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Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and dividend income        
Loans receivable $ 7,756,000 $ 7,238,000 $ 22,617,000 $ 21,811,000
Investment securities 59,000 66,000 179,000 190,000
Dividends from mutual funds and FHLB stock 7,000 6,000 21,000 21,000
Interest-bearing deposits in banks 125,000 87,000 343,000 268,000
Total interest and dividend income 7,947,000 7,397,000 23,160,000 22,290,000
Interest expense        
Deposits 492,000 498,000 1,496,000 1,562,000
FHLB advances 471,000 466,000 1,411,000 1,399,000
Total interest expense 963,000 964,000 2,907,000 2,961,000
Net interest income 6,984,000 6,433,000 20,253,000 19,329,000
Provision for loan losses 0 0 0 0
Net interest income after provision for loan losses 6,984,000 6,433,000 20,253,000 19,329,000
Non-interest income        
Recoveries (other than temporary impairment “OTTI”) on investment securities 0 (38,000) 0 49,000
Adjustment for portion of OTTI (transferred from) recorded as other comprehensive income (loss) before income taxes (4,000) 29,000 (5,000) 29,000
Net recoveries (OTTI) on investment securities (4,000) (9,000) (5,000) 78,000
Gain (Loss) on Sale of Other Investments 0 0 45,000 (32,000)
Service charges on deposits 899,000 921,000 2,635,000 2,795,000
ATM and debit card interchange transaction fees 691,000 611,000 1,964,000 1,769,000
BOLI net earnings 133,000 134,000 401,000 392,000
Gain on sales of loans, net 514,000 241,000 1,098,000 714,000
Escrow fees 57,000 45,000 155,000 111,000
Fee income from non-deposit investment sales 26,000 14,000 38,000 58,000
Other 207,000 159,000 529,000 439,000
Total non-interest income, net 2,523,000 2,116,000 6,860,000 6,324,000
Non-interest expense        
Salaries and employee benefits 3,196,000 3,325,000 9,877,000 10,138,000
Premises and equipment 763,000 759,000 2,239,000 2,099,000
Gain (Loss) on Disposition of Property Plant Equipment (299,000) (5,000) (299,000) (5,000)
Advertising 169,000 187,000 529,000 537,000
OREO and other repossessed assets, net 193,000 240,000 617,000 795,000
ATM and debit card interchange transaction fees 336,000 207,000 929,000 791,000
Postage and courier 104,000 122,000 322,000 329,000
Amortization of CDI 0 29,000 3,000 87,000
State and local taxes 189,000 123,000 426,000 361,000
Professional fees 207,000 196,000 606,000 590,000
Federal Deposit Insurance Corporation (FDIC) insurance 142,000 158,000 449,000 479,000
Other insurance 28,000 34,000 103,000 113,000
Loan administration and foreclosure 88,000 129,000 207,000 377,000
Data processing and telecommunications 449,000 399,000 1,299,000 1,058,000
Deposit operations 220,000 146,000 615,000 569,000
Other 435,000 381,000 1,225,000 1,107,000
Total non-interest expense 6,220,000 6,430,000 19,147,000 19,425,000
Income before federal income taxes 3,287,000 2,119,000 7,966,000 6,228,000
Provision for federal income taxes 1,128,000 685,000 2,629,000 2,024,000
Net income 2,159,000 1,434,000 5,337,000 4,204,000
Preferred stock dividends 0 0 0 (136,000)
Preferred stock discount accretion 0 0 0 (70,000)
Net income to common shareholders $ 2,159,000 $ 1,434,000 $ 5,337,000 $ 3,998,000
Net income per common share        
Basic (in dollars per share) $ 0.31 $ 0.21 $ 0.77 $ 0.58
Diluted (in dollars per share) $ 0.31 $ 0.20 $ 0.76 $ 0.57
Weighted average common shares outstanding        
Basic (in shares) 6,902,067 6,857,149 6,897,381 6,855,811
Diluted (in shares) 7,071,221 7,033,713 7,068,821 7,015,155
Dividends paid per common share (in dollars per share) $ 60 $ 0.00 $ 170 $ 110.00