Exhibit 99

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact:      Walter Ida

(808) 946-1400

 

Territorial Bancorp Inc. Announces First Quarter 2017 Results

 

·                  Net income for the three months ended March 31, 2017 rose by 14.2% to $4.32 million from $3.78 million for the three months ended March 31, 2016.

 

·                  Fully diluted earnings per share for the three months ended March 31, 2017 rose by 12.2% to $0.46 compared to $0.41 per diluted share for the three months ended March 31, 2016.

 

·                  Interest income on loans for the three months ended March 31, 2017 rose to $13.51 million from $12.36 million for the three months ended March 31, 2016, an increase of 9.3%.

 

·                  Noninterest expense for the three months ended March 31, 2017 decreased to $8.71 million from $9.06 million for the three months ended March 31, 2016, a decrease of 3.9%.

 

·                  The Board of Directors approved a quarterly cash dividend of $0.20 per share, which is Territorial Bancorp Inc.’s 30th consecutive quarterly dividend.

 

·                  On April 4, 2017, we opened our 29th branch, located in the growing Kapiolani/Keeaumoku area.

 

·                  Return on average assets rose to 0.92% for the three months ended March 31, 2017 from 0.83% at March 31, 2016.  During the same period, the return on average equity rose to 7.53% from 6.84%, while the efficiency ratio improved to 55.52% from 58.89%.

 

Honolulu, Hawaii, April 27, 2017 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $4.32 million or $0.46 per diluted share for the three months ended March 31, 2017, compared to $3.78 million or $0.41 per diluted share for the three months ended March 31, 2016.

 

The Company also announced that its Board of Directors approved a quarterly cash dividend of $0.20 per share.  The dividend is expected to be paid on May 25, 2017 to stockholders of record as of May 11, 2017.

 

Allan Kitagawa, Chairman and Chief Executive Officer, said, “Our first quarter of 2017 has been strong and we are looking forward to continuing this momentum through the remainder of the year.  Hawaii’s tourism industry saw a record number of visitors in 2016 and this growth has continued in 2017.  The strength of Hawaii’s economy has given us an opportunity to successfully expand our loan portfolio, which in turn has increased our net income and earnings per share.  In early April we opened our 29th branch in the middle of the thriving Keeaumoku area.”

 


The following information was filed by Territorial Bancorp Inc. (TBNK) on Thursday, April 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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