at Britton Plaza in Hawks Prairie. That is about an $8 million project, the first phase of which is expected to open in May.

Timberland Bancorp's stock trades under the ticker symbol TSBK. Before market close Friday, the stock was down 4 cents to $4.51 a share. In the past 52 weeks the stock has ranged from $3.25 a share to $6.50 a share.

Comments

Olympia couple purchases Wild Birds Unlimited

posted 02:01 PM 02/09

Bob and Katie Gundlach are the new owners of Wild Birds Unlimited, a longtime retailer of birdfeed, birdfeeders and other supplies at 1200 Cooper Point Road S.W., Olympia.

Business planning workshops begin Friday

posted 04:36 PM 02/08

The Thurston County EDC's Business Resource Center is set to have a series of free business planning workshops, beginning Friday at Lacey Timberland Library.

Nisqually tribe gets $588,000 HUD housing grant

posted 11:59 AM 02/08

The Nisqually Indian tribe is among 25 tribes in Washington state to receive more than $33 million in U.S. Department of Housing and Urban Development Indian housing block grants.

Mason General names Hentschel employee of the month

posted 11:39 AM 02/08

Karl Hentschel, who works as a network administrator for Mason General Hospital and its family of clinics in Shelton, is the hospital's Employee of the Month for February.

Thurston home sales flat, prices fall to start new year

posted 11:18 AM 02/07

Thurston County home sales began the new year much like they did for most of 2011: sales activity showed little movement and prices fell last month, according to new data released by the Northwest Multiple Listing Service this week.

Visitor and Convention Bureau elects new officers

posted 10:25 AM 02/07

The Olympia-Lacey-Tumwater Visitor & Convention Bureau has elected the following officers and committee chairs for 2012:

All Ways Chiropractic Center has new owner

posted 10:15 AM 02/07

Dr. Michael Eekhoff, a chiropractor at All Ways Chiropractic in Lacey, is the new owner of the business, taking over for longtime owner and chiropractor Dr. Peter Redburn.

Attorney General to speak at OMB event Tuesday

posted 06:04 PM 02/04

Attorney General Rob McKenna is the featured speaker at the Olympia Master Builders' general membership dinner meeting on Tuesday.

Thurston EDC now accepting nominations for business awards

posted 11:52 AM 02/02

The Thurston County Economic Development Council is now accepting nominations for its business recognition awards, which will be announced April 10 at the Red Lion Hotel Olympia.