Timberland Bancorp, Inc. (TSBK) has reported a 24.49 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $3.15 million, or $0.43 a share in the quarter, compared with $2.53 million, or $0.36 a share for the same period last year.
Revenue during the quarter grew 12.72 percent to $11.53 million from $10.23 million in the previous year period. Net interest income for the quarter rose 7.82 percent over the prior year period to $8.31 million. Non-interest income for the quarter rose 27.72 percent over the last year period to $3.22 million.
Net interest margin contracted 9 basis points to 3.91 percent in the quarter from 4 percent in the last year period. Efficiency ratio for the quarter improved to 59.07 percent from 63.35 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased with the ongoing strength of the Company's financial metrics, as we continue to grow the balance sheet toward $1 billion in assets," stated Michael R. Sand, president and chief executive officer. "The December quarter's net income and earnings per share were both record operating results for the Company and have provided a strong first fiscal quarter for us to build upon during the remainder of our current fiscal year. We expect rising interest rates to have a positive impact on the Company's earnings this year as will the scheduled maturities of two high cost Federal Home Loan Bank borrowings this summer."
Liabilities outpace assets growth
Total assets stood at $923.75 million as on Dec. 31, 2016, up 10.31 percent compared with $837.38 million on Dec. 31, 2015. On the other hand, total liabilities stood at $824.12 million as on Dec. 31, 2016, up 10.42 percent from $746.33 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $669.14 million as on Dec. 31, 2016, up 7.14 percent compared with $624.54 million on Dec. 31, 2015. Deposits stood at $789.98 million as on Dec. 31, 2016, up 13.21 percent compared with $697.77 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $176.38 million or 22.33 percent of total deposits on Dec. 31, 2016, compared with $142.28 million or 20.39 percent of total deposits on Dec. 31, 2015.
Investments were almost stable over the past one year at $8.71 million on Dec. 31, 2016. Shareholders equity stood at $99.63 million as on Dec. 31, 2016, up 9.43 percent or $8.58 million from year-ago.
Return on assets moved up 17 basis points to 1.39 percent in the quarter from 1.22 percent in the last year period.
Nonperforming assets moved down 52.95 percent or $7.24 million to $6.43 million on Dec. 31, 2016 from $13.67 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.70 percent in the quarter, down from 1.63 percent in the last year period.
Tier-1 leverage ratio stood at 10.60 percent for the quarter, up from 10.56 percent for the previous year quarter. Book value per share was $14.32 for the quarter, up 9.98 percent or $1.30 compared to $13.02 for the same period last year.
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