Parent Company Only

12 Months Ended

Dec. 31, 2019

Parent Company Only

Parent Company Only

(28)Parent Company Only

Presented below are the condensed balance sheet, statement of income, and statement of cash flows for Territorial Bancorp Inc.

Condensed Balance Sheet

	December 31,
(Dollars in thousands)	2019		2018
Assets
Cash	$	22,602	$	16,389
Investment in Territorial Savings Bank		219,838		217,884
Receivable from Territorial Savings Bank		1,377		741
Prepaid expenses and other assets		233		154
Total assets	$	244,050	$	235,168
Liabilities and Equity
Other liabilities	$	160	$	89
Equity		243,890		235,079
Total liabilities and equity	$	244,050	$	235,168

Condensed Statement of Income

	For the Year Ended December 31,
(Dollars in thousands)	2019		2018
Interest and dividend income:
Dividends from Territorial Savings Bank	$	21,250	$	14,500
Interest-earning deposit with Territorial Savings Bank		35		43
Total interest and dividend income		21,285		14,543
Noninterest expense:
Salaries		43		38
Other general and administrative expenses		676		791
Total noninterest expense		719		829
Income before income taxes and equity in undistributed earnings in subsidiaries		20,566		13,714
Income taxes		(177)		(107)
Income before equity in undistributed earnings in subsidiaries		20,743		13,821
Equity in undistributed earnings of Territorial Savings Bank, net of dividends		1,252		5,391
Net income	$	21,995	$	19,212

Condensed Statement of Cash Flows

	For the Year Ended December 31,
(Dollars in thousands)	2019		2018
Cash flows from operating activities:
Net income	$	21,995	$	19,212
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of Territorial Savings Bank, net of dividends		(1,252)		(5,391)
ESOP expense		1,398		1,456
Net (increase) decrease in prepaid expenses and other assets		(715)		785
Net increase (decrease) in other liabilities		(97)		(6)
Net cash provided by operating activities		21,329		16,056
Cash flows from investing activities:
Investment in Territorial Savings Bank		—		—
Net cash used in investing activities		—		—
Cash flows from financing activities:
Proceeds from issuance of common stock		170		—
Repurchases of common stock		(1,597)		(9,270)
Cash dividends paid		(13,689)		(10,490)
Net cash used in financing activities		(15,116)		(19,760)
Net increase (decrease) in cash		6,213		(3,704)
Cash at beginning of the period		16,389		20,093
Cash at end of the period	$	22,602	$	16,389