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Territorial Bancorp Inc. (TBNK0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $2.17 billion, a decrease from $2.24 billion at the end of 2023. The decrease was primarily due to reductions in investment securities, loans, and cash equivalents.
The company reported a net loss of $4.3 million for the year, compared to a net income of $5.0 million in the previous year. The loss was primarily due to a significant decrease in net interest income and an increase in noninterest expenses.
Net interest income decreased by $10.9 million to $31.7 million, as interest expenses rose significantly due to higher rates on interest-bearing liabilities.
Noninterest income increased slightly to $2.6 million, driven by higher income from bank-owned life insurance and other income.
Noninterest expenses increased by $2.7 million to $40.9 million, largely due to merger-related legal and professional fees.
The company recorded a provision for credit losses of $73,000, primarily due to increases in the consumer loan portfolio.
Total deposits increased by $81.1 million to $1.72 billion, with a notable increase in certificates of deposit.
The company's capital ratios remained above regulatory requirements, with a Tier 1 leverage capital ratio of 10.98% and a total risk-based capital ratio of 27.26%.
Territorial Savings Bank serviced loans with a principal balance of $30.6 million at year-end, and the company had no real estate owned.
The filing also discusses various risk factors, including interest rate fluctuations and economic conditions affecting the Hawaii market.
The company continues to focus on originating residential mortgage loans and managing its interest rate risk through various strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Territorial Bancorp Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.