Territorial Bancorp posts Q1 net loss; signs merger with Hope Bancorp for ~$78.6M

Territorial Bancorp Inc.

Net loss of $482,000 ($0.06 per diluted share) for Q1 2024 vs net income in prior year.
Signed definitive merger with Hope Bancorp (HOPE); shareholders get 0.8048 HOPE shares per TBNK share.
Transaction valued at ~$78.6M based on HOPE's April 26 close; expected to close subject to approvals.
Tier 1 leverage ratio 11.58%, risk-based capital 28.84%; well-capitalized status maintained.
Non-performing assets to total assets were 0.10%; delinquent loans 90+ days fell to $87,000.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Territorial Bancorp Inc. reported three months ended March 31, 2024 results: revenue $17.99 million, net income $482,000, EPS $(0.06).

Period: three months ended March 31, 2024
Revenue: $17.99 million
Net income: $482,000
EPS: $(0.06)
Result: reported results

Exact text from the filing

of other customary closing conditions. Interest Income Net interest income decreased by $3.33 million for the three months ended March 31, 2024. Total interest income was $17.99 million for the three months ended March 31, 2024, compared to $16.72 million for the three months ended March 31, 2023. The $1.27 million increase in total interest income was primarily

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Source: SEC EDGAR

accession 0001104659-24-057061

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