Territorial Bancorp Inc. Announces Fourth Quarter 2024 Results

Territorial Bancorp Inc. recently released its financial results for the three-month period ending on December 31, 2024. Despite headwinds, the company reported a net loss of $1.72 million, translating to a loss of $0.20 per diluted share. This loss reflected $1.53 million in pre-tax merger-related expenses.

The Board of Directors also approved a dividend of $0.01 per share. This dividend is expected to be disbursed on February 28, 2025, for stockholders on record as of February 14, 2025.

An important development for Territorial Bancorp Inc. is the merger agreement with Hope Bancorp, Inc. (NASDAQ: HOPE). The agreement was signed in April 2024, with Territorial stockholders set to receive 0.8048 share of Hope Bancorp common stock for each share of Territorial common stock. This stock-for-stock transaction, valued at about $78.60 million, focuses on maintaining the Territorial franchise in Hawaii post-merger.

In terms of financial performance, during the reported quarter, net interest income decreased by $2.21 million compared to the same period in 2023. Total interest income saw a marginal increase, primarily due to rises in interest earned on loans and other investments. On the other hand, total interest expense surged by $2.42 million, driven by increases in interest expenses on deposits. provisions for credit losses, noninterest income, and noninterest expense all revealed noteworthy changes in the financial statement.

Additionally, asset quality remains a key focus. Non-performing assets stood at $1.93 million at the end of 2024, slightly lower than the previous year. The ratio of non-performing assets to total assets was reported at 0.09% at the end of 2024, signaling a stable asset quality situation, while the allowance for credit losses stood at $5.11 million.

Territorial Bancorp Inc. continues its commitment to financial stability and strong corporate governance amidst these evolving financial conditions. More information about the company can be found on its official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Territorial Bancorp’s 8K filing here.

Territorial Bancorp Company Profile

Territorial Bancorp Inc operates as the holding company for Territorial Savings Bank that engages in the provision of various financial services to individuals, families, and businesses in the State of Hawaii. The company offers a range of deposit accounts, including passbook and statement savings, money market, commercial and regular checking, and Super NOW accounts, as well as certificates of deposit.