Territorial Bancorp Inc. Reports Operating Results (10-K)
Territorial Bancorp Inc. has a market cap of $238.18 million; its shares were traded at around $19.56 with a P/E ratio of 17.62 and P/S ratio of 3.77. The dividend yield of Territorial Bancorp Inc. stocks is 1.43%.
Highlight of Business Operations: Territorial Bancorp Inc. is a Maryland corporation and owns 100% of the common stock of Territorial Savings Bank. On July 10, 2009, we completed our initial public offering of common stock in connection with the mutual-to-stock conversion of Territorial Mutual Holding Company, selling 12,233,125 shares of common stock at $10.00 per share and raising $122.3 million of gross proceeds. Since the completion of our initial public offering, we have not engaged in any significant business activity other than owning the common stock of and having savings deposits in Territorial Savings Bank. At December 31, 2010, we had consolidated assets of $1.443 billion, consolidated deposits of $1.076 billion and consolidated stockholders equity of $227.4 million.
which is currently $625,500 for single-family homes located in the State of Hawaii. We also originate loans above this amount, which are referred to as jumbo loans. These jumbo loan amounts are generally up to $1.0 million, although we do originate loans above this amount. We generally originate fixed-rate jumbo loans with terms of up to 30 years. We have not originated significant amounts of adjustable-rate jumbo loans in recent years due to customer preference for fixed-rate loans in our market area. We generally underwrite jumbo loans in a manner similar to conforming loans. Jumbo loans are not uncommon in our market area.
We will originate loans with loan-to-value ratios in excess of 80%, up to and including a loan-to-value ratio of 100%. We generally require private mortgage insurance for loans with loan-to-value ratios in excess of 80%. During the year ended December 31, 2010, we originated $16.4 million of one- to four-family residential mortgage loans with loan-to-value ratios in excess of 80%. Prior to 2010, we retained the servicing rights on residential mortgage loans sold. In 2010, we began selling loans on a servicing-released basis. For the year ended December 31, 2010, we received servicing fees of $396,000. As of December 31, 2010, the principal balance of loans serviced for others totaled $131.6 million.
$250,000 or greater. At the time we close a home equity loan or line of credit, we record a mortgage to perfect our security interest in the underlying collateral. At December 31, 2010, the outstanding balance of home equity loans totaled $10.5 million, or 1.6% of our total loan portfolio, and the outstanding balance of home equity lines of credit totaled $9.6 million, or 1.5% of our total loan portfolio.
Nonresidential Real Estate Loans. Our non-residential real estate loans consist primarily of commercial real estate loans and construction loans for residential real estate projects. These loans totaled $14.4 million, or 2.2% of our loan portfolio as of December 31, 2010. The commercial real estate properties primarily include owner-occupied light industrial properties. We seek to originate commercial real estate loans with initial principal balances of $1.0 million or less. Loans secured by commercial real estate totaled $8.8 million, or 1.4%, of our total loan portfolio at December 31, 2010, and consisted of 14 loans outstanding with an average loan balance of approximately $629,000. All of our nonresidential real estate loans are secured by properties located in our primary market area. At December 31, 2010, our largest commercial real estate loan had a principal balance of approximately $1.7 million and was secured by real property and a building. This loan was performing in accordance with its terms at December 31, 2010.
Prior to 2010, we retained the servicing rights on residential mortgage loans sold. In 2010, we began selling loans on a servicing-released basis. We sell loans to assist us in managing interest rate risk. We sold $45.1 million, $85.2 million and $1.4 million of residential mortgage loans (all fixed-rate loans, with terms of 10 years or longer) during the years ended December 31, 2010, 2009 and 2008, respectively. We had 13 loans totaling $3.2 million classified as held for sale at December 31, 2010.
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