SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 17, 2003
Timberland Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Washington 0-23333 91-1863696
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State or other jurisdiction Commission (I.R.S. Employer
Of incorporation File Number Identification No.)
624 Simpson Avenue, Hoquiam, Washington 98550
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code) (360) 533-4747
Not Applicable
--------------
(Former name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
--------------------------------------------------------------------------
(c) Exhibits
99.1 Press Release of Timberland Bancorp, Inc. dated November
17, 2003
Item 9. Regulation FD Disclosure
--------------------------------
On November 17, 2003, Timberland Bancorp, Inc. issued its earnings
release for the quarter ended September 30, 2003. A copy of the earnings
release is attached hereto as Exhibit 99.1, which is incorporated herein by
reference.
The information being furnished under this "Item 9. Regulation FD
Disclosure" is intended to be furnished under "Item 12. Disclosure of Results
of Operations and Financial Condition."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
TIMBERLAND BANCORP,INC.
DATE: November 17, 2003 By:/s/ Dean J. Brydon
------------------------------
Dean J. Brydon
Chief Financial Officer
Exhibit 99.1
==============================================================================
PRESS RELEASE: FOR IMMEDIATE PUBLICATION
----------------------------------------
For further information contact: Michael R. Sand, President
Dean Brydon, CFO
At (360) 533-4747
==============================================================================
Timberland Bancorp, Inc. Announces Fourth Quarter Earnings
HOQUIAM, Wash. - November 17, 2003 - Timberland Bancorp, Inc. (Nasdaq: TSBK),
("Company") the holding company for Timberland Bank, ("Bank"), today reported
net income of $1.44 million, or $0.36 per diluted share, for the quarter ended
September 30, 2003. This compares to $0.44 per diluted share that the Company
earned for the quarter ended September 30, 2002. The lower earnings for the
current quarter are primarily due to increased non-interest expenses resulting
from the investment in technology improvements and increased employee costs.
Employee costs increased primarily as a result of a larger employee base and
increased salary expenses attributable to the conversion process.
The planned technology improvements announced previously were implemented
during the September 30th quarter. The Company converted to the Kirchman
Bankway core processing system from its in-house supported system, and changed
its Internet banking system, its loan platform system and its ATM service
provider. The Company incurred expenses of $316,000 ($209,000 net of income
tax - $0.05 per diluted share) related to the technology enhancements and
associated conversion costs during the current quarter. While the technology
upgrades reduced our per share profitability in the short term, we believe the
investment will be beneficial for our customers and ultimately to our
long-term investors.
Loan volumes and mortgage banking activity remained strong during the current
quarter as the Bank originated loans totaling $65.2 million and sold $20.8
million in fixed rate loans. During this low interest rate cycle the Bank has
continued to sell a majority of its fixed rate mortgage loans secured by
residential properties.
"Timberland's successful technology conversion in conjunction with record loan
volumes is a testimony to the diligence and dedication of the Bank's
employees," stated President Michael Sand. "Technology enhancements were
undertaken to provide additional opportunities to serve and expand our
customer base."
The Bank continued its success in attracting checking account type deposits
with its checking account acquisition program. Checking and non-interest
bearing deposits increased by $20.9 million (32%) during the year. Also
notable were the 43% increase in the Company's stock price, the 17% dividend
increase and the 6.5% increase in book value per share during the year.
Branch Expansion Update
The Bank's 15th full-service office was opened in downtown Olympia (Thurston
County) on September 3, 2003. This is Timberland's fourth Thurston County
location and serves as the headquarters for the Bank's Commercial Lending and
Business Banking Divisions. The downtown Olympia site is centrally located
and provides a strategic location as the Company continues to pursue its
commercial and business
1
banking initiatives. Commercial real estate, commercial business, and
commercial construction loans now comprise 33% of the Bank's loan portfolio.
The Bank's 16th full-service office will be opening in Gig Harbor (Pierce
County) in February 2004. Richard Pifer of Gig Harbor has been named Vice
President and branch manager. He is a 12-year resident of Gig Harbor and has
over 23 years of banking experience, most recently with Key Bank. "We are
pleased to add a manager and lender to our staff with such extensive
experience and ability," stated President Sand. "Mr. Pifer sees clearly the
lending opportunities in the Gig Harbor area. His 12 years of experience in
the Gig Harbor Market will be particularly valuable in establishing a
profitable branch operation."
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.
2
TIMBERLAND BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
For the three months and years ended September 30, 2003 and 2002
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
September 30, September 30,
2003 2002 2003 2002
----------------- ------------------
Interest and Dividend Income
Loans receivable $6,226 $6,748 $25,391 $27,764
Investments and mortgage-backed
securities 176 283 873 1,416
Dividends from investments 258 257 1,064 848
Interest bearing deposits in banks 88 111 395 235
----------------- ------------------
Total interest and dividend income 6,748 7,399 27,723 30,263
Interest Expense
Deposits 1,209 1,748 5,570 7,516
Federal Home Loan Bank advances 855 851 3,376 3,374
----------------- ------------------
Total interest expense 2,064 2,599 8,946 10,890
----------------- ------------------
Net interest income 4,684 4,800 18,777 19,373
Provision for Loan Losses - - 200 347 992
----------------- ------------------
Net interest income after provision 4,684 4,600 18,430 18,381
for loan losses
Non-Interest Income
Service charges on deposits 487 564 2,009 1,862
Gain on sale of loans, net 264 225 1,451 976
Gain (loss) on sale of securities - - - - 135 (15)
BOLI net earnings 130 36 530 36
Escrow fees 62 58 267 261
Servicing income on loans sold (63) 19 183 326
ATM transaction fees 136 193 723 632
Other 199 166 709 580
----------------- ------------------
Total non-interest income 1,215 1,261 6,007 4,658
Non-interest Expense
Salaries and employee benefits 2,191 1,826 8,301 6,987
Premises and equipment 486 338 1,799 1,380
Advertising 180 175 730 777
Loss from real estate operations
and write-downs 23 10 164 114
ATM expenses 94 150 564 510
Other 890 827 3,274 2,948
----------------- ------------------
Total non-interest expense 3,864 3,326 14,832 12,716
Income before federal income taxes 2,035 2,535 9,605 10,323
Federal Income Taxes 595 777 2,966 3,432
----------------- ------------------
Net Income $1,440 $1,758 $ 6,639 $ 6,891
Earnings Per Common Share:
Basic $ 0.38 $ 0.45 $ 1.74 $ 1.76
Diluted $ 0.36 $ 0.44 $ 1.66 $ 1.71
Weighted average shares outstanding:
Basic 3,797,140 3,879,092 3,814,344 3,905,544
Diluted 4,014,391 4,025,091 4,004,201 4,033,185
3
TIMBERLAND BANCORP, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEETS
September 30, 2003 and September 30, 2002
(Dollars in thousands)
(unaudited)
September 30, September 30,
2003 2002
---------------------------
ASSETS
Cash and due from financial institutions $ 8,587 $ 10,580
Interest bearing deposits in banks 29,511 25,493
Investments and mortgage-backed securities
held to maturity 279 - -
Investments and mortgage-backed securities
available for sale 54,031 41,582
Federal Home Loan Bank stock 5,454 5,139
Loans receivable 325,126 322,997
Loans held for sale 1,001 3,161
Less: Allowance for loan losses (3,891) (3,630)
-----------------------
Total loans 322,236 322,528
Accrued interest receivable 1,687 1,604
Premises and equipment 13,429 11,664
Real estate owned and other repossessed items 1,258 680
Bank owned life insurance ("BOLI") 10,566 10,036
Other assets 2,595 1,748
-----------------------
TOTAL ASSETS $449,633 $431,054
=======================
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits $307,672 $292,316
Federal Home Loan Bank advances 61,605 61,759
Other liabilities and accrued expenses 2,745 2,583
-----------------------
TOTAL LIABILITIES 372,022 356,658
-----------------------
SHAREHOLDERS' EQUITY
Common stock - $.01 par value; 50,000,000 shares
authorized; September 30, 2003 - 4,251,680 shares
issued, 3,843,493 shares outstanding September 30,
2002 - 4,340,976 shares issued, 3,856,536 shares
outstanding (Unallocated ESOP shares and unvested
MRDP shares are not considered outstanding) 43 43
Additional paid in capital 33,775 35,857
Unearned shares - Employee Stock Ownership Plan (4,891) (5,419)
Unearned shares - Management Recognition &
Development Plan (1,182) (1,826)
Retained earnings 49,699 45,210
Accumulated other comprehensive income 167 531
-----------------------
TOTAL SHAREHOLDERS' EQUITY 77,611 74,396
-----------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $449,633 $431,054
=======================
4
TIMBERLAND BANCORP, INC. AND SUBSIDIARIES
KEY FINANCIAL RATIOS AND DATA
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
September 30, September 30,
2003 2002 2003 2002
------------------ ----------------
PERFORMANCE RATIOS:
Return on average assets (1) 1.28% 1.68% 1.52% 1.73%
Return on average equity (1) 7.46% 9.36% 8.67% 9.42%
Net interest margin (1) 4.49% 4.79% 4.61% 5.08%
Efficiency ratio 65.50% 54.88% 59.85% 52.91%
September 30, September 30,
2003 2002
------------ ------------
ASSET QUALITY RATIOS:
Non-performing loans $3,895 $3,741
REO & other repossessed assets 1,258 680
Total non-performing assets 5,153 4,421
Non-performing assets to total assets 1.15% 1.03%
Allowance for loan losses to
non-performing loans 99.90% 97.03%
Book Value Per Share (2) $18.25 $17.14
Book Value Per Share (3) $19.77 $18.69
------------------
(1) Annualized
(2) Calculation includes ESOP shares not committed to be released
(3) Calculation excludes ESOP shares not committed to be released
Three Months Ended Year Ended
September 30, September 30,
2003 2002 2003 2002
-------------------- -------------------
AVERAGE BALANCE SHEET:
Average Total Loans $322,900 $329,167 $319,583 $323,820
Average Total Interest Earning
Assets 416,886 400,557 407,456 381,484
Average Total Assets 448,746 418,385 437,809 398,343
Average Total Interest Bearing
Deposits 271,947 258,547 270,265 240,095
Average FHLB Advances 61,653 61,813 61,715 63,315
Average Shareholders' Equity 77,218 75,147 76,557 73,169
5
Comparison of Financial Condition at September 30, 2003 and September 30, 2002
Total Assets: Total assets increased $18.5 million to $449.6 million at
September 30, 2003 from $431.1 million at September 30, 2002. This change is
reflected primarily in a $16.7 million increase in investments and interest
bearing deposits in banks and a $1.8 million increase in premises and
equipment.
Investments and Interest Bearing Deposits in Banks: Investments and interest
bearing deposits in banks increased by $16.7 million to $83.8 million at
September 30, 2003 from $67.1 million at September 30, 2002. This increase is
primarily due to investing proceeds from increased customer deposits.
Loans: Net loans receivable, including loans held-for-sale, decreased slightly
to $322.2 million at September 30, 2003 from $322.5 at September 30, 2002.
The composition of the portfolio continued to migrate away from the Bank's
historical dependence on one-to-four family mortgage loans as the percentage
of one-to-four family mortgage loans decreased to 26.2% at September 30, 2003
from 31.3% at September 30, 2002. The lower levels of one-to-four family
mortgage loans were partially offset by increased levels of construction
loans, commercial real estate loans, and consumer loans. During the year
one-to-four family mortgage loans decreased by $17.8 million and multi-family
mortgage loans decreased by $5.9 million. However, net construction loans
increased by $11.5 million, commercial mortgage loans increased by $5.3
million, and consumer loans increased by $6.2 million. Loan volume was very
strong during the year ended September 30, 2003 as the Bank originated loans
of $249.6 million and sold $108.8 million in fixed rate one-to-four family
mortgage loans. Management elected to sell a majority of the fixed rate
residential loans originated rather than adding them to the Bank's portfolio
due to the low interest-rate environment.
Deposits: Deposits increased by $15.4 million to $307.7 million at September
30, 2003 from $292.3 million at September 30, 2002, primarily due to a $15.4
million increase in the Bank's N.O.W. checking accounts, a $9.2 million
increase in passbook savings accounts, and a $5.5 million increase in
non-interest bearing accounts. These increases were partially offset by an
$8.4 million decrease in money market accounts and a $6.4 million decrease in
certificate of deposit accounts. The Bank chose not to compete for high-rate
time deposits, electing instead to focus on attracting transaction accounts
that typically provide more of a core deposit relationship with customers.
Shareholders' Equity: Total shareholders' equity increased by $3.2 million to
$77.6 million at September 30, 2003 from $74.4 million at September 30, 2002.
The components of shareholders' equity were primarily affected by net income
of $6.64 million, the repurchase of 188,367 shares of the Company's stock for
$3.85 million and the payment of $2.15 million in dividends to shareholders.
Also affecting shareholders' equity was a $1.50 million increase to additional
paid in capital from the exercise of stock options, a $364,000 decrease in
accumulated other comprehensive income, and decreases of $644,000 and $528,000
in the equity components related to unearned shares issued to the Management
Recognition and Development Plan and Employee Stock Ownership Plans,
respectively, as more shares vested under the MRDP and were released under the
ESOP.
On February 14, 2003 the Company announced a plan to repurchase 380,028 shares
of the Company's stock. This marked the Company's eleventh stock repurchase
plan. As of September 30, 2003, the Company had purchased 112,108 of these
shares and cumulatively had repurchased 2,710,671 (41.0%) of the 6,612,500
shares that were issued when the Company went public in January 1998.
6
Comparison of Operating Results for the Three Months and Years Ended September
30, 2003 and 2002
Net Income: Net income for the quarter ended September 30, 2003 was $1.44
million, or $0.36 per diluted share ($0.38 per basic share) compared to $1.76
million, or $0.44 per diluted share ($0.45 per basic share) for the quarter
ended September 30, 2002. The lower earnings for the current quarter were
primarily a result of increased non-interest expenses related to technology
improvements, higher employee costs resulting from a larger employee base, and
higher premises and equipment expenses due to additional branches and
remodeling costs. The technology improvement related expenses totaled
$316,000 ($209,000 net of income tax) and reduced earnings by $0.05 per
diluted share.
Net income for the year ended September 30, 2003 was $6.64 million, or $1.66
per diluted share ($1.74 per basic share) compared to $6.89 million, or $1.71
per diluted share ($1.76 per basic share) for the year ended September 30,
2002. The lower earnings for the current year were primarily a result of
technology improvement related expenses, which totaled $586,000 ($387,000 net
of income tax) for the year and reduced earnings by $0.10 per diluted share.
(The anticipated technology investment expenses were initially announced on
April 23, 2003 and were estimated at that time to reduce earnings by a total
of $0.09 per diluted share.) The increased expenses were, however, partially
offset by higher non-interest income, largely related to mortgage loan sales
and earnings on bank owned life insurance.
Net Interest Income: Net interest income decreased $116,000 to $4.68 million
for the quarter ended September 30, 2003 from $4.80 million for the quarter
ended September 30, 2002. Total interest income decreased $651,000 to $6.75
million for the quarter ended September 30, 2003 from $7.40 million for the
quarter ended September 30, 2002, primarily due to a reduction in average
yields on earning assets. The yield on earning assets was 6.47% for the
quarter ended September 30, 2003 compared to 7.39% for the quarter ended
September 30, 2002. In addition to overall lower market rates, the yield was
also impacted by a change in the composition of total earning assets. In
2002, loans, the Company's highest yielding class of assets, comprised 82.2%
of average earning assets. In 2003, loans were 77.5% of average earning
assets. This change was largely influenced by the decision to sell many of
the loans originated during this low interest rate cycle. That had the effect
of increasing the gain on loans sold, at the expense of interest income. The
impact of lower average yields was, however, partially offset by increased
levels of average earning assets. Total interest expense decreased $535,000
to $2.06 million for the quarter ended September 30, 2003 from $2.60 million
for the quarter ended September 30, 2002. The average cost of funds for each
of the Bank's deposit account types for the current quarter was lower than a
year ago. The overall cost of funds decreased to 2.47% for the quarter ended
September 30, 2003 from 3.24% for the quarter ended September 30, 2002. As a
result of these changes, the net interest margin decreased to 4.49% for the
quarter ended September 30, 2003 from 4.79% for the quarter ended September
30, 2002.
Net interest income decreased $596,000 to $18.78 million for the year ended
September 30, 2003 from $19.37 million for the year ended September 30, 2002.
Total interest income decreased $2.54 million to $27.72 million for the year
ended September 30, 2003 from $30.26 million for the year ended September 30,
2002, primarily due to a reduction in average yields on earning assets. The
yield on earning assets was 6.80% for the year ended September 30, 2003
compared to7.93% for the year ended September 30, 2002. The impact of lower
average yields was, however, partially offset by increased levels of average
earning assets. Total interest expense decreased $1.94 million to $8.95
million for the yearended September 30, 2003 from $10.89 million for the year
ended September 30, 2002. The average cost of funds for each of the Bank's
deposit account types for the current period was lower than a year ago. The
overall cost of funds decreased to 2.69% for the year ended September 30, 2003
from 3.59% for the year ended September 30, 2002. As a result of these
changes, the net interest margin decreased to 4.61% for the year ended
September 30, 2003 from 5.08% for the year ended September 30, 2002.
Provision for Loan Losses: The provision for loan losses for the year ended
September 30, 2003 decreased $645,000 to $347,000 from $992,000 for the year
ended September 30, 2002. The provision for loan losses for the quarter ended
September 30, 2003 decreased $200,000 from the same period a year ago as there
was no provision made during the current quarter. Management deemed the
allowance for loan losses of $3.89 million at September 30, 2003 (1.20% of
loans receivable and 99.9% of non-performing loans) adequate to provide for
probable losses based on an evaluation of known and inherent risks in the loan
portfolio at that date. The allowance for loan losses was $3.63 million
(1.12% of
7
Loans receivable and 97.0% of non-performing loans) at September 30, 2002.
The increase in the level of the allowance for loan losses primarily resulted
from a change in the mix of the loan portfolio. The Company had a net
charge-off of $47,000 for the current quarter compared to a net charge-off of
$186,000 in the same quarter of 2002. For the twelve months ended September
30, 2003 and 2002, net charge-offs were $86,000 and $412,000, respectively.
Non-interest Income: Total non-interest income decreased $46,000 to $1.22
million for the quarter ended September 30, 2003 from $1.26 million for the
quarter ended September 30, 2002, primarily due to an $82,000 decrease in
servicing income on loans sold, a $77,000 decrease in service charges on
deposits, and a $57,000 decrease in ATM transaction fees. These decreases are
partially offset by a $94,000 increase in BOLI income and a $39,000 increase
in gains on sale of loans. The decrease in servicing income on loans sold is
primarily a result of higher prepayments in the Bank's servicing portfolio,
while the decreases in deposit service charges and ATM transaction fees are
partially related to fees waived during the Bank's technology conversion
process.
For the year ended September 30, 2003 non-interest income increased $1.35
million to $6.01 million from $4.66 million for the year ended September 30,
2002. This increase is primarily due to a $494,000 increase in BOLI income, a
$475,000 increase in gain on sale of loans, a $150,000 increase in security
sale gains, and a $147,000 increase in service charges on deposits. The
increased BOLI income is a result of having a full year's earnings on the BOLI
investment that was made in September 2002. The increased loan sale gains are
primarily the result of a larger volume of mortgage banking activity due to
the strong refinance demand. The Bank sold $108.8 million in fixed rate
one-to-four family mortgages during the year ended September 30, 2003 compared
to $70.2 million for the previous year.
Non-interest Expense: Total non-interest expense increased by $538,000 to
$3.86 million for the quarter ended September 30, 2003 from $3.33 million for
the quarter ended September 30, 2002. The increase is primarily a result of
expenses related to the Bank's technology-related enhancements, increased
employee expenses, and increased premises and equipment expenses. The
technology-related conversion expenses totaled $316,000 for the current
quarter and are reflected in the income statement under other non-interest
expenses ($172,000), salaries and employee benefits ($86,000) and premises and
equipment expense ($58,000). In addition to the conversion related expenses
for employee training and overtime, salaries and employee benefit expenses
also increased due to a larger employee base. The Bank's employee base grew
during the year as the Silverdale and Olympia branches were brought on-line
and staffing levels in several other departments were increased.
For the year ended September 30, 2003 non-interest expense increased by $2.12
million to $14.83 million from $12.72 million for the year ended September 30,
2002. The increase is primarily a result of increased employee expenses,
increased premises, and equipment expenses and technology enhancement
expenses. The technology-related conversion expenses totaled $586,000 for the
year ended September 30, 2003 and are reflected in the income statement under
other non-interest expenses ($290,000), premises and equipment expenses
($210,000) and salaries and employee benefit expenses ($86,000). Salary and
benefit expenses increased primarily due to a larger employee base as the Bank
opened two new branches during the year and increased staffing levels in
several other departments. Premises and equipment expense increased during
the year primarily due to the additional branches opened, expenses associated
with remodeling the Bank's loan center, and the technology related expenses
previously discussed.
8
TIMBERLAND BANCORP, INC. AND SUBSIDIARIES
LOANS RECEIVABLE BREAKDOWN
(Dollars in thousands)
The following table sets forth the composition of the Company's loan portfolio
by type of loan.
At September 30, At September 30,
2003 2002
Amount Percent Amount Percent
-------------------- -------------------
Mortgage Loans:
One-to-four family (1) $ 95,371 26.21% $113,144 31.28%
Multi family 18,241 5.01 24,135 6.67
Commercial 102,972 28.30 97,644 27.00
Construction and
land development 94,117 25.87 80,144 22.16
Land 15,628 4.30 15,453 4.27
-------- ------ -------- ------
Total mortgage loans 326,329 89.69 330,520 91.38
Consumer Loans:
Home equity and second mortgage 19,233 5.29 13,718 3.79
Other 8,799 2.42 8,097 2.24
-------- ------ -------- ------
28,032 7.71 21,815 6.03
Commercial business loans 9,475 2.60 9,365 2.59
-------- ------ -------- ------
Total loans 363,836 100.00% 361,700 100.00%
Less:
Undisbursed portion of loans
in process (34,785) (32,324)
Unearned income (2,924) (3,218)
Allowance for loan losses (3,891) (3,630)
-------- --------
Total loans receivable, net $322,236 $322,528
======== ========
-------------
(1) Includes loans held-for-sale.
9
TIMBERLAND BANCORP, INC. AND SUBSIDIARIES
DEPOSIT BREAKDOWN
(Dollars in thousands)
The following table sets forth the balances of deposits in the various types
of savings accounts offered by the Bank at the dates indicated.
September 30, 2003 September 30, 2002
------------------ ------------------
Non-interest bearing $ 29,133 $ 23,585
N.O.W checking 57,614 42,222
Passbook savings 49,572 40,328
Money market accounts 39,444 47,888
Certificates of deposit under
$100,000 109,720 102,052
Certificates of deposit $100,000
and over 22,189 36,241
-------- --------
Total deposits $307,672 $292,316
======== ========
Timberland Bancorp, Inc. stock trades on the NASDAQ national market under the
symbol "TSBK." The Bank owns and operates branches in the state of Washington
in Hoquiam, Aberdeen, Ocean Shores, Montesano, Lacey, Puyallup, Edgewood,
Auburn, Yelm, Poulsbo, Spanaway (Bethel Station), Tumwater, Tacoma,
Silverdale, and Olympia.
CONTACT:
Timberland Bancorp, Inc.
Michael Sand, President or Dean Brydon, CFO 360/533-4747
10