Territorial Bancorp Inc. Adopts Repurchase Program
Territorial Bancorp Inc. (NASDAQ: TBNK) has announced its eleventh stock repurchase program, allowing for the buyback of up to $5,000,000 of its shares. This decision reflects the company's confidence in the ongoing economic recovery post-pandemic. Share repurchases may occur through open market transactions or block trades and will depend on market conditions and financial performance. The program is discretionary and may be suspended or modified under various factors.
- Initiation of an eleventh stock repurchase program valued at $5,000,000, signaling confidence in economic recovery.
- Potential to enhance shareholder value through strategic share buybacks.
- Management discretion in repurchase timing and amounts may lead to uncertainties in shareholder returns.
- Market conditions and liquidity concerns could impact the effectiveness of the repurchase program.
HONOLULU, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announces that its Board of Directors has adopted an eleventh stock repurchase program. Under this repurchase program, the Company may repurchase up to
Allan Kitagawa, Chairman and Chief Executive Officer, said, “As our economy recovers from effects of the pandemic, we are pleased to announce our eleventh stock repurchase program. We continue to have confidence in our economy as it extends its recovery.”
The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.
Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “predict” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, either nationally, internationally or in our market areas, that are worse than expected, changes in interest rates, regulatory considerations, and competition and the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission, as updated through filings with the Securities and Exchange Commission and other releases issued by the Company from time to time. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.
Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has 29 branch offices in the state of Hawaii.
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FAQ
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