Timberland Bancorp Announces A $0.22 Quarterly Cash Dividend And A $0.10 Special Cash Dividend

Timberland's Board of Directors declared a quarterly cash dividend to shareholders of $0.22 per share and a special cash dividend of $0.10 per share. Both dividends are payable on November 25, 2022, to shareholders of record on November 10, 2022.

"We are pleased to report strong fiscal fourth quarter results," stated Michael Sand, CEO. "Continued growth in the loan and investment portfolios and a Fed orchestrated higher rate environment combined to significantly increase Company revenue and profitability relative to the prior quarter. "Our decision to build liquidity during the mid and post pandemic periods while patiently awaiting higher interest rates is now proving beneficial to the Company's earnings profile. As noted throughout this release, key financial metrics moved sharply higher this quarter and tangible book value per share continued its upward trajectory."

"Asset quality continues to be strong with no charge-offs recorded during the quarter and non-performing assets reported at 12 basis points of total assets at quarter end," added Sand. "The tangible common equity to tangible assets ratio, a non-GAAP ratio, reached 10.98% this quarter."            

"The 53 basis point expansion in the net interest margin helped increase net income and earnings per share by 23% compared to the preceding quarter, said Dean Brydon, President and CFO. "There was a slight outflow of deposits during the current quarter, and we are beginning to see more pressure to increase rates to retain rate-sensitive deposits. However, we remain well positioned to benefit from additional Federal Reserve actions to increase interest rates, and we anticipate additional opportunities to deploy excess liquidity during the next several quarters."  

"In addition to the regular quarterly cash dividend, Timberland's Board of Directors also declared a one-time special cash dividend of $0.10 per share. Timberland's continued solid financial performance has allowed us to pay a special cash dividend to our shareholders while continuing to maintain a strong capital position," added Brydon.