Territorial Bancorp (NASDAQ:TBNK) Bolsa

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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NXPI

TBNK

Aquí tienes cinco acciones estadounidenses que podrían llamar la atención de los inversores este lunes: TSN, CLX, TBNK, FN y NXPI.

5 acciones en el foco este lunes: TSN, CLX, TBNK, FN y NXPI

Territorial Bancorp Inc

HOPE

Hope Bancorp Receives Approval For Merger With Territorial Bancorp

U.S. stock futures dropped sharply on Monday after U.S. President Donald Trump imposed tariffs on three of its major trade partners, Canada, China, and Mexico.
The new tariffs will begin Tuesday, with a 10% levy on China and a 25% levy on a few Canadian and Mexican imports, each. The U.S. Chamber of Commerce warns of supply chain disruptions and higher family costs, citing concerns over trade with Mexico worth $46 billion in agricultural products, and Canada valued at $97 billion in energy supplied.
The U.S. dollar index strengthened over 1% following this announcement.
All major index futures were down, with the Russell 2000 falling more than 2%. This drop comes after the indices had posted gains for three consecutive weeks.
Companies reporting earnings this week include Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Google parent Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>), and Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>).
The 10-year Treasury yield stood at 4.54%, while the two-year yield was at 4.27%. According to the CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>, there is an 86.5% chance that the Federal Reserve will keep interest rates unchanged for the March meeting.
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<table>
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-1.78%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-1.57%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-1.38%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-2.14%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) both experienced negative premarket trading on Monday. SPY fell 1.51% to $592.76, and QQQ plunged 1.72% to $513.33, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From The Last Session
Energy, IT, and materials stocks led the decline on Friday as the U.S. markets reacted to new tariffs on the country's three largest suppliers &#8211; Canada, Mexico, and China.
Communication services and consumer discretionary stocks were exceptions. The news overshadowed strong earnings from Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>).
On the economic front, the U.S. personal income rose 0.4% in December (up from 0.3% in November), while personal spending climbed 0.7% to an annualized rate of $20.387 trillion. The core PCE price index increased 0.2%.
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<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.28%</td>
<td>19,627.44</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.50%</td>
<td>6,040.53</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.75%</td>
<td>44,544.66</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.86%</td>
<td>2,287.69</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts
The newly issued tariffs as highlighted by Treasury Secretary Scott Bessent will be used to bring manufacturing back to the U.S. It will also be used to raise revenues to help pay for extending Trump&#8217;s 2017 tax cuts and as a lever to negotiate with other countries as an alternative to sanctions.
However, Ed Yardeni and Eric Wallerstein in their QuickTakes note mentioned that &#8220;During Trump 1.0, tariff hikes by the U.S. seem to have depressed merchandise imports in 2018 and 2019. But they also depressed U.S. exports because global economic growth was weakened by trade tensions.&#8221;
Ryan Detrick, the chief market strategist at Carson Research highlighted in an X post that February is historically the worst month during a post-election year.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">February is historically the worst year during a post election year, so maybe rough seas this month shouldn&#39;t be a shock? Is it just a President likes to get all the bad stuff out of the way early? <a href="https://t.co/kooyDUoqs7">pic.twitter.com/kooyDUoqs7</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1886221160209363356?ref_src=twsrc%5Etfw">February 3, 2025</a></blockquote>
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Furthermore, Detrick pointed out that &#8220;the first quarter of a post-election year usually isn&#8217;t all that strong.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yes, it was a very strong January for stocks, but be aware the first quarter of a post-election year usually isn&#39;t all that strong. <a href="https://t.co/nZx4SPu4XX">pic.twitter.com/nZx4SPu4XX</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1886223993058812398?ref_src=twsrc%5Etfw">February 3, 2025</a></blockquote>
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He added that the S&amp;P 500 has been up eight of the past nine quarters. &#8220;One of these days it&#8217;ll fall and that is perfectly normal.&#8221;
According to Ivan Martchev, investment strategist at Navellier &amp; Associates, &#8220;Seasonality is not a promise.&#8221;
Martchev highlighted that December was supposed to be strong, but it turned out to be weak. He added that since 1928, September has been the weakest seasonal month, but last year only the first week was down while the rest of the month was strong.
&#8220;So as we approach February which is weak over the long term, we must remember that seasonality is a guideline, but it can deviate widely each year,&#8221; he added.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 
Upcoming Economic Data
Here&#8217;s what investors will keep an eye on for the week:
<ul>
<li>On Monday, January&#8217;s S&amp;P final U.S. manufacturing PMI will be released at 9:45 a.m., ET.</li>
</ul>
<ul>
<li>December&#8217;s construction spending data and January&#8217;s ISM manufacturing data will be announced at 10:00 a.m., ET.</li>
</ul>
<ul>
<li>Atlanta Fed President Raphael Bostic will speak at noon, and auto sales data for January will also be released on Monday.</li>
</ul>
<ul>
<li>On Tuesday, December&#8217;s job openings and factory orders data will be out at 10:00 a.m., ET</li>
</ul>
<ul>
<li>Atlanta Fed President Raphael Bostic will speak again at 11:00 a.m., ET on Tuesday, on the topic of housing.</li>
</ul>
<ul>
<li>San Francisco Fed President Daly will speak at 2:00 p.m., ET and Federal Reserve Vice Chairman Philip Jefferson will speak at 7:30 p.m., ET.</li>
</ul>
<ul>
<li>On Wednesday, January&#8217;s ADP employment data will be out at 8:15 a.m., and December&#8217;s U.S. trade deficit data will be released at 8:30 a.m., ET.</li>
</ul>
<ul>
<li>Richmond Fed President Tom Barkin will speak at 9:00 a.m., ET.</li>
</ul>
<ul>
<li>January&#8217;s S&amp;P final U.S. services PMI will be announced at 9:45 a.m. and ISM services data will be out by 10:00 a.m., ET.</li>
</ul>
<ul>
<li>Chicago Fed President Goolsbee will speak at 1:00 p.m., Fed Governor Michelle Bowman will speak at 3:00 p.m., and Fed Vice Chairman Philip Jefferson will speak again at 7:30 p.m., ET.</li>
</ul>
<ul>
<li>On Thursday, initial jobless claims till Feb. 1 and the U.S. productivity data for the fourth quarter will be out at 8:30 a.m., ET.</li>
</ul>
<ul>
<li>Fed Governor Christopher Waller will speak at 2:30 p.m. and Dallas Fed President Lorie Logan will speak at 5:10 p.m., ET.</li>
</ul>
<ul>
<li>On Friday, the U.S. employment, unemployment, and hourly wages report for January will be out at 8:30 a.m., ET.</li>
</ul>
<ul>
<li>Fed Governor Michelle Bowman will speak again at 9:25 a.m., ET.</li>
</ul>
<ul>
<li>December&#8217;s wholesale inventory data will be announced at 10:00 a.m., ET.</li>
</ul>
<ul>
<li>January&#8217;s preliminary consumer sentiment data will be out at 10:00 a.m., ET.</li>
</ul>
<ul>
<li>December&#8217;s consumer credit will be released at 3:00 p.m., ET.</li>
</ul>
Stocks In Focus:
<ul>
<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) was down 2.68% in the premarket on Monday as it is expected to report its fourth-quarter earnings after market hours. According to Benzinga's consensus estimates, the company is expected to report earnings of $0.11 per share on revenue of $775.91 million.</li>
</ul>
<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) declined 3.26% as it is expected to report its earnings after having missed filing reports since March 31 quarterly results in May 2024.</li>
</ul>
<ul>
<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) slipped 5.73% as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell over 4% to $95,403.03 per coin.</li>
</ul>
<ul>
<li>Tyson Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) was up 1.56% ahead of its earnings before the opening bell. Analysts expect it to report quarterly earnings of 88 cents per share on revenue of $13.44 billion.</li>
</ul>
<ul>
<li>Clorox Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>) was down 0.20% as Wall Street expects it to report quarterly earnings of $1.41 per share on revenue of $1.63 billion after the closing bell.</li>
</ul>
<ul>
<li>Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) declined 2.87% ahead of its earnings after the closing bell. Analysts expect it to report quarterly earnings of $2.50 per share on revenue of $814.33 million.</li>
</ul>
<ul>
<li>NXP Semiconductors NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) dropped 2.56% as Wall Street expects it to report quarterly earnings of $3.14 per share on revenue of $3.10 billion after the closing bell.</li>
</ul>
<ul>
<li>Territorial Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) was down 7.52% after it reported a net loss of $1.72 million, or 20 cents per share, for the fourth quarter.</li>
</ul>
Commodities, Gold And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 2.29% to hover around $74.19 per barrel.
The gold spot index was down by 0.16% to $2,796.63 per ounce. The Dollar Index was up 1.09% at 109.554 level.
Asian markets fell sharply on Monday as Hong Kong's Hang Seng, Australia's ASX 200, South Korea's Kospi, China's CSI 300, and Japan's Nikkei 225 index declined. European markets were also lower in trade.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43428231/as-dollar-strengthens-after-trumps-tariff-imposition-this-hedge-fund-manager-says-usd-devaluation-is-inevitable-heres-why">Trump Tariffs Strengthen Dollar, But Hedge Fund CEO Sees Impending Decline</a></li>
</ul>
Photo courtesy: Shutterstock

Equities

Market Summary

Futures

Economics

$BTC

AMZN

FTNT

GOOG

GOOGL

MSTR

PLTR

SMCI

US Stocks Likely To Open Lower As Trump Imposes Tariffs On China, Canada, And Mexico: Expert Notes Feb Worst Month In Post-Election Years

With U.S. stock futures trading lower this morning on Monday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Tyson Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) to report quarterly earnings at 88 cents per share on revenue of $13.44 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Tyson Foods shares gained 0.2% to $56.60 in after-hours trading.</li>
<li>Analysts are expecting Clorox Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>) to post quarterly earnings at $1.41 per share on revenue of $1.63 billion. The company will release earnings after the markets close. Clorox shares slipped 0.2% to $158.36 in after-hours trading.</li>
<li>Territorial Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBNK#NASDAQ">TBNK</a>) reported a net loss of $1.72 million, or 20 cents per share, for the fourth quarter. Territorial Bancorp shares fell 0.9% to $9.03 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>After the closing bell, Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) is projected to post quarterly earnings at $2.50 per share on revenue of $814.33 million. Fabrinet shares slipped 0.1% to $216.13 in after-hours trading.</li>
<li>Analysts expect NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) to post quarterly earnings at $3.14 per share on revenue of $3.10 billion after the closing bell. NXP Semiconductors shares fell 0.1% to $208.43 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/25/01/43390127/wall-streets-most-accurate-analysts-give-their-take-on-3-energy-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Energy Stocks Delivering High-Dividend Yields</a></li>
</ul>
Photo courtesy: Shutterstock

Tyson Foods, Clorox And 3 Stocks To Watch Heading Into Monday

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 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

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.

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