Raymond James Awards Community Banker Cup to Timberland Bancorp

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HOQUIAM, Wash., March 13, 2018 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ:TSBK) (“Timberland” or “the Company”) today was awarded the Community Bankers Cup by Raymond James & Associates for operating one of the top performing community banks in the country.

“It is an honor to be recognized by Raymond James as one of the Country’s top community banks,” said Michael Sand, President and CEO. “The hard work and dedication of our entire team resulted in Timberland’s strong financial performance in 2017 which qualified us for this award.”

Raymond James stated in the announcement of the awards: “Of the 272 community banks considered for the 2017 Community Bankers Cup, the top 10% demonstrated superior performance on a relative basis in one or more of the following measurements of financial performance and stability: nonperforming assets to loans and real estate owned, five-year average core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity.”  The selected banks had assets between $500 million and $10 billion, as of December 31, 2017.

On January 22, 2018, Timberland reported net income of $3.61 million, or $0.48 per diluted common share, for its first fiscal quarter ended December 31, 2017. This compares to net income of $3.15 million, or $0.43 per diluted common share, for the quarter ended December 31, 2016, and net income of $3.62 million, or $0.48 per diluted common share for the preceding quarter ended September 30, 2017.  Assets at December 31, 2017 totaled $993.90 million. 

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management’s beliefs and assumptions at the time they are made.  We undertake no obligation to publicly update or revise any forward-looking statements included in this report or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise.  We caution readers not to place undue reliance on any forward-looking statements.  We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.  These risks could cause our actual results for fiscal 2018 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us, and could negatively affect the Company’s operations and stock price performance.

More news and information about Timberland Bancorp, Inc.

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Globe Newswire: 20:15 GMT Tuesday 13th March 2018

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