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FOR IMMEDIATE RELEASE
Territorial Bancorp Inc. Announces First Quarter 2018 Results
· Net income for the three months ended March 31, 2018 was $4.82 million compared to $4.32 million for the three months ended March 31, 2017. Net income for the three months ended March 31, 2018 rose by $499,000, or 11.55%.
· Fully diluted earnings per share rose by $0.05, or 10.87%, to $0.51 for the three months ending March 31, 2018 from $0.46 for the three months ending March 31, 2017.
· Return on average assets and return on average equity was 0.97% and 8.31% for the three months ended March 31, 2018 compared to 0.92% and 7.53% for the three months ended March 31, 2017.
· Interest income on loans for the three months ended March 31, 2018 grew by $1.39 million, or 10.32%, compared to the three months ended March 31, 2017.
· Deposits rose by 4.25% in the first three months of 2018 to $1.665 billion at March 31, 2018.
· Board of Directors approved a quarterly cash dividend of $0.20 per share, representing Territorial Bancorp Inc.s 34th consecutive quarterly dividend.
Honolulu, Hawaii, April 26, 2018 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $4.82 million or $0.51 per diluted share for the three months ended March 31, 2018, compared to $4.32 million or $0.46 per diluted share for the three months ended March 31, 2017.
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 24, 2018 to stockholders of record as of May 10, 2018.
Allan Kitagawa, Chairman and Chief Executive Officer, said, The Companys solid performance in the first quarter is a result of our ongoing efforts to increase the size of our loan portfolio by focusing on originating residential mortgage loans. The continued growth of Hawaiis economy, especially the visitor industry, has allowed us to increase the size of our loan portfolio and total deposits. Our asset quality and capital remain strong. We are also pleased to announce our 34th consecutive quarterly dividend, which will be paid to our shareholders on May 24th.
The following information was filed by Territorial Bancorp Inc. (TBNK) on Thursday, April 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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