HOQUIAM, Wash.--(BUSINESS WIRE)--
Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”)
today reported the FDIC and the Washington State Department of Financial
Institutions have notified Timberland Bank that they have lifted the
Memorandum of Understanding (“MOU”), which was dated December 29, 2009
for the Bank. The notice stated that the MOU is hereby rescinded and no
further reporting is necessary.
“We are pleased that our regulators have acknowledged the significant
improvement in the financial condition and operating results of the Bank
during the past two years, including our significantly increased
profitability for the year ended September 30, 2012,” said Michael R.
Sand, President and Chief Executive Officer. “The improvement in
operating performance is a testament to the diligent efforts of the
entire Timberland team.”
On November 8, 2012, Timberland reported earnings of $4.59 million for
fiscal 2012 compared to earnings of $1.09 million for fiscal 2011. Net
income available to common shareholders for fiscal 2012, after the
preferred stock dividends and the preferred stock discount accretion,
was $3.52 million, or $0.52 per diluted common share, compared to
$32,000, or $0.00 per diluted common share for fiscal 2011.
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).
Timberland Bancorp, Inc.
Michael R. Sand, President & CEO
Dean
J. Brydon, CFO
360-533-4747
www.timberlandbank.com
Source: Timberland Bancorp, Inc.