The parent company of Timberland Bank reported a slightly lower quarterly profit from the year-ago period.
For its fiscal fourth quarter, Hoquiam-based Timberland Bancorp earned net income of $2.7 million, compared to net income of $2.96 million for the same quarter a year ago. The year-ago quarter, however, “received the benefit of a $1.53 million loan loss provision recapture,” according to a news release.
On a fiscal year basis, net income rose 22 percent to $10.15 million in 2016 from $8.29 million in 2015.
The company also announced that it will pay a cash dividend of 9 cents per common share on Nov. 30.