Territorial Bancorp Inc. (TBNK) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Earnings Press Release
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Territorial Bancorp Inc.
Ticker: TBNK CIK: 1447051

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact: Walter Ida

(808) 946-1400

Territorial Bancorp Inc. Announces 2017 Results

· Net income for the three months ended December 31, 2017 was $2.17 million compared to $4.36 million for the three months ended December 31, 2016. Net income for the three months ended December 31, 2017 reflected a $2.05 million increase in income tax expense that occurred because of a write-down of deferred income tax assets that resulted when the federal corporate tax rate was lowered from 35% to 21% in December due to the Tax Cuts and Jobs Act of 2017. Excluding the write-down of the deferred income tax assets, net income would have been $4.22 million.

· Total assets grew by 6.72% in 2017 and exceeded $2.0 billion at December 31, 2017.

· Loans receivable grew by 11.45% in 2017 to $1.489 billion at December 31, 2017. This was the sixth consecutive year of double digit loan growth.

· Deposits rose by 6.97% in 2017 to $1.597 billion at December 31, 2017.

· A $1,000 year-end bonus was paid to most non-management employees at the end of 2017.

· Total dividends paid per share of common stock grew by 30.43% in 2017 to $1.20 per share.

· Board of Directors approved a quarterly cash dividend of $0.20 per share, representing Territorial Bancorp Inc.’s 33rd consecutive quarterly dividend.

Honolulu, Hawaii, January 25, 2018 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $2.17 million or $0.23 per diluted share for the three months ended December 31, 2017, compared to $4.36 million or $0.46 per diluted share for the three months ended December 31, 2016. Net income for the three months ended December 31, 2017 included a $2.05 million ($0.21 per share) increase in income tax expense that occurred because of a decrease in the Company’s deferred income tax assets that resulted when the federal corporate tax rate was lowered from 35% to 21% in December. Excluding the write-down of the deferred income tax assets, net income would have been $4.22 million or $0.44 per diluted share. Although the reduction in the federal corporate tax rate resulted in the write-down of a portion of the Company’s deferred income tax assets, the lower tax rate will reduce the effective tax rate in the future.

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 February 22, 2018 to stockholders of record as of February 8, 2018.

The following information was filed by Territorial Bancorp Inc. (TBNK) on Thursday, January 25, 2018 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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