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Territorial Bancorp Inc. Reports Operating Results (10-Q)

August 12, 2010 | About:

Territorial Bancorp Inc. (NASDAQ:TBNK) filed Quarterly Report for the period ended 2010-06-30.

Territorial Bancorp Inc. has a market cap of $215.1 million; its shares were traded at around $17.58 with a P/E ratio of 16.4 and P/S ratio of 3.3. The dividend yield of Territorial Bancorp Inc. stocks is 1.1%.TBNK is in the portfolios of John Keeley of Keeley Fund Management, Charles Brandes of Brandes Investment, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC.

Highlight of Business Operations:

Assets. At June 30, 2010, our assets were $1.447 billion, an increase of $57.2 million, or 4.1%, from $1.390 billion at December 31, 2009. The growth in assets was primarily the result of increases in cash and cash equivalents and loans, which were partially offset by a decrease in investment securities.

Cash and Cash Equivalents. Cash and cash equivalents were $201.7 million at June 30, 2010, an increase of $65.7 million since December 31, 2009. The growth in cash and cash equivalents resulted primarily from a $69.2 million increase in savings deposits. The increase in savings deposits was caused by our continuing to promote higher than market rates for savings accounts.

Loans. Total loans, including $438,000 of loans held for sale, were $627.4 million at June 30, 2010, or 43.4% of total assets. During the six months ended June 30, 2010, the loan portfolio increased by $28.6 million, or 4.8%. The increase in the loan portfolio occurred as one- to four-family residential loan production exceeded principal repayments and loan sales due to continued high levels of loan originations in the current interest rate environment.

Securities. At June 30, 2010, our securities portfolio totaled $561.0 million, or 38.8% of assets. At June 30, 2010, all of such securities were classified as held-to-maturity and none of the underlying collateral consisted of subprime or Alt-A (traditionally defined as non-conforming loans having less than full documentation) loans. During the six months ended June 30, 2010, our securities portfolio decreased $37.4 million, or 6.3%, primarily due to repayments exceeding purchases.

Borrowings. Historically, our borrowings consisted primarily of advances from the Federal Home Loan Bank of Seattle and funds borrowed under securities sold under agreements to repurchase. During the six months ended June 30, 2010, our borrowings decreased $15.0 million, or 11.5%, due to the payoff of $25.0 million of securities sold under agreements to repurchase which was partially offset when we obtained $10.0 million of Federal Home Loan Bank advances. We have not required any other borrowings to fund our operations. Instead, we have primarily funded our operations with the net proceeds from our stock offering, additional deposits and principal repayments on loans and mortgage-backed securities.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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