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Market Cap

US$234.0m

Last Updated

2021/04/22 20:38 UTC

Data Sources

Company Financials +

Executive Summary

Territorial Bancorp Inc. operates as the holding company for Territorial Savings Bank that provides various financial services to individuals, families, and businesses in the State of Hawaii. More Details


Snowflake Analysis

Excellent balance sheet established dividend payer.

Share Price & News

How has Territorial Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TBNK is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: TBNK's weekly volatility (6%) has been stable over the past year.


Market Performance


7 Day Return

-2.7%

TBNK

-3.9%

US Mortgage

-0.7%

US Market


1 Year Return

0.6%

TBNK

58.9%

US Mortgage

58.2%

US Market

Return vs Industry: TBNK underperformed the US Mortgage industry which returned 58.9% over the past year.

Return vs Market: TBNK underperformed the US Market which returned 58.2% over the past year.


Shareholder returns

TBNKIndustryMarket
7 Day-2.7%-3.9%-0.7%
30 Day-1.5%-7.8%3.2%
90 Day-1.5%6.9%4.4%
1 Year5.1%0.6%63.6%58.9%61.0%58.2%
3 Year-2.5%-14.8%28.8%18.6%66.1%55.5%
5 Year21.1%-1.4%71.2%47.1%120.9%96.2%

Long-Term Price Volatility Vs. Market

How volatile is Territorial Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Territorial Bancorp undervalued compared to its fair value and its price relative to the market?

4.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TBNK ($25.76) is trading below our estimate of fair value ($26.83)

Significantly Below Fair Value: TBNK is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: TBNK is good value based on its PE Ratio (12.7x) compared to the US Mortgage industry average (13.6x).

PE vs Market: TBNK is good value based on its PE Ratio (12.7x) compared to the US market (21.8x).


Price to Earnings Growth Ratio

PEG Ratio: TBNK's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: TBNK's PB Ratio (0.9x) is in line with the US Mortgage industry average.


Future Growth

How is Territorial Bancorp forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-8.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TBNK's earnings are forecast to decline over the next 3 years (-8.1% per year).

Earnings vs Market: TBNK's earnings are forecast to decline over the next 3 years (-8.1% per year).

High Growth Earnings: TBNK's earnings are forecast to decline over the next 3 years.

Revenue vs Market: TBNK's revenue is expected to decline over the next 3 years (-1.3% per year).

High Growth Revenue: TBNK's revenue is forecast to decline over the next 3 years (-1.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TBNK's Return on Equity is forecast to be low in 3 years time (6.2%).


Past Performance

How has Territorial Bancorp performed over the past 5 years?

6.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TBNK has high quality earnings.

Growing Profit Margin: TBNK's current net profit margins (29.5%) are lower than last year (32.9%).


Past Earnings Growth Analysis

Earnings Trend: TBNK's earnings have grown by 6.6% per year over the past 5 years.

Accelerating Growth: TBNK's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TBNK had negative earnings growth (-15.1%) over the past year, making it difficult to compare to the Mortgage industry average (8.6%).


Return on Equity

High ROE: TBNK's Return on Equity (7.5%) is considered low.


Financial Health

How is Territorial Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: TBNK's Assets to Equity ratio (8.5x) is low.

Allowance for Bad Loans: TBNK has a low allowance for bad loans (97%).

Low Risk Liabilities: 89% of TBNK's liabilities are made up of primarily low risk sources of funding.

Loan Level: TBNK has an appropriate level of Loans to Assets ratio (67%).

Low Risk Deposits: TBNK's Loans to Deposits ratio (85%) is appropriate.

Level of Bad Loans: TBNK has an appropriate level of bad loans (0.3%).


Dividend

What is Territorial Bancorp current dividend yield, its reliability and sustainability?

3.96%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TBNK's dividend (3.96%) is higher than the bottom 25% of dividend payers in the US market (1.26%).

High Dividend: TBNK's dividend (3.96%) is in the top 25% of dividend payers in the US market (3.52%)


Stability and Growth of Payments

Stable Dividend: TBNK's dividend payments have been volatile in the past 10 years.

Growing Dividend: TBNK's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.4%), TBNK's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TBNK's dividends in 3 years are forecast to be covered by earnings (58.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

14.3yrs

Average management tenure


CEO

Allan Kitagawa (75 yo)

35.25yrs

Tenure

US$1,641,735

Compensation

Mr. Allan S. Kitagawa has been the Chairman of the Board and Chief Executive Officer of Territorial BanCorp Inc. and Territorial Savings Bank since 1986 and has been its President since 2007. Mr. Kitagawa ...


CEO Compensation Analysis

Compensation vs Market: Allan's total compensation ($USD1.64M) is above average for companies of similar size in the US market ($USD977.60K).

Compensation vs Earnings: Allan's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: TBNK's management team is seasoned and experienced (14.3 years average tenure).


Board Members

Experienced Board: TBNK's board of directors are seasoned and experienced ( 12.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Territorial Bancorp Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Territorial Bancorp Inc.
  • Ticker: TBNK
  • Exchange: NasdaqGS
  • Founded: 1921
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Market Cap: US$233.990m
  • Shares outstanding: 9.12m
  • Website: https://www.territorialsavings.net

Number of Employees


Location

  • Territorial Bancorp Inc.
  • 1132 Bishop Street
  • Suite 2200
  • Honolulu
  • Hawaii
  • 96813
  • United States

Listings


Biography

Territorial Bancorp Inc. operates as the holding company for Territorial Savings Bank that provides various financial services to individuals, families, and businesses in the State of Hawaii. The company o...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/04/22 20:38
End of Day Share Price2021/04/21 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.