TERRITORIAL BANCORP INC. (NASDAQ:TBNK) Files An 8-K Other EventsItem 8.01 Other Events
Territorial Bancorp Inc. (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank (Bank), is hereby providing information regarding its lending activity in the area of the recent Kilauea lava flows. The latest Kilauea volcano eruption has destroyed homes in the lower Puna district of the Big Island of Hawaii. These lava flows, according to the US Geographical Survey, covered 9.1 square miles as of June11, 2018. The Puna district has a total land area of approximately 500 square miles and The Big Island of Hawaii is approximately 4,000 square miles in total land area.
The Bank has eight single family mortgage loans in the Puna, Hawaii zip code of 96778 with an aggregate outstanding balance of $571,000 as of May31, 2018. While all of these loans are performing and the Bank is not aware of any claims of damage on the properties securing the loans, the Bank believes that one of the loans, with a outstanding balance of $56,500 as of May31, 2018, may have been in the path of the lava flow. The Bank believes, as of the date of this release, that the other seven properties are not in the path of the current lava flow. The Bank does not currently expect that the lava flows to date will have a material impact on the Company’s assets or operations.
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 Form10-K for the year ended December31, 2017, 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.