Territorial Bancorp Inc. Adopts Repurchase Program
05 Diciembre 2022 - 5:45PM
Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”),
headquartered in Honolulu, Hawaii, the holding company parent of
Territorial Savings Bank, announces that its Board of Directors has
adopted its twelfth stock repurchase program. Under this repurchase
program, the Company may repurchase up to $5,000,000 of the
company’s outstanding shares.
Allan Kitagawa, Chairman and Chief Executive Officer, said, “We
continue to believe that our economic recovery will sustain itself
going forward and so we are pleased to announce our twelfth stock
repurchase program. This is part of our program to provide a good
return to our investors.”
The repurchase program permits shares to be repurchased in open
market or private transactions, through block trades, and pursuant
to any trading plan that may be adopted in accordance with Rule
10b5-1 of the Securities and Exchange Commission.
Repurchases will be made at management’s discretion at prices
management considers to be attractive and in the best interests of
both the Company and its stockholders, subject to the availability
of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and the Company’s financial
performance. Open market purchases will be conducted in accordance
with the limitations set forth in Rule 10b-18 of the Securities and
Exchange Commission and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate the Company
to purchase any particular number of shares.
Certain statements herein constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements may be identified by words such as
“believes,” “will,” “expects,” “project,” “may,” “could,”
“developments,” “strategic,” “launching,” “opportunities,”
“anticipates,” “estimates,” “intends,” “plans,” “targets,”
“predict” and similar expressions. These statements are based upon
the current beliefs and expectations of the Company’s management
and are subject to significant risks and uncertainties. Actual
results may differ materially from those set forth in the
forward-looking statements as a result of numerous factors. Factors
that could cause such differences to exist include, but are not
limited to, general economic conditions, either nationally,
internationally or in our market areas, that are worse than
expected, changes in interest rates,
regulatory considerations, and competition and the risk
factors described in the Company’s annual report on Form 10-K for
the year ended December 31, 2021 as filed with the Securities and
Exchange Commission, as updated through filings with the Securities
and Exchange Commission and other releases issued by the Company
from time to time. Should one or more of these risks materialize or
should underlying beliefs or assumptions prove incorrect, the
Company’s actual results could differ materially from those
discussed. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this release.
Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is
the stock holding company for Territorial Savings Bank. Territorial
Savings Bank is a state chartered savings bank which was originally
chartered in 1921 by the Territory of Hawaii. Territorial Savings
Bank conducts business from its headquarters in Honolulu, Hawaii
and has 29 branch offices in the state of Hawaii.
Contact: Walter Ida (808)
946-1400
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