Territorial Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 27, 2017 at 03:31 am IST
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Territorial Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $16.481 million against $16.223 million a year ago. The $258,000 growth in interest income was primarily due to a $966,000 increase in interest earned on loans which resulted primarily from the $147.34 million increase in loans receivable. The increase in interest income on loans was offset by a $734,000 decline in interest income from investment securities due to an $85.40 million decrease in investment securities portfolio that occurred as repayments and sales exceeded securities purchased. Net interest income was $14.428 million against $14.408 million a year ago. Income before income taxes was $7.221 million against $6.162 million a year ago. Net income was $4.362 million or $0.46 per diluted share against $3.699 million or $0.40 per diluted share a year ago. Return on average assets was 0.93% against 0.81% a year ago. Return on average equity was 7.52% against 6.71% a year ago. Book value per share was $23.50 against $22.74 a year ago.
For the year, the company reported total interest income of $66.073 million against $63.092 million a year ago. Net interest income was $58.229 million against $56.577 million a year ago. Income before income taxes was $27.134 million against $24.534 million a year ago. Net income was $16.347 million or $1.76 per diluted share against $14.748 million or $1.59 per diluted share a year ago. The growth in net income can be attributed primarily to higher net interest income and lower noninterest expense which was partially offset by a decrease in noninterest income and an increase in income taxes. Interest income on loans grew by $5.27 million, or 11.47%, to $51.17 million for the year ended December 31, 2016, primarily because of a $147.34 million increase in the loan portfolio. This increase was offset by a reduction of $2.51 million in interest earned on investment securities which occurred due to an $85.40 million reduction in investment securities as security repayments and sales exceeded purchases.
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. 
