Territorial Bancorp Inc. Completes Tenth Repurchase Program

Rhea-AI Summary

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.

Positive

• Completed tenth stock repurchase program, enhancing shareholder value.
• Repurchased 198,773 shares, indicating strong capital management.
• Total of 3,904,450 shares repurchased, signaling a commitment to return capital to shareholders.

Negative

• None.

HONOLULU, Oct. 28, 2021 (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 tenth 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 198,773 shares of its common stock at an average price of $25.09 per share. Overall, the Company has repurchased 3,904,450 shares of common stock or 31.92% 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, 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 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 amount authorized for the stock repurchase program by TBNK?

Territorial Bancorp Inc. authorized up to $5,000,000 for its stock repurchase program.

How many shares did TBNK repurchase in its latest stock buyback?

TBNK repurchased 198,773 shares in its latest stock buyback.

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

The average price per share for the recent repurchase was $25.09.

What percentage of shares has TBNK repurchased since its IPO?

TBNK has repurchased 31.92% of the shares issued since its IPO in 2009.

What factors influence TBNK's decision on future stock repurchase programs?

Future decisions on stock repurchase programs by TBNK are influenced by market conditions, trading price of the stock, alternative uses for capital, and financial performance.