Territorial Bancorp Inc. Adopts Repurchase Program
May 05 2021 - 4:30PM
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 has
adopted a tenth stock repurchase program. Under this repurchase
program, the Company may repurchase up to $5,000,000 of the
company’s outstanding shares.
Allan Kitagawa, Chairman and Chief Executive
Officer, said, “We are excited to announce this repurchase program
as the pandemic reaches a new stage and Hawaii progresses with
reopening to visitors and residents. We view this small step as an
affirmation of our confidence as we move through the pandemic.”
The repurchase program permits shares to be
repurchased in open market or private transactions, through block
trades, and pursuant to any trading plan that may be adopted in
accordance with Rule 10b5-1 of the Securities and Exchange
Commission.
Repurchases will be made at management’s discretion
at prices management considers to be attractive and in the best
interests of both the Company and its stockholders, subject to the
availability of stock, general market conditions, the trading price
of the stock, alternative uses for capital, and the Company’s
financial performance. Open market purchases will be conducted in
accordance with the limitations set forth in Rule 10b-18 of the
Securities and Exchange Commission and other applicable legal
requirements.
The repurchase program may be suspended, terminated
or modified at any time for any reason, including market
conditions, the cost of repurchasing shares, the availability of
alternative investment opportunities, liquidity, and other factors
deemed appropriate. These factors may also affect the timing and
amount of share repurchases. The repurchase program does not
obligate the Company to purchase any particular number of
shares.
Certain statements herein constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements may be
identified by words such as “believes,” “will,” “expects,”
“project,” “may,” “could,” “developments,” “strategic,”
“launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets,” “predict” and similar expressions.
These statements are based upon the current beliefs and
expectations of the Company’s management and are subject to
significant risks and uncertainties. Actual results may differ
materially from those set forth in the forward-looking statements
as a result of numerous factors. Factors that could cause such
differences to exist include, but are not limited to, the effects
of the COVID-19 pandemic, general economic conditions, either
nationally, internationally or in our market areas, that are worse
than expected, changes in interest rates, regulatory
considerations, and competition and the risk factors described in
the Company’s annual report on Form 10-K for the year ended
December 31, 2020 as filed with the Securities and Exchange
Commission, as updated through filings with the Securities and
Exchange Commission and other releases issued by the Company from
time to time. Should one or more of these risks materialize or
should underlying beliefs or assumptions prove incorrect, the
Company’s actual results could differ materially from those
discussed. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this release.
Territorial Bancorp Inc., headquartered in
Honolulu, Hawaii, is the stock holding company for Territorial
Savings Bank. Territorial Savings Bank is a state chartered
savings bank which was originally chartered in 1921 by the
Territory of Hawaii. Territorial Savings Bank conducts business
from its headquarters in Honolulu, Hawaii and has 29 branch offices
in the state of Hawaii.
Contact: |
Walter
Ida |
|
(808) 946-1400 |
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