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 9, 2004
Timberland Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Washington 0-23333 91-1863696
- --------------------------- ----------- ------------------
State or other jurisdiction Commission (I.R.S. Employer
Of incorporation File Number Identification No.)
624 Simpson Avenue, Hoquiam, Washington 98550
- --------------------------------------- ----------
(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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions.
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
- -----------------------------------------------------
On November 9, 2004, Timberland Bancorp, Inc. issued its earnings release
for the quarter ended September 30, 2004. A copy of the earnings release is
attached hereto as Exhibit 99.1, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
- --------------------------------------------------------------------------
(c) Exhibits
99.1 Press Release of Timberland Bancorp, Inc. dated November 9, 2004
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 10, 2004 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
* Loan Portfolio Increases by $10.5 Million During Quarter
* Net Interest Margin increases to 4.92% for Quarter
* Deposits Increase by $12.0 Million During Quarter
* Non-Performing Asset Ratio Decreases by 32% During Quarter
* Acquisition of 7 Branches Closes in October
HOQUIAM, Wash. - November 9, 2004 - Timberland Bancorp, Inc. (Nasdaq: TSBK),
("Company") the holding company for Timberland Bank, ("Bank"), today reported
net income of $1.33 million, or $0.36 per diluted share, for the quarter ended
September 30, 2004. This compares to $0.36 per diluted share that the Company
earned for the quarter ended September 30, 2003. Income for the quarter
ended September 30, 2004 was reduced by approximately $143,000 ($94,000 net of
income tax) when compared to the same quarter in the prior fiscal year due to
expenses associated with the Venture Bank branch acquisition and the addition
to loan loss reserves as a consequence of loan growth.
"During the quarter our efforts were focused on taking advantage of an
improving Northwest economy by growing our loan portfolio and deposit base
while preparing for the acquisition of seven branch offices formerly owned by
Venture Bank," stated President Michael Sand. "The increase in the Bank's
loan portfolio combined with an increase in non-interest bearing and NOW
accounts supported an escalation in the net interest margin to 4.92%. We were
also successful in decreasing the non-performing assets ratio by 32% to 0.40%
of assets."
Branch Acquisition
On October 9, 2004 Timberland completed the acquisition of seven branch
offices and related deposits in three Western Washington counties from Venture
Bank. Timberland acquired approximately $86 million in deposits, which
represents a 27% increase in its deposit base. In addition, Timberland
acquired real estate, branch infrastructure, and employees for seven offices
in Toledo, Winlock, Elma, Montesano, Hoquiam, Aberdeen and Panorama City.
"This acquisition complements our branching strategy and is a very good fit
for us, adding additional branches, a solid customer base, productive
employees and stable low-cost deposits," said Sand. "The branch locations
offer an ideal mix of in-market offices and new territory. Five of the
branches are located within our existing geographic footprint and show solid
prospects for generating operating synergies with our current system. The
offices acquired in Hoquiam and Montesano will be consolidated with existing
Timberland locations. The branches in Toledo and Winlock allow us to expand
into Lewis County. Entering this new market reflects the commitment to our
community banking philosophy, where decisions are made locally, and community
involvement is encouraged."
Of the approximately $86 million in acquired deposits, 56% are in N.O.W.
checking, savings, and money market accounts, 16% are non-interest-bearing
deposits and 28% are time certificates. As we deploy deposits into loans in
the communities we serve, we anticipate this transaction will contribute to
earnings. We believe the acquisition will be accretive (net of the initial
transaction expenses) within one
1
year following full integration of the new branches into our system. This
acquisition, which is the first we have completed since going public in 1998,
brings solid potential to generate long-term earnings growth and also
complements our efforts to enhance shareholder value through dividends and
share repurchases.
The Company incurred approximately $70,000 ($46,000 net of income tax) in
expenses related to this acquisition in the quarter ended September 30, 2004
and estimates that it will incur approximately $200,000 ($132,000 net of
income tax) in additional acquisition related expenses during the December 31,
2004 quarter.
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, 2004 and 2003
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
September 30, September 30,
2004 2003 2004 2003
-------------------- --------------------
Interest and Dividend Income
Loans receivable $6,288 $6,226 $24,898 $25,391
Investments and mortgage-backed
securities 217 176 934 873
Dividends from investments 259 258 1,021 1,064
Interest bearing deposits in
banks 18 88 115 395
-------------------- --------------------
Total interest and dividend
income 6,782 6,748 26,968 27,723
Interest Expense
Deposits 969 1,209 4,168 5,570
Federal Home Loan Bank advances 774 855 3,157 3,376
-------------------- --------------------
Total interest expense 1,743 2,064 7,325 8,946
-------------------- --------------------
Net interest income 5,039 4,684 19,643 18,777
Provision for Loan Losses 73 - - 167 347
-------------------- --------------------
Net interest income after
provision for loan losses 4,966 4,684 19,476 18,430
Non-Interest Income
Service charges on deposits 518 487 1,927 2,009
Gain on sale of loans, net 57 264 642 1,451
Gain (loss) on sale of securities - - - - (6) 135
BOLI net earnings 124 130 462 530
Escrow fees 35 62 140 267
Servicing income (expense) on
loans sold (66) (63) (87) 183
ATM transaction fees 174 136 636 723
Other 125 199 465 709
-------------------- --------------------
Total non-interest income 967 1,215 4,179 6,007
Non-interest Expense
Salaries and employee benefits 2,233 2,191 8,794 8,301
Premises and equipment 526 486 1,879 1,799
Advertising 170 180 729 730
Loss (gain) from real estate
operations 24 23 (3) 164
ATM expenses 93 94 396 564
Other 966 890 3,780 3,274
-------------------- --------------------
Total non-interest expense 4,012 3,864 15,575 14,832
Income before federal income
taxes 1,921 2,035 8,080 9,605
Federal Income Taxes 588 595 2,492 2,966
-------------------- --------------------
Net Income $ 1,333 $ 1,440 $ 5,588 $ 6,639
==================== ====================
Earnings Per Common Share:
Basic $ 0.38 $ 0.38 $ 1.54 $ 1.74
Diluted $ 0.36 $ 0.36 $ 1.46 $ 1.66
Weighted average shares
outstanding:
Basic 3,507,811 3,797,140 3,637,510 3,814,344
Diluted 3,668,134 4,014,391 3,827,997 4,004,201
3
TIMBERLAND BANCORP, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEETS
September 30, 2004 and September 30, 2003
(Dollars in thousands)
(unaudited)
September 30, September 30,
2004 2003
--------------------------
ASSETS
Cash and due from financial institutions $ 15,268 $ 8,587
Interest bearing deposits in banks 3,385 29,511
Fed funds sold 1,180 - -
Investments and mortgage-backed securities -
held to maturity 174 279
Investments and mortgage-backed securities -
available for sale 59,889 54,031
Federal Home Loan Bank stock 5,682 5,454
Loans receivable 347,975 325,126
Loans held for sale 610 1,001
Less: Allowance for loan losses (3,991) (3,891)
--------------------------
Total loans 344,594 322,236
Accrued interest receivable 1,828 1,687
Premises and equipment 13,913 13,429
Real estate owned and other repossessed items 421 1,258
Bank owned life insurance ("BOLI") 11,028 10,566
Other assets 3,057 2,595
--------------------------
TOTAL ASSETS $ 460,419 $ 449,633
==========================
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits $ 319,570 $ 307,672
Federal Home Loan Bank advances 65,421 61,605
Other liabilities and accrued expenses 2,611 2,745
--------------------------
TOTAL LIABILITIES 387,602 372,022
--------------------------
SHAREHOLDERS' EQUITY
Common stock - $.01 par value; 50,000,000
shares authorized;
September 30, 2004 - 3,882,070 shares issued
and outstanding
September 30, 2003 - 4,251,680 shares issued
and outstanding 39 43
Additional paid in capital 24,908 33,775
Unearned shares - Employee Stock Ownership Plan (4,362) (4,891)
Unearned shares Management Recognition &
Development Plan (537) (1,182)
Retained earnings 52,926 49,699
Accumulated other comprehensive income (loss) (157) 167
--------------------------
TOTAL SHAREHOLDERS' EQUITY 72,817 77,611
--------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 460,419 $ 449,633
==========================
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,
2004 2003 2004 2003
------------------- ----------------
PERFORMANCE RATIOS:
Return on average assets (1) 1.19% 1.28% 1.24% 1.52%
Return on average equity (1) 7.40% 7.46% 7.52% 8.67%
Net interest margin (1) 4.92% 4.49% 4.77% 4.61%
Efficiency ratio 66.79% 65.50% 65.38% 59.85%
September 30, September 30,
2004 2003
------------ ------------
ASSET QUALITY RATIOS:
Non-performing loans $ 1,442 $ 3,895
REO & other repossessed assets 421 1,258
Total non-performing assets 1,863 5,153
Non-performing assets to total assets 0.40% 1.15%
Allowance for loan losses to
non-performing loans 276.77% 99.90%
Book Value Per Share (2) $ 18.76 $ 18.25
Book Value Per Share (3) $ 20.28 $ 19.77
- ---------------
(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,
2004 2003 2004 2003
-------------------- --------------------
AVERAGE BALANCE SHEET:
Average Total Loans $ 342,150 $ 322,900 $ 338,752 $ 319,583
Average Total Interest Earning
Assets 409,504 416,886 411,858 407,456
Average Total Assets 447,160 448,746 449,703 437,809
Average Total Interest Bearing
Deposits 281,701 271,947 283,517 270,265
Average FHLB Advances 57,770 61,653 57,778 61,715
Average Shareholders' Equity 72,070 77,218 74,293 76,557
5
Comparison of Financial Condition at September 30, 2004 and September 30, 2003
Total Assets: Total assets increased $10.8 million to $460.4 million at
September 30, 2004 from $449.6 million at September 30, 2003 primarily due to
a $22.4 million increase in total loans, a $6.7 million increase in cash and
due from financial institutions, a $5.8 million increase in investment
securities and a $1.2 million increase in fed funds sold. Partially
offsetting these increases was a $26.1 million decrease in interest bearing
deposits in banks. The net asset growth was primarily funded by increased
deposits and FHLB advances.
Investments and Overnight Funds: Investments, interest bearing deposits in
banks, and fed funds sold decreased by $19.2 million to $64.6 million at
September 30, 2004 from $83.8 million at September 30, 2003, as a portion of
the Company's short-term deposits were used to fund loan growth and the
Company's stock repurchase program.
Loans: Net loans receivable, including loans held-for-sale, increased by $22.4
million to $344.6 million at September 30, 2004 from $322.2 million at
September 30, 2003. The increase in the portfolio was primarily a result of a
$5.3 million increase in commercial real estate loans, a $4.8 million increase
in consumer loans, a $4.5 million increase in one-to-four family mortgage
loans, a $4.3 million increase in land loans, a $3.3 million increase in
construction loans (net of undisbursed portion), and a $1.6 million increase
in commercial business loans. These increases were partially offset by a $1.1
million decrease in multi-family loans.
Loan originations totaled $66.8 million and $200.4 million for the three and
twelve months ended September 30, 2004, compared to $65.2 million and $255.5
million for the same periods a year earlier. The Bank sold $2.5 million and
$35.7 million in fixed rate one-to-four family mortgage loans for the three
and twelve months ended September 30, 2004, compared to $20.8 million and
$108.8 million for the same periods a year earlier.
Deposits: Deposits increased by $11.9 million to $319.6 million at September
30, 2004 from $307.7 million at September 30, 2003, primarily due to a $19.6
million increase in N.O.W. checking accounts, an $8.0 million increase in
non-interest bearing accounts, and a $2.2 million increase in money market
accounts. These increases were partially offset by a $16.6 million decrease
in the Bank's certificate of deposit accounts and a $1.4 million decrease in
savings accounts. The Bank continues to focus on attracting transaction
accounts rather than higher-rate time deposits. Transaction accounts
represent a stronger core deposit relationship than other types of deposit
accounts.
Shareholders' Equity: Total shareholders' equity decreased by $4.9 million to
$72.8 million at September 30, 2004 from $77.6 million at September 30, 2003,
primarily due to the repurchase of 482,016 shares of the Company's stock for
$11.1 million and the payment of $2.3 million in dividends to shareholders.
Partially offsetting these decreases to equity, were net income of $5.6
million and a $1.7 million increase to additional paid in capital from the
exercise of stock options. Also affecting shareholders' equity were decreases
of $645,000 and $529,000 in the equity components related to unearned shares
issued to the Management Recognition and Development Plan and the Employee
Stock Ownership Plans.
On February 27, 2004, the Company announced a plan to repurchase 360,670
shares of the Company's stock. This marked the Company's 12th stock
repurchase plan. As of September 30, 2004, the Company has repurchased
214,086 of these shares at an average price of $22.83 per share. Cumulatively
the Company has repurchased 3,192,687 (48.3%) of the 6,612,500 shares that
were issued when the Company went public in January 1998 at an average price
of $14.96 per share.
Comparison of Operating Results for the Three Months and Years Ended September
30, 2004 and 2003
Net Income: Net income for the quarter ended September 30, 2004 was $1.33
million, or $0.36 per diluted share ($0.38 per basic share) compared to $1.44
million, or $0.36 per diluted share ($0.38 per basic share) for the quarter
ended September 30, 2003. Net income for the current quarter was $107,000
lower than the same period a year ago, but earnings per share remained level
as a result of the lower number of weighted average shares outstanding due to
share repurchases. The decrease in net income was primarily a result of
decreased non-interest income and increased non-
6
interest expenses, which were partially offset by increased net interest
income. During the quarter, the Company also incurred expenses of $70,000 in
connection with the acquisition of seven Venture Bank branches.
Net income for the year ended September 30, 2004 was $5.59 million, or $1.46
per diluted share ($1.54 per basic share) compared to $6.64 million, or $1.66
per diluted share ($1.74 per basic share) for the year ended September 30,
2003. The $0.20 per share decrease in earnings for the year ended September
30, 2004 was primarily a result of the $1.83 million ($1.21 million net of
income tax - $0.32 per diluted share) decrease in non-interest income and the
$743,000 ($490,000 net of income tax - $0.13 per diluted share) increase in
non-interest expense. These items were partially offset by a $1.05 million
($690,000 net of income tax - $0.18 per diluted share) increase in net
interest income after provision for loan losses and a lower number of weighted
average shares outstanding which increased diluted earnings per share by
approximately $0.07.
Net Interest Income: Net interest income increased $355,000 to $5.04 million
for the quarter ended September 30, 2004 from $4.68 million for the quarter
ended September 30, 2003, primarily due to a decrease in the Company's funding
costs and increased yields on the Company's earning asset portfolio. Total
interest expense decreased by $321,000 to $1.74 million for the quarter ended
September 30, 2004 from $2.06 million for the quarter ended September 30, 2003
as the Company's total cost of funds decreased to 2.05% from 2.47%. The lower
funding costs were due in part to a change in the composition of
interest-bearing liabilities, as average certificate of deposit accounts and
FHLB advances decreased while N.O.W. checking accounts, a lower cost source of
funds, increased. Also contributing to the increased net interest income was
increased interest income. Total interest income increased $34,000 to $6.78
million for the quarter ended September 30, 2004 from $6.75 million for the
quarter ended September 30, 2003, primarily due to an increase in average
yields on earning assets. The yield on earning assets was 6.63% for the
quarter ended September 30, 2004 compared to 6.47% for the quarter ended
September 30, 2003. The increased yield was due in part to a change in the
composition of interest earnings assets, as average loans increased while
lower yielding overnight investments decreased. As a result of these changes,
the net interest margin increased to 4.92% for the quarter ended September 30,
2004 from 4.49% for the quarter ended September 30, 2003.
Net interest income increased $866,000 to $19.64 million for the year ended
September 30, 2004 from $18.78 million for the year ended September 30, 2003,
primarily due to a decrease in the Company's funding costs. Total interest
expense decreased by $1.62 million to $7.33 million for the year ended
September 30, 2004 from $8.95 million for the year ended September 30, 2003 as
the Company's total cost of funds decreased to 2.14% from 2.69%. Total
interest income decreased $755,000 to $26.97 million for the year ended
September 30, 2004 from $27.72 million for the year ended September 30, 2003,
primarily due to a reduction in average yields on earning assets. The yield
on earning assets was 6.55% for the year ended September 30, 2004 compared to
6.80% for the year ended September 30, 2003. As a result of these changes,
the net interest margin increased to 4.77% for the year ended September 30,
2004 from 4.61% for the year ended September 30, 2003.
Provision for Loan Losses: The provision for loan losses for the quarter
ended September 30, 2004 was $73,000, while no provision was made for the
comparable quarter in 2003. The provision for loan losses for the year ended
September 30, 2004 decreased by $180,000 to $167,000 from $347,000 for the
year ended September 30, 2003. Management deemed the allowance for loan
losses of $3.99 million at September 30, 2004 (1.15% of loans receivable and
276.8% 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 $3.89 million (1.20% of loans
receivable and 99.9% of non-performing loans) at September 30, 2003.
The Company had a net charge-off of $9,000 for the current quarter compared to
a net charge-off of $47,000 in the same quarter of 2003. For the year ended
September 30, 2004 and 2003, net charge-offs were $67,000 and $86,000,
respectively. The Company's net charge-offs to outstanding loans ratio was a
minimal .02% for the year ended September 30, 2004 and during the last ten
fiscal years has averaged less than .09% per year.
The Company's non-performing assets to total assets ratio decreased to 0.40%
at September 30, 2004 from 0.59% at June 30, 2004 and 1.15% at September 30,
2003. The non-performing loan total of $1.44 million at September 30, 2004
7
consisted of $640,000 in commercial real estate loans, $430,000 in
one-to-four family loans, $322,000 in land loans, $27,000 in commercial
business loans, and $23,000 in consumer loans.
Non-interest Income: Total non-interest income decreased $248,000 to $967,000
for the quarter ended September 30, 2004 from $1.22 million for the quarter
ended September 30, 2003, primarily due to a $210,000 decrease in income from
loan sales (gain on sale of loans and servicing income on loans sold), and a
$36,000 decrease in loan related fees. Income from loan sales decreased as
mortgage banking activity slowed. The Bank sold $2.5 million in fixed rate
one-to-four family mortgages during the quarter ended September 30, 2004
compared to $20.8 million for the same period a year ago.
Total non-interest income decreased $1.83 million to $4.18 million for the
year ended September 30, 2004 from $6.01 million for the year ended September
30, 2003, primarily due to a $1.08 million decrease in income from loan sales
(gain on sale of loans and servicing income on loans sold), a $141,000
decrease in gain on sale of securities, a $127,000 decrease in escrow fees, a
$104,000 decrease in loan application fees, an $87,000 decrease in ATM
transaction fees, an $82,000 decrease in services charges on deposits, and a
$68,000 decrease in BOLI income. Income from loan sales decreased as
mortgage banking activity slowed. The Bank sold $35.7 million in fixed rate
one-to-four mortgages during the year ended September 30, 2004 compared to
$108.8 million for the same period a year ago.
Non-interest Expense: Total non-interest expense increased by $148,000 to
$4.01 million for the quarter ended September 30, 2004 from $3.86 million for
the quarter ended September 30, 2003. The increase is primarily a result of
$70,000 in expenses related to the acquisition of Venture Bank branches, a
$42,000 increase in salaries and employee benefits, and a $40,000 increase in
premises and equipment expenses.
Total non-interest expense increased by $743,000 to $15.58 million for the
year ended September 30, 2004 from $14.83 million for the year ended September
30, 2003. The increase is primarily a result of a $493,000 increase in
employee expenses, a $91,000 increase in audit and Sarbanes-Oxley related
expenses, an $80,000 increase in premises and equipment expenses, and $70,000
in expenses related to the Bank's acquisition of Venture Bank branches. The
increased employee expenses are primarily due to a larger employee base,
annual salary adjustments, and increased medical insurance costs.
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,
2004 2003
Amount Percent Amount Percent
-------------------- --------------------
Mortgage Loans:
One-to-four family (1) $ 99,835 25.25% $ 95,371 26.21%
Multi family 17,160 4.34 18,241 5.01
Commercial 108,276 27.39 102,972 28.30
Construction and
land development 106,241 26.88 94,117 25.87
Land 19,895 5.03 15,628 4.30
-------- ------ -------- ------
Total mortgage loans 351,407 88.89 326,329 89.69
Consumer Loans:
Home equity and second mortgage 23,549 5.96 19,233 5.29
Other 9,270 2.34 8,799 2.42
-------- ------ -------- ------
32,819 8.30 28,032 7.71
Commercial business loans 11,098 2.81 9,475 2.60
-------- ------ -------- ------
Total loans 395,324 100.00% 363,836 100.00%
Less:
Undisbursed portion of loans
in process (43,563) (34,785)
Unearned income (3,176) (2,924)
Allowance for loan losses (3,991) (3,891)
-------- --------
Total loans receivable, net $344,594 $322,236
======== ========
- -----------------
(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 accounts offered by the Bank.
September 30, 2004 September 30, 2003
------------------ ------------------
Non-interest bearing $ 37,150 $ 29,133
N.O.W checking 77,242 57,614
Savings 48,200 49,572
Money market accounts 41,652 39,444
Certificates of deposit under
$100,000 93,750 109,720
Certificates of deposit $100,000
and over 21,576 22,189
-------- --------
Total deposits $319,570 $307,672
======== ========
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, Elma, Olympia, Lacey, Panorama
City, Tumwater, Yelm, Puyallup, Edgewood, Tacoma, Spanaway (Bethel Station),
Gig Harbor, Poulsbo, Silverdale, Auburn, Winlock, and Toledo.
CONTACT:
Timberland Bancorp, Inc.
Michael Sand, President or Dean Brydon, CFO 360/533-4747
10