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Territorial Bancorp Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 8, 2012 12:22PM

Territorial Bancorp Inc. (TBNK) filed Quarterly Report for the period ended 2012-06-30. Territorial Bancorp Inc has a market cap of $267.6 million; its shares were traded at around $23.37 with a P/E ratio of 18.4 and P/S ratio of 3.9. The dividend yield of Territorial Bancorp Inc stocks is 1.8%.



Highlight of Business Operations:

Loans. Total loans, including $1.9 million of loans held for sale, were $728.2 million at June 30, 2012, or 46.5% of total assets. During the six months ended June 30, 2012, the loan portfolio increased by $36.8 million, or 5.3%. The increase in the loan portfolio occurred as the production of new one- to four-family residential loans exceeded principal repayments and loan sales. The continued high level of loan originations is due primarily to the current interest rate environment.

Net Interest Income. Net interest income increased by $97,000, or 0.8%, to $13.0 million for the three months ended June 30, 2012 compared to $12.9 million for the three months ended June 30, 2011. Interest and dividend income decreased by $243,000, or 1.5%, due primarily to a 27 basis point decrease in the average yield on interest-earning assets that was partially offset by a $74.0 million increase in the average balance. Interest expense decreased by $340,000, or 11.9%, due to a 15 basis point decrease in the average cost of interest-bearing liabilities that was partially offset by a $74.6 million increase in the average balance of interest-bearing liabilities. The interest rate spread and net interest margin were 3.30% and 3.41%, respectively, for the three months ended June 30, 2012, compared to 3.42% and 3.56%, respectively, for the three months ended June 30, 2011.

Interest and Dividend Income. Interest and dividend income decreased by $243,000, or 1.5%, to $15.5 million for the three months ended June 30, 2012 from $15.7 million for the three months ended June 30, 2011. Interest income on investment securities decreased by $596,000, or 8.7%, to $6.3 million for the three months ended June 30, 2012 from $6.9 million for the three months ended June 30, 2011. The decrease in interest income on securities occurred primarily because of a 38 basis point decrease in the average securities yield that was partially offset by a $1.3 million increase in the average securities balance. The decline in the average yield on investments occurred as repayments on higher yielding mortgage-backed securities were reinvested at lower yields. Interest income on loans increased by $347,000, or 4.0%, to $9.1 million for the three months ended June 30, 2012 from $8.8 million for the three months ended June 30, 2011. The increase in interest income on loans occurred because the average balance of loans grew by $62.1 million, or 9.4%, as new loan originations exceeded loan repayments and loan sales. The increase in interest income was partially offset by a 27 basis point decline in the average loan yield to 5.04% for the three months ended June 30, 2012. The decline in the average yield on loans occurred because of repayments on higher-yielding loans and additions of new loans with lower yields to the loan portfolio.

Net Interest Income. Net interest income increased by $630,000, or 2.5%, to $26.0 million for the six months ended June 30, 2012 compared to $25.4 million for the six months ended June 30, 2011. Interest and dividend income increased by $40,000, or 0.1%, due primarily to a $79.8 million increase in the average balance of interest-earning assets that was partially offset by a 22 basis point decrease in the average yield. Interest expense decreased by $590,000, or 10.4%, due to a 15 basis point decrease in the average cost of interest-bearing liabilities that was partially offset by an $83.1 million increase in the average balance. The interest rate spread and net interest margin were 3.33% and 3.44%, respectively, for the six months ended June 30, 2012, compared to 3.40% and 3.55%, respectively, for the six months ended June 30, 2011.

Interest and Dividend Income. Interest and dividend income increased by $40,000, or 0.1%, to $31.12 million for the six months ended June 30, 2012 from $31.08 million for the six months ended June 30, 2011. Interest income on loans increased by $493,000, or 2.8%, to $18.1 million for the six months ended June 30, 2012 from $17.6 million for the six months ended June 30, 2011. The increase in interest income on loans occurred because the average balance of loans grew by $56.0 million, or 8.5%, as new loan originations exceeded loan repayments and loan sales. The increase in interest income was partially offset by a 28 basis point decline in the average loan yield to 5.09% for the six months ended June 30, 2012. The decline in the average yield on loans occurred because of repayments on higher-yielding loans and additions of new loans with lower yields to the loan portfolio. Interest income on investment securities decreased by $451,000, or 3.4%, to $12.8 million for the six months ended June 30, 2012 from $13.3 million for the six months ended June 30, 2011. The decrease in interest income on securities occurred primarily because of a 31 basis point decrease in the average securities yield that was partially offset by a $25.2 million increase in the average securities balance. The decline in the average yield on investments occurred as repayments on higher yielding mortgage-backed securities were reinvested at lower yields.

Read the The complete Report



Stocks Discussed: TBNK,
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