Territorial Bancorp Inc. Declares Dividend
October 27 2023 - 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 $0.05 per share. The dividend
is expected to be paid on November 24, 2023 to stockholders of
record as of November 9, 2023.
“Today’s interest rate environment continues to be
challenging to the banking industry. The steep increases in
interest rates have resulted in higher mortgage rates, which caused
many potential homebuyers to hesitate before buying a home. These
developments have led to lower loan volumes and higher interest
costs, which have impacted our net interest margins. We are being
diligent in controlling our expenses as we work through this
current interest rate environment. Competition for deposits and
pricing are impacting financial performance across the banking
industry, and while we expect our net interest margins to continue
decreasing through the remainder of 2023, our focus remains on
maintaining our solid asset quality. We have strengthened our
liquidity levels and have been able to maintain our strong capital
levels, which are above regulatory required levels” said Allan
Kitagawa, Chairman and CEO.
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 internationally, nationally
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;
- changes in monetary or fiscal policies of the U.S. Government,
including policies of the U.S. Treasury and the Federal Reserve
Board;
- our ability to enter new markets successfully and capitalize on
growth opportunities;
- our ability to successfully integrate acquired entities, if
any;
- changes in consumer demand, 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;
- the timing and amount of revenues that we may recognize;
- the value and marketability of collateral underlying our loan
portfolios;
- our ability to retain key employees;
- cyberattacks, computer viruses and other technological risks
that may breach the security of our websites or other systems to
obtain unauthorized access to confidential information, destroy
data or disable our systems;
- technological change that may be more difficult or expensive
than expected;
- the ability of third-party providers to perform their
obligations to us;
- the ability of the U.S. Government to manage federal debt
limits;
- the quality and composition of our investment portfolio;
- the effect of any pandemic disease, including COVID-19, natural
disaster, war, act of terrorism, accident or similar action or
event;
- changes in market and other conditions that would affect our
ability to repurchase our common stock; and
- changes in our financial condition or results of operations
that reduce capital available to pay dividends.
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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