Territorial Bancorp Inc. Completes Eleventh Repurchase Program

Rhea-AI Summary

Territorial Bancorp (NASDAQ: TBNK) completed its eleventh stock repurchase program, buying back 220,029 shares for $5 million at an average price of $22.66 per share. This brings the total shares repurchased since 2009 to 4,124,479, representing 33.72% of its initial public offering. The Board of Directors continuously evaluates capital management strategies, including future repurchase programs, contingent on market conditions, stock pricing, and financial performance.

Positive

• Completion of a $5 million stock repurchase program enhances shareholder value.
• Total shares repurchased since IPO reaches 4,124,479, affirming strong buyback strategy.

Negative

• None.

HONOLULU, July 12, 2022 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc., (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announces that the Company has completed its eleventh stock repurchase program. Under this repurchase program, the Company was authorized to repurchase up to $5,000,000 of the Company’s outstanding shares. The Company repurchased 220,029 shares of its common stock at an average price of $22.66 per share. Overall, the Company has repurchased 4,124,479 shares of common stock or 33.72% of the shares issued in its initial public offering in 2009. The Company’s Board of Directors regularly reviews capital management options, including stock repurchase programs, and any future decision to adopt one or more additional stock repurchase programs would be subject to general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.

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,” “would,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” 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, 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, 2021, 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 Savings Bank is a Hawaii state-chartered savings bank that 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.

Contact:	Walter Ida
	(808) 946-1400

FAQ

What was the purpose of Territorial Bancorp's recent stock repurchase program?

The purpose was to enhance shareholder value by repurchasing shares, completing a $5 million buyback.

How many shares did Territorial Bancorp repurchase during the latest program?

The company repurchased 220,029 shares in its eleventh stock repurchase program.

What is the total percentage of shares repurchased by Territorial Bancorp since its IPO?

Territorial Bancorp has repurchased 33.72% of its shares issued during the initial public offering.

What is the average price per share for the recent repurchase by Territorial Bancorp?

The average price per share for the recent repurchase was $22.66.