Exhibit 99.1

 

PRESS RELEASE
FOR IMMEDIATE RELEASE

Contact: Walter Ida
  (808) 946-1400

  

Territorial Bancorp Inc. Announces 2019 Results

 

·Net income for the three months ended December 31, 2019 was $5.05 million compared to $4.64 million for the three months ended December 31, 2018, an increase of $402,000 or 8.66%. Net income for the year ended December 31, 2019 was $22.00 million compared to $19.21 million for the year ended December 31, 2018, an increase of $2.78 million or 14.49%.
·Fully-diluted earnings per share for the three months ended December 31, 2019 was $0.54 per share compared to $0.50 per share for the three months ended December 31, 2018, an increase of $0.04 per share or 8.00%. Fully-diluted earnings per share for 2019 was $2.34 per share compared to $2.03 per share for 2018, an increase of $0.31 per share or 15.27%.
·The return on assets ratio for 2019 rose to 1.06% compared to 0.95% for 2018, an increase of 11 basis points or 11.58%.
·The Company did not have any delinquent mortgage loans 90 days past due and not accruing at December 31, 2019 compared to $879,000 at December 31, 2018. Non-performing assets declined to $736,000 at December 31, 2019 from $2.21 million at December 31, 2018.
·The cash dividend paid during the three months ended December 31, 2019 was $0.73 per common share compared to $0.42 per share for the three months ended December 31, 2018, an increase of $0.31 per share or 73.81%. The $0.73 per common share dividend for the three months ended December 31, 2019 includes a quarterly dividend of $0.23 per common share and a $0.50 per share special dividend. In 2019, the Company paid special dividends totaling $0.60 per common share.
·Board of Directors approved a quarterly cash dividend of $0.23 per share, representing Territorial Bancorp Inc.’s 40th consecutive quarterly dividend.

 

Honolulu, Hawaii, January 30, 2020 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $5.05 million or $0.54 per diluted share for the three months ended December 31, 2019, compared to $4.64 million or $0.50 per diluted share for the three months ended December 31, 2018.

 

The Company also announced that its Board of Directors approved a quarterly cash dividend of $0.23 per share. The dividend is expected to be paid on February 27, 2020 to stockholders of record as of February 13, 2020.

 

Allan Kitagawa, Chairman and Chief Executive Officer, said, “We are pleased by the Company’s performance in 2019. We were able to increase our earnings by $2.78 million or 14.49% in 2019 compared to 2018. Our strong performance allowed us to increase our cash dividends paid in 2019 by $0.35 or 30.70% per common share as compared to 2018. We would like to thank our shareholders and customers for their support in 2019.”

 


The following information was filed by Territorial Bancorp Inc. (TBNK) on Thursday, January 30, 2020 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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