Territorial Bancorp Inc. Declares Dividend

Rhea-AI Summary

Territorial Bancorp Inc. (NASDAQ: TBNK) announced a quarterly cash dividend of $0.23 per share, payable on November 25, 2020, to stockholders of record by November 12, 2020. Chairman and CEO Allan Kitagawa commented on the challenges posed by the recession and lower mortgage interest rates due to COVID-19, yet expressed confidence in the company's performance during the third quarter, highlighting strong asset quality and capital position.

Positive

• Quarterly cash dividend of $0.23 per share highlights financial stability.
• Company reports strong asset quality and capital position despite economic challenges.

Negative

• Economic conditions and regulatory changes pose potential risks to financial performance.
• Dependence on mortgage rates may affect profitability amidst the recession.

HONOLULU, Oct. 29, 2020 (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 November 25, 2020 to stockholders of record as of November 12, 2020.

Allan Kitagawa, Chairman and Chief Executive Officer, said, “The recession and the decrease in mortgage interest rates that occurred because of COVID-19 have created challenges in the banking industry. The Company continued to perform well in the third quarter of 2020 despite these challenges. We are pleased with 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:

• 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 for TBNK?

Territorial Bancorp announced a dividend of $0.23 per share.

When will the TBNK dividend be paid?

The dividend is scheduled to be paid on November 25, 2020.

What is the record date for the TBNK dividend?

The record date for the dividend is November 12, 2020.

How does TBNK's asset quality perform in recent quarters?

The company reported strong asset quality during the third quarter of 2020.

What challenges does TBNK face due to COVID-19?

The recession and lower mortgage interest rates have created challenges for the banking industry.