Welcome to our dedicated page for Territorial Bancorp news (Ticker: TBNK), a resource for investors and traders seeking the latest updates and insights on Territorial Bancorp stock.
Territorial Bancorp Inc. (NASDAQ: TBNK), headquartered in Honolulu, Hawaii, operates as a bank holding company for Territorial Savings Bank. Established in 1921, the bank has been providing personal and business banking services with a focus on friendly, island-style service. As of the latest reports, the company manages $2.22 billion in total assets and houses a network of 29 branches across Hawaii.
Core Services:
- Deposit Products: Territorial Bancorp offers a range of FDIC-insured deposit products including passbook and statement savings accounts, certificates of deposit, money market accounts, and checking accounts.
- Loan Products: The company provides one-to-four-family residential mortgage loans, construction loans, commercial mortgages, home equity loans, and lines of credit.
Financial Highlights:
- For the three months ended June 30, 2023, the company reported a net income of $1.50 million or $0.17 per diluted share.
- On July 28, 2023, the Board of Directors approved a quarterly cash dividend of $0.23 per share, payable on August 25, 2023.
Recent Developments:
- Interest Rate Impacts: The Federal Reserve's increase in short-term interest rates has raised the company's cost of funds, leading to a decline in net interest margin.
- Liquidity Enhancements: The company has bolstered its liquidity levels through additional Federal Home Loan Bank advances.
- Merger News: On April 29, 2024, Territorial Bancorp announced a merger agreement with Hope Bancorp Inc., expected to close subject to regulatory and shareholder approval.
Community and Corporate Responsibility: Territorial Bancorp is a prominent community player, supporting local causes and maintaining a strong employee base of 275 individuals.
For more detailed information, please visit Territorial Savings Bank.
Territorial Bancorp, parent of Territorial Savings Bank, held its annual stockholders meeting on May 16, 2024. During the meeting, Allan S. Kitagawa and John M. Ohama were re-elected to the Board of Directors for three-year terms. Stockholders ratified Moss Adams LLP as the independent public accounting firm for 2024 and approved executive compensation on an advisory basis. Territorial Savings Bank, chartered in 1921, operates from Honolulu and has 28 branches across Hawaii.
Territorial Bancorp, headquartered in Honolulu and parent company of Territorial Savings Bank, announced it will pay a quarterly cash dividend of $0.01 per share.
The dividend will be distributed on June 10, 2024, to stockholders recorded by May 28, 2024.
The decision was approved by the company's Board of Directors.
Territorial Bancorp Inc. reported a net loss of $482,000 for the first quarter of 2024, with tier one leverage and risk-based capital ratios at 11.58% and 28.84% respectively. The company's liquidity position remains strong with $90 million in cash balances. Additionally, the merger agreement with Hope Bancorp, Inc. values the transaction at approximately $78.6 million.
Hope Bancorp, Inc. (NASDAQ: HOPE) and Territorial Bancorp Inc. (NASDAQ: TBNK) have announced a definitive merger agreement to create the largest regional bank serving multi-ethnic customers across the US and Hawaiian Islands. Territorial had total assets of $2.24 billion, with Hope Bancorp acquiring Territorial at approximately $78.6 million in a stock-for-stock transaction. The merger aims to enhance core funding, diversify loan mix, grow market share, and offer a broader range of banking products. The deal is expected to be immediately accretive to Hope Bancorp's earnings and is set to close by year-end 2024, subject to regulatory approvals.
Hope Bancorp, Inc. reported net income of $25.9 million in the first quarter of 2024, a slight decrease from the previous quarter. The company's strategic transformation led to stable balances and decreased expenses. Capital ratios increased, positioning the company for growth. The signing of a merger agreement with Territorial Bancorp is expected to be immediately accretive to earnings, strengthening profitability and diversifying the franchise. The transaction values Territorial at approximately $78.6 million, with shareholders receiving a fixed exchange ratio of 0.8048 shares of Hope Bancorp stock per share of Territorial stock.
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