Form 8-K - Current report

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 27, 2023

TERRITORIAL BANCORP INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	1-34403	26-4674701
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

1003 Bishop St., Suite 500, Honolulu, Hawaii		96813
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (808) 946-1400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act

Title of each class		Trading symbol		Name of each exchange on which registered
Common stock, par value $0.01 per share		TBNK		The NASDAQ Stock Market LLC

Item 8.01

Other Events

On October 27, 2023, the Board of Directors of Territorial Bancorp Inc. announced a quarterly cash dividend of $0.05 per share payable on November 24, 2023 to shareholders of record as of November 9, 2023. A copy of the press release announcing the cash dividend is attached as Exhibit 99 to this report.

Item 9.01

Financial Statements and Exhibits

(a)

Not Applicable.

(b)

Not Applicable.

(c)

Not Applicable.

(d)

Exhibits.

Exhibit 
No.

Exhibit

99.1	October 27, 2023 Press release: Territorial Bancorp Inc. Declares Dividend

104	Cover Page Interactive Data File (embedded with the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	Territorial Bancorp Inc.

DATE: October 27, 2023	By:	/s/ Vernon Hirata
	Vernon Hirata
	Vice Chairman, Co-Chief Operating Officer and Secretary

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact: Walter Ida

(808) 946-1400

Territorial Bancorp Inc. Declares Dividend

Honolulu, Hawaii, October 27, 2023 - 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.

Cover	Oct. 27, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 27, 2023
Entity File Number	1-34403
Entity Registrant Name	TERRITORIAL BANCORP INC.
Entity Central Index Key	0001447051
Entity Tax Identification Number	26-4674701
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1003 Bishop St
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	946-1400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	TBNK
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false