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FOR IMMEDIATE RELEASE
Contact: Walter Ida
Territorial Bancorp Inc. Announces Fourth Quarter 2020 Results
Net income for the three months ended December 31, 2020 was $5.52 million compared to $5.05 million for the three months ended December 31, 2019 and included a $679,000 reversal in loan loss provisions.
|·||Fully-diluted earnings per share for the three months ended December 31, 2020 was $0.60 per share compared to $0.54 per share for the three months ended December 31, 2019.|
|·||Return on average assets rose to 1.04% for the three months ended December 31, 2020 compared to 0.96% for the three months ended December 31, 2019.|
|·||A $1,000 year-end bonus was paid to non-management employees at the end of 2020 for their work during the pandemic.|
|·||Board of Directors approved a quarterly cash dividend of $0.23 per share, representing Territorial Bancorp Inc.’s 44th consecutive quarterly dividend.|
Honolulu, Hawaii, January 28, 2021 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the ‘'Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $5.52 million, or $0.60 per diluted share, for the three months ended December 31, 2020.
The Company also announced 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.”
Net interest income decreased to $13.82 million for the three months ended December 31, 2020 from $14.49 million for the three months ended December 31, 2019. Total interest income was $16.04 million for the three months ended December 31, 2020 compared to $18.80 million for the three months ended December 31, 2019. The $2.76 million decrease in total interest income is primarily due to a $1.80 million decrease in interest earned on loans and a $915,000 decrease in interest income on investment securities. The decline in interest income on loans was due to a 12 basis point decrease in the average yield on loans receivable and a $138.25 million decrease in the average loan balance. The decrease in the average yield on loans occurred with the payoff of higher yielding loans and the addition of new loans with lower yields to the loan portfolio. The decrease in the average loan balance occurred as loan repayments, sales and loan securitization transactions exceeded the origination of new loans. During the three months ended March 31, 2020, the Company securitized $9.43 million of mortgage loans into mortgage-backed securities to increase liquidity. The loan securitization transaction increased investment securities and lowered loans receivable. The decrease in interest income on investment securities occurred because of an 18 basis point decrease in the average yield and a $104.11 million decrease in the average balance of investment securities. The decrease in the average securities yield occurred as higher yielding securities were paid-off. The decline in the average balance of investment securities occurred as security repayments and the sale of securities exceeded the amount of loans securitized into mortgage-back securities.
The following information was filed by Territorial Bancorp Inc. (TBNK) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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