HONOLULU, Jan. 26, 2017 (GLOBE NEWSWIRE) -- 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 an increase in the quarterly cash dividend from $0.18 per share to $0.20 per share. The dividend is expected to be paid on February 23, 2017 to stockholders of record as of February 9, 2017.
Allan Kitagawa, Chairman and Chief Executive Officer, said, “Hawaii’s strong economy has allowed us to increase the size of our loan portfolio by originating new mortgage loans, although rising interest rates may have an impact on loan volume. The growth in our loan portfolio has increased our net income and improved our performance ratios. We also increased our deposit base and look forward to opening our newest branch soon, which will be located in the rapidly growing Ala Moana area. With our strong performance, we are pleased to announce an 11.11% increase in our quarterly cash dividend from $0.18 per share to $0.20 per share. This is our 29th consecutive quarterly dividend and will be paid on February 23, 2017.”
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
