Timberland Bancorp Named to the 2021 KBW Bank Honor Roll and, in Addition, Announces the Receipt of the 2020 Raymond James Ba...
April 27 2021 - 4:00PM
Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the
Company”) today announced that Timberland has been recognized by
Keefe Bruyette & Woods (“KBW”) by its inclusion in KBW’s 2021
Bank Honor Roll. To be eligible for this award, a bank must have
assets of more than $500 million and must have reported increases
in annual earnings per share for ten consecutive years. Timberland
was one of three new members included in the 2021 KBW Bank Honor
Roll. Only 16 banking institutions nationally qualified for this
award.
Timberland also announced that it received the
2020 Raymond James Community Bankers Cup award. The award
recognizes the top 10% of a select group of community banks chosen
by Raymond James based on various profitability, operational
efficiency, and balance sheet metrics. This award marks the fourth
consecutive year Timberland has earned this recognition. The pool
of banks considered for recognition includes all exchange-traded
domestic banks, excluding mutual holding companies, with assets
between $500 million and $10 billion as of December 31, 2020.
“We are honored to have been added to the KBW
Bank Honor Roll this year,” said Michael Sand, President and CEO.
“Being recognized by KBW as a new member of this prestigious group
of community banks is a great affirmation of our extraordinary
staff and their commitment to our customers and to the communities
we serve. KBW determined that just 4% of all banks screened,
qualified for inclusion in the KBW Bank Honor Roll for 2021.
“We are also delighted to have received the
Raymond James Bankers Cup Award for 2020,” said Sand. “Our
inclusion, which was just announced this month, recognizes our
performance in the midst of a very challenging national economy.
We’re pleased to be ranked among the top-performing community banks
in the country for the fourth consecutive year.”
About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding
company for Timberland Bank (“Bank”). The Bank opened for business
in 1915 and serves consumers and businesses across Grays Harbor,
Thurston, Pierce, King, Kitsap and Lewis counties, Washington with
a full range of lending and deposit services through its 24
branches (including its main office in Hoquiam).
DisclaimerCertain matters
discussed in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements relate to our financial
condition, results of operations, plan, objectives, future
performance or business. Forward-looking statements are not
statements of historical fact, are based on certain assumptions and
often include the words “believes,” “expects,” “anticipates,”
“estimates,” “forecasts,” “intends,” “plans,” “targets,”
“potentially,” “probably,” “projects,” “outlook” or similar
expressions or future or conditional verbs such as “may,” “will,”
“should,” “would” and “could.” Forward-looking statements include
statements with respect to our beliefs, plans, objectives, goals,
expectations, assumptions and statements about future economic
performance. These forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that could cause
our actual results to differ materially from the results
anticipated or implied by our forward-looking statements,
including, but not limited to: the effect of the novel coronavirus
of 2019 (“COVID-19”) pandemic, including the Company’s credit
quality and business operations, as well as its impact on general
economic and financial market conditions and other uncertainties
resulting from the COVID-19 pandemic, such as the extent and
duration of the impact on public health, the U.S. and global
economies, and consumer and corporate customers, including economic
activity, employment levels and market liquidity; the credit risks
of lending activities, including changes in the level and trend of
loan delinquencies and write-offs and changes in our allowance for
loan losses and provision for loan losses that may be impacted by
deterioration in the housing and commercial real estate markets
which may lead to increased losses and non-performing assets in our
loan portfolio, and may result in our allowance for loan losses not
being adequate to cover actual losses, and require us to materially
increase our loan loss reserves; changes in general economic
conditions, either nationally or in our market areas; changes in
the levels of general interest rates, and the relative differences
between short and long term interest rates, deposit interest rates,
our net interest margin and funding sources; uncertainty regarding
the future of the London Interbank Offered Rate (“LIBOR”), and the
potential transition away from LIBOR toward new interest rate
benchmarks; fluctuations in the demand for loans, the number of
unsold homes, land and other properties and fluctuations in real
estate values in our market areas; secondary market conditions for
loans and our ability to sell loans in the secondary market;
results of examinations of us by the Federal Reserve and our bank
subsidiary by the Federal Deposit Insurance Corporation, the
Washington State Department of Financial Institutions, Division of
Banks or other regulatory authorities, including the possibility
that any such regulatory authority may, among other things,
institute a formal or informal enforcement action against us or our
bank subsidiary which could require us to increase our allowance
for loan losses, write-down assets, change our regulatory capital
position or affect our ability to borrow funds or maintain or
increase deposits or impose additional requirements or restrictions
on us, any of which could adversely affect our liquidity and
earnings; legislative or regulatory changes that adversely affect
our business including changes in regulatory policies and
principles, or the interpretation of regulatory capital or other
rules including as a result of Basel III; the impact of the Dodd
Frank Wall Street Reform and Consumer Protection Act and
implementing regulations; our ability to attract and retain
deposits; our ability to control operating costs and expenses; the
use of estimates in determining fair value of certain of our
assets, which estimates may prove to be incorrect and result in
significant declines in valuation; difficulties in reducing risk
associated with the loans on our consolidated balance sheet;
staffing fluctuations in response to product demand or the
implementation of corporate strategies that affect our work force
and potential associated charges; disruptions, security breaches,
or other adverse events, failures or interruptions in, or attacks
on, our information technology systems or on the third-party
vendors who perform several of our critical processing functions;
our ability to retain key members of our senior management team;
costs and effects of litigation, including settlements and
judgments; our ability to implement our business strategies; our
ability to manage loan delinquency rates; increased competitive
pressures among financial services companies; changes in consumer
spending, borrowing and savings habits; the availability of
resources to address changes in laws, rules, or regulations or to
respond to regulatory actions; our ability to pay dividends on our
common and stock; adverse changes in the securities markets;
inability of key third-party providers to perform their obligations
to us; changes in accounting policies and practices, as may be
adopted by the financial institution regulatory agencies or the
Financial Accounting Standards Board (“FASB”), including additional
guidance and interpretation on accounting issues and details of the
implementation of new accounting methods; the economic impact of
war or any terrorist activities; other economic, competitive,
governmental, regulatory, and technological factors affecting our
operations; pricing, products and services including the
Coronavirus Aid, Relief, and Economic Security Act of 2020 (“CARES
Act”), the Consolidated Appropriations Act, 2021 (“CAA”), and the
American Rescue Plan Act of 2021; and other risks detailed in our
reports filed with the Securities and Exchange Commission.
Any of the forward-looking statements that we
make in this press release and in the other public statements we
make are based upon management’s beliefs and assumptions at the
time they are made. We do not undertake and specifically disclaim
any obligation to publicly update or revise any forward-looking
statements included in this report to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements or to update the reasons why actual results
could differ from those contained in such statements, whether as a
result of new information, future events or otherwise. In light of
these risks, uncertainties and assumptions, the forward-looking
statements discussed in this document might not occur and we
caution readers not to place undue reliance on any forward-looking
statements. These risks could cause our actual results for fiscal
2021 and beyond to differ materially from those expressed in any
forward-looking statements by, or on behalf of us, and could
negatively affect the Company’s consolidated financial condition
and results of operations as well as its stock price
performance.
Contact: Michael R.
Sand,President & CEODean J. Brydon,
CFO(360) 533-4747www.timberlandbank.com
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