Buy Or Sell Opportunity • Mar 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to US$8.19. The fair value is estimated to be US$10.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 3.0% in a year. Earnings are forecast to grow by 100% in the next year. Buy Or Sell Opportunity • Feb 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to US$8.19. The fair value is estimated to be US$10.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 3.0% in a year. Earnings are forecast to grow by 100% in the next year. Declared Dividend • Feb 05
Fourth quarter dividend of US$0.01 announced Shareholders will receive a dividend of US$0.01. Ex-date: 14th February 2025 Payment date: 28th February 2025 Dividend yield will be 0.4%, which is lower than the industry average of 3.2%. Reported Earnings • Feb 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: US$0.50 loss per share (down from US$0.58 profit in FY 2023). Revenue: US$36.4m (down 19% from FY 2023). Net loss: US$4.30m (down 186% from profit in FY 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Announcement • Feb 01
Territorial Bancorp Inc. Approves a Dividend, Payable on February 28, 2025 The Board of Directors of Territorial Bancorp Inc. approved a dividend of $0.01 per share. The dividend is expected to be paid on February 28, 2025, to stockholders of record as of February 14, 2025. Announcement • Oct 29
Territorial Bancorp Inc. Approves a Dividend, Payable on November 22, 2024 Territorial Bancorp Inc. announced that its Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on November 22, 2024, to stockholders of record as of November 8, 2024. Announcement • Oct 26
Blue Hill Advisors Advance Offer with Detailed Disclosure to Board of Territorial Bancorp Inc On October 25, 2024, a group of seasoned bank investors, led by Jason Blumberg of Blue Hill Advisors, disclosed new financial qualifications in an addendum to the Board of Directors of Territorial Bancorp Inc. Initially submitting their acquisition proposal on August 26, the investors enhanced their offer's credibility by lowering the minimum tender requirement from 70% to 51%. With a collective management of $3.4 billion, they expressed strong commitment to purchasing Territorial shares at $12.50 each, surpassing the amount necessary for full tender. The investors criticized the Board for failing to justify its merger with Hope, urging shareholders to oppose the sale at the upcoming special meeting on November 6, 2024. They emphasized their offer's 25% premium over Hope's valuation and accused the Board of obstructing negotiations by demanding fully baked terms without due diligence. The investors argued that the merger agreement with Hope allows for contingencies and called on the Board to recognize their proposal as a superior alternative, asserting that until the Board acknowledges this potential, shareholders have little choice but to oppose the Hope merger. Announcement • Oct 25
Yakira Capital Management Provides Information to Shareholders of Territorial Bancorp On October 24, 2024, Yakira Capital Management Inc announced that, it has issued a response regarding the Territorial Bancorp Inc board director’s rejection to consider a superior acquisition offer from the Blue Hill Advisors consortium, in favor of a merger with Hope Bancorp, and urged the Company board to examine an acquisition offer by Blue Hill. Yakira Capital stated that shareholders should not have to fight for the Board to declare a proposal with a 25% premium to be reasonably likely to be superior to the Hope transaction, and the Board has expressed concerns about the Blue Hill offer. In addition, Yakira Capital urged the board, acting as fiduciaries to shareholders, to deem the Blue Hill offer as likely to lead to a superior offer and immediately open negotiations with the consortium given it is in the best interest of all shareholders. Further, Yakira Capital stated that it believes management is breaching their fiduciary duty by not declaring the Blue Hill offer as potentially likely to lead to a superior proposal, and as a potentially superior offer, the Board has an obligation to consider it. Yakira Capital reiterated its intention to vote against the Hope deal. Announcement • Oct 11
Yakira Capital Urges Territorial Bancorp to Reconsider Acquisition Offer From Blue Hill Advisors On October 10, 2024, Yakira Capital Management, announced that it issued a letter to Territorial's Board of Directors expressing strong concerns over the Board's refusal to engage with Blue Hill Advisors regarding their acquisition proposal. Yakira highlighted that Blue Hill's offer of $12.50 per share represents a valuation more than 25% higher than the current merger agreement with Hope Bancorp. Yakira Capital stated that despite this, the Board has publicly disparaged Blue Hill's proposal and has not engaged in meaningful discussions, prompting Yakira to criticize the Board for not acting in the best financial interests of its shareholders. Yakira stated that it plans to vote against the Hope merger, advocating that the Blue Hill proposal, supported by credible financial backing and potentially quicker regulatory approvals, presents a superior option for maximizing shareholder value. Further, Yakira Capital expressed that this stance is supported by Institutional Shareholder Services (ISS), which also believes the Blue Hill offer to be more beneficial. Announcement • Oct 02
Investor group comprised of Allan Landon, Blue Hill Advisors LLC and others cancelled the acquisition of Territorial Bancorp Inc. (NasdaqGS:TBNK). Investor group comprised of Allan Landon, Blue Hill Advisors LLC and others proposed to acquire Territorial Bancorp Inc. (NasdaqGS:TBNK) for approximately $100 million on August 26, 2024. Territorial's Board of Directors twice rejected the August 26 proposal, first on September 6 and again on September 12, citing provisions in Territorial's merger agreement with Hope that prohibit the Company from pursuing competing proposals unless specific criteria are met that would render the competing proposal. Investor group comprised of Allan Landon, Blue Hill Advisors LLC and others has made a revised bid to acquire Territorial Bancorp Inc. for $110.4 million on September 26, 2024. As of September 26, 2024, the investor group revised cash offer increased from $12.00 per share to $12.50 per share.
Investor group comprised of Allan Landon, Blue Hill Advisors LLC and others cancelled the acquisition of Territorial Bancorp Inc. (NasdaqGS:TBNK) on September 26, 2024. Board of Directors of Territorial Bancorp, again rejected Blue Hill proposal as remaining highly uncertain, inferior to Hope agreement and unlikely to benefit Territorial shareholders. Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 44% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$36.9m to US$35.9m. Losses expected to increase from US$0.16 per share to US$0.23. Banks industry in the US expected to see average net income growth of 9.7% next year. Consensus price target up from US$9.66 to US$11.27. Share price rose 8.3% to US$9.54 over the past week. Price Target Changed • Aug 14
Price target increased by 24% to US$11.27 Up from US$9.08, the current price target is provided by 1 analyst. New target price is 26% above last closing price of US$8.96. The company is forecast to post a net loss per share of US$0.23 compared to earnings per share of US$0.58 last year. Declared Dividend • Aug 01
Second quarter dividend of US$0.01 announced Shareholders will receive a dividend of US$0.01. Ex-date: 9th August 2024 Payment date: 23rd August 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.2%. Reported Earnings • Jul 28
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.09 loss per share (down from US$0.17 profit in 2Q 2023). Revenue: US$9.52m (down 18% from 2Q 2023). Net loss: US$775.0k (down 152% from profit in 2Q 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Jul 27
Territorial Bancorp Inc. Approves Dividend, Payable on August 23, 2024 Territorial Bancorp Inc.'s Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on August 23, 2024, to stockholders of record as of August 9, 2024. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$9.45, the stock trades at a trailing P/E ratio of 37x. Average forward P/E is 12x in the Banks industry in the US. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$14.73 per share. Upcoming Dividend • Jun 20
Upcoming dividend of CA$0.01 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 08 July 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.0%). Upcoming Dividend • May 17
Upcoming dividend of US$0.01 per share Eligible shareholders must have bought the stock before 24 May 2024. Payment date: 10 June 2024. The company is paying out more than 100% of its profits and is paying out 85% of its cash flow. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (2.9%). Announcement • May 15
Territorial Bancorp Inc. Declares Quarterly Cash Dividend, Payable on June 10, 2024 Territorial Bancorp Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.01 per share. The dividend is expected to be paid on June 10, 2024 to stockholders of record as of May 28, 2024. Major Estimate Revision • May 07
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$39.5m to US$36.5m. EPS estimate also fell from US$0.155 per share to US$0.11 per share. Net income forecast to shrink 82% next year vs 1.8% growth forecast for Banks industry in the US . Consensus price target up from US$9.00 to US$9.25. Share price rose 7.6% to US$8.10 over the past week. Announcement • Apr 17
Territorial Bancorp Inc., Annual General Meeting, May 16, 2024 Territorial Bancorp Inc., Annual General Meeting, May 16, 2024, at 08:30 Hawaiian Standard. Agenda: To consider the election of Directors; to consider the Ratification of the appointment of Moss Adams LLP as company independent registered public accounting firm; and to consider the advisory approval of company executive compensation; and to consider other matters. Reported Earnings • Mar 19
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$0.58 (down from US$1.81 in FY 2022). Revenue: US$45.1m (down 25% from FY 2022). Net income: US$4.98m (down 69% from FY 2022). Profit margin: 11% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.02% (down from 2.69% in FY 2022). Cost-to-income ratio: 84.8% (up from 65.0% in FY 2022). Non-performing loans: 0.17% (down from 0.18% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to stay flat during the next 2 years compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$9.55, the stock trades at a forward P/E ratio of 62x. Average forward P/E is 10x in the Banks industry in the US. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$15.53 per share. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$41.8m to US$40.4m. EPS estimate also fell from US$0.32 per share to US$0.20 per share. Net income forecast to shrink 66% next year vs 3.5% decline forecast for Banks industry in the US. Consensus price target up from US$8.53 to US$9.00. Share price fell 6.3% to US$10.38 over the past week. New Risk • Feb 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (127% payout ratio). Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (US$92.0m market cap). Declared Dividend • Feb 01
Fourth quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 8th February 2024 Payment date: 23rd February 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (127% earnings payout ratio). However, the dividend is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 41% to bring the payout ratio under control. EPS is expected to grow by 1.7% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Jan 28
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$0.58 (down from US$1.81 in FY 2022). Revenue: US$45.3m (down 25% from FY 2022). Net income: US$5.03m (down 69% from FY 2022). Profit margin: 11% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 23% per year. Announcement • Jan 27
Territorial Bancorp Inc. Approves Quarterly Cash Dividend, Payable on February 23, 2024 Territorial Bancorp Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.05 per share. The dividend is expected to be paid on February 23, 2024 to stockholders of record as of February 9, 2024. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$9.57, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 10x in the Banks industry in the US. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$16.62 per share. Reported Earnings • Oct 29
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: US$0.10 (down from US$0.44 in 3Q 2022). Revenue: US$10.9m (down 28% from 3Q 2022). Net income: US$880.0k (down 77% from 3Q 2022). Profit margin: 8.1% (down from 26% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is expected to decline by 7.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Oct 29
Territorial Bancorp Inc. Declares Quarterly Dividend, Payable on November 24, 2023 Territorial Bancorp Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.05 per share. The dividend is expected to be paid on November 24, 2023 to stockholders of record as of November 9, 2023. Price Target Changed • Sep 29
Price target decreased by 7.1% to US$13.00 Down from US$14.00, the current price target is an average from 2 analysts. New target price is 43% above last closing price of US$9.09. Stock is down 51% over the past year. The company is forecast to post earnings per share of US$0.67 for next year compared to US$1.81 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$11.30, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Banks industry in the US. Total loss to shareholders of 42% over the past three years. Major Estimate Revision • Aug 04
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$47.9m to US$46.3m. EPS estimate also fell from US$0.825 per share to US$0.67 per share. Net income forecast to shrink 54% next year vs 11% decline forecast for Banks industry in the US. Consensus price target up from US$13.50 to US$14.00. Share price fell 18% to US$11.55 over the past week. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.23 per share at 9.1% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 9.1%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.4%). New Risk • Aug 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$96.2m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 57% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (US$96.2m market cap). Buying Opportunity • Aug 01
Now 30% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be US$16.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to decline by 16% in a year. Earnings is forecast to decline by 54% in the next year. Reported Earnings • Jul 30
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.17 (down from US$0.46 in 2Q 2022). Revenue: US$11.6m (down 24% from 2Q 2022). Net income: US$1.50m (down 63% from 2Q 2022). Profit margin: 13% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is expected to decline by 7.6% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 14% per year. Announcement • Jul 29
Territorial Bancorp Inc. Approves Quarterly Cash Dividend, Payable on August 25, 2023 Territorial Bancorp Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.23 per share. The dividend is expected to be paid on August 25, 2023 to stockholders of record as of August 11, 2023. Price Target Changed • Jul 07
Price target decreased by 11% to US$18.33 Down from US$20.67, the current price target is an average from 3 analysts. New target price is 54% above last closing price of US$11.88. Stock is down 42% over the past year. The company is forecast to post earnings per share of US$0.82 for next year compared to US$1.81 last year. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$12.69, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Banks industry in the US. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$20.13 per share. Price Target Changed • May 06
Price target decreased by 13% to US$20.67 Down from US$23.67, the current price target is an average from 3 analysts. New target price is 83% above last closing price of US$11.30. Stock is down 48% over the past year. The company is forecast to post earnings per share of US$0.85 for next year compared to US$1.81 last year. Major Estimate Revision • May 04
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$52.4m to US$47.9m. EPS estimate also fell from US$1.14 per share to US$0.85 per share. Net income forecast to shrink 43% next year vs 5.7% decline forecast for Banks industry in the US. Consensus price target down from US$23.67 to US$22.33. Share price fell 31% to US$11.90 over the past week. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to US$11.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Banks industry in the US. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$19.68 per share. Buying Opportunity • May 03
Now 43% undervalued after recent price drop Over the last 90 days, the stock is down 57%. The fair value is estimated to be US$18.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.9%. Revenue is forecast to decline by 17% in a year. Earnings is forecast to decline by 43% in the next year. Reported Earnings • Mar 21
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: US$1.81 (down from US$1.92 in FY 2021). Revenue: US$60.3m (down 2.9% from FY 2021). Net income: US$16.1m (down 7.5% from FY 2021). Profit margin: 27% (down from 28% in FY 2021). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.69% (up from 2.65% in FY 2021). Cost-to-income ratio: 65.0% (up from 63.3% in FY 2021). Non-performing loans: 0.18% (down from 0.25% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$58.7m to US$53.2m. EPS estimate also fell from US$1.61 per share to US$1.18 per share. Net income forecast to shrink 37% next year vs 3.2% decline forecast for Mortgage industry in the US. Consensus price target of US$24.00 unchanged from last update. Share price rose 3.5% to US$24.86 over the past week. Reported Earnings • Jan 28
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: US$1.82 (down from US$1.92 in FY 2021). Revenue: US$60.3m (down 2.9% from FY 2021). Net income: US$16.2m (down 6.9% from FY 2021). Profit margin: 27% (down from 28% in FY 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 1.4% p.a. on average during the next 2 years, while revenues in the Mortgage industry in the US are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. Announcement • Jan 27
Territorial Bancorp Inc. Approves Quarterly Cash Dividend, Payable on February 23, 2023 Territorial Bancorp Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.23 per share. The dividend is expected to be paid on February 23, 2023 to stockholders of record as of February 9, 2023. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Director Jan Sam was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.23 per share Eligible shareholders must have bought the stock before 09 November 2022. Payment date: 23 November 2022. Payout ratio is a comfortable 49% and the cash payout ratio is 94%. Trailing yield: 5.0%. Within top quartile of American dividend payers (4.4%). Lower than average of industry peers (6.5%). Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Director Jan Sam was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: US$0.44 (down from US$0.46 in 3Q 2021). Revenue: US$15.1m (down 1.2% from 3Q 2021). Net income: US$3.89m (down 6.0% from 3Q 2021). Profit margin: 26% (down from 27% in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.9%. Revenue is expected to decline by 2.3% p.a. on average during the next 2 years, while revenues in the Mortgage industry in the US are expected to grow by 4.8%. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Director John Ohama was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.23 per share Eligible shareholders must have bought the stock before 10 August 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Within top quartile of American dividend payers (4.1%). Lower than average of industry peers (5.6%). Reported Earnings • Jul 31
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: US$0.46 (up from US$0.44 in 2Q 2021). Revenue: US$15.2m (flat on 2Q 2021). Net income: US$4.11m (up 1.8% from 2Q 2021). Profit margin: 27% (in line with 2Q 2021). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is expected to shrink by 5.1% compared to a 9.6% decline forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Price Target Changed • Jun 07
Price target decreased to US$26.33 Down from US$29.00, the current price target is an average from 2 analysts. New target price is 16% above last closing price of US$22.69. Stock is down 12% over the past year. The company is forecast to post earnings per share of US$1.75 for next year compared to US$1.92 last year. Upcoming Dividend • May 04
Upcoming dividend of US$0.23 per share Eligible shareholders must have bought the stock before 11 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 49% and the cash payout ratio is 84%. Trailing yield: 4.6%. Within top quartile of American dividend payers (3.9%). Lower than average of industry peers (6.1%). Reported Earnings • Apr 29
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.52 (down from US$0.55 in 1Q 2021). Revenue: US$15.6m (down 4.5% from 1Q 2021). Net income: US$4.71m (down 6.0% from 1Q 2021). Profit margin: 30% (in line with 1Q 2021). Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Over the next year, revenue is expected to shrink by 2.9% compared to a 9.6% decline forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director John Ohama was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 09
Vice Chairman recently sold US$83k worth of stock On the 7th of April, Vernon Hirata sold around 4k shares on-market at roughly US$23.45 per share. This was the largest sale by an insider in the last 3 months. This was Vernon's only on-market trade for the last 12 months. Upcoming Dividend • Feb 02
Upcoming dividend of US$0.23 per share Eligible shareholders must have bought the stock before 09 February 2022. Payment date: 24 February 2022. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 4.1%. Within top quartile of American dividend payers (3.6%). Higher than average of industry peers (3.7%). Reported Earnings • Jan 30
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$1.92 (down from US$2.03 in FY 2020). Revenue: US$62.1m (down 1.2% from FY 2020). Net income: US$17.4m (down 5.9% from FY 2020). Profit margin: 28% (down from 30% in FY 2020). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is expected to shrink by 5.1% compared to a 9.3% decline forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Board Change • Nov 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director John Ohama was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.23 per share Eligible shareholders must have bought the stock before 09 November 2021. Payment date: 24 November 2021. Trailing yield: 3.6%. Within top quartile of American dividend payers (3.5%). In line with average of industry peers (3.4%).