Local Business Briefs
Published 4:00 pm Monday, May 11, 2020
Timberland Bancorp announces second fiscal quarter results
Timberland Bancorp Inc. (NASDAQ: TSBK) reported net income of $5.05 million for the quarter ended March 31, 2020, compared to $6.11 million for the comparable quarter one year ago and $6.65 million for the preceding quarter. Earnings per diluted common share (EPS) were $0.60 for the current quarter compared to $0.72 for the comparable quarter one year ago and $0.78 for the preceding quarter. Net income for the quarter ended March 31, 2020, was reduced by a $2 million provision to the loan loss reserve due to the economic uncertainties associated with the COVID-19 pandemic. This provision reduced the quarter’s EPS approximately $0.19 and increased the allowance for loan losses to 1.29% of loans receivable from 1.07% at December 31, 2019.
Timberland’s Board of Directors declared a quarterly cash dividend to shareholders of $0.20 per common share payable on May 29, 2020, to shareholders of record on May 15, 2020.
“Staff efforts in March and April were primarily dedicated toward working to defer payments for borrowers adversely affected by Washington’s shelter-in-place proclamation, processing and booking Paycheck Protection Program (PPP) loans and managing a significant increase in residential mortgage loan refinance activity,” commented Michael Sand, president and CEO.
“Timberland’s strong profitability and earnings retention over many years has significantly strengthened the Company’s capital base. With a Tier 1 leverage capital ratio of 12.75% and a tangible common equity to tangible assets ratio of 12.33% we are confident of persevering and managing through these unprecedented and challenging economic times. The company holdssubstantial on balance sheet liquidity and has ready access to ample external, and currently inexpensive, sources of liquidity, if needed.”
“During April we obtained SBA approval for approximately 570 PPP applicants with loan requests aggregating to approximately $99.1 million. The funding of PPP loans approved from this first SBA allocation was completed on April 25, 2020, providing needed financial support to many small businesses in our communities.”
PUD mobile hotspots offer Wi-Fi access during COVID shutdown
At a time when staying connected is more important than ever, the Grays Harbor PUD is teaming together with cities, schools and a large group of state and independent agencies to provide free access to the PUD fiber network. Using mobile hotspots, free Wi-Fi access will be provided at strategic points around Grays Harbor County. Users can simply drive up or walk up to the sites and immediately have online access for business, school and a host of other needs.
“Today more than ever, internet access is a critical part of our lives and a way to keep connected to family, schools and businesses. However not everyone has the same level of access, especially in rural Washington. Mobile sites like these will help to change that,” said PUD Core Services Director Rob Hanny, whose office oversees the PUD telecommunications department.
As of today, three drive-up sites have been agreed upon in Grays Harbor: McCleary City Hall, the Wishkah Valley School, and the Satsop School and should be active this week. The PUD is working with other communities and organizations around the county to bring more sites online. Equipment for the sites has been provided to the utility free of charge by the Information Technology Disaster Resource Center, a private, industry funded disaster relief organization.
The local access is part of a larger, statewide effort to provide free Wi-Fi access to Washington residents. To date, 140 of the new drive-in hotspots are operational, in addition to 301 existing Washington State Library hotspots identified across the state. All told, some 600 public hotspots will soon be available to keep Washington communities connected.
For complete information and a map of locations, visit www.driveinwifi.wa.gov. The map will be updated as more sites come online.
Timberland Bank earns recognition
The Independent Community Bankers of America named Hoquiam-based Timberland Bank one of the best performing banks in the country in the May 2020 edition of Independent Banker magazine. The ICBA compiled its rankings by dividing community banks into three segments based on asset size and ranked each segment based on a three-year weighted average return on assets. Timberland is ranked No. 10 for banks with more than $1 billion in assets.
For more information: Ian Cope, Communications Director (360) 538-6232
