Timberland Bancorp Inc (TSBK) has reported a 31.43 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $3.13 million, or $0.42 a share in the quarter, compared with $2.38 million, or $0.34 a share for the same period last year. Revenue during the quarter grew 13.44 percent to $11.55 million from $10.18 million in the previous year period. Net interest income for the quarter rose 10.18 percent over the prior year period to $8.45 million. Non-interest income for the quarter rose 13.45 percent over the last year period to $2.85 million.
Net interest margin contracted 4 basis points to 3.88 percent in the quarter from 3.92 percent in the last year period. Efficiency ratio for the quarter improved to 60.67 percent from 65.09 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We continue to see solid growth opportunities in the Western Washington markets we serve," stated Michael R. Sand, president and chief executive officer. "Growth in assets to a Company record $947 million contributed to higher revenues and increased profitability for the first half of our current fiscal year. Revenue for this period increased 12% while expenses increased 4%, resulting in a 25% increase in our earnings per share compared to the first half of the prior fiscal year. We continue to see strong loan demand in our markets and remain pleased that core deposit growth has been sufficient to fund the Bank's loan growth."
Assets outpace liabilities growth
Total assets stood at $946.68 million as on Mar. 31, 2017, up 11.12 percent compared with $851.96 million on Mar. 31, 2016. On the other hand, total liabilities stood at $841.85 million as on Mar. 31, 2017, up 10.81 percent from $759.70 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $676.08 million as on Mar. 31, 2017, up 8.27 percent compared with $624.44 million on Mar. 31, 2016. Deposits stood at $808.85 million as on Mar. 31, 2017, up 13.60 percent compared with $712.04 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $186.24 million or 23.03 percent of total deposits on Mar. 31, 2017, compared with $148.98 million or 20.92 percent of total deposits on Mar. 31, 2016.
Investments stood at $8.60 million as on Mar. 31, 2017, down 5.60 percent or $0.51 million from year-ago. Shareholders equity stood at $104.83 million as on Mar. 31, 2017, up 13.62 percent or $12.57 million from year-ago.
Return on assets moved up 22 basis points to 1.35 percent in the quarter from 1.13 percent in the last year period.
Nonperforming assets moved down 42.43 percent or $4.18 million to $5.67 million on Mar. 31, 2017 from $9.85 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.60 percent in the quarter, down from 1.16 percent in the last year period.
Tier-1 leverage ratio stood at 10.89 percent for the quarter, up from 10.56 percent for the previous year quarter. Book value per share was $14.27 for the quarter, up 7.21 percent or $0.96 compared to $13.31 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]