Timberland Bank has reported a 40 percent increase in its net income for the last fiscal year, to $14.17 million for the fiscal year ended Sept. 30, 2017, from $10.15 million for the fiscal year ended Sept. 30, 2016.
Timberland also reported net income of $3.62 million for its fourth fiscal quarter, which also ended
on Sept. 30, 2017. This compares to net income of $2.70 million the same quarter last year, and net income of $4.28 million, or $0.58 per diluted common share, for the preceding quarter ended June 30, 2017.
Earnings per diluted common share increased 34 percent to $1.92 for fiscal year 2017 from $1.43 for the prior fiscal year. Timberland’s Board of Directors declared a quarterly cash dividend of $0.11 per common share, payable on Nov. 30, 2017 to shareholders of record on Nov. 16, 2017.
“Fiscal year 2017 marked the seventh consecutive year the company increased earnings per share, return on equity, return on assets and net income,” said Michael R. Sand, president and CEO. “Each of these metrics increased significantly compared to the prior fiscal year … The continued improvement in the company’s financial position is a result of exercising pricing discipline while growing revenues and carefully managing expenses.
“Our positioning of the company has been predicated on producing above peer results in conjunction with structuring the balance sheet to benefit from rising interest rates. We anticipate maintaining this sensitivity to rising rates. Timberland’s shareholders have been rewarded this year by a significant increase in the company’s share price which increased the company’s market cap to a level comfortably sufficient for Timberland to be added to the Russell 2000 and 3000 indexes. This has increased the visibility of the company and significantly increased its average daily trading volume.”