Territorial Bancorp Inc. Declares Dividend

HONOLULU, Hawaii, Oct. 27, 2023 (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 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.