Exhibit 99.1

 

PRESS RELEASE 

FOR IMMEDIATE RELEASE 

Contact: Walter Ida 

(808) 946-1400

 

Territorial Bancorp Inc. Announces Third Quarter 2020 Results

 

Net income for the three months ended September 30, 2020 was $4.32 million compared to $5.37 million for the three months ended September 30, 2019. The decrease in net income occurred primarily because of an $884,000 decrease in the gain on sale of loans due to a mortgage loan securitization in the prior year and an increase of $581,000 in loan loss provision recorded in the three months ended September 30, 2020. The increase in loan loss provision occurred primarily from an increase in the qualitative factors used to calculate the allowance for loan losses. The qualitative factors increased primarily because Hawaii’s unemployment rate has risen due to the government mandates to minimize the spread of COVID-19.
Fully-diluted earnings per share for the three months ended September 30, 2020 was $0.47 per share compared to $0.57 per share for the three months ended September 30, 2019.
Asset quality continues to be strong. Non-performing assets at September 30, 2020 total $2.19 million and represent only 0.10% of total assets.
Board of Directors approved a quarterly cash dividend of $0.23 per share, representing Territorial Bancorp Inc.’s 43rd consecutive quarterly dividend.

 

Honolulu, Hawaii, October 29, 2020 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the ‘'Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $4.32 million or $0.47 per diluted share for the three months ended September 30, 2020.

 

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 November 25, 2020 to stockholders of record as of November 12, 2020.

 

Allan Kitagawa, Chairman and Chief Executive Officer, said, “The recession and the decrease in mortgage interest rates that occurred because of COVID-19 have created challenges in the banking industry. The Company continued to perform well in the third quarter of 2020 despite these challenges. We are pleased with our asset quality and strong capital position.”


The following information was filed by Territorial Bancorp Inc. (TBNK) on Thursday, October 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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