Exhibit 99.1

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact:                        Walter Ida

(808) 946-1400

 

Territorial Bancorp Inc. Announces Second Quarter 2017 Results

 

·                  Net income for the three months ended June 30, 2017 rose by 6.54% to $4.30 million from $4.04 million for the three months ended June 30, 2016.

·                  Fully diluted earnings per share for the three months ended June 30, 2017 rose by 4.65% to $0.45 compared to $0.43 per diluted share for the three months ended June 30, 2016.

·                  Interest income on loans for the three months ended June 30, 2017 rose by 6.96% to $13.53 million from $12.65 million for the three months ended June 30, 2016.

·                  The growth in interest on loans occurred as loans receivable rose by 11.52% to $1.404 billion at June 30, 2017 from $1.259 billion at June 30, 2016.

·                  The Board of Directors approved a quarterly cash dividend of $0.20 per share, which is Territorial Bancorp Inc.’s 31st consecutive quarterly dividend.

·                  The Board of Directors also approved a special mid-year cash dividend of $0.10 per share on June 28, 2017.  This special mid-year cash dividend was paid on July 26, 2017.

·                  Return on average assets rose to 0.91% for the three months ended June 30, 2017 compared to 0.88% at June 30, 2016.  During the same period, the return on average equity rose to 7.32% from 7.18%, while the efficiency ratio improved to 56.18% from 57.13%.

 

Honolulu, Hawaii, July 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 $4.30 million or $0.45 per diluted share for the three months ended June 30, 2017, compared to $4.04 million or $0.43 per diluted share for the three months ended June 30, 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 August 24, 2017 to stockholders of record as of August 10, 2017.

 

Allan Kitagawa, Chairman and Chief Executive Officer, said, “We had a solid second quarter.  Our earnings and earnings per share continue to increase.  We have been successful in originating new mortgage loans and increasing the size of our loan portfolio while continuing to maintain excellent credit quality.  We were also pleased to declare a special mid-year dividend in June as a way of sharing our success with our shareholders.”

 


The following information was filed by Territorial Bancorp Inc. (TBNK) on Thursday, July 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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