Welcome to our dedicated page for Territorial Bancorp news (Ticker: TBNK), a resource for investors and traders seeking the latest updates and insights on Territorial Bancorp stock.
Territorial Bancorp Inc. (NASDAQ: TBNK) is the stock holding company for Territorial Savings Bank, a state-chartered savings bank headquartered in Honolulu, Hawaiʻi and originally chartered in 1921 by the Territory of Hawaiʻi. This news page aggregates company announcements, earnings releases, and merger-related communications that affect Territorial Bancorp and its shareholders.
Readers can find detailed quarterly and annual financial results, where Territorial Bancorp reports net income or loss, net interest income, interest expense on deposits and borrowings, noninterest income and noninterest expense, and key balance sheet items such as loans receivable, investment securities, deposits, and borrowings. These releases also provide information on capital ratios, including tier one leverage and risk-based capital ratios, and asset quality metrics such as the ratio of non-performing assets to total assets and the allowance for credit losses.
A significant portion of recent news focuses on the definitive merger agreement with Hope Bancorp, Inc. (NASDAQ: HOPE). Coverage includes joint announcements of the merger terms, updates on regulatory approvals, and statements about the expected operation of the Territorial franchise in Hawaiʻi as “Territorial Savings, a division of Bank of Hope” after completion of the transaction. Additional news items include communications from investor groups commenting on the merger and alternative proposals, as well as Territorial’s Board of Directors reaffirming its recommendation regarding the Hope Bancorp transaction.
By reviewing the articles linked from this page, investors can follow developments in Territorial Bancorp’s financial performance, monitor progress of the Hope Bancorp merger, and read perspectives from the company and external stakeholders on strategic alternatives and shareholder considerations.
Territorial Bancorp Inc. (NASDAQ: TBNK) announced a quarterly cash dividend of $0.23 per share, to be paid on August 27, 2020, for stockholders on record by August 13, 2020. CEO Allan Kitagawa noted strong performance in Q2 2020, with increases in net interest margin and net interest income, despite challenges posed by COVID-19. The company's robust capital position is highlighted as a cushion against ongoing economic uncertainties.
Territorial Bancorp Inc. (NASDAQ: TBNK) reported a net income of $4.29 million, or $0.47 per diluted share, for Q2 2020, a decrease from $5.06 million in Q2 2019. A $1.40 million loan loss provision was recognized, linked to a rise in Hawaii's unemployment due to COVID-19. Notably, net interest income rose to $14.77 million, while total interest income fell to $18.01 million. The company's board approved a cash dividend of $0.23 per share, marking its 42nd consecutive dividend. Total assets remained steady at $2.09 billion, with loans receivable declining to $1.54 billion.
On June 11, 2020, Territorial Bancorp Inc. (NASDAQ: TBNK) held its 2020 Annual Meeting of Stockholders in Honolulu, Hawaii. The Company announced the re-election of Board members Howard Y. Ikeda and David S. Murakami for three-year terms. Stockholders also ratified Moss Adams LLP as the independent public accounting firm for the fiscal year ending December 31, 2020, and approved executive officer compensation on an advisory basis. Territorial Savings Bank, founded in 1921, operates 29 branches across Hawaii.
Territorial Bancorp Inc. (NASDAQ: TBNK) announced a shift to a virtual format for its 2020 Annual Meeting of Stockholders, scheduled for June 11, 2020, at 8:30 a.m. Hawaii Standard Time. This decision was made to ensure the health and safety of participants amid the ongoing COVID-19 pandemic. Stockholders of record by March 13, 2020, can access the meeting online. The Proxy Statement and other relevant documents can be found at www.proxyvote.com. The company remains committed to transparency despite the challenges posed by the pandemic.
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