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FOR IMMEDIATE RELEASE
Contact: Walter Ida
Territorial Bancorp Inc. Announces Third Quarter 2017 Results
· Interest income on loans for the three months ended September 30, 2017 rose by 6.01% to $13.84 million from $13.05 million for the three months ended September 30, 2016.
· The growth in interest on loans occurred as loans receivable rose by 7.39% to $1.435 billion at September 30, 2017 from $1.336 billion at December 31, 2016.
· Deposits at September 30, 2017 grew by 5.23% to $1.571 billion from $1.493 billion at December 31, 2016.
· Non-performing assets declined by 26.54% to $3.35 million at September 30, 2017 from $4.56 million at December 31, 2016.
· The Board of Directors approved a quarterly cash dividend of $0.20 per share, which is Territorial Bancorp Inc.s 32nd consecutive quarterly dividend.
Honolulu, Hawaii, October 25, 2017 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $4.17 million or $0.44 per diluted share for the three months ended September 30, 2017, compared to $4.16 million or $0.44 per diluted share for the three months ended September 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 November 22, 2017 to stockholders of record as of November 8, 2017.
Allan Kitagawa, Chairman and Chief Executive Officer, said, We continue to perform well as Hawaiis economy continues to prosper. Deposits and our loan portfolio continue to grow and our asset quality remains excellent.
Net interest income, after provisions for loan losses, increased to $14.61 million for the three months ended September 30, 2017 from $14.60 million for the three months ended Septembr 30, 2016. Total interest income was $17.18 million for the three months ended September 30, 2017 compared to $16.67 million for the three months ended September 30, 2016. The increase in interest income was primarily due to a $785,000 increase in interest income on loans, which occurred primarily because of the $141.05 million growth in average loans receivable since the third quarter of 2016, as new loan originations exceeded loan repayments and loan sales. The increase in interest income on loans was offset by a $327,000 decline in interest income on investment securities, primarily due to a $37.21 million decrease in the average balance of investment securities since the third quarter of 2016, as repayments and sales exceeded securities purchased and a four basis point decline in the average yield on the investment portfolio.
The following information was filed by Territorial Bancorp Inc. (TBNK) on Wednesday, October 25, 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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