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Territorial Bancorp Inc.(TBNK) has released its financial st atements for the first quarter of 2023, showing a net income of $2.32 million. The company's revenue for the same period reached $16.72 million. The consolidated balance sheets and statements of income provide an overview of the company's financial performance and highlight key figures in its assets, liabilities, and stockholders' equity. Let's dive into the details of Territorial Bancorp Inc.'s financials for the first quarter.
Net Income/Loss
Territorial Bancorp Inc. achieved a net income of $2.32 million in the first quarter of 2023. This figure reflects the company's bottom-line profitability after deducting all expenses, including interest and taxes, from its total revenue.
Revenue
The company's revenue for the first quarter of 2023 amounted to $16.72 million. This total includes interest income from loans and investment securities, as well as other sources of income, such as service and other fees and net gains on the sale of loans.
Consolidated Balance Sheets
The consolidated balance sheets reveal the company's assets and liabilities as of March 31, 2023, compared to the figures from December 31, 2022. The total assets for the first quarter of 2023 amounted to $2.21 billion, a slight increase from the $2.17 billion recorded at the end of 2022.
Assets
- Cash and cash equivalents increased from $40.55 million to $84.86 million.
- Investment securities held to maturity decreased from $717.77 million to $715.60 million.
- Loans receivable, net decreased slightly from $1.29 billion to $1.29 billion.
- Bank-owned life insurance increased from $47.78 million to $47.99 million.
- Deferred income tax assets increased from $1.64 million to $2.10 million.
- Total liabilities increased from $1.91 billion to $1.96 billion.
- Stockholders' equity decreased from $256.55 million to $253.76 million.
The consolidated statements of income provide a breakdown of the company's revenues, expenses, and net income for the three months ending March 31, 2023.
Income
- Net interest income for the first quarter of 2023 amounted to $12.09 million, compared to $13.80 million in the same period in 2022.
- Noninterest income was $589,000 in the first quarter of 2023, a decline from $1.65 million in the same period in 2022.
- Noninterest expense for the first quarter of 2023 was $9.61 million, slightly higher than $9.60 million in the first quarter of 2022.
Net Income
The company reported a net income of $2.32 million for the first quarter of 2023, compared to $4.71 million in the same period in 2022.
Territorial Bancorp Inc. experienced a decrease in net income in the first quarter of 2023, compared to the same period last year. The company's revenue also showed a decline during this time. The financial statements provide valuable insights into the company's performance and will be closely analyzed by investors and stakeholders to assess the future prospects of Territorial Bancorp Inc.