logo
  Join        Login             Stock Quote

Territorial Bancorp (TBNK) 4Q Earnings Rise 11.3 Pct, Beat Estimates; Declares Div

 February 04, 2013 12:50 PM


(By Balaseshan) Territorial Bancorp Inc. (NASDAQ: TBNK) reported a 11.3% increase in quarterly earnings on higher non-interest income despite a 6.4% decline in net interest income. Results exceeded Street's expectations and the holding company of Territorial Savings Bank declared dividend.

Earnings for the fourth quarter were $3.81 million or $0.37 per share, up from $3.42 million or $0.33 per share in the same period last year.

Net interest income fell to $12.30 million from $13.14 million, due to a decline in interest earned on investment securities resulting from a $40.9 million reduction in the Bank's investment portfolio.

Non-interest income grew to $2.30 million from $1.59 million, primarily due to gain on sale of loans created by higher loan production during the quarter and gain on sale of investment securities.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.34 per share on revenue of $14.09 million for the fourth quarter.

Non-interest expense rose to $8.7 million from $8.4 million, primarily due to higher salary and employee benefit expense, occupancy expense and other general and administrative expenses.

Total assets grew to $1.575 billion at December 31, 2012 from $1.538 billion at December 31, 2011. Cash and cash equivalents increased to $182.8 million at December 31, 2012 from $131.9 million last year.

Loans receivable grew to $774.9 million at December 31, 2012 from $688.1 million last year, due to an increase in residential mortgage loan originations. Deposits increased to $1.238 billion at December 31, 2012 from $1.166 billion at December 31, 2011.

The company also said its board of directors approved a quarterly cash dividend of $0.12 per common share. The dividend is expected to be paid on March 4 to stockholders of record as of February 18.

TBNK is trading down 1.28% at $23.16 on Monday. The stock has been trading between $20.02 and $24.35 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageIntel Corporation (INTC) Q1 Earnings Preview: A Business in Transition

Intel Corporation (NASDAQ:INTC) plans to post its first quarter earnings results promptly after the market read on...

article imageFord Motor Company (F): A long Road to Deutsche Bank’s $19 Target

Ford Motor Company (NYSE:F) is going the right way on a one way street where most everybody else is driving read on...

article imageCitigroup Inc (C) Q1 Earnings Preview: Too Many Parts Heading South

Citigroup Inc (NYSE:C) will issue its first quarter results via press release at approximately 8 a.m. (ET) read on...

article imageFacebook Inc (FB): You Might Not Like It Today, But You’ll Like It Tomorrow

Do you honestly want to invest in stocks right now? It sure looks like the bull market is at least on read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.