Territorial Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 26, 2018 at 02:46 am IST
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Territorial Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $17,598,000 against $16,481,000 a year ago. Net interest income was $14,901,000 against $14,428,000 a year ago. Income before income taxes was $5,455,000 against $7,221,000 a year ago. Net income was $2,167,000 against $4,362,000 a year ago. Diluted earnings per share were $0.23 against $0.46 per share a year ago. Return on average assets was 0.43% against 0.93% a year ago. Return on average equity was $3.61% against 7.52% a year ago.
For the year, the company reported total interest income of $68,333,000 against $66,073,000 a year ago. Net interest income was $58,744,000 against $58,229,000 a year ago. Income before income taxes was $26,064,000 against $27,134,000 a year ago. Net income was $14,962,000 against $16,347,000 a year ago. Diluted earnings per share were $1.57 against $1.74 per share a year ago. Book value per share as on December 31, 2017 was $23.69 against $23.50 per share 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.