Territorial Bancorp Inc (TBNK) has reported a 14.19 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $4.32 million, or $0.46 a share in the quarter, compared with $3.78 million, or $0.41 a share for the same period last year. Revenue during the quarter went up marginally by 1.67 percent to $15.61 million from $15.36 million in the previous year period. Net interest income for the quarter rose 1.12 percent over the prior year period to $14.66 million. Non-interest income for the quarter rose 15.35 percent over the last year period to $1.02 million.
Territorial Bancorp has made provision of $0.07 million for loan losses during the quarter, up 153.57 percent from $0.03 million in the same period last year.
Net interest margin contracted 7 basis points to 3.21 percent in the quarter from 3.28 percent in the last year period. Efficiency ratio for the quarter improved to 55.52 percent from 58.89 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Allan Kitagawa, chairman and chief executive officer, said, “Our first quarter of 2017 has been strong and we are looking forward to continuing this momentum through the remainder of the year. Hawaii’s tourism industry saw a record number of visitors in 2016 and this growth has continued in 2017. The strength of Hawaii’s economy has given us an opportunity to successfully expand our loan portfolio, which in turn has increased our net income and earnings per share. In early April we opened our 29th branch in the middle of the thriving Keeaumoku area.”
Liabilities outpace assets growth
Total assets stood at $1,935.79 million as on Mar. 31, 2017, up 4.63 percent compared with $1,850.05 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,703.17 million as on Mar. 31, 2017, up 4.68 percent from $1,627.03 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,367.22 million as on Mar. 31, 2017, up 12.55 percent compared with $1,214.76 million on Mar. 31, 2016. Deposits stood at $1,548.91 million as on Mar. 31, 2017, up 5.02 percent compared with $1,474.92 million on Mar. 31, 2016. Investments stood at $391.99 million as on Mar. 31, 2017, down 18.39 percent or $88.31 million from year-ago. Shareholders equity stood at $232.62 million as on Mar. 31, 2017, up 4.30 percent or $9.60 million from year-ago.
Return on average assets moved up 9 basis points to 0.92 percent in the quarter from 0.83 percent in the last year period. At the same time, return on average equity increased 69 basis points to 7.53 percent in the quarter from 6.84 percent in the last year period.
Nonperforming assets stood at $3.49 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.18 percent in the quarter.
Equity to assets ratio was 12.02 percent for the quarter. Book value per share was $23.72 for the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
