Territorial Bancorp Inc

NASDAQ:TBNKUnited States

Oct 28, 2024

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• Territorial Bancorp Inc. Announces Third Quarter 2024 Results, from 7:30AM ET on Monday Oct 28, 2024 by Dow Jones

  7:30AM ET on Monday Oct 28, 2024 by Dow Jones
  Companies Mentioned: TBNK
  maturity, at amortized cost (fair value of $552,222 and $568,128 at September 30, 2024 and December 31, 2023, respectively) 654,349 685,728 Loans receivable 1,287,688 1,308,552 Allowance for credit losses (5,055) (5,121) Loans receivable, net of allowance for credit losses 1,282,633 1,303,431 ---------- --------- Federal Home Loan Bank stock, at cost 9,307 12,192 Federal Reserve Bank stock, at cost 3,187 3,180 Accrued interest receivable 6,056 6,105 Premises and equipment, net 7,257 7,185 Right-of-use asset, net 11,613 12,371 Bank-owned life insurance 49,388 48,638 Income taxes receivable 1,832 344 Deferred income tax assets, net 2,465 2,457 Prepaid expenses and other assets 7,297 8,211 Total assets $ 2,198,432 $ 2,236,672 ========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $ 1,670,281 $ 1,636,604 Advances from the Federal Home Loan Bank 177,000 242,000 Advances from the Federal Reserve Bank 50,000 50,000 Securities sold under agreements to repurchase 10,000 10,000 Accounts payable and accrued expenses 22,176 23,334 Lease liability 17,090 17,297 Advance payments by borrowers for taxes and insurance 3,148 6,351 Total liabilities 1,949,695 1,985,586 ---------- --------- Stockholders' Equity: Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding -- -- Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding 8,832,210 and 8,826,613 shares at September 30, 2024 and December 31, 2023, respectively 88 88 Additional paid-in capital 48,163 48,022 Unearned ESOP shares (2,079) (2,447) Retained earnings 208,504 211,644 Accumulated other comprehensive loss (5,939) (6,221) ---------- --------- Total stockholders' equity 248,737 251,086 ---------- --------- Total liabilities and stockholders' equity $ 2,198,432 $ 2,236,672 ========== ========= Territorial Bancorp Inc. and Subsidiaries Selected Financial Data (Unaudited) Three Months Ended September 30, --------------------- 2024 2023 -------- -------- Performance Ratios (annualized): Return on average assets (0.24%) 0.16% Return on average equity (2.09%) 1.39% Net interest margin on average interest earning assets 1.42% 1.90% Efficiency ratio (1) 123.46% 91.00% At At September December 30, 2024 31, 2023 -------- -------- Selected Balance Sheet Data: Book value per share (2) $ 28.16 $ 28.45 Stockholders' equity to total assets 11.31% 11.23% Asset Quality (Dollars in thousands): Delinquent loans 90 days past due and not accruing $ 0 $ 227 Non-performing assets (3) $ 2,339 $ 2,260 Allowance for credit losses $ 5,055 $ 5,121 Non-performing assets to total assets 0.11% 0.10% Allowance for credit losses to total loans 0.39% 0.39% Allowance for credit losses to non-performing assets 216.12% 226.59% Note: ---------- (1) Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income (2) Book value per share is equal to stockholders' equity divided by number of shares issued and outstanding (3) Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs