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 February 23, 2023, to stockholders of record on February 9, 2023. CEO Allan Kitagawa expressed confidence in the company’s strong capital and asset quality, which are expected to sustain performance amid challenging interest rate conditions. Additionally, TBNK revealed its twelfth stock repurchase program and highlighted cost-saving measures from moving to less expensive headquarters. The company remains focused on enhancing shareholder value despite potential economic uncertainties.

Positive

• Declared quarterly cash dividend of $0.23 per share.
• Announced twelfth stock repurchase program.
• Strong capital and asset quality expected to sustain operations.

Negative

• Challenging interest rate environment may impact margins.

HONOLULU, Jan. 26, 2023 (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 23, 2023 to stockholders of record as of February 9, 2023.

Allan Kitagawa, Chairman and Chief Executive Officer, said, “While 2022’s, and likely 2023’s, interest rate environment makes it challenging, we expect that our strong capital and solid asset quality will sustain us through this cycle. We have been through many different interest rate cycles over the years and believe that our capital and asset quality positions will continue to be important to our constituencies. For our shareholders, we are proud to have announced our twelfth repurchase program during the December quarter as well as paying a special dividend. We will continue to look for areas to enhance shareholder value, such as our recent corporate headquarters move to less expensive space, as we move forward.”

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 of 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 for TBNK in February 2023?

Territorial Bancorp Inc. has declared a dividend of $0.23 per share to be paid on February 23, 2023.

When is the record date for TBNK's dividend?

The record date for TBNK's dividend is February 9, 2023.

How many stock repurchase programs has TBNK announced?

Territorial Bancorp has announced its twelfth stock repurchase program.

What are the expected challenges for TBNK in 2023?

The interest rate environment is expected to be challenging, which may impact profit margins.