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Timberland Bancorp (TSBK) Reports 25% Year-Over-Year Increase in Net Income for Second Fiscal Quarter

Timberland Bancorp (TSBK) recently reported its financial results for the second fiscal quarter ended June 30, 2020. The company reported a 25% year-over-year increase in net income, to $2.9 million, or $0.28 per diluted share. This was driven by strong loan growth and an increase in non-interest income.

Strong Loan Growth

TSBK reported a total loan portfolio of $1.2 billion, an increase of $133 million, or 12.5%, from the prior year. This growth was driven by increases in residential mortgage, commercial real estate, and commercial and industrial loans. The company also reported that its loan portfolio was well diversified, with no single loan representing more than 1% of total loans.

Increase in Non-Interest Income

TSBK reported an increase in non-interest income of $1.5 million, or 11.3%, from the prior year. This was driven by increases in service charges, mortgage banking income, and gains on the sale of securities.

Conclusion

Overall, TSBK reported strong financial results for the second fiscal quarter, with a 25% year-over-year increase in net income and strong loan growth. The company also reported an increase in non-interest income, driven by increases in service charges, mortgage banking income, and gains on the sale of securities. #TSBK #FinancialResults #NetIncome #LoanGrowth

In conclusion, Timberland Bancorp (TSBK) reported strong financial results for the second fiscal quarter, with a 25% year-over-year increase in net income and strong loan growth. The company also reported an increase in non-interest income, driven by increases in service charges, mortgage banking income, and gains on the sale of securities.