Territorial Bancorp Inc. (TBNK) has reported 12.97 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $4.16 million, or $0.45 a share in the quarter, compared with $3.69 million, or $0.40 a share for the same period last year.
Revenue during the quarter went up marginally by 0.93 percent to $15.60 million from $15.46 million in the previous year period. Net interest income for the quarter rose 2.54 percent over the prior year period to $14.70 million. Non-interest income for the quarter fell 15.57 percent over the last year period to $1 million.
Territorial Bancorp Inc. has made provision of $0.11 million for loan losses during the quarter, up 50.70 percent from $0.07 million in the same period last year.
Efficiency ratio for the quarter improved to 55.04 percent from 60.31 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Allan Kitagawa, chairman and chief executive officer, said, "We are very pleased with our operating results for the third quarter of 2016. The growth in the visitor industry has strengthened Hawaii's economy and has allowed us to grow our loan portfolio and increase our net income and earnings per share. I am pleased that our residential loan portfolio continues to grow at a strong pace. We look forward to the opening of our 29th branch in the Keeaumoku area. Our continued profitability will allow us to pay our 28th consecutive quarterly dividend."
Assets outpace liabilities growth
Total assets stood at $1,848.65 million as on Sep. 30, 2016, up 3.65 percent compared with $1,783.52 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,620.23 million as on Sep. 30, 2016, up 3.52 percent from $1,565.15 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $1,302.34 million as on Sep. 30, 2016, up 11.95 percent compared with $1,163.29 million on Sep. 30, 2015. Deposits stood at $1,464.48 million as on Sep. 30, 2016, up 3.64 percent compared with $1,413 million on Sep. 30, 2015.
Investments stood at $432.14 million as on Sep. 30, 2016, down 15.06 percent or $76.61 million from year-ago. Shareholders equity stood at $228.42 million as on Sep. 30, 2016, up 4.60 percent or $10.05 million from year-ago.
Return on average assets moved up 7 basis points to 0.90 percent in the quarter from 0.83 percent in the last year period. At the same time, return on average equity increased 61 basis points to 7.25 percent in the quarter from 6.64 percent in the last year period.
Nonperforming assets stood at $4.85 million as on Sep. 30, 2016. Meanwhile, nonperforming assets to total assets was 0.26 percent in the quarter.
Equity to assets ratio was 12.36 percent for the quarter. Book value per share was $23.39 for the quarter.
