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Territorial Bancorp (NASDAQ:TBNK) Stock, Option Chain

Territorial Bancorp

Territorial Bancorp Inc operates as a bank holding company. It offers a wide variety of FDIC-insured deposit products and loan products for the consumer and small businesses. Its business consists of accepting deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in one-to-four-family residential mortgage loans and investment securities. The company offers a variety of deposit accounts, including passbook and statement savings accounts, certificates of deposit, money market accounts, commercial and regular checking accounts and Super NOW accounts Its loan segment portfolio consists of Residential Mortgage; Construction, Commercial, and Other Mortgage Loans; Home Equity loans & line of credit; and Consumer & others.

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Territorial Bancorp Inc

The earnings results for Territorial Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) for Q4 were made public on Friday, January 31, 2025 at 04:30 PM.
Here's a comprehensive overview of the announcement.
<h3>Earnings</h3>
Territorial Bancorp missed estimated earnings by -150.0%, reporting an EPS of $-0.2 versus an estimate of $-0.08.
Revenue was up $7.94 billion from the same period last year.
<h3>Analysis of Past Earnings</h3>
The company missed on EPS by $0.1 in the previous quarter, leading to a 2.0% increase share price change the next day.
Here's a look at Territorial Bancorp's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2024</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-0.05</td>
<td>-0.03</td>
<td>0.02</td>
<td>0.06</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-0.15</td>
<td>-0.09</td>
<td>-0.06</td>
<td>0.04</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>8.10M</td>
<td>9.03M</td>
<td>9.88M</td>
<td>10.25M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>8.10M</td>
<td>8.90M</td>
<td>9.35M</td>
<td>10.02M</td>
</tr>
</tbody>
</table>

 Listen to the earnings announcement yourself by <a href="">clicking here</a>. 
To track all earnings releases for Territorial Bancorp <a href="https://www.benzinga.com/quote/TBNK/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

Earnings Breakdown: Territorial Bancorp Q4

Territorial Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) reported quarterly losses of $(0.20) per share which missed the analyst consensus estimate of $(0.08) by 150 percent. This is a 600 percent decrease over earnings of $0.04 per share from the same period last year.

Earnings Misses

Territorial Bancorp Q4 EPS $(0.20) Misses $(0.08) Estimate

Hope Cannot Walk Away&nbsp;if Board Allows Investors to Perform Due Diligence
Hope Can Only Walk Away if Board Changes Recommendation or Breaches Merger Agreement
Calls on Board to Exercise Risk-Free Option to Explore Potentially Superior Offer
Encourages Territorial Shareholders to Force Another Postponement by Voting AGAINST Hope Sale&nbsp;Again at the Adjourned Special Meeting of Stockholders on November 6, 2024
Responds to Illogical Board Excuses for not Engaging with Investors
HONOLULU, Oct. 29, 2024 /PRNewswire/ -- Blue Hill Advisors today issued the following open letter to shareholders of Territorial&nbsp;Bancorp Inc. ("Territorial" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>).
Dear Fellow Territorial Shareholders,
Territorial's Board of Directors has flooded you with materials urging you to support the Company's proposed sale to Hope Bancorp, Inc. ("Hope") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOPE#NASDAQ">HOPE</a>) and dismiss our proposal. Most of their arguments are based on a false premise: that they cannot engage with us for fear of losing the Hope deal. This is simply not true.
Under the Hope merger agreement, Territorial is entitled to explore a competing offer that is "reasonably likely to lead to a Superior Proposal." We believe we have always cleared that bar. And since sending more information about our offer in an addendum to the Board last week, we have no doubt.
We will keep our message simple because it really is:
<ol>
<li>Seven investors, including Blue Hill Advisors, have made a $12.50 per share cash offer for up to 100% of Territorial shares – that's a 25% premium to the current value of the Hope consideration. Our proposal also allows up to 49% of existing holders to stay on as shareholders if they choose to participate in Territorial's considerable upside. Territorial has bizarrely attacked the proposal both for being too liquid (citing taxes on imaginary gains under the cash option) and&nbsp;too illiquid (for shareholders who choose&nbsp;not to tender and instead participate with us in the potential upside). The point is that our proposal lets you, the shareholder, decide—isn't whatever you choose going to be superior? &nbsp;</li>
<li>We have contacted Territorial's Board, management team or outside advisers on at least 9 occasions since August, seeking to engage constructively. The Board has declined every request and repeatedly attacked our offer instead. Last Wednesday we offered to share information with the Board under a limited scope NDA and were told that Territorial would respond the following Monday, five days later. We waited two days and sent them the information anyway on Friday without an NDA. &nbsp;</li>
<li>Territorial's merger agreement with Hope explicitly permits the Board to sign an NDA and proceed to due diligence if the Board determines that another offer is "reasonably likely to lead to a Superior Proposal." Our offer is financially superior, superior in optionality and the result of extensive analysis by each of the investors individually. There are no conditions attached, other than for the Board to stop manufacturing concerns and engage with us constructively in the manner the merger agreement expressly contemplates. The Board claims to have a lot of unanswered questions about our proposal. There is a very simple way for them to get those answers: sign an NDA and ask us. &nbsp;</li>
<li>Allowing us to perform due diligence has no impact on the Hope deal. Hope cannot walk away unless Territorial changes its recommendation or breaches the merger agreement. Logically, the Board will only change its recommendation after they're fully satisfied with our offer and any lingering concerns or uncertainties have been put to rest. &nbsp;</li>
<li>The entire point of signing an NDA (and the "reasonably likely" provision of the merger agreement) is to enable due diligence and determine if a preliminary offer can advance to a definitive agreement. Nobody is asking Territorial to sign a definitive agreement with us today. As with any transaction, diligence is a two-way process. We will be happy to address the Board's questions if they will just engage with us. &nbsp;</li>
<li>The Board is asking shareholders to approve the Hope deal on November 6 without having engaged on a deal that values the Company at a 25% premium. Is the Board breaching its fiduciary duty by not pursuing a better offer? &nbsp;</li>
<li>The merger agreement calls for two postponements if Territorial cannot get enough votes. Shareholders should force another postponement so that the Board can sign an NDA with us immediately and let us work toward a definitive offer. This does not force Territorial to do a deal with us and Hope cannot walk away. &nbsp;</li>
<li>Territorial is playing "chicken" with shareholders: Approve the Hope deal or else. How bad is or else? The Hope deal is one of the worst we've ever seen and the banking environment has improved since it was struck. Are there really no better options?&nbsp; &nbsp;</li>
<li>The Hope deal is not a sure thing by any stretch – Hope's last attempt to buy a bank in 2017 failed to obtain regulatory approval and its application for this deal still has not been accepted by the FDIC. &nbsp;</li>
<li>Territorial shareholders should once again oppose the Hope merger so that this superior offer can be pursued.</li>
</ol>
Sincerely,
Jason Blumberg Managing Member Blue Hill Advisors

HOPE

Blue Hill Advisors To Territorial Shareholders, Says 'No Risk to Territorial Of Board Engages with Us; Hope Cannot Walk Away If Board Allows Investors To Perform Due Diligence; Hope Can Only Walk Away If Board Changes Recommendation Or Breaches Merger Agreement'

Territorial Bancorp Board Reaffirms Recommendation Shareholders Vote For The Merger With Hope Bancorp At The November 6, 2024, Special Meeting Of Stockholders

Territorial Bancorp Says Glass Lewis Has Joined ISS In Recommending Territorial Shareholders Vote 'For' Pending Merger With Hope Bancorp

Citing It As The Second Lowest Valuation For A Bank Merger Since 1983; Updated Presentation Released As Territorial Board Continues To Reject Superior Proposal

Blue Hill Advisors Reiterates $12.50 Per Share Cash Offer For Territorial Bancorp And Refutes Territorial's Claims About Hope Merger; Urges Shareholders To Oppose Merger

Compelling Combination with Hope Bancorp Creates Substantial Value for All Territorial Shareholders and Significant Benefits for Hawai‘i and Territorial Customers, Employees and Communities ​
Preliminary Indication of Interest by Outside Investor Group, Blue Hill, is Illusory, Non-Binding and Highly Conditional — ​Exposing Territorial Shareholders to Significant Uncertainty and Downside Risk
Launches <a href="https://www.globenewswire.com/Tracker?data=p7FEf1ESzy7RqA9XsBe6mphKdX2IGBXRUOwcfPhvogr-6A2sN2VikI6eFB9yH_ipMjzldirVEFW_kuW0Xba1kpsrHT3MU3hDg3f7ZPn-pFZDH6XDXUYRC7Bo6OAx-deTvloDpHnWGMnworIE_r9veqDqoJZPwFgK0mLM9bDMvx8=">http://www.territorialandhopecombination.com/</a>
HONOLULU, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) ("Territorial" or the "Company") today announced it is mailing a letter to Territorial shareholders in connection with the Company's upcoming Special Meeting of Stockholders (the "Special Meeting") to vote on the proposed merger with Hope Bancorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOPE#NASDAQ">HOPE</a>) ("Hope Bancorp") and related proposals. The Special Meeting is scheduled for November 6, 2024 at 8:30 a.m., Hawai‘i Time. Territorial shareholders of record as of August 14, 2024 are entitled to vote at or before the meeting. Other important information related to the Special Meeting can be found at <a href="https://www.globenewswire.com/Tracker?data=sNwt6jvdq6U3RNs9Flw0QFExGkLqsivZwiSr6OyeYbF3-I_Fol5lbA7iXRqL_YC-tiZVK6GLJNLBjFBQlgAEjwOEUIJlmQDERt31HulqvDZuzmfkveC_Y7eXXIzC9VSB_Vyy7kv5faLQ3fWSuEvQ7w==">www.TerritorialandHopeCombination.com</a>.

Management

Territorial Bancorp Urges Shareholders To Vote FOR Hope Bancorp Merger; Says "Compelling Combination With Hope Bancorp Creates Substantial Value For All Territorial Shareholders And Significant Benefits For Hawai'i And Territorial Customers, Employees And Communities"

Concludes that Proposed Merger with Hope "Does Not Appear to Maximize Value for Shareholders"
Competing Offer "Appears Sufficiently Credible to Mitigate the Downside Risk of Rejecting the Proposed Merger"
Recommends Territorial Shareholders Vote Against All Proposals at the Upcoming Special Meeting
HONOLULU, Oct. 1, 2024 /PRNewswire/ -- Blue Hill Advisors LLC ("Blue Hill") and former Hawaii banking executive Allan&nbsp;Landon today announced that Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, has recommended that shareholders of Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) vote AGAINST the proposed merger between Territorial and Hope Bancorp, Inc. ("Hope") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOPE#NASDAQ">HOPE</a>) at the Company's Special Meeting of Stockholders on October 10, 2024.
In its report, ISS concludes that Hope's takeover of Territorial is not in the best interest of the Company's shareholders:1
<ul>
<li>"Given the lack of a robust sales process, the fact that the merger agreement restrictions accepted by the board limit its ability to engage with a competing bidder, and the improved outlook for financial institutions, the proposed merger with HOPE does not appear to maximize value for shareholders."</li>
<li>"Despite some uncertainty, the competing offer from Blue Hill appears sufficiently credible to mitigate the downside risk of rejecting the proposed merger – as reflected by the fact that shares are currently trading above the implied merger consideration."</li>
<li>"Nonetheless, the deal was announced near TBNK's all-time low trading price, and a few months before the recent decision by the Federal Reserve to cut interest rates, both of which raise the concern that the board did not negotiate the transaction from a position of strength."</li>
<li>"The board ran a limited sales process, primarily engaging with a bidder brought to it by its financial advisor, and only contacting two other banks that had previously expressed interest in a combination."</li>
<li>"TBNK shares have rallied since the consortium's sweetened competing bid on Sept. 26, trading above the implied value of the merger consideration."</li>
<li>"…the proposed 70 percent tender would allow shareholders to crystallize a cash premium for most of their shares and maintain a 30 percent interest in the company, thus providing certainty of value along with potential upside exposure."</li>
</ul>

Blue Hill Advisors Announces ISS Recommendation AGAINST Territorial Bancorp Merger With Hope Bancorp; Says Proposed Merger With Hope "Does Not Appear To Maximize Value For Shareholders", Competing Offer "Appears Sufficiently Credible To Mitigate The Downside Risk Of Rejecting The Proposed Merger"

Territorial Bancorp Board Reaffirms Commitment To Proposed Merger With Hope Bancorp

Raises Cash Offer from $12.00 to $12.50, a 27% Premium to the Value of the Hope Takeover
Releases Presentation: "A Better Deal for Territorial"
Launches <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4264414-1&amp;h=775804479&amp;u=https%3A%2F%2Fwww.newterritorial.com%2F&amp;a=www.NewTerritorial.com">www.NewTerritorial.com</a>&nbsp;to Keep Stakeholders Informed of the Latest Developments
HONOLULU, Sept. 26, 2024 /PRNewswire/ -- Blue Hill Advisors LLC ("Blue Hill") and former Hawaii banking executive Allan Landon today announced an increased cash offer for Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) from $12.00 per share to $12.50 per share. The increased offer represents a 27% premium over Territorial's proposed takeover by Hope Bancorp, Inc. ("Hope") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOPE#NASDAQ">HOPE</a>) based on Hope's closing stock price on the Nasdaq on September 25.
"This increase makes our offer even more attractive," said Mr. Landon.
Jason Blumberg, Managing Member of Blue Hill, added, "Shareholders recognize the superiority of our offer and want Territorial to engage with us."
Blue Hill and Mr. Landon also released a presentation titled, "A Better Deal for Territorial". The <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4264414-1&amp;h=2387670620&amp;u=https%3A%2F%2Fstatic1.squarespace.com%2Fstatic%2F66ebd15f4005bb23450d638d%2Ft%2F66f58917d4f3b30a3b09aae8%2F1727367448055%2FA%2BBetter%2BDeal%2Bfor%2BTerritorial%2B%2528Final%2529.pdf&amp;a=presentation">presentation</a> and other information can be found at <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4264414-1&amp;h=322913774&amp;u=http%3A%2F%2Fwww.newterritorial.com%2F&amp;a=www.NewTerritorial.com">www.NewTerritorial.com</a>. Stakeholders are encouraged to visit the site to stay updated on the latest developments.
Among other topics, the presentation highlights the vastly superior value of the Landon and Blue Hill proposal and provides additional information about the investors behind it, which include funds with a total of greater than $3 billion in assets under management that have completed dozens of similar bank transactions in recent years. The presentation reiterates the investors' confidence in the transaction, and their expectation to complete due diligence quickly and close the transaction by the end of the year.

Blue Hill Advisors Increases Cash Offer From $12 To $12.50 For Territorial Bancorp, A 27% Premium To The Value Of The Hope Takeover

In Response To Proposal From Blue Hill Advisors To Acquire Territorial Bancorp, Territorial Reaffirms Board's Commitment To Proposed Merger With Hope Bancorp

Keefe, Bruyette &amp; Woods analyst Kelly Motta maintains Territorial Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) with a Market Perform and raises the price target from $9.66 to $11.27.

Price Target

Analyst Ratings

Keefe, Bruyette & Woods Maintains Market Perform on Territorial Bancorp, Raises Price Target to $11.27

Territorial Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) reported quarterly losses of $(0.09) per share which missed the analyst consensus estimate of $(0.03) by 200 percent. This is a 152.94 percent decrease over earnings of $0.17 per share from the same period last year. The company reported quarterly sales of $8.90 million which missed the analyst consensus estimate of $9.03 million by 1.46 percent. This is a 24.48 percent decrease over sales of $11.78 million the same period last year.

Territorial Bancorp Q2 EPS $(0.09) Misses $(0.03) Estimate, Sales $8.90M Miss $9.03M Estimate

Keefe, Bruyette &amp; Woods analyst Kelly Motta maintains Territorial Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) with a Market Perform and lowers the price target from $10 to $9.66.

Keefe, Bruyette & Woods Maintains Market Perform on Territorial Bancorp, Lowers Price Target to $9.66

Piper Sandler analyst Andrew Liesch upgrades Territorial Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) from Underweight to Neutral and raises the price target from $8 to $8.5.

Upgrades

Piper Sandler Upgrades Territorial Bancorp to Neutral, Raises Price Target to $8.5

Territorial Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) reported quarterly losses of $(0.06) per share which missed the analyst consensus estimate of $0.02 by 400 percent. This is a 123.08 percent decrease over earnings of $0.26 per share from the same period last year.

Territorial Bancorp Q1 EPS $(0.06) Misses $0.02 Estimate

Territorial Bancorp Shares Resume Trade

Trading Halt: Halt status updated at 9:45:00 AM ET: Quotation Resumption: News and Resumption Times

Hope Bancorp, Inc. ("Hope Bancorp") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOPE#NASDAQ">HOPE</a>), the holding company of Bank of Hope, and Territorial Bancorp Inc. ("Territorial") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>), the stock holding company of Territorial Savings Bank, today jointly announced the signing of a definitive merger agreement, which is expected to create the largest regional bank catering to multi-ethnic customers across the continental United States and the Hawaiian Islands.
As of December 31, 2023, Territorial had total assets of $2.24 billion, total loans of $1.31 billion and total deposits of $1.64 billion. Territorial Savings Bank, a state-chartered savings bank, originally chartered in 1921 by the Territory of Hawai‘i, conducts business from its headquarters in Honolulu, Hawai‘i, and operates 28 branches in the state. Hope Bancorp intends to preserve the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to local communities. Following the completion of the transaction, the legacy Territorial franchise in Hawai‘i will continue to do business under the Territorial Savings Bank brand, as a trade name of Bank of Hope.
Strategic Highlights of Proposed Transaction
<ul>
<li>Adds stable, low-cost core deposit base to the combined company</li>
<li>Accelerates diversification of the combined company's loan mix through the addition of a residential mortgage portfolio with excellent asset quality</li>
<li>Opportunity to grow Territorial's market share and enhance the customer experience by leveraging the combined company's larger balance sheet, resources and more extensive array of banking products and services</li>
<li>Combined footprint expands to include attractive Hawai‘i market with large Asian American and Pacific Islander communities</li>
<li>Strong levels of capital to support the growth of the combined franchise</li>
</ul>
"We believe this combination will strengthen our position as one of the leading Asian American banks in the country by expanding our footprint to the Hawaiian Islands," stated Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp, Inc. "Upon the close of the transaction, we believe Territorial's high-quality deposit base will enhance our core funding mix and Territorial's residential mortgage portfolio will accelerate the diversification of our loans. We look forward to building on Territorial's 100-plus year legacy of exemplary customer service and support of local communities in a strategically important market."
"Our merger with Hope Bancorp will bring together two companies that share long-standing commitments to our customers and the communities where we live and work," said Allan S. Kitagawa, Chairman, President and Chief Executive Officer of Territorial Bancorp Inc. "Our name will remain Territorial Savings Bank, and we expect a seamless transition for our customers, who will continue to benefit from our strong focus on relationship banking, personalized service and tailored financial solutions. At the same time, we believe the proposed combination will strengthen Territorial Savings Bank for the long term, providing many advantages for our customers and employees as we become part of a larger organization with greater resources, enhanced technology platforms, and an expanded array of banking products and services."
Under the terms of the merger agreement, upon completion of the transaction, Territorial shareholders will receive a fixed exchange ratio of 0.8048 shares of Hope Bancorp common stock in exchange for each share of Territorial common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.6 million. Based on the closing price of Hope Bancorp's common stock on April 26, 2024, this represents a value of $8.82 per share of Territorial common stock, although the actual value will be determined upon transaction closing. Upon completion of the transaction, it is expected that Hope Bancorp shareholders will own approximately 94.4% of the combined entity and Territorial shareholders will own approximately 5.6%, with the actual percentages being determined as of the transaction closing date. The transaction is intended to qualify as a tax-free reorganization for Territorial shareholders. The proposed transaction, after the close, is expected to be immediately accretive to Hope Bancorp's earnings.
The Boards of Directors of both companies have approved the merger agreement and the transaction contemplated thereby. The transaction is expected to close by year-end 2024, subject to regulatory approvals, the approval of Territorial shareholders, and the satisfaction of other customary closing conditions.
Hope Bancorp is being advised by the investment banking firm of D.A. Davidson &amp; Co., and the law firm of Greenberg Traurig, LLP. Territorial is being advised by the investment banking firm of Keefe, Bruyette &amp; Woods, a Stifel Company, and the law firm of Luse Gorman, PC.

Hope Bancorp And Territorial Bancorp Announce Definitive Merger Agreement; Territorial Shareholders Will Receive A Fixed Exchange Ratio Of 0.8048 Shares Of Hope Bancorp Common Stock In Exchange For Each Share Of Territorial Common Stock They Own, In A 100% Stock-For-Stock Transaction Valued At ~$78.6M

Trading Halt: Halted at 8:55:00 a.m. ET - Trading Halt: Halt News Pending

Press Releases

Yakira Capital Refutes Territorial Bancorp's Board of Directors' Public Concerns Related to Acquisition Offer from Blue Hill Advisors

Leading Independent Proxy Advisory Firm Glass Lewis Joins ISS in Recommending that Territorial Shareholders Vote "FOR" Merger with Hope Bancorp

Investors Behind Territorial Proposal Advance Offer with Detailed Disclosure to Board

Territorial Bancorp Inc. Announces Third Quarter 2024 Results

Hope Bancorp Reports 2024 Third Quarter Financial Results

Territorial Reaffirms Board of Directors Recommendation that Territorial Shareholders Vote "FOR" Hope Bancorp Merger

Blue Hill Advisors to Territorial Shareholders: No Risk to Territorial if Board Engages with Us

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