Territorial Bancorp Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Year Ended December 31, 2015
January 28, 2016 at 04:32 pm
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Territorial Bancorp Inc. announced unaudited consolidated earnings results for fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest and dividend income of $16,223,000, net interest income of $14,408,000, income before income taxes of $6,162,000, net income of $3,699,000 or $0.40 per diluted share compared to the total interest and dividend income of $15,087,000, net interest income of $13,532,000, income before income taxes of $5,884,000, net income of $3,454,000 or $0.37 per diluted share for the same quarter a year ago. Return on average assets was 0.81% compared to 0.82% a year ago. Return on average equity was 6.71% compared to 6.30% a year ago. Book value per share was $22.74 compared to $21.81 a year ago. The $1.14 million growth in interest and dividend income was primarily due to a $1.84 million increase in interest earned on loans which resulted from the $220.44 million increase in loans receivable. The increase in interest income on loans was offset by a $719,000 decline in interest income from investment securities due to a $79.86 million decline in investment securities portfolio that occurred as repayments and sales exceeded securities purchased.
For the year to date, the company reported total interest and dividend income of $63,092,000, net interest income of $53,497,000, income before income taxes of $24,534,000, net income of $14,748,000 or $1.59 per diluted share compared to the total interest and dividend income of $59,615,000, net interest income of $53,497,000, income before income taxes of $23,006,000, net income of $14,097,000 or $1.51 per diluted share for the same period a year ago. The increase in net income can be attributed primarily to an increase in net interest income, which was partially offset by a decrease in non-interest income and increases in noninterest expense and income taxes.
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.