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Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest and dividend income        
Loans receivable $ 7,422 $ 7,842 $ 22,231 $ 23,254
MBS and other investments 69 89 216 323
Dividends from mutual funds 5 6 22 26
Interest-bearing deposits in banks 79 82 247 252
Total interest and dividend income 7,575 8,019 22,716 23,855
Interest expense        
Deposits 609 925 1,987 3,128
FHLB advances 467 466 1,399 1,525
Total interest expense 1,076 1,391 3,386 4,653
Net interest income 6,499 6,628 19,330 19,202
Provision for loan losses 1,385 900 2,760 2,600
Net interest income after provision for loan losses 5,114 5,728 16,570 16,602
Non-interest income        
Other than temporary impairment (“OTTI”) on MBS and other investments (1) (60) (9) (182)
Adjustment for portion recorded as (transferred from) other comprehensive income (loss) before taxes (2) 23 (30) (8)
Net OTTI on MBS and other investments (3) (37) (39) (190)
Gain on sales of MBS and other investments 0 2 0 22
Service charges on deposits 882 955 2,657 2,815
ATM and debit card interchange transaction fees 526 564 1,562 1,621
BOLI net earnings 144 146 431 457
Gain on sales of loans, net 579 567 2,054 1,722
Escrow fees 55 30 135 79
Valuation recovery (allowance) on MSRs 0 (82) 475 144
Fee income from non-deposit investment sales 19 20 92 58
Other 170 176 498 550
Total non-interest income, net 2,372 2,341 7,865 7,278
Non-interest expense        
Salaries and employee benefits 3,176 3,006 9,376 8,989
Premises and equipment 739 647 2,154 1,979
Advertising 184 173 533 553
OREO and other repossessed assets, net 313 363 1,107 1,299
ATM 219 206 636 598
Postage and courier 107 124 342 381
Amortization of CDI 33 37 98 111
State and local taxes 170 159 466 460
Professional fees 202 217 636 628
FDIC insurance 157 237 526 703
Other insurance 39 51 133 161
Loan administration and foreclosure 91 82 278 615
Data processing and telecommunications 319 303 911 918
Deposit operations 157 177 450 593
Other 331 315 1,152 903
Total non-interest expense 6,237 6,097 18,798 18,891
Income before federal and state income taxes 1,249 1,972 5,637 4,989
Provision for federal and state income taxes 373 624 1,774 1,551
Net income 876 1,348 3,863 3,438
Preferred stock dividends (151) (208) (559) (624)
Preferred stock discount accretion (47) (61) (236) (179)
Repurchase of preferred stock at a discount 0 0 255 0
Net income to common shareholders $ 678 $ 1,079 $ 3,323 $ 2,635
Net income per common share        
Basic (in dollars per share) $ 0.10 $ 0.16 $ 0.49 $ 0.39
Diluted (in dollars per share) $ 0.10 $ 0.16 $ 0.48 $ 0.39
Weighted average common shares outstanding        
Basic (in shares) 6,818,752 6,780,516 6,816,772 6,780,516
Diluted (in shares) 6,902,497 6,780,516 6,870,751 6,780,516
Dividends paid per common share (in dollars per share) $ 0.03 $ 0 $ 0.06 $ 0