Territorial Bancorp Inc. Declares Special Dividend

Rhea-AI Summary

Territorial Bancorp Inc. (NASDAQ: TBNK) announced a special cash dividend of $0.10 per share, payable on January 20, 2021, to shareholders of record as of January 6, 2021. Chairman and CEO Allan Kitagawa highlighted that this special dividend, along with other dividends in 2020, allows investors who purchased shares at the IPO price of $10.00 to receive a total of 10.2% in dividends on their initial investment. The company acknowledges challenging circumstances but remains focused on delivering value for shareholders.

Positive

• Declaration of a special cash dividend of $0.10 per share, enhancing shareholder return.
• Total dividends in 2020 to yield 10.2% on initial $10.00 IPO investment.

Negative

• None.

HONOLULU, Dec. 23, 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 has declared a special cash dividend of $0.10 per share payable on January 20, 2021 to shareholders of record as of January 6, 2021.

Allan Kitagawa, Chairman and Chief Executive Officer, said, “We are pleased to announce a special dividend of $0.10 per share. This year has been very challenging but we have been working diligently to produce good results for our shareholders. Including this special dividend and other dividends paid in 2020, stock purchased in our initial public offering at $10.00 per share will earn dividends equal to 10.2% of their initial investment in Territorial Bancorp Inc.”

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 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;
• our ability to enter new markets successfully and capitalize on growth opportunities;
• our ability to successfully integrate acquired entities, if any;
• changes in consumer 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;
• changes in our financial condition or results of operations that reduce capital available to pay dividends; and
• changes in the financial condition or future prospects of issuers of securities that we own.

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 amount of the special dividend declared by Territorial Bancorp (TBNK)?

Territorial Bancorp declared a special cash dividend of $0.10 per share.

When is the payment date for the special dividend by TBNK?

The special dividend is payable on January 20, 2021.

Who is eligible to receive the special dividend from TBNK?

Shareholders of record as of January 6, 2021, are eligible to receive the special dividend.

What percentage will shareholders earn from TBNK dividends in 2020?

Shareholders will earn a total of 10.2% on their initial investment based on dividends paid in 2020.