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 reported net income of $4.20 million for Q4 2021, a decline from $5.52 million in Q4 2020. The decrease was due to lower income from security sales and loans. The net interest margin remained stable at 2.72%. Shareholders received a special dividend of $0.10 and a quarterly dividend of $0.23. Total assets rose to $2.13 billion, with a notable increase in investment securities. However, loans receivable decreased to $1.30 billion. The company's stockholders equity rose to 12.03% of total assets, reflecting prudent capital management.
Territorial Savings Bank has announced temporary closures of its Pearl City and Kalihi Branches, effective January 12, 2022, due to staffing challenges stemming from COVID-19. Additionally, the Kapahulu Branch is closed for repairs following rain damage. The bank will update on reopening dates as soon as staffing is resolved. Established in 1921, Territorial Savings Bank operates 29 branches across Hawaii, providing a range of residential mortgage loans and competitive rates on checking and savings accounts.
Territorial Bancorp Inc. (NASDAQ: TBNK) announced a special cash dividend of $0.10 per share, payable on December 23, 2021, to shareholders of record by December 11, 2021. Chairman Allan Kitagawa highlighted that despite challenging conditions, the company has delivered favorable results for shareholders. With this special dividend and others paid in 2021, investors who participated in the IPO at $10.00 per share have earned dividends totaling 10.2% of their initial investment.
Territorial Bancorp Inc. (NASDAQ: TBNK) declares a quarterly cash dividend of $0.23 per share, payable on November 24, 2021, to stockholders of record as of November 11, 2021. CEO Allan Kitagawa expressed confidence in the company’s performance amid challenges posed by COVID-19, highlighting robust residential real estate activity and strong mortgage loan application levels in Hawaii. The company maintains a solid capital position, liquidity, and asset quality.
Territorial Bancorp Inc. (NASDAQ: TBNK) reported a net income of $4.16 million for Q3 2021, a slight decline from $4.32 million in Q3 2020. Fully-diluted earnings per share remained stable at $0.46. The net interest margin improved to 2.72% from 2.54% in Q2 2021. Total interest income decreased to $15.28 million, primarily due to a drop in loan interest income. The company declared a quarterly cash dividend of $0.23, marking the 47th consecutive dividend. Total assets grew to $2.12 billion, while loans receivable declined by $104.73 million, reflecting greater loan repayments than new originations.
Territorial Bancorp Inc. (TBNK) has successfully completed its tenth stock repurchase program, repurchasing 198,773 shares at an average price of $25.09, totaling $5,000,000. This repurchase accounts for 31.92% of shares issued since its IPO in 2009, amounting to 3,904,450 shares repurchased overall. The Board regularly evaluates capital management options, including future stock repurchase programs, influenced by market conditions and financial performance.
Territorial Bancorp Inc. (NASDAQ: TBNK) announced a quarterly cash dividend of $0.23 per share, payable on August 26, 2021, to stockholders of record as of August 12, 2021. CEO Allan Kitagawa noted Hawaii's improving economy with increased tourism, which positions the company favorably for customer banking needs. The board emphasizes capital return to shareholders through dividends and share repurchases, maintaining a strong balance sheet and asset quality amid ongoing economic recovery.
Territorial Bancorp Inc. (TBNK) reported a net income of $4.06 million for Q2 2021, down from $4.29 million in Q2 2020. Fully diluted earnings per share was $0.44, slightly below last year's $0.47. However, earnings per share for the first half of 2021 rose to $0.99, up 5.32%. The company declared a quarterly cash dividend of $0.23, marking the 46th consecutive dividend. Total interest income fell to $14.76 million, primarily due to decreased loan balances and yields. Notably, total assets grew to $2.13 billion, while delinquent loans decreased to $99,000.
Territorial Bancorp Inc. (NASDAQ: TBNK) held its 2021 Annual Meeting of Stockholders on May 13, 2021. During the meeting, stockholders elected Allan S. Kitagawa and John M. Ohama to serve three-year terms on the Board of Directors. The appointment of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021, was ratified. Additionally, stockholders approved the advisory compensation for the Company’s named executive officers. Territorial Savings Bank, which operates 29 branches in Hawaii, has been serving since 1921.
Territorial Bancorp Inc. (NASDAQ: TBNK) has launched a tenth stock repurchase program, allowing up to $5 million in share buybacks. The program reflects management's confidence as Hawaii's economy reopens. Repurchases may occur through open market or private transactions, discretionally based on market conditions and financial performance. While the program aims to bolster shareholder value, it can be suspended or modified based on liquidity and market factors. Forward-looking statements indicate potential risks, particularly relating to the ongoing impact of the COVID-19 pandemic.
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