Territorial Bancorp Inc. Declares Dividend
April 28 2016 - 4:40PM
Territorial Bancorp Inc. (NASDAQ:TBNK) (the “Company”),
headquartered in Honolulu, Hawaii, the holding company parent of
Territorial Savings Bank, announces that its Board of Directors
approved a quarterly cash dividend of $0.18 per share. The
dividend is expected to be paid on May 26, 2016 to stockholders of
record as of May 12, 2016.
Allan Kitagawa, Chairman and Chief Executive Officer, said, “The
growth in our loan portfolio has resulted in a 7.1% increase in
total interest and dividend income for the three months ended March
31, 2016 as compared to the three months ended March 31,
2015. The increase in interest and dividend income occurred
because our loan portfolio grew by 16.9% to $1.215 billion at March
31, 2016 from $1.039 billion at March 31, 2015. The growth in
interest income has resulted in a 7.3% increase in net income for
the three months ended March 31, 2016 compared to the three months
ended March 31, 2015. This has allowed our fully-diluted
earnings per share to increase to $0.41 per share from $0.38 per
share. Based on this strong performance, we will pay our 26th
consecutive quarterly dividend on May 26, 2016.”
Forward-looking statements - This press release
contains forward-looking statements, which can be identified by the
use of words such as “estimate,” “project,” “believe,” “intend,”
“anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of
similar meaning. These forward-looking statements include, but are
not limited to:
• statements of our goals, intentions and expectations;•
statements regarding our business plans, prospects, growth and
operating strategies;• statements regarding the asset quality of
our loan and investment portfolios; and• estimates of our risks and
future costs and benefits.
These forward-looking statements are based on our current
beliefs and expectations and are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
many of which are beyond our control. In addition, these
forward-looking statements are subject to assumptions with respect
to future business strategies and decisions that are subject to
change. We are under no duty to and do not take any obligation to
update any forward-looking statements after the date of this
release.
The following factors, among others, could cause actual results
to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements:
• general economic conditions, either nationally,
internationally or in our market areas, that are worse than
expected;• competition among depository and other financial
institutions;• inflation and changes in the interest rate
environment that reduce our margins or reduce the fair value of
financial instruments;• adverse changes in the securities markets;•
changes in laws or government regulations or policies affecting
financial institutions, including changes in regulatory fees and
capital requirements;• our ability to enter new markets
successfully and capitalize on growth opportunities;• our ability
to successfully integrate acquired entities, if any;• changes in
consumer spending, borrowing and savings habits;• changes in
accounting policies and practices, as may be adopted by the bank
regulatory agencies, the Financial Accounting Standards Board, the
Securities and Exchange Commission and the Public Company
Accounting Oversight Board;• changes in our organization,
compensation and benefit plans;• changes in our financial condition
or results of operations that reduce capital available to pay
dividends; and• changes in the financial condition or future
prospects of issuers of securities that we own.
Because of these and a wide variety of other uncertainties, our
actual future results may be materially different from the results
indicated by these forward-looking statements.
Contact:
Walter Ida
(808) 946-1400
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