Timberland Bank has reported net income of $3.61 million for its first fiscal quarter, which ended Dec. 31, 2017.
This compares to net income of $3.15 million for the same quarter of 2016 — a year over year increase of 15 percent — and net income of $3.62 million for the preceding quarter ended Sept. 30, 2017.
Several other highlights dotted Timberland’s earnings sheet: operating revenue for the bank increased 9 percent from the same quarter the previous year and 3 percent from the preceding quarter, while total assets rose 8 percent year-over-year and 4 percent from the prior quarter.
Also up year-over-year and quarterly: net loans receivable (5 percent and 2 percent, respectively) and total deposits (11 percent and 5 percent).
Michael Sand, the bank’s president and CEO had more good news.
“The recently enacted tax reform legislation will materially reduce Timberland’s 2018 fiscal year income tax expense. Fiscal year companies, such as Timberland, were able to use a reduced tax rate for the recently completed December quarter,” said Sand.
“We have continued to grow our franchise by increasing loans and deposits, expanding net interest margin and maintaining solid asset quality.”