Territorial Bancorp Inc. Declares Dividend

Rhea-AI Summary

Territorial Bancorp Inc. (NASDAQ: TBNK) has declared a quarterly cash dividend of $0.23 per share, set to be paid on February 25, 2021, to shareholders on record as of February 11, 2021. In a statement, CEO Allan Kitagawa acknowledged the challenges faced in 2020 due to declining interest rates, which affected asset yields; however, he highlighted the company's strong asset quality and capital position as contributing factors to a successful year.

Positive

• Quarterly cash dividend of $0.23 per share indicates confidence in financial stability.

Negative

• Persistent challenges in the banking industry due to declining interest rates affecting asset yields.

HONOLULU, Jan. 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 its Board of Directors approved a quarterly cash dividend of $0.23 per share. The dividend is expected to be paid on February 25, 2021 to stockholders of record as of February 11, 2021.

Allan Kitagawa, Chairman and Chief Executive Officer, said, “2020 has been a very challenging year for the residents and businesses in Hawaii. The decline in interest rates that occurred during the pandemic have decreased asset yields and created challenges in the banking industry. Despite these obstacles, we had a successful year, primarily because of our asset quality and strong capital position.”

Forward-looking statements - This press release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

• statements of our goals, intentions and expectations;
• statements regarding our business plans, prospects, growth and operating strategies;
• statements regarding the asset quality of our loan and investment portfolios; and
• estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this release.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

• The effect on any pandemic disease, including COVID-19, natural disaster, war, act of terrorism, accident or similar events;
• general economic conditions, either internationally, nationally or in our market areas, that are worse than expected;
• competition among depository and other financial institutions;
• inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
• adverse changes in the securities markets;
• changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
• changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
• our ability to enter new markets successfully and capitalize on growth opportunities;
• our ability to successfully integrate acquired entities, if any;
• changes in consumer demand, spending, borrowing and savings habits;
• changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
• changes in our organization, compensation and benefit plans;
• the timing and amount of revenues that we may recognize;
• the value and marketability of collateral underlying our loan portfolios;
• our ability to retain key employees;
• cyberattacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems;
• technological change that may be more difficult or expensive than expected;
• the ability of third-party providers to perform their obligations to us;
• the ability of the U.S. Government to manage federal debt limits;
• the quality and composition of our investment portfolio;
• changes in market and other conditions that would affect our ability to repurchase our common stock; and
• changes in our financial condition or results of operations that reduce capital available to pay dividends.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

Contact:

Walter Ida (808) 946-1400

FAQ

What is the dividend amount declared by Territorial Bancorp Inc. (TBNK)?

Territorial Bancorp Inc. has declared a dividend of $0.23 per share.

When will the dividend for TBNK be paid?

The dividend is scheduled to be paid on February 25, 2021.

What is the record date for TBNK's dividend payout?

The record date for the dividend is February 11, 2021.

What challenges did Territorial Bancorp Inc. face in 2020?

Territorial Bancorp faced challenges due to declining interest rates that affected asset yields.

How does Territorial Bancorp Inc.'s capital position look?

Despite challenges, Territorial Bancorp maintains a strong capital position.