Territorial Bancorp Inc. (TBNK) has reported a 17.92 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $4.36 million, or $0.46 a share in the quarter, compared with $3.70 million, or $0.40 a share for the same period last year.
Revenue during the quarter went down marginally by 0.90 percent to $15.41 million from $15.55 million in the previous year period. Net interest income for the quarter rose 0.14 percent over the prior year period to $14.43 million. Non-interest income for the quarter fell 12.86 percent over the last year period to $1.07 million.
Territorial Bancorp Inc. has made provision of $0.09 million for loan losses during the quarter, up 2.25 percent from $0.09 million in the same period last year.
Net interest margin on average interest earning assets contracted 10 basis points to 3.20 percent in the quarter from 3.30 percent in the last year period. Efficiency ratio for the quarter improved to 52.82 percent from 60.02 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Allan Kitagawa, Chairman and Chief Executive Officer, said, "Hawaii's strong economy has allowed us to increase the size of our loan portfolio by originating new mortgage loans, although rising interest rates may have an impact on loan volume. The growth in our loan portfolio has increased our net income and improved our performance ratios. We also increased our deposit base and look forward to opening our newest branch soon, which will be located in the rapidly growing Ala Moana area.
Assets outpace liabilities growth
Total assets stood at $1,877.56 million as on Dec. 31, 2016, up 3.10 percent compared with $1,821.14 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,647.78 million as on Dec. 31, 2016, up 2.89 percent from $1,601.50 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,335.99 million as on Dec. 31, 2016, up 12.40 percent compared with $1,188.65 million on Dec. 31, 2015. Deposits stood at $1,493.20 million as on Dec. 31, 2016, up 3.33 percent compared with $1,445.10 million on Dec. 31, 2015.
Investments stood at $407.66 million as on Dec. 31, 2016, down 17.32 percent or $85.40 million from year-ago. Shareholders equity stood at $229.79 million as on Dec. 31, 2016, up 4.62 percent or $10.15 million from year-ago.
Return on average assets moved up 12 basis points to 0.93 percent in the quarter from 0.81 percent in the last year period. At the same time, return on average equity increased 81 basis points to 7.52 percent in the quarter from 6.71 percent in the last year period.
Nonperforming assets moved down 15.81 percent or $0.86 million to $4.56 million on Dec. 31, 2016 from $5.42 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.24 percent in the quarter, down from 0.30 percent in the last year period.
Equity to assets ratio was 12.24 percent for the quarter, up from 12.06 percent for the previous year quarter. Book value per share was $23.50 for the quarter, up 3.34 percent or $0.76 compared to $22.74 for the same period last year.
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