Parent Company Only

12 Months Ended

Dec. 31, 2023

Parent Company Only

Parent Company Only

(28)Parent Company Only

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

Condensed Balance Sheets

	December 31,
(Dollars in thousands)	2023		2022
Assets
Cash	$	18,453	$	28,515
Investment in Territorial Savings Bank		232,751		227,663
Receivable from Territorial Savings Bank		—		408
Prepaid expenses and other assets		272		105
Total assets	$	251,476	$	256,691
Liabilities and Equity
Other liabilities	$	390	$	141
Equity		251,086		256,550
Total liabilities and equity	$	251,476	$	256,691

Condensed Statements of Income

	For the Year Ended December 31,
(Dollars in thousands)	2023		2022
Interest and dividend income:
Dividends from Territorial Savings Bank	$	—	$	17,500
Interest-earning deposit with Territorial Savings Bank		4		4
Total interest and dividend income		4		17,504
Noninterest expense:
Salaries		42		42
Other general and administrative expenses		958		656
Total noninterest expense		1,000		698
(Loss) Income before income taxes and equity in undistributed earnings in subsidiaries		(996)		16,806
Income taxes		(315)		(209)
(Loss) Income before equity in undistributed earnings in subsidiaries		(681)		17,015
Equity in undistributed earnings of Territorial Savings Bank, net of dividends		5,708		(859)
Net income	$	5,027	$	16,156

Condensed Statements of Cash Flows

	For the Year Ended December 31,
(Dollars in thousands)	2023		2022
Cash flows from operating activities:
Net income	$	5,027	$	16,156
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of Territorial Savings Bank, net of dividends		(5,708)		859
Net decrease in prepaid expenses and other assets		933		1,275
Net increase (decrease) in other liabilities		163		(263)
Net cash provided by operating activities		415		18,027
Cash flows from investing activities:
Investment in Territorial Savings Bank		—		—
Net cash used in investing activities		—		—
Cash flows from financing activities:
Repurchases of common stock		(4,065)		(5,973)
Cash dividends paid		(6,412)		(9,071)
Net cash used in financing activities		(10,477)		(15,044)
Net (decrease) increase in cash		(10,062)		2,983
Cash at beginning of the period		28,515		25,532
Cash at end of the period	$	18,453	$	28,515