Territorial Bancorp Inc. (TBNK) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Earnings Press Release
10-Q Quarterly Report
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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 Third Quarter 2019 Results

· Net income for the three months ended September 30, 2019 was $5.37 million compared to $4.79 million for the three months ended September 30, 2018, an increase of 12.12%.

· Fully-diluted earnings per share for the three months ended September 30, 2019 was $0.57 per share compared to $0.51 per share for the three months ended September 30, 2018, an increase of $0.06 per share, or 11.76%.

· Return on average assets rose to 1.02% for the three months ended September 30, 2019 compared to 0.93% for the three months ended September 30, 2018.

· Interest income on loans for the three months ended September 30, 2019 was $15.86 million compared to $15.04 million for the three months ended September 30, 2018, an increase of $826,000, or 5.49%.

· Loans receivable for the nine months ended September 30, 2019 grew by $18.15 million to $1.59 billion compared to $1.57 billion at December 31, 2018.

· The Company did not have any delinquent mortgage loans 90 days past due and not accruing at September 30, 2019 compared to $879,000 at December 31, 2018. During the same period, non-performing assets declined to $864,000 at September 30, 2019 from $2.21 million at December 31, 2018.

· Board of Directors approved a quarterly cash dividend of $0.23 per share, representing Territorial Bancorp Inc.’s 39th consecutive quarterly dividend.

Honolulu, Hawaii, October 24, 2019 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $5.37 million or $0.57 per fully- diluted share for the three months ended September 30, 2019, compared to $4.79 million or $0.51 per fully-diluted share for the three months ended September 30, 2018.

The Company also announced that its Board of Directors approved an increase in the quarterly cash dividend from $0.22 per share to $0.23 per share. The dividend is expected to be paid on November 21, 2019 to stockholders of record as of November 7, 2019.

Allan Kitagawa, Chairman and Chief Executive Officer, said, “Our earnings during the quarter were strong. Our focus will continue to be on improving our performance by increasing the size of our loan portfolio while maintaining good asset quality. We are also proud to announce a 4.55% increase in our quarterly cash dividend from $0.22 per share to $0.23 per share.”

The following information was filed by Territorial Bancorp Inc. (TBNK) on Friday, October 25, 2019 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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