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UNITED STATES
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):
January 26, 2024
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 Street, 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 2.02 | Results of Operations and Financial Condition |
On January 26, 2024 Territorial Bancorp Inc.
issued a press release announcing earnings for the three-month period ending December 31, 2023. A copy of the press release is attached
as Exhibit 99 to this report.
The press release attached as an exhibit to this
Current Report pursuant to this Item 2.02 is being furnished to, and not filed with, the Securities and Exchange Commission.
| Item 9.01 | Financial Statements and Exhibits |
Exhibit No.
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: January 26, 2024 |
| 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. Announces Fourth Quarter
2023 Results
● | The Company’s tier one leverage and risk-based capital ratios were 11.69% and 28.89%, respectively, and the Company is considered
to be “well-capitalized” at December 31, 2023. |
● | Solid asset quality with the ratio of non-performing assets to total assets of 0.10% as of December 31, 2023. |
● | Strong liquidity position with $126.66 million in cash balances and access to liquidity totaling $937.38 million as of December 31,
2023. |
● | The Board of Directors approved a quarterly cash dividend of $0.05 per share, representing Territorial Bancorp Inc.’s 57th
consecutive quarterly dividend. |
Honolulu, Hawaii, January 26, 2024- Territorial Bancorp
Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings
Bank, announced net income of $334,000, or $0.04 per diluted share, for the three months ended December 31, 2023.
The Board of Directors approved a dividend of $0.05 per
share. The dividend is expected to be paid on February 23, 2024, to stockholders of record as of February 9, 2024.
“The uncertain interest rate
environment continues to be a challenge for the banking industry. The higher levels of interest rates will keep pressure on loan growth
and deposit retention, which have an impact on our net interest margin. While interest rates may decrease in the future, we believe that
the competition for loans and deposits will remain strong as we navigate through this cycle. We continue our
focus on maintaining our strong capital levels, which are above regulatory required levels, preserving our solid asset quality, and maintaining
our strong liquidity levels” said Allan Kitagawa, Chairman and CEO.
Interest Income
Net interest income decreased by $3.86 million to $9.41
million for the three months ended December 31, 2023, from $13.27 million for the three months ended December 31, 2022. Total
interest income was $17.69 million for the three months ended December 31, 2023, compared to $16.22 million for the three months
ended December 31, 2022. The $1.47 million increase in total interest income was primarily due to a $922,000 increase in interest
earned on other investments and a $597,000 increase in interest earned on loans. Interest income on other investments rose by $922,000
from $357,000 for the three months ended December 31, 2022, to $1.28 million for the three months ended December 31, 2023. The
increase in interest income on other investments is primarily due to a 227 basis point increase in the interest rate paid on cash balances
at the Federal Reserve Bank of San Francisco (FRB) and a $51.65 million increase in the average cash balance with the FRB. The increase
in interest income on loans resulted from a $8.73 million increase in the average loan balance together with a 16 basis point increase
in the average loan yield.
Interest Expense and Provision for Credit Losses
As a result of the increases in short-term interest rates,
total interest expense increased by $5.33 million to $8.28 million for the three months ended December 31, 2023, from $2.95 million
for the three months ended December 31, 2022. Interest expense on deposits increased by $3.88 million to $6.22 million for the three
months ended December 31, 2023, from $2.35 million for the three months ended December 31, 2022. The increase in interest expense
on deposits was primarily due to an increase in interest expense on certificates of deposit (CD). Interest expense on CDs rose by $3.23
million from $2.01 million for the three months ended December 31, 2022, to $5.24 million for the three months ended December 31,
2023. The increase in interest expense was primarily due to a 190 basis point increase in the average cost of CDs and a $142.14 million
increase in the average CD balance. The increase in the average cost of CDs occurred as interest rates were raised in response to the
increase in market interest rates. The increase in the average balance of CDs occurred as customers transferred balances from lower rate
savings accounts to higher rate CDs. Interest expense on Federal Home Loan Bank (FHLB) advances rose from $558,000 for the three months
ended December 31, 2022, to $1.85 million for the three months ended December 31, 2023. The increase in interest expense on
FHLB advances rose primarily because of a 144 basis point increase in the average cost of advances and a $102.80 million increase in the
average advance balance. Interest expense on FRB borrowings rose by $154,000 during the three months ended December 31, 2023, when
the Company obtained a $50.0 million advance from the FRB. Additional FHLB and FRB advances were obtained in 2023 to enhance the Company’s
liquidity and to fund deposit withdrawals.
The Company recognized $144,000 and $27,000 of credit loss
provisions in the three months ended December 31, 2023 and 2022, respectively. In 2023, the Company adopted the current expected
credit loss (CECL) accounting standard to calculate its allowance for credit losses. The increase in credit loss provisions for
the quarter is primarily due to an increase in forecasted charge-offs in the loan portfolio.
Noninterest Income
Noninterest income was $603,000 for the three months ended
December 31, 2023, compared to $1.17 million for the three months ended December 31, 2022. The decrease in noninterest income
is primarily due to $713,000 of income related to the Company’s defined benefit pension plan recognized in the three months ended
December 31, 2022.
Noninterest Expense
Noninterest expense decreased to $9.48 million for the three
months ended December 31, 2023, compared to $9.89 million for the three months ended December 31, 2022. Salaries and employee
benefits decreased by $632,000 to $5.11 million for the three months ended December 31, 2023, from $5.74 million for the three months
ended December 31, 2022. The reduction in salaries and employee benefits is primarily due to a decrease in deferred compensation
accruals, supplemental executive retirement plan benefits and accruals for the employee stock ownership plan (ESOP). The decrease in ESOP
accruals is primarily due to a decline in the Company’s share price which is used to calculate the accrual. Federal Deposit Insurance
Corporation (FDIC) premium expense rose from $144,000 for the three months ended December 31, 2022, to $245,000 for the three months
ended December 31, 2023, because of an increase in the FDIC insurance premium rate. Other general and administrative expenses rose
from $961,000 for the three months ended December 31, 2022, to $1.14 million for the three months ended December 31, 2023. The
increase in general and administrative expenses is primarily due to increases in charitable donations, accounting and auditing expenses
and legal expenses.
Income Taxes
Income tax expense for the three months ended December 31,
2023 was $61,000 with an effective tax rate of 15.44% compared to $1.08 million with an effective tax rate of 23.91% for the three months
ended December 31, 2022. The decrease in income tax expense was primarily due to a $4.13 million decrease in income before income
taxes during the three months ended December 31, 2023, compared to the three months ended December 31, 2022. The decrease in
the effective tax rate in 2023 occurred because non-taxable items, such as the increase in cash surrender value of bank-owned life insurance,
represented a larger portion of income before income taxes.
Balance Sheet
Total assets were $2.24 billion at December 31, 2023
and $2.17 billion at December 31, 2022. Loans receivable increased by $8.67 million and were $1.30 billion at December 31, 2023
and $1.29 billion at December 31, 2022. The increase in loans receivable occurred as new loan originations exceeded loan repayments
and sales. Investment securities, including available for sale securities, decreased by $32.70 million to $705.90 million at December 31,
2023 from $738.59 million at December 31, 2022. The decrease in investment securities occurred primarily because of principal repayments
on mortgage-backed securities. Cash and cash equivalents increased by $86.11 million to $126.66 million at December 31, 2023 from
$40.55 million at December 31, 2022. The increase in cash and cash equivalents occurred as the Company obtained additional advances
from the FHLB and FRB to enhance its liquidity.
Deposits decreased by $79.55 million from $1.72 billion
at December 31, 2022 to $1.64 billion at December 31, 2023. The decrease in deposits occurred as customers sought higher interest
rates on their deposits than what the Company offers. FHLB advances increased by $101.00 million to $242.00 million at December 31,
2023 from $141.00 million at December 31, 2022. The Company also borrowed $50.00 million through the FRB’s Term Funding Program.
The proceeds from this advance were used to enhance liquidity and to fund deposit withdrawals. Total stockholders’ equity decreased
to $251.09 million at December 31, 2023 from $256.55 million at December 31, 2022. The decrease in stockholders’ equity
occurred primarily because the Company’s dividends paid to stockholders, share repurchases, and the impact to retained earnings
from the adoption of the CECL standard to calculate its allowance for credit losses exceeded the Company’s net income.
Asset Quality
In August 2023, wildfires on Maui partially or completely
destroyed 12 homes which were collateral for $3.16 million of mortgage loans held by the Company. Since the wildfire occurred, $300,000
of these loans have been paid off using insurance proceeds. At December 31, 2023, the Company had $2.82 million of mortgage loans
which were collateralized by homes partially or completely destroyed in the Maui wildfires and all of these loans were current. A $62,000
mortgage loan, which was collateralized by a home destroyed in the Maui wildfires, was in the Bank’s forbearance program and was
paid off in January 2024. The forbearance program allows the borrower to defer their interest payments for six months. All of the
homes which were destroyed are insured and the Company does not expect to incur a loss on these loans. The Company also has $18.67 million
of mortgage loans on Maui at December 31, 2023 which were not affected by the wildfires. As of December 31, 2023, all of these
loans were current.
Credit quality continues to be extremely important as the
Bank adheres to its strict underwriting standards. The Company had $227,000 in delinquent mortgage loans 90 days or more past due at December 31,
2023, compared to $559,000 at December 31, 2022. Non-performing assets totaled $2.26 million at December 31, 2023, compared
to $2.30 million at December 31, 2022. The ratio of non-performing assets to total assets was 0.10% at December 31, 2023 and
0.11% at December 31, 2022. The allowance for credit losses at December 31, 2023 was $5.12 million and represented 0.39% of
total loans, compared to $2.03 million and 0.16% of total loans as of December 31, 2022. The increase in the ratio of allowance for
credit losses to total loans occurred when the Company adopted the CECL accounting standard to calculate its allowance for credit losses
on January 1, 2023. Upon adoption of the standard, the Company recorded a $3.16 million increase to its allowance for credit losses.
The ratio of the allowance for credit losses to non-performing loans rose to 226.59% at December 31, 2023, compared to 88.31% at
December 31, 2022 as a result of the increase in the allowance for credit losses.
About Us
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 28 branch offices in the state of Hawaii. For additional information, please visit the Company’s website at: https://www.tsbhawaii.bank.
Forward-looking statements - this earnings 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 earnings 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.
Territorial Bancorp Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
| |
Three Months Ended | | |
Year Ended | |
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Interest income: | |
| | | |
| | | |
| | | |
| | |
Loans | |
$ | 12,006 | | |
$ | 11,409 | | |
$ | 47,043 | | |
$ | 45,318 | |
Investment securities | |
| 4,406 | | |
| 4,458 | | |
| 17,918 | | |
| 16,211 | |
Other investments | |
| 1,279 | | |
| 357 | | |
| 4,127 | | |
| 1,173 | |
Total interest income | |
| 17,691 | | |
| 16,224 | | |
| 69,088 | | |
| 62,702 | |
| |
| | | |
| | | |
| | | |
| | |
Interest expense: | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| 6,223 | | |
| 2,348 | | |
| 19,484 | | |
| 4,925 | |
Advances from the Federal Home Loan Bank | |
| 1,854 | | |
| 558 | | |
| 6,636 | | |
| 2,107 | |
Securities sold under agreements to repurchase | |
| 46 | | |
| 46 | | |
| 183 | | |
| 183 | |
Advances from the Federal Reserve Bank | |
| 154 | | |
| — | | |
| 154 | | |
| — | |
Total interest expense | |
| 8,277 | | |
| 2,952 | | |
| 26,457 | | |
| 7,215 | |
| |
| | | |
| | | |
| | | |
| | |
Net interest income | |
| 9,414 | | |
| 13,272 | | |
| 42,631 | | |
| 55,487 | |
Provision (reversal of provision) for credit/loan losses | |
| 144 | | |
| 27 | | |
| (3 | ) | |
| (576 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net interest income after provision (reversal of provision) for credit/loan losses | |
| 9,270 | | |
| 13,245 | | |
| 42,634 | | |
| 56,063 | |
| |
| | | |
| | | |
| | | |
| | |
Noninterest income: | |
| | | |
| | | |
| | | |
| | |
Service and other fees | |
| 305 | | |
| 324 | | |
| 1,327 | | |
| 1,416 | |
Income on bank-owned life insurance | |
| 227 | | |
| 201 | | |
| 855 | | |
| 792 | |
Net gain (loss) on sale of loans | |
| — | | |
| — | | |
| 10 | | |
| (3 | ) |
Other | |
| 71 | | |
| 645 | | |
| 279 | | |
| 2,004 | |
Total noninterest income | |
| 603 | | |
| 1,170 | | |
| 2,471 | | |
| 4,209 | |
| |
| | | |
| | | |
| | | |
| | |
Noninterest expense: | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 5,109 | | |
| 5,741 | | |
| 20,832 | | |
| 22,259 | |
Occupancy | |
| 1,709 | | |
| 1,784 | | |
| 6,910 | | |
| 6,708 | |
Equipment | |
| 1,278 | | |
| 1,257 | | |
| 5,156 | | |
| 5,006 | |
Federal deposit insurance premiums | |
| 245 | | |
| 144 | | |
| 982 | | |
| 573 | |
Other general and administrative expenses | |
| 1,137 | | |
| 961 | | |
| 4,388 | | |
| 4,252 | |
Total noninterest expense | |
| 9,478 | | |
| 9,887 | | |
| 38,268 | | |
| 38,798 | |
| |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
| 395 | | |
| 4,528 | | |
| 6,837 | | |
| 21,474 | |
Income taxes | |
| 61 | | |
| 1,083 | | |
| 1,810 | | |
| 5,318 | |
Net income | |
$ | 334 | | |
$ | 3,445 | | |
| 5,027 | | |
$ | 16,156 | |
| |
| | | |
| | | |
| | | |
| | |
Basic earnings per share | |
$ | 0.04 | | |
$ | 0.39 | | |
$ | 0.58 | | |
$ | 1.81 | |
Diluted earnings per share | |
$ | 0.04 | | |
$ | 0.39 | | |
$ | 0.57 | | |
$ | 1.80 | |
Cash dividends declared per common share | |
$ | 0.05 | | |
$ | 0.33 | | |
$ | 0.74 | | |
$ | 1.02 | |
Basic weighted-average shares outstanding | |
| 8,575,902 | | |
| 8,807,548 | | |
| 8,636,495 | | |
| 8,865,946 | |
Diluted weighted-average shares outstanding | |
| 8,603,843 | | |
| 8,857,848 | | |
| 8,684,092 | | |
| 8,920,714 | |
Territorial Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 126,659 | | |
$ | 40,553 | |
Investment securities available for sale, at fair value | |
| 20,171 | | |
| 20,821 | |
Investment securities held to maturity, at amortized cost (fair value of $568,128 and $591,084 at December 31, 2023 and December 31, 2022, respectively) | |
| 685,728 | | |
| 717,773 | |
Loans receivable | |
| 1,308,552 | | |
| 1,296,796 | |
Allowance for credit/loan losses | |
| (5,121 | ) | |
| (2,032 | ) |
Loans receivable, net of allowance for credit/loan losses | |
| 1,303,431 | | |
| 1,294,764 | |
Federal Home Loan Bank stock, at cost | |
| 12,192 | | |
| 8,197 | |
Federal Reserve Bank stock, at cost | |
| 3,180 | | |
| 3,170 | |
Accrued interest receivable | |
| 6,105 | | |
| 6,115 | |
Premises and equipment, net | |
| 7,185 | | |
| 7,599 | |
Right-of-use asset, net | |
| 12,371 | | |
| 14,498 | |
Bank-owned life insurance | |
| 48,638 | | |
| 47,783 | |
Income taxes receivable | |
| 344 | | |
| — | |
Deferred income tax assets, net | |
| 2,457 | | |
| 1,643 | |
Prepaid expenses and other assets | |
| 8,211 | | |
| 6,676 | |
Total assets | |
$ | 2,236,672 | | |
$ | 2,169,592 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Deposits | |
$ | 1,636,604 | | |
$ | 1,716,152 | |
Advances from the Federal Home Loan Bank | |
| 242,000 | | |
| 141,000 | |
Advances from the Federal Reserve Bank | |
| 50,000 | | |
| — | |
Securities sold under agreements to repurchase | |
| 10,000 | | |
| 10,000 | |
Accounts payable and accrued expenses | |
| 23,334 | | |
| 24,180 | |
Lease liability | |
| 17,297 | | |
| 15,295 | |
Income taxes payable | |
| — | | |
| 838 | |
Advance payments by borrowers for taxes and insurance | |
| 6,351 | | |
| 5,577 | |
Total liabilities | |
| 1,985,586 | | |
| 1,913,042 | |
| |
| | | |
| | |
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 8,826,613 and
9,071,076 shares as of December 31, 2023 and 2022, respectively | |
| 88 | | |
| 91 | |
Additional paid-in capital | |
| 48,022 | | |
| 51,825 | |
Unearned ESOP shares | |
| (2,447 | ) | |
| (2,936 | ) |
Retained earnings | |
| 211,644 | | |
| 215,314 | |
Accumulated other comprehensive loss | |
| (6,221 | ) | |
| (7,744 | ) |
Total stockholders’ equity | |
| 251,086 | | |
| 256,550 | |
Total liabilities and stockholders’ equity | |
$ | 2,236,672 | | |
$ | 2,169,592 | |
Territorial Bancorp Inc. and Subsidiaries
Selected Financial Data (Unaudited)
| |
Three Months Ended | |
| |
December 31, | |
| |
2023 | | |
2022 | |
Performance Ratios (annualized): | |
| | | |
| | |
Return on average assets | |
| 0.06 | % | |
| 0.63 | % |
Return on average equity | |
| 0.53 | % | |
| 5.30 | % |
Net interest margin on average interest earning assets | |
| 1.78 | % | |
| 2.56 | % |
Efficiency ratio (1) | |
| 94.62 | % | |
| 68.46 | % |
| |
At | | |
At | |
| |
December | | |
December | |
| |
31, 2023 | | |
31, 2022 | |
Selected Balance Sheet Data: | |
| | | |
| | |
Book value per share (2) | |
$ | 28.45 | | |
$ | 28.28 | |
Stockholders' equity to total assets | |
| 11.23 | % | |
| 11.83 | % |
| |
| | | |
| | |
Asset Quality | |
| | | |
| | |
(Dollars in thousands): | |
| | | |
| | |
Delinquent loans 90 days past due and not accruing | |
$ | 227 | | |
$ | 559 | |
Non-performing assets (3) | |
$ | 2,260 | | |
$ | 2,301 | |
Allowance for credit losses | |
$ | 5,121 | | |
$ | 2,032 | |
Non-performing assets to total assets | |
| 0.10 | % | |
| 0.11 | % |
Allowance for credit losses to total loans | |
| 0.39 | % | |
| 0.16 | % |
Allowance for credit losses to non-performing assets | |
| 226.59 | % | |
| 88.31 | % |
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
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Territorial Bancorp (NASDAQ:TBNK)
過去 株価チャート
から 8 2024 まで 9 2024
Territorial Bancorp (NASDAQ:TBNK)
過去 株価チャート
から 9 2023 まで 9 2024