Timberland Bancorp EPS Increases 100% to $0.20 for
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Timberland Bancorp EPS Increases 100% to $0.20 for Third Fiscal Quarter of 2014; Increases Cash Dividend 25% to $0.05 Per Share
Timberland Bancorp, Inc
July 22, 2014 6:31 PM
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[b][url=http://www.timberlandoutlet.org]timberland[/url][/b] HOQUIAM, Wash., July 22, 2014 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. ( TSBK ) ("Timberland" or "the Company") today reported net income to common shareholders of $1.43 million, or $0.20 per diluted common share for the quarter ended June 30, 2014. This compares to net income to common shareholders of $1.16 million, or $0.16 per diluted common share, for the quarter ended March 31, 2014, and net income to common shareholders of $678,000, or $0.10 per diluted common share, for the quarter ended June 30, 2013. In the first nine months of fiscal 2014, Timberland's net income to common shareholders was $4.00 million, or $0.57 per diluted common share, compared to $3.32 million, or $0.48 per diluted common share, for the first nine months of fiscal 2013.
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Timberland's Board of Directors also declared an increased quarterly cash dividend to common shareholders of $0.05 per common share payable on August 28, 2014, to shareholders of record on August 14, 2014.
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"Although we continue to operate in a difficult interest rate environment we are pleased to report a significant increase in net income year-over-year and to announce a 25% increase in the dividend to our shareholders," stated Michael R. Sand, President and Chief Executive Officer. "During the quarter we continued to see positive trends in our financial metrics as we focused on the generation of variable rate assets in anticipation of a changing interest rate environment. The $9 million increase in loans originated compared to the prior quarter included $5 million in C&I credits which, along with shorter duration construction loans, we are continuing to emphasize."
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Fiscal Second Quarter 2014 Highlights (at or for the period ended June 30, 2014):
Earnings per diluted common share for the current quarter increased 100% to $0.20 from $0.10 for the comparable quarter one year ago and increased 25% from $0.16 for the preceding quarter;
Earnings per diluted common share for the first nine months of fiscal 2014 increased 19% to $0.57 from $0.48 for the first nine months of fiscal 2013;
Declared a quarterly cash dividend of $0.05 per common share;
Net interest margin for the current quarter increased to 3.86% from 3.85% for the preceding quarter;
Non-performing assets decreased 17% year-over-year and 9% from the prior quarter;
OREO and other repossessed assets decreased 27% year-over-year and 15% from the prior quarter;
Net charge-offs decreased 88% to $186,000 for the current quarter from $1.57 million for comparable quarter one year ago; and
Book value and tangible book value per common share increased to $11.54 and $10.74, respectively at quarter end.
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Capital Ratios and Asset Quality
Timberland Bancorp remains well capitalized with a total risk-based capital ratio of 14.87% and a Tier 1 leverage capital ratio of 10.62% at June 30, 2014.
Reflecting continued improvement in asset quality, no provision for loan losses was required for the quarter ended June 30, 2014, compared to $1.39 million in the comparable quarter one year ago. The Bank had net charge-offs of $186,000 during the current quarter, compared to a net recovery of $4,000 for the preceding quarter and net charge-offs of $1.57 million for the comparable quarter one year ago.
Total delinquent loans (past due 30 days or more) and non-accrual loans decreased 10% to $13.3 million at June 30, 2014, from $14.7 million at March 31, 2014, and decreased 3% from $13.6 million one year ago. The non-performing assets to total assets ratio improved to 3.38% at June 30, 2014, from 3.69% three months earlier and 4.04% one year ago.
Non-accrual loans decreased 4% to $12.1 million at June 30, 2014, from $12.6 million at March 31, 2014, and increased 2% from $11.8 million at June 30, 2013. The non-accrual loans at June 30, 2014, were comprised of 45 loans and 36 credit relationships. By dollar amount per category: 43% are secured by residential properties; 43% are secured by land; and 14% are secured by commercial properties.
Other real estate owned ("OREO") and other repossessed assets decreased 15% to $11.2 million at June 30, 2014, from $13.2 million at March 31, 2013, and decreased 27% from $15.3 million at June 30, 2013. At June 30, 2014, the OREO portfolio consisted of 50 individual properties. The properties consisted of 26 land parcels totaling $4.2 million, 18 one-to four-family homes totaling $3.6 million, five commercial real estate properties totaling $3.2 million, and one multi-family property of $142,000. During the quarter ended June 30, 2014, eight OREO properties totaling $2.4 million were sold for a net gain of $43,000.
Balance Sheet Management
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Total assets decreased by $4.8 million to $727.6 million at June 30, 2014, from $732.4 million at March 31, 2014. The decrease in total assets was primarily due to a $5.7 million decrease in total deposits, which reduced the amount of assets held in overnight liquidity.
Liquidity measured by cash and cash equivalents, CDs held for investment and available for sale investments as a percentage of total liabilities was 15.4% at June 30, 2014, compared to 16.0% at March 31, 2014, and 17.7% one year ago.
Net loans receivable increased $3.0 million to $557.7 million at June 30, 2014, from $554.7 million at March 31, 2014. The increase was primarily due to a $4.9 million increase in commercial business loan balances and a $1.8 million increase in construction and land development loan balances. These increases were partially offset by a $1.2 million decrease in land loan balances, a $900,000 decrease in one-to four-family loan balances, a $672,000 decrease in consumer loan balances and a $991,000 increase in the undisbursed portion of construction loans in process.
LOAN PORTFOLIO
June 30, 2014
March 31, 2014
June 30, 2013
($ in thousands)
Amount
Percent
Amount
Percent
Amount
Percent
Mortgage Loans:
One-to four-family
$100,085
17%
$100,985
17%
$104,784
18%
Multi-family
47,077
8
47,206
8
48,781
8
Commercial
299,707
51
299,791
51
290,240
51
Construction and land development
53,695
9
51,852
9
38,916
7
Land
28,442
5
29,593
5
31,673
6
Total mortgage loans
529,006
90
529,427
90
514,394
90
Consumer Loans:
Home equity and second mortgage
31,832
5
32,120
5
31,936
6
Other
5,229
1
5,613
1
6,013
1
Total consumer loans
37,061
6
37,733
6
37,949
7
Commercial business loans
25,341
4
20,460
4
19,557
3
Total loans
591,408
100%
587,620
100%
571,900
100%
Less:
Undisbursed portion of construction loans in process
(21,463)
(20,472)
(13,816)
Deferred loan origination fees
(1,687)
(1,707)
(1,670)
Allowance for loan losses
(10,563)
(10,749)
(11,126)
Total loans receivable, net
$557,695
$554,692
$545,288
CONSTRUCTION LOAN COMPOSITION
June 30, 2014
March 31, 2014
June 30, 2013
($ in thousands)
Percent
Percent
Percent
of Loan
of Loan
of Loan
Amount
Portfolio
Amount
Portfolio
Amount
Portfolio
Custom and owner / builder
$48,212
8%
$47,365
8%
$33,502
6%
Speculative one- to four-family
2,307
--
2,054
--
1,020
--
Commercial real estate
2,736
1
1,993
1
3,589
1
Multi-family (including condominium)
440
--
440
--
289
--
Land development
--
--
--
--
516
--
Total construction loans
$53,695
9%
$51,852
9%
$38,916
7%
Timberland originated $40.5 million in loans during the quarter ended June 30, 2014, compared to $31.9 million for the preceding quarter and $54.7 million for the comparable quarter one year ago. Timberland continues to sell fixed rate one-to-four family mortgage loans into the secondary market for asset--liability management purposes and to generate non-interest income. During the quarter ended June 30, 2014, $7.8 million fixed-rate one-to four-family mortgage loans were sold compared to $5.2 million for the preceding quarter and $21.5 million for the comparable quarter ended one year ago.
Timberland's mortgage-backed securities ("MBS") and other investments decreased by $157,000 during the quarter to $8.3 million at June 30, 2014, from $8.5 million at March 31, 2014, primarily due to prepayments and scheduled amortization.
DEPOSIT BREAKDOWN
($ in thousands)
June 30, 2014
March 31, 2014
June 30, 2013
Amount
Percent
Amount
Percent
Amount
Percent
Non-interest bearing
$92,995
15%
$95,607
16%
$83,043
14%
N.O.W. checking
157,303
26
160,049
26
152,675
26
Savings
93,728
16
92,537
15
93,161
16
Money market
94,363
16
94,543
16
85,703
14
Certificates of deposit under $100
97,917
16
101,413
17
114,113
19
Certificates of deposit $100 and over
59,134
10
59,034
10
66,179
11
Certificates of deposit -- brokered
3,192
1
1,191
--
1,190
--
Total deposits
$598,632
100%
$604,374
100%
$596,064
100%
Total deposits decreased $5.7 million to $598.6 million at June 30, 2014, from $604.4 million at March 31, 2014, primarily as a result of a $2.7 million decrease in N.O.W. checking account balances, a $2.6 million decrease in non-interest bearing account balances and a $1.4 million decrease in certificates of deposit account balances. These decreases were partially offset by a $1.2 million increase in savings account balances.
Total shareholders' equity increased $1.31 million to $81.33 million at June 30, 2014, from $80.02 million at March 31, 2014. The increase in shareholders' equity was primarily due to net income of $1.43 million for the quarter, which was partially offset by dividend payments of $282,000 to common shareholders. Book value per common share increased to $11.54 and tangible book value per common share increased to $10.74 at June 30, 2014.
Operating Results
Fiscal third quarter operating revenue [net interest income before provision for loan losses, plus non-interest income excluding OTTI charges / recoveries, gains or losses on sale of investments, valuation allowances or recoveries on mortgage servicing rights ("MSRs")], increased 2% to $8.56 million from $8.39 million for the preceding quarter and decreased 4% from $8.87 million for the comparable quarter one year ago. The increase in revenue compared to the preceding quarter was primarily a result of an increase in non-interest income. Operating revenue decreased 4% to $25.61 million for the first nine months of fiscal 2014 from $26.76 million for the comparable period one year ago, primarily due to a decrease in gain on sale of loans.
Net interest income decreased slightly to $6.43 million for the quarter ended June 30, 2014, from $6.44 million for the preceding quarter and from $6.50 million for the comparable quarter one year ago. The net interest margin for the current quarter increased to 3.86% from 3.85% for the preceding quarter and decreased from 3.88% for the comparable quarter one year ago. For the first nine months of fiscal 2014, net interest income remained level with the first nine months of fiscal 2013 at $19.33 million. Timberland's net interest margin was 3.83% for the first nine months of fiscal 2014 and 2013.
Non-interest income increased 5% to $2.12 million for the quarter ended June 30, 2014, from $2.01 million in the preceding quarter and decreased 11% from $2.37 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to a $69,000 increase in gain on sale of loans, a $38,000 increase in service charges on deposits and a $38,000 increase in ATM and debit card interchange transaction fees. Fiscal year-to-date non-interest income decreased 4% to $6.32 million from $7.87 million for the first nine months of fiscal 2013. The decrease was primarily due to a decrease in gain on sale of loans and a decrease in the valuation recovery on MSRs.
Total operating (non-interest) expenses decreased 5% to $6.43 million for the third fiscal quarter from $6.75 million for the preceding quarter and increased 3% from $6.24 million for the comparable quarter one year ago. The decreased expenses for the current quarter compared to the preceding quarter were primarily the result of a $157,000 decrease in OREO and other repossessed assets expense and a $151,000 decrease in ATM and debit card processing expense. The decrease in OREO related expense was primarily due to a lower level of fair value write-downs of properties compared to the preceding quarter. The decrease in ATM and debit card processing expense was primarily related to conversion related expenses from the Company's recent technology investment to upgrade its electronic funds transfer ("EFT") platform, which resulted in higher costs for the quarter ended March 31, 2014. Fiscal year-to-date operating expenses increased 3% to $19.43 million from $18.80 million for the first nine months of fiscal 2013.
The provision for income taxes increased $148,000 to $685,000 for the quarter ended June 30, 2014, from $537,000 for the preceding quarter, primarily due to higher income before income taxes.
About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank ("Bank"). The Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 22 branches (including its main office in Hoquiam).
Disclaimer
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and often include the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would" and "could." Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated, including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets and may lead to increased losses and non-performing assets in our loan portfolio, and may result in our allowance for loan losses not being adequate to cover actual losses, and require us to materially increase our loan loss reserves; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Board of Governors of the Federal Reserve System and our bank subsidiary by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action or require us to increase our allowance for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions, which could adversely affect our liquidity and earnings; legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules including as a result of Basel III; the impact of the Dodd Frank Wall Street Reform and Consumer Protection Act and the implementation of related rules and regulations; our ability to attract and retain deposits; increases in premiums for deposit insurance; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risk associated with the loans on our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges; computer systems on which we depend could fail or experience a security breach; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of war or any terrorist activities; other economic, competitive, governmental, regulatory, and technological factors affecting our operations; pricing, products and services; and other risks detailed in our reports filed with the Securities and Exchange Commission.
Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management's beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements included in this report or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. We caution readers not to place undue reliance on any forward-looking statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2014 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us, and could negatively affect the Company's operations and stock price performance.
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
($ in thousands, except per share amounts)
June 30,
March 31,
June 30,
(unaudited)
2014
2014
2013
Interest and dividend income
Loans receivable
$7,238
$7,255
$7,422
MBS and other investments
66
64
69
Dividends from mutual funds and Federal Home Loan Bank ("FHLB") stock
6
6
5
Interest bearing deposits in banks
87
87
79
Total interest and dividend income
7,397
7,412
7,575
Interest expense
Deposits
498
514
609
FHLB advances
466
461
467
Total interest expense
964
975
1,076
Net interest income
6,433
6,437
6,499
Provision for loan losses
--
--
1,385
Net interest income after provision for loan losses
6,433
6,437
5,114
Non-interest income
Recovery (Other than temporary impairment "OTTI") on MBS and other investments, net
(9)
89
(3)
Loss on sale of MBS and other investments, net
--
(32)
--
Service charges on deposits
921
883
882
Gain on sale of loans, net
241
172
579
Bank owned life insurance ("BOLI") net earnings
134
143
144
ATM and debit card interchange transaction fees
611
573
526
Other
218
185
244
Total non-interest income, net
2,116
2,013
2,372
Non-interest expense
Salaries and employee benefits
3,325
3,434
3,176
Premises and equipment
754
647
739
Advertising
187
172
184
OREO and other repossessed assets, net
240
397
313
ATM and debit card processing
207
358
219
Postage and courier
122
110
107
Amortization of core deposit intangible ("CDI")
29
29
33
State and local taxes
123
121
170
Professional fees
196
211
202
FDIC insurance
158
160
157
Other insurance
34
40
39
Loan administration and foreclosure
129
138
91
Data processing and telecommunications
399
329
319
Deposit operations
146
225
157
Other
381
383
331
Total non-interest expense
6,430
6,754
6,237
Income before income taxes
$2,119
$1,696
$1,249
Provision for income taxes
685
537
373
Net income
1,434
1,159
876
Preferred stock dividends
--
--
(151)
Preferred stock discount accretion
--
--
(47)
Net income to common shareholders
$1,434
$1,159
$678
Net income per common share:
Basic
$0.21
$0.17
$0.10
Diluted
0.20
0.16
0.10
Weighted average common shares outstanding:
Basic
6,857,149
6,856,633
6,818,782
Diluted
7,033,713
7,033,979
6,902,497
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Nine Months Ended
($ in thousands, except per share amounts)
June 30,
June 30,
(unaudited)
2014
2013
Interest and dividend income
Loans receivable
$21,811
$22,231
MBS and other investments
190
216
Dividends from mutual funds and FHLB stock
21
22
Interest bearing deposits in banks
268
247
Total interest and dividend income
22,290
22,716
Interest expense
Deposits
1,562
1,987
FHLB advances and other borrowings
1,399
1,399
Total interest expense
2,961
3,386
Net interest income
19,329
19,330
Provision for loan losses
--
2,760
Net interest income after provision for loan losses
19,329
16,570
Non-interest income
Recovery (OTTI) on MBS and other investments, net
78
(39)
Loss on sale of MBS and other investments, net
(32)
--
Service charges on deposits
2,795
2,657
Gain on sale of loans, net
714
2,054
BOLI net earnings
392
431
Valuation recovery on MSRs
--
475
ATM and debit card interchange transaction fees
1,769
1,562
Other
608
725
Total non-interest income, net
6,324
7,865
Non-interest expense
Salaries and employee benefits
10,138
9,376
Premises and equipment
2,094
2,154
Advertising
537
533
OREO and other repossessed assets, net
795
1,107
ATM and debit card processing
791
636
Postage and courier
329
342
Amortization of CDI
87
98
State and local taxes
361
466
Professional fees
590
636
FDIC insurance
479
526
Other insurance
113
133
Loan administration and foreclosure
377
278
Data processing and telecommunications
1,058
911
Deposit operations
569
450
Other
1,107
1,152
Total non-interest expense
19,425
18,798
Income before income taxes
$6,228
$5,637
Provision for income taxes
2,024
1,774
Net income
4,204
3,863
Preferred stock dividends
(136)
(559)
Preferred stock discount accretion
(70)
(236)
Discount on redemption of preferred stock
--
255
Net income to common shareholders
$3,998
$3,323
Net income per common share:
Basic
$0.58
$0.49
Diluted
0.57
0.48
Weighted average common shares outstanding:
Basic
6,855,811
6,816,772
Diluted
7,015,155
6,870,751
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share amounts) (unaudited)
June 30,
March 31,
June 30,
2014
2014
2013
Assets
Cash and due from financial institutions
$13,500
$11,437
$10,757
Interest-bearing deposits in banks
50,467
58,804
71,788
Total cash and cash equivalents
63,967
70,241
82,545
Certificates of deposit ("CDs") held for investment, at cost
32,336
31,385
26,749
MBS and other investments:
Held to maturity, at amortized cost
5,417
5,511
2,892
Available for sale, at fair value
2,928
2,991
4,370
FHLB stock
5,299
5,351
5,502
Loans receivable
566,757
564,109
553,981
Loans held for sale
1,501
1,332
2,433
Less: Allowance for loan losses
(10,563)
(10,749)
(11,126)
Net loans receivable
557,695
554,692
545,288
Premises and equipment, net
17,867
17,785
18,043
OREO and other repossessed assets, net
11,172
13,208
15,314
BOLI
17,494
17,361
16,956
Accrued interest receivable
1,922
2,003
2,015
Goodwill
5,650
5,650
5,650
Core deposit intangible
32
61
151
Mortgage servicing rights, net
1,812
1,958
2,333
Other assets
4,040
4,220
4,967
Total assets
$727,631
$732,417
$732,775
Liabilities and shareholders' equity
Deposits: Non-interest-bearing demand
$92,995
$95,607
$83,043
Deposits: Interest-bearing
505,637
508,767
513,021
Total deposits
598,632
604,374
596,064
FHLB advances
45,000
45,000
45,000
Other liabilities and accrued expenses
2,669
3,019
2,477
Total liabilities
646,301
652,393
643,541
Shareholders' equity
Fixed Rate Cumulative Preferred stock, Series A, $.01 par value; 1,000,000 shares authorized; redeemable at $1,000 per share; 12,065 shares issued and outstanding -- June 30, 2013
--
--
11,889
Common stock, $.01 par value; 50,000,000 shares authorized; 7,045,036 shares issued and outstanding -- June 30, 2013 7,045,936 shares issued and outstanding -- March 31, 2014 and June 30, 2014
10,710
10,663
10,551
Unearned shares- Employee Stock Ownership Plan
(1,256)
(1,322)
(1,521)
Retained earnings
72,240
71,088
68,665
Accumulated other comprehensive loss
(364)
(405)
(350)
Total shareholders' equity
81,330
80,024
89,234
Total liabilities and shareholders' equity
$727,631
$732,417
$732,775
KEY FINANCIAL RATIOS AND DATA
Three Months Ended
($ in thousands, except per share amounts) (unaudited)
June 30,
March 31,
June 30,
2014
2014
2013
PERFORMANCE RATIOS:
Return on average assets (a)
0.79%
0.63%
0.47%
Return on average equity (a)
7.12%
5.83%
3.94%
Net interest margin (a)
3.86%
3.85%
3.88%
Efficiency ratio
75.21%
79.93%
70.31%
Nine Months Ended
June 30,
June 30,
2014
2013
PERFORMANCE RATIOS:
Return on average assets (a)
0.76%
0.70%
Return on average equity (a)
6.76%
5.69%
Net interest margin (a)
3.83%
3.83%
Efficiency ratio
75.72%
69.12%
As of or for Three Months Ended
June 30,
March 31,
June 30,
2014
2014
2013
ASSET QUALITY RATIOS AND DATA:
Non-accrual loans
$12,087
$12,649
$11,828
Loans past due 90 days and still accruing
150
--
157
Non-performing investment securities
1,162
1,204
2,327
OREO and other repossessed assets
11,172
13,208
15,314
Total non-performing assets (b)
$24,571
$27,061
$29,626
Non-performing assets to total assets (b)
3.38%
3.69%
4.04%
Net charge-offs (recoveries) during quarter
$ 186
$ (4)
$ 1,572
Allowance for loan losses to non-accrual loans
87%
85%
94%
Allowance for loan losses to loans receivable (c)
1.86%
1.90%
2.00%
Troubled debt restructured loans on accrual status (d)
$16,524
$17,284
$18,958
CAPITAL RATIOS:
Tier 1 leverage capital
10.62%
10.40%
11.55%
Tier 1 risk based capital
13.61%
13.38%
15.15%
Total risk based capital
14.87%
14.64%
16.41%
Tangible capital to tangible assets (e)
10.48%
10.23%
11.48%
BOOK VALUES:
Book value per common share
$11.54
$11.36
$10.98
Tangible book value per common share (e)
10.74
10.55
10.16
__________________________________________________
(a) Annualized
(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets. Troubled debt restructured loans on accrual status are not included.
(c) Includes loans held for sale and is before the allowance for loan losses.
(d) Does not include troubled debt restructured loans totaling $2,915, $2,812 and $2,491 reported as non-accrual loans at June 30, 2014, March 31, 2014 and June 30, 2013, respectively.
(e) Calculation subtracts goodwill and core deposit intangible from the equity component and from assets.
AVERAGE CONSOLIDATED BALANCE SHEETS:
Three Months Ended
($ in thousands) (unaudited)
June 30,
March 31,
June 30,
2014
2014
2013
Average total loans
$566,887
$568,448
$557,234
Average total interest-bearing assets (a)
666,646
668,628
670,242
Average total assets
729,646
732,513
737,787
Average total interest-bearing deposits
503,834
505,756
516,559
Average FHLB advances and other borrowings
45,000
45,000
45,162
Average shareholders' equity
80,600
79,497
88,935
Nine Months Ended
June 30,
June 30,
2014
2013
Average total loans
$565,990
$556,014
Average total interest-bearing assets (a)
673,163
673,155
Average total assets
735,275
738,817
Average total interest-bearing deposits
507,892
518,235
Average FHLB advances and other borrowings
45,000
45,470
Average shareholders' equity
82,950
90,566
_________________________________
(a) Includes loans and MBS on non-accrual status
View photo .
Banking & Budgeting Finance
Contact:
Michael R. Sand, President & CEO Dean J. Brydon, CFO (360) 533-4747 www.timberlandbank.com
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