Helped by loan and deposit growth, the parent company of Timberland Bank earned a fiscal first-quarter profit of $2.53 million, up nearly 50 percent from the same period a year ago.
Hoquiam-based Timberland Bancorp reported net income of $2.53 million, or 36 cents a share, compared to net income of $1.73 million, or 24 cents a share from the same period a year ago. The company’s fiscal first quarter ended on Dec. 31.
The company will also pay a cash dividend of eight cents to shareholders next month.
“We continued our strong performance in the first quarter of fiscal 2016,” President and Chief Executive Michael Sand said in a statement. “Solid loan and deposit growth contributed to higher revenues, an increased net margin and growing profitability.”