The parent company of Timberland Bank saw its stock rise nearly 11 percent on Tuesday, a day after the company reported record profits for its fiscal fourth quarter.
For the quarter, Hoquiam-based Timberland Bancorp earned net income of $2.96 million, or 42 cents a share, compared to net income of $1.64 million, or 23 cents a share for the same period a year ago.
The strong earnings were attributed to several factors, including a reduction in non-performing assets.
“The company continues to increase operating revenues and net loans outstanding and has increased net income to shareholders annually for five consecutive years,” President and Chief Executive Michael Sand said in a statement.
In addition to a quarterly profit, the company’s fiscal year 2015 profit rose to $8.29 million from $5.64 million in 2014.
Timberland Bancorp also announced it will pay a cash dividend of seven cents and a one-time special dividend of five cents on Nov. 30.
Timberland’s stock, which trades under the ticker symbol TSBK, jumped 10.6 percent on Tuesday to close at $13.39 a share. The stock’s 52-week high is $13.86 a share.