Territorial Bancorp Inc. Announces a Quarterly Cash Dividend, Payable on February 27, 2014; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 30, 2014 at 09:30 pm
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Territorial Bancorp Inc. announced that its Board of Directors approved a quarterly cash dividend on its common stock of $0.14 per share. The dividend is expected to be paid on February 27, 2014 to stockholders of record as of February 13, 2014.
The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest and dividend income was $14,419,000 compared to $14,204,000 a year ago. Net interest income was $12,967,000 compared to $12,296,000 a year ago. Net interest income after provision for loan losses was $12,975,000 compared to $12,053,000 a year ago. Income before income taxes was $5,651,000 compared to $5,645,000 a year ago. Net income was $3,514,000 or $0.37 per diluted share compared to $3,805,000 or $0.37 per diluted share a year ago. Return on average assets was 0.88% compared to 0.97% a year ago. Return on average equity was 6.55% compared to 6.89% a year ago. The reduction in earnings for the fourth quarter of 2013 was primarily due to a decrease in gain on sale of loans and an increase in provision for income taxes. This was offset by an increase in net interest income and gains on sale of investment securities and a reduction in the provision for loan losses. The decrease in earnings did not cause a decline in diluted earnings per share because of a reduction in the weighted-average shares outstanding, which resulted from the company successfully completing its fourth share repurchase program earlier in the year and commencing its fifth share repurchase program.
For the year, the company's total interest and dividend income was $56,175,000 compared to $60,149,000 a year ago. Net interest income was $49,983,000 compared to $50,920,000 a year ago. Net interest income after provision for loan losses was $49,854,000 compared to $50,505,000 a year ago. Income before income taxes was $23,493,000 compared to $23,135,000 a year ago. Net income was $14,647,000 or $1.49 per diluted share compared to $14,838,000 or $1.45 per fully diluted share a year ago. Book value per share as at December 30, 2013 was $21.11 compared to $20.26 a year ago.
Territorial Bancorp Inc. is the holding company parent of Territorial Savings Bank (the Bank). The Bank's business consists primarily of accepting deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in one- to four-family residential mortgage loans and investment securities. The Bank also originates home equity loans and lines of credit, construction, commercial and other nonresidential real estate loans, consumer loans, multifamily mortgage loans and other loans. The Bankâs offers a variety of deposit accounts, including passbook and statement savings accounts, certificates of deposit, money market accounts, commercial and regular checking accounts, and Super NOW accounts. Through its subsidiary, Territorial Financial Services, Inc., it engages in insurance agency activities. It also offers various non-deposit investments to its customers, including annuities and mutual funds, through a third-party broker-dealer.
Territorial Bancorp Inc. Announces a Quarterly Cash Dividend, Payable on February 27, 2014; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013