Territorial Bancorp (US:TBNK)2024-10-28 16:51Financial Performance - The Company reported a net loss of $1,318,000, or $0.15 per diluted share, for the three months ended September 30, 2024[2]. - The net loss for the three months ended September 30, 2024, was $(1,318,000), compared to a net income of $880,000 for the same period in 2023[20]. - Basic loss earnings per share for the three months ended September 30, 2024, was $(0.15), compared to earnings of $0.10 in the prior year[20]. Assets and Liabilities - Total assets decreased to $2.20 billion at September 30, 2024, from $2.24 billion at December 31, 2023[9]. - Total assets decreased to $2,198,432,000 as of September 30, 2024, down from $2,236,672,000 at the end of 2023[21]. - Total liabilities decreased to $1,949,695,000 as of September 30, 2024, compared to $1,985,586,000 at the end of 2023[21]. Income and Expenses - Net interest income decreased by $2.55 million for the three months ended September 30, 2024, compared to the same period in 2023[5]. - Total interest income was $18.31 million for the three months ended September 30, 2024, an increase of $929,000 from the previous year[5]. - Total interest income for the three months ended September 30, 2024, was $18,313,000, an increase of 5.3% from $17,384,000 for the same period in 2023[20]. - Net interest income after provision for credit losses decreased to $7,455,000 for the three months ended September 30, 2024, down 27.5% from $10,293,000 in the prior year[20]. - Total noninterest income increased slightly to $616,000 for the three months ended September 30, 2024, compared to $589,000 in the same period of 2023[20]. - Total noninterest expense rose to $10,000,000 for the three months ended September 30, 2024, up 3.4% from $9,667,000 in the prior year[20]. Credit and Deposits - Non-performing assets totaled $2.34 million at September 30, 2024, with a ratio of non-performing assets to total assets at 0.11%[11]. - The allowance for credit losses was $5.06 million at September 30, 2024, representing 0.39% of total loans[11]. - Deposits increased by $33.68 million to $1.67 billion at September 30, 2024, primarily due to deposits from state and local governments[10]. - Deposits increased to $1,670,281,000 as of September 30, 2024, up from $1,636,604,000 at the end of 2023[21]. Dividends and Mergers - The Company approved a dividend of $0.01 per share, expected to be paid on November 22, 2024[2]. - The merger agreement with Hope Bancorp is valued at approximately $78.60 million, with a fixed exchange ratio of 0.8048 shares of Hope Bancorp common stock for each share of the Company[3].