Timberland Bancorp has reported net income of $3.15 million, or 43 cents per diluted common share, for its first fiscal quarter that ended Dec, 31. That compares to net income of $2.53 million, or 36 cents per share, for the same quarter a year earlier, a 24 percent increase in net income and a 19 percent increase in earnings per share.

Timberland’s Board of Directors also announced a 22 percent increase in the quarterly cash dividend to shareholders to 11 cents per common share, payable on Feb. 27, to shareholders of record on Feb. 13.

“We are pleased with the ongoing strength of the Company’s financial metrics, as we continue to grow the balance sheet toward $1 billion in assets,” stated Michael R. Sand, President and CEO. “The December quarter’s net income and earnings per share were both record operating results for the company and have provided a strong first fiscal quarter for us to build upon during the remainder of our current fiscal year. We expect rising interest rates to have a positive impact on the company’s earnings this year as will the scheduled maturities of two high cost Federal Home Loan Bank borrowings this summer.”