HOQUIAM, Wash., Feb. 23, 2007 (PRIME NEWSWIRE) -- Timberland Bancorp, Inc. (Nasdaq:TSBK), the holding company for Timberland Bank, today announced that Michael R. Sand, President and CEO and Dean J. Brydon, CFO, are scheduled to present at the Wunderlich Securities West Coast Bank Conference in Chicago. Timberland's presentation is on Monday, February 26, 2007, at 8:50 a.m. CST.
On January 23, 2007, Timberland reported that strong loan growth and excellent asset quality contributed to solid fiscal first quarter 2007 results. First quarter profits were near the record levels of its fiscal first quarter of 2006 with net income totaling $1.95 million, or $0.54 per diluted share, for the quarter ended December 31, 2006, compared to $2.01 million, or $0.55 per diluted share, for the quarter ended December 31, 2005. During the previous twelve months, Timberland's loan portfolio increased 15% to $452 million, and total deposits increased 6% to $434 million, with non-interest bearing deposits increasing 10%. Loan originations increased 23%, with continuing strength in construction and land development lending, and asset quality remains strong with nonperforming assets to total assets at just 0.04% at December 31, 2006.
About Timberland Bancorp, Inc.
Timberland Bancorp, Inc. stock trades on the NASDAQ global market under the symbol "TSBK." The Bank operates 21 branches in the state of Washington in Hoquiam, Aberdeen, Ocean Shores, Montesano, Elma, Olympia, Lacey, Tumwater, Yelm, Puyallup, Edgewood, Tacoma, Spanaway (Bethel Station), Gig Harbor, Poulsbo, Silverdale, Auburn, Winlock, and Toledo.
Disclaimer
This report contains certain "forward-looking statements." The Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and is including this statement for the express purpose of availing itself of the protection of such safe harbor with forward looking statements. These forward-looking statements may describe future plans or strategies and include the Company's expectations of future financial results. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated objectives. These risk factors include but are not limited to the effect of interest rate changes, competition in the financial services market for both deposits and loans as well as regional and general economic conditions. The words "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements. The Company's ability to predict results or the effect of future plans or strategies is inherently uncertain and undue reliance should not be placed on such statements.