Business Briefs

Timberland Bancorp honored

Hoquiam-based Timberland Bancorp Inc. announced last week its inclusion in the Piper Sandler Bank and Thrift Sm-All Stars: Class of 2020. Piper Sandler has identified Timberland Bank as one of the top performing, publicly traded small-cap banks and thrifts in the nation.

In its “Bank and Thrift Sm-All Stars: Class of 2020” report, Piper Sandler recognized Timberland among the top 35 best performing small capitalization institutions from a list of publicly traded banks and thrifts in the U.S. with market capitalizations less than $2.5 billion. In making their selections, Piper Sandler focused on growth, profitability, credit quality and capital strength.

“It is an honor to be named for the second consecutive year as one of the elite small-cap banks and thrifts in the United States,” commented Michael Sand, Timberland president and CEO. “Community banks play a vital role in the success of small businesses and consumers in this country. The receipt of this award is an honor and a testament to the dedication and commitment of Timberland’s employees who continue to work diligently to support those in the communities we serve.”

State’s 2021 minimum wage reaches $13.69; impacts OT, salaried execs

TUMWATER — The state’s minimum wage will increase to $13.69 per hour starting Jan. 1. The change is significant this year because it also impacts wages paid to some salaried employees exempt from overtime and other protections under state law.

The Washington State Department of Labor & Industries (L&I) enforces the state’s wage-and-hour laws. The minimum wage applies to most jobs, including those in agriculture.

This is the first year L&I has returned to calculating the minimum wage since 2016. For the past four years, increases were mandated as a result of passage of Initiative 1433 that year.

The 2021 minimum wage is based on a 1.39 percent increase over the last 12 months in the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The state minimum wage applies to workers age 16 and older. Under state law, employers can pay 85 percent of the minimum wage to workers ages 14-15. For 2021, that will be $11.64 per hour.

L&I also reminds employers:

• Tips and service charges do not count toward paying that worker’s state minimum wage.

• For salaried professionals: Salaried executive, administrative and professional workers, and computer professionals must earn a salary above a minimum specified amount to remain overtime exempt. That amount will increase in 2021.

L&I changed the minimum amount these exempt employees must earn when updates to the state overtime rules took effect July 1. The salary thresholds are now based on a multiplier of the minimum wage. In 2021, those thresholds are:

For small businesses with 1-50 employees, an exempt employee must earn a salary of at least 1.5 times the minimum wage, or $821.40 a week ($42,712.80/year).

For large businesses with 51 or more employees, an exempt employee must earn a salary of at least 1.75 times the minimum wage, or $958.30 a week ($49,831.60/year).