Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Consolidated Balance Sheets | ||
| Investment securities available for sale, amortized cost | $ 21,494 | $ 22,563 |
| Investment securities held to maturity, fair value | $ 513,499 | $ 568,128 |
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued | 8,832,210 | 8,826,613 |
| Common stock, shares outstanding | 8,832,210 | 8,826,613 |
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Consolidated Statements of Comprehensive (Loss) Income | ||
| Net (loss) income | $ (4,299) | $ 5,027 |
| Unfunded pension liability | 1,828 | 1,280 |
| Unrealized (loss) gain on securities | (447) | 243 |
| Total other comprehensive income, net of tax | 1,381 | 1,523 |
| Comprehensive (loss) income | $ (2,918) | $ 6,550 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Consolidated Statements of Stockholders' Equity, Share Data | ||
| Cash dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.74 |
| Common Stock | ||
| Consolidated Statements of Stockholders' Equity, Share Data | ||
| Allocation of ESOP shares, shares | 48,933 | 48,933 |
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities: | ||
| Net (loss) income | $ (4,299,000) | $ 5,027,000 |
| Adjustments to reconcile net (loss) income to net cash (used in) from operating activities: | ||
| Provision (reversal of provision) for credit losses | 73,000 | (3,000) |
| Depreciation and amortization | 956,000 | 1,093,000 |
| Deferred income tax expense (benefit) | 78,000 | (525,000) |
| Accretion of fees, discounts, and premiums, net | (399,000) | (367,000) |
| Amortization of right-of-use asset | 3,437,000 | 2,820,000 |
| Origination of loans held for sale | (861,000) | (813,000) |
| Proceeds from sales of loans held for sale | 880,000 | 823,000 |
| Gain on sale of loans, net | (19,000) | (10,000) |
| Net loss on disposal of premises and equipment | 1,000 | 5,000 |
| ESOP expense | 458,000 | 692,000 |
| Share-based compensation expense | 428,000 | 177,000 |
| Net decrease (increase) in accrued interest receivable | 245,000 | (34,000) |
| Income on bank-owned life insurance | (1,007,000) | (855,000) |
| Net increase in prepaid expenses and other assets | (1,337,000) | (1,537,000) |
| Net (decrease) increase in accounts payable and accrued expenses | (1,440,000) | 863,000 |
| Net (decrease) increase in lease liability | (2,919,000) | 1,309,000 |
| Net (decrease) increase in advance payments by borrowers for taxes and insurance | (20,000) | 774,000 |
| Net decrease in income taxes payable | (1,738,000) | (1,182,000) |
| Net cash (used in) from operating activities | (7,483,000) | 8,257,000 |
| Cash flows from investing activities: | ||
| Purchases of investment securities held to maturity | (6,693,000) | |
| Principal repayments on investment securities held to maturity | 40,153,000 | 38,859,000 |
| Principal repayments on investment securities available for sale | 1,127,000 | 1,038,000 |
| Principal repayments on loans receivable, net of loan originations | 22,119,000 | (11,640,000) |
| Purchases of Federal Home Loan Bank stock | (40,000) | (5,887,000) |
| Proceeds from redemption of Federal Home Loan Bank stock | 3,690,000 | 1,892,000 |
| Purchases of Federal Reserve Bank stock | (9,000) | (11,000) |
| Proceeds from redemption of Federal Reserve Bank stock | 1,000 | |
| Purchases of premises and equipment | (1,049,000) | (685,000) |
| Net cash from investing activities | 65,991,000 | 16,874,000 |
| Cash flows from financing activities: | ||
| Net increase (decrease) in deposits | 81,059,000 | (79,548,000) |
| Proceeds from advances from the Federal Home Loan Bank | 146,000,000 | |
| Repayments of advances from the Federal Home Loan Bank | (82,000,000) | (45,000,000) |
| Proceeds from advances from the Federal Reserve Bank | 100,000,000 | 90,020,000 |
| Repayments of advances from the Federal Reserve Bank | (150,000,000) | (40,020,000) |
| Repayments of securities sold under agreements to repurchase | (10,000,000) | |
| Purchase of Fed Funds | 20,000 | |
| Sale of Fed Funds | (20,000) | |
| Repurchases of common stock | (4,065,000) | |
| Cash dividends paid | (703,000) | (6,412,000) |
| Net cash (used in) from financing activities | (61,644,000) | 60,975,000 |
| Net change in cash and cash equivalents | (3,136,000) | 86,106,000 |
| Cash and cash equivalents at beginning of the period | 126,659,000 | 40,553,000 |
| Cash and cash equivalents at end of the period | 123,523,000 | 126,659,000 |
| Cash paid for: | ||
| Interest on deposits and borrowings | 40,817,000 | 25,975,000 |
| Income taxes | 563,000 | 3,516,000 |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Company stock repurchased through stock swap and net settlement transactions | 51,000 | 121,000 |
| Establishment of right-of-use asset, net of incentives and modifications | 3,589,000 | 693,000 |
| Establishment of lease liability, net of modifications | $ 3,589,000 | $ 693,000 |
Organization |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization | |
| Organization | (1)Organization Territorial Bancorp Inc. is a Maryland corporation and is the holding company for Territorial Savings Bank. Territorial Savings Bank is a Hawaii state-chartered bank headquartered in Honolulu, Hawaii and is a member of the Federal Reserve System. Territorial Savings Bank had one subsidiary, Territorial Financial Services, Inc., that was dissolved during 2024.
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Summary of Significant Accounting Policies |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||
| Summary of Significant Accounting Policies | ||||||||||
| Summary of Significant Accounting Policies | (2)Summary of Significant Accounting Policies (a) Description of Business Territorial Bancorp Inc. (the Company), through its wholly-owned subsidiary, Territorial Savings Bank (the Bank), provides loan and deposit products and services primarily to individual customers through 28 branches located throughout Hawaii. We deal primarily in residential mortgage loans in the State of Hawaii. The Company’s earnings depend primarily on its net interest income, which is the difference between the interest income earned on interest-earning assets (loans receivable and investments) and the interest expense incurred on interest-bearing liabilities (deposit liabilities and borrowings). Deposits traditionally have been the principal source of the Bank’s funds for use in lending, meeting liquidity requirements, and making investments. The Company also derives funds from receipt of interest and principal repayments on outstanding loans receivable and investments, borrowings from the Federal Home Loan Bank (FHLB), Federal Reserve Bank (FRB), and proceeds from issuance of common stock. (b) Principles of Consolidation The Consolidated Financial Statements include the accounts and results of operations of Territorial Bancorp Inc. and Territorial Savings Bank, its wholly-owned subsidiary. Significant intercompany balances and transactions have been eliminated in consolidation. (c) Cash and Cash Equivalents Cash and cash equivalents includes cash and due from banks, interest-bearing deposits in other banks, federal funds sold, and short-term, highly liquid investments with original maturities of three months or less. (d) Investment Securities The Company classifies and accounts for its investment securities as follows: (1) held-to-maturity debt securities in which the Company has the positive intent and ability to hold to maturity are reported at amortized cost; (2) trading securities that are purchased for the purpose of selling in the near term are reported at fair value, with unrealized gains and losses included in current earnings; and (3) available-for-sale securities not classified as either held-to-maturity or trading securities are reported at fair value, with unrealized gains and losses excluded from current earnings and reported as a separate component of equity. At December 31, 2024 and 2023, the Company had $18.5 million and $20.2 million, respectively, of securities classified as available-for-sale and the remaining securities were classified as held-to-maturity. Gains or losses on the sale of investment securities are computed using the specific-identification method. The Company amortizes premiums and accretes discounts associated with investment securities using the interest method over the contractual life of the respective investment security. Such amortization and accretion is included in the interest income line item in the Consolidated Statements of Operations. Interest income is recognized when earned. (e) Loans Receivable This policy applies to all loan classes. Loans receivable are stated at the principal amount outstanding, less the allowance for credit losses, loan origination fees and costs, and commitment fees. Interest on loans receivable is accrued as earned. The Company has a policy of placing loans on a nonaccrual basis when 90 days or more contractually delinquent or when, in the opinion of management, collection of all or part of the principal balance appears doubtful. For nonaccrual loans, the Company records payments received as a reduction in principal. The Company, considering current information and events regarding the borrowers’ ability to repay their obligations, considers a loan to be individually evaluated when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be individually evaluated, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, if the loan is considered to be collateral dependent, based on the fair value of the collateral less estimated costs to sell. Impairment losses are written off against the allowance for credit losses. For nonaccrual loans, the Company records payments received as a reduction in principal. A nonaccrual loan may be restored to an accrual basis when principal and interest payments are current and full payment of principal and interest is expected. (f) Loans Held for Sale Loans held for sale are stated at the lower of aggregate cost or market value. Net fees and costs of originating loans held for sale are deferred and are included in the basis for determining the gain or loss on sales of loans held for sale. (g) Deferred Loan Origination Fees and Unearned Loan Discounts Loan origination and commitment fees and certain direct loan origination costs are being deferred, and the net amount is recognized over the life of the related loan as an adjustment to yield. Net deferred loan fees are amortized using the interest method over the contractual term of the loan, adjusted for actual prepayments. Net unamortized fees on loans paid in full are recognized as a component of interest income. (h) Real Estate Owned Real estate owned is valued at the time of foreclosure at fair value, less estimated cost to sell, thereby establishing a new cost basis. The Company obtains appraisals based on recent comparable sales to assist management in estimating the fair value of real estate owned. Subsequent to acquisition, real estate owned is valued at the lower of cost or fair value, less estimated cost to sell. Declines in value are charged to expense through a direct write-down of the asset. Costs related to holding real estate are charged to expense while costs related to development and improvements are capitalized. Net gains or losses recognized on the sale of real estate owned are included in other general and administrative expenses. (i) Allowance for Credit Losses (ACL) on Loans and Securities The current expected credit losses (CECL) accounting standard requires an estimate of the credit losses expected over the life of the financial instrument. CECL replaces the incurred loss approach that delayed the recognition of a credit loss until it was probable that a loss event occurred. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL during the period when management deems the loan to be uncollectible and all interest previously accrued but not collected is reversed against the current period ACL. The estimate of expected credit losses is based on information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of financial instruments. Historical loss experience is generally the starting point for estimating expected credit losses. The Company considers whether the historical loss experience should be adjusted for asset specific risk characteristics or current conditions at the reporting date that did not exist over the historical reporting period. These qualitative adjustments can include changes in the economy, loan underwriting standards, and delinquency trends. The Company then considers future economic conditions as part of the one year reasonable and supportable forecast period. Our loan portfolio is segmented into three pools for estimating our allowance for credit losses on loans: real estate, commercial, and consumer loans. They were established upon the adoption of ASU 2016-13. Only three pools are used to segment our loan portfolio because loans within the pools share similar risk characteristics and were originated using similar underwriting standards. Loans that do not share similar risk characteristics would be evaluated on an individual basis and excluded from the collective evaluation. Historically, we have disclosed information about our loans and allowance based on class of financing receivable. The portfolio segments align with the class of financing receivables as follows:
Collateral dependent loans are not considered to share the same risk characteristics with the three pools discussed above. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For loans which are considered to be collateral dependent, the Company has elected to estimate the expected credit loss based on the fair value of the collateral less selling costs. If the fair value of the collateral less selling costs is less than the loan’s amortized cost basis, the Company records a partial charge-off to reduce the loan’s amortized cost basis for the difference between the collateral fair value less selling costs and the amortized cost basis. The ACL on loans and accrued interest is calculated on a loan by loan basis. If the loan’s amortized cost basis is less than the total present value of cash flows calculated using a discounted cash flow approach, the ACL is equal to the amortized cost basis minus the total present value of cash flows on the loan discounted by the loan’s effective interest rate. The expected cash flows include estimates of loan charge-offs, recoveries, and prepayments. Economic variables which have a strong correlation with our historical loan charge-offs, recoveries, and prepayments are utilized in forecasting loan charge-offs, recoveries, and prepayments during the one year reasonable and supportable forecast period. After the reasonable and supportable forecast period, the historical reversion rate is used to calculate loan charge-offs, recoveries, and prepayments for the remaining expected life of the loan. The reversion rate is based on historical averages and applied on a straight-line basis. Qualitative adjustments may be made to account for current conditions and forward looking events not captured in the quantitative calculation. The forecast and reversion rate utilize historical behavior during select periods of time. Our Real Estate and Consumer loan pools utilize a vintage approach where historical losses, recoveries, and prepayment experience is determined using loans that have originated in the same period. Our Commercial loans utilize a reporting period approach where historical losses, recoveries, and prepayment experience is considered during a selected historical period of time. Off-balance sheet forecasts utilize a reporting period approach. Loans receivable are stated at amortized cost which includes the principal amount outstanding, less the allowance for credit losses, deferred loan origination fees and costs, commitment fees, and cumulative net charge-offs. Interest income on loans receivable is accrued as earned. Accrued interest receivable on loans was $4.4 million as of December 31, 2024, and is included in on the Consolidated Balance Sheet. The Company determines delinquency status by considering the number of days full payments required by the contractual terms of the loan are past due. The Company has a policy of placing loans on a nonaccrual basis when 90 days or more contractually delinquent or when, in the opinion of management, collection of all or part of the principal balance appears doubtful, unless the loans are well secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued and not collected is reversed against current period provision for credit losses. For nonaccrual loans, the Company records payments received as a reduction in principal. A nonaccrual loan may be restored to an accrual basis when principal and interest payments are current and full payment of principal and interest is expected. The Company’s off-balance sheet credit exposures are comprised of unfunded portions of existing loans, such as lines of credit and construction loans, and commitments to originate loans that are not conditionally cancellable by the Company. Under the CECL accounting standard, expected credit losses on these amounts are calculated using a forecasted estimate of the likelihood that funding of the unfunded amount/commitment will occur and the historical reversion rate. Changes to the reserve for off-balance sheet credit exposures are recorded through increases or decreases to the provision for credit losses on the Consolidated Statements of Operations. There was $800 in reserves for off-balance sheet credit exposures at December 31, 2024. There were no reserves for off-balance sheet credit exposures at December 31, 2023. While management utilizes its best judgment and information available, the adequacy of the ACL and the reserve for off-balance sheet credit exposures is determined by certain factors outside of the Company's control, such as the performance of our portfolios, changes in the economic environment including economic uncertainty, changes in interest rates and loan prepayments, and the view of the regulatory authorities toward classification of assets and the level of ACL and the reserve for off-balance sheet credit exposures. Additionally, the level of ACL and the reserve for off-balance sheet credit exposures may fluctuate based on the balance and mix of the loan portfolio, changes in loan prepayments and off-balance sheet credit exposures, changes in charge-off rates, and changes in forecasted economic conditions. If actual results differ significantly from our assumptions, our ACL and the reserve for off-balance sheet credit exposures may not be sufficient to cover inherent losses in our loan portfolio, resulting in additions to our ACL and an increase in the provision for credit losses. The Company is required to utilize the CECL methodology to estimate expected credit losses with respect to held-to-maturity (HTM) investment securities. Since all of the Company’s HTM investment securities were issued by U.S. government agencies or U.S. government-sponsored enterprises, which include the explicit and/or implicit guarantee of the U.S. government and have a long history of no credit losses, the Company has not recorded a credit loss on these securities. The unrealized losses on these securities were due to changes in interest rates, relative to when the securities were purchased, and are not due to decreases in the credit quality of the securities. Available for sale (AFS) investment securities in an unrealized loss position are evaluated for impairment. The Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the investment securities amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. The Company has not recorded an ACL related to our AFS investment securities. Changes in the ACL are recorded as a provision (or reversal of provision) for credit losses. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. (j) Transfer of Financial Assets Transfers of financial assets are accounted for as sales when control is surrendered. Control is surrendered when the assets have been isolated from the Company, the transferee obtains the right to pledge or exchange the assets without constraint, and the Company does not maintain effective control over the transferred assets. Mortgage loans sold for cash are accounted for as sales as the above criteria have been met. Mortgage loans may also be packaged into securities that are issued and guaranteed by U.S. government-sponsored enterprises or a U.S. government agency. The Company receives 100% of the mortgage-backed securities issued. The mortgage-backed securities received in securitizations are valued at fair value and classified as held-to-maturity. A gain or loss in the securitization transactions is recognized for the difference between the fair value of the mortgage-backed securities received and the amortized cost of the loans securitized. Mortgage loan transfers accounted for as sales and securitizations are without recourse, except for normal representations and warranties provided in sales transactions, and the Company may retain the related rights to service the loans. The retained servicing rights create mortgage servicing assets that are accounted for in accordance with the Transfers and Servicing topic of the FASB ASC. Mortgage servicing assets are initially valued at fair value and subsequently at the lower of cost or fair value and are amortized in proportion to and over the period of estimated net servicing income. The Company uses a discounted cash flow model to determine the fair value of retained mortgage servicing rights. The amount of mortgage servicing rights is immaterial to the financial statement. (k) Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is principally computed on the straight-line method over the estimated useful lives of the respective assets. The estimated useful life of buildings and improvements is 30 years, furniture, fixtures, and equipment is 3 to 10 years, and automobiles are 3 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. (l) Income Taxes The Company files consolidated federal income tax and consolidated state franchise tax returns. Deferred tax assets and liabilities are recognized using the asset and liability method of accounting for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We establish income tax contingency reserves for potential tax liabilities related to uncertain tax positions. A liability for income tax uncertainties would be recorded for unrecognized tax benefits related to uncertain tax positions where it is more likely than not that the position will be sustained upon examination by a taxing authority. As of December 31, 2024 and 2023, the Company had not recognized a liability for income tax uncertainties in the accompanying Consolidated Balance Sheets because management concluded that the Company does not have material uncertain tax positions. The Company recognizes interest and penalties related to tax liabilities in other interest expense and other general and administrative expenses, respectively, in the Consolidated Statements of Operations. Tax years 2021 and after currently remain subject to examination by the Internal Revenue Service and by the Department of Taxation of the State of Hawaii. (m) Impairment of Long-Lived Assets Long-lived assets, such as premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the Consolidated Balance Sheets and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. (n) Pension Plan Pension benefit costs (returns) are charged (credited) to salaries and employee benefits expense or other income, and the corresponding prepaid (accrued) pension cost is recorded in prepaid expenses and other assets or accounts payable and accrued expenses in the Consolidated Balance Sheets. The Company’s policy is to fund pension costs in amounts that will not be less than the minimum funding requirements of the Employee Retirement Income Security Act of 1974 and will not exceed the maximum tax-deductible amounts. The Company generally funds at least the net periodic pension cost, subject to limits and targeted funded status as determined with the consulting actuary. (o) Share-Based Compensation The Company grants share-based compensation awards, including restricted stock and restricted stock units, which are either performance-based or time-based. The fair value of the restricted stock and restricted stock unit awards were based on the closing price of the Company’s stock on the date of grant. The cost of these awards are amortized in the Consolidated Statements of Operations on a straight-line basis over the vesting period. The amount of performance-based restricted stock units that vest on a performance condition is remeasured quarterly based on how the Company’s return on average equity compares to the SNL Bank Index. The number of performance-based restricted stock units that are expected to vest based on the Company’s return on average equity is determined quarterly and the amortization of these stock awards is adjusted for any changes in the restricted stock units that are expected to vest. The fair value of performance-based restricted stock units that are based on how the Company’s total stock return compares to the SNL Bank Index was measured using a Monte-Carlo valuation. The number of performance-based restricted stock units that are based on the Company’s total stock return is amortized over the vesting period and is not adjusted for performance. (p) Supplemental Employee Retirement Plan (SERP) The SERP is a noncontributory supplemental retirement plan covering certain current and former employees of the Company. Benefits in the SERP plan are paid after retirement, in addition to the benefits provided by the Pension Plan. The Company accrues SERP costs over the estimated period until retirement by charging salaries and employee benefits expense in the Consolidated Statements of Operations, with a corresponding credit to accounts payable and accrued expenses in the Consolidated Balance Sheets. (q) Employee Stock Ownership Plan (ESOP) The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of stockholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. (r) Earnings Per Share We have two forms of our outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Unvested restricted stock awards that are time-based contain nonforfeitable rights to dividends or dividend equivalents are considered to be participating securities in the earnings per share computation using the two-class method. Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings. Unvested restricted stock awards that vest based on performance or market conditions are not considered to be participating securities in the earnings per share calculation because accrued dividends on shares that do not vest are forfeited. Basic earnings per share is computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income allocated to common shareholders by the sum of the weighted-average number of shares outstanding plus the dilutive effect of stock options and restricted stock. ESOP shares not committed to be released are not considered outstanding. (s) Common Stock Repurchase Program The Company adopted common stock repurchase programs in which shares repurchased reduce the amount of shares issued and outstanding. The repurchased shares may be reissued in connection with share-based compensation plans and for general corporate purposes. During 2023, the Company repurchased 250,882 shares of common stock at an average cost of $16.05 per share, as part of the repurchase programs authorized by the Board of Directors. The Company did not repurchase any share as part of authorized programs in 2024. (t) Bank-Owned Life Insurance The Company’s investment in bank-owned life insurance is based on cash surrender value. The Company invests in bank-owned life insurance to provide a funding source for benefit plan obligations. Bank-owned life insurance also generally provides noninterest income that is nontaxable. Federal regulations generally limit the investment in bank-owned life insurance to 25% of the Bank’s Tier 1 capital plus the allowance for credit losses. At December 31, 2024, this limit was $60.7 million and the Company had invested $49.6 million in bank-owned life insurance at that date. (u) Leases The Company records a right-of-use (ROU) asset for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company is also required to record a lease liability for the present value of future payment commitments. The Company leases most of its premises and some vehicles and equipment under operating leases expiring on various dates through 2037. The majority of lease agreements relate to real estate and generally provide that the Company pay taxes, insurance, maintenance and certain other variable operating expenses applicable to the leased premises. Variable lease components and nonlease components are not included in the Company’s computation of the ROU asset or lease liability. The Company also does not include short-term leases in the computation of the ROU asset or lease liability. Short-term leases are leases with a term at commencement of 12 months or less. Short-term lease expense is recorded on a straight-line basis over the term of the lease. Lease agreements do not contain any residual value guarantees or restrictive covenants. The value of the ROU asset and lease liability is impacted by the amount of the periodic payment required, length of the lease term, lease incentives and the discount rate used to calculate the present value of the minimum lease payments. Certain leases have renewal options at the expiration of the lease terms. Generally, option periods are not included in the computation of the lease term, ROU asset or lease liability because the Company is not reasonably certain to exercise renewal options at the expiration of the lease terms. Because the discount rates implicit in our leases are not known, discount rates have been estimated using the rates for fixed-rate, amortizing advances from the FHLB for the approximate terms of the leases. (v) Segment reporting The Company has one reportable segment. The Company’s chief operating decision makers evaluate the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. See Note 29 of the notes to consolidated financial statement for further information on segment reporting.
(w) Use of Estimates The preparation of the Consolidated Financial Statements requires management to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amount of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the allowance for credit losses; valuation of certain investment securities; valuation allowances for deferred income tax assets; and assets and obligations related to employee benefit plans. Accordingly, actual results could differ from those estimates.
(x) Recently Issued Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (FASB) issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify that contractual sale restrictions should not be considered in the measurement of the fair value of an equity security. The Company owns stock in the FRB and in the FHLB which is valued at historical cost, which approximates fair value. Ownership of stock is a condition for services the Company receives from the FRB and FHLB. The stock is not publicly traded and can only be issued, exchanged, redeemed, or repurchased by the FRB and the FHLB. ASU 2022-03 was effective for fiscal years beginning after December 15, 2023. The Company adopted the standard on January 1, 2024, and it did not have a material effect on its consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU is intended to clarify or improve disclosure and presentation requirements of a variety of topics currently in SEC Regulations S-X and S-K. This ASU will not have a material effect on the Company since it is currently subject to these SEC requirements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This ASU will be effective for fiscal years beginning after December 31, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the standard on January 1, 2024, and it did not have a material effect on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the effects that ASU 2023-09 will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public companies to disclose additional information about certain expenses in the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective bases. The Company is currently evaluating the effects that ASU 2024-03 will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in update 2020-06. Adoption can be on a prospective or retrospective basis. The Company is currently evaluating the effects that ASU 2024-04 will have on its consolidated financial statements.
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Cash and Cash Equivalents |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | (3)Cash and Cash Equivalents The table below presents the balances of cash and cash equivalents:
Interest-earning deposits in other banks consist primarily of deposits at the Federal Reserve Bank of San Francisco. |
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Investment Securities |
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| Investment Securities | (4)Investment Securities The amortized cost, gross unrealized gains and losses, fair values, and related ACL of investment securities are as follows:
The amortized cost and estimated fair value of investment securities by maturity date at December 31, 2024 are shown below. Incorporated in the maturity schedule are mortgage-backed securities, which are allocated using the contractual maturity as a basis. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
The Company did not sell any held-to-maturity or available-for-sale securities during 2024 and 2023. Investment securities with amortized cost of $561.1 million and $555.8 million at December 31, 2024 and 2023, respectively, were pledged to secure deposits made by state and local governments, securities sold under agreements to repurchase, transaction clearing accounts, and Federal Reserve Bank borrowings. Included in these amounts were $140.9 million and $74.0 million pledged to the Federal Reserve Bank’s discount window at December 31, 2024 and 2023, respectively and $202.1 million pledged to the Federal Reserve Bank’s Term Funding Program at December 31, 2023. Provided below is a summary of investment securities which were in an unrealized loss position at December 31, 2024 and 2023. The Company does not intend to sell securities until such time as the value recovers or the securities mature and it is not more likely than not that the Company will be required to sell the securities prior to recovery of value or the securities mature.
Mortgage-Backed Securities. The unrealized losses on the Company’s investment in mortgage-backed securities were caused by increases in market interest rates subsequent to purchase. All of the mortgage-backed securities are guaranteed by Freddie Mac or Fannie Mae, which are U.S. government-sponsored enterprises, or Ginnie Mae, which is a U.S. government agency. Since the decline in market value is attributable to changes in interest rates and not credit quality, the Company does not intend to sell these investments until maturity, and it is not more likely than not that the Company will be required to sell such investments prior to recovery of its cost basis, no allowance for credit losses was recorded for these securities as of December 31, 2024 or 2023. |
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Federal Home Loan Bank Stock |
12 Months Ended |
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Dec. 31, 2024 | |
| FHLB stock | |
| Federal Home Loan Bank Stock | |
| Federal Home Loan Bank Stock | (5)Federal Home Loan Bank Stock The Bank, as a member of the FHLB system, is required to obtain and hold shares of capital stock in the FHLB. At December 31, 2024 and 2023, the Bank met such requirement. At December 31, 2024 and 2023, the Bank owned $8.5 million and $12.2 million, respectively, of capital stock of the FHLB Des Moines. The Company evaluated its investment in the stock of the FHLB Des Moines for impairment. Based on the Company’s evaluation of the underlying investment, including the long-term nature of the investment and the liquidity position of the FHLB Des Moines, the Company did not consider its FHLB stock other-than-temporarily impaired. There were no observable, orderly transactions at a price that would require the Company to update the value of the stock of the FHLB Des Moines.
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Federal Reserve Bank Stock |
12 Months Ended |
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Dec. 31, 2024 | |
| FRB stock | |
| Federal Reserve Bank Stock | |
| Federal Reserve Bank Stock | (6)Federal Reserve Bank Stock The Bank, as a member of the Federal Reserve System, is required to hold shares of capital stock of the FRB of San Francisco equal to 6% of capital and surplus of the Bank. At December 31, 2024 and 2023 the Bank met such requirement. At December 31, 2024 and 2023, the Bank owned $3.2 million of capital stock of the FRB of San Francisco. The Company evaluated its investment in the stock of the FRB of San Francisco for impairment. Based on the Company’s evaluation of the underlying investment, including the long-term nature of the investment and the liquidity position of the FRB of San Francisco, the Company did not consider its FRB stock other-than-temporarily impaired. There were no observable, orderly transactions at a price that would require the Company to update the value of the stock of the FRB of San Francisco.
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Loans Receivable and Allowance for Credit Losses |
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| Loans Receivable and Allowance for Credit Losses | (7)Loans Receivable and Allowance for Credit Losses The components of loans receivable, net of allowance for credit losses (ACL) as of December 31, 2024 and 2023 are as follows:
The table below presents the activity in the ACL by portfolio segment:
We recorded a $73,000 credit loss provision for the year ended December 31, 2024 that was primarily due to an increase in provisions for the consumer loan portfolio, which was partially offset by decreases in provisions for the commercial and real estate portfolios. The increase in provisions for the consumer loan portfolio was primarily due to an increase in home equity loans and lines of credit. The decrease in provisions in the commercial loan portfolio was primarily due to an increase in forecasted prepayments, that was partially offset by an increase in forecasted charge-offs. The decrease in provisions in the mortgage loan portfolio was primarily due to a decrease in the mortgage loan portfolio that was partially offset by a decrease in the forecasted prepayments. The Company primarily uses the aging of loans to monitor the credit quality of its loan portfolio. The table below presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans as of December 31, 2024.
The Company did not have any revolving loans that converted to term loans during the year ended December 31, 2024. The table below presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans as of December 31, 2023.
The Company did not have any revolving loans that converted to term loans during the year ended December 31, 2023. The following table presents by loan class and year of origination, the gross charge-offs recorded during the year ended December 31, 2024 and 2023.
The table below presents the aging of loans and accrual status by class of loans, net of unearned fees and discounts. Loans with a formal loan payment deferral plan in place are not considered contractually past due or delinquent if the borrower is in compliance with the loan payment deferral plan.
The table below presents the amortized cost basis of loans on nonaccrual status as of December 31, 2024 and 2023.
All payments received while on nonaccrual status are applied against the principal balance of the loan. When a mortgage loan becomes seriously delinquent (90 days or more contractually past due), it displays weaknesses that may result in a loss. As a loan becomes more delinquent, the likelihood of the borrower repaying the loan decreases and the loan becomes more collateral-dependent. A mortgage loan becomes collateral-dependent when the proceeds for repayment can be expected to come only from the sale or operation of the collateral and not from borrower repayments. Generally, appraisals are obtained after a loan becomes collateral-dependent or is four months delinquent. The carrying value of collateral-dependent loans is adjusted to the fair value of the collateral less selling costs. Any commercial real estate, commercial, construction or equity loan that has a loan balance in excess of a specified amount is also periodically reviewed to determine whether the loan exhibits any weaknesses and is performing in accordance with its contractual terms. The amortized cost basis of collateral-dependent loans, excluding accrued interest receivable, was $227,000 December 31, 2023. These loans were collateralized by residential real estate in Hawaii. As of December 31, 2023, the fair value of the collateral less selling costs of these collateral-dependent loans exceeded the amortized cost basis. There was no ACL on collateral-dependent loans. There amortized cost basis of collateral-dependent loans was $1.2 million at December 31, 2024. The Company had no real estate owned as of December 31, 2024 or 2023. There was one one- to four-family residential mortgage loan with a principal balance of $1.2 million in the process of foreclosure at December 31, 2024. There were two one- to four-family residential mortgage loans totaling $227,000 in the process of foreclosure at December 31, 2023. Nearly all the Company’s real estate loans are collateralized by real estate located in the State of Hawaii. Loan-to-value ratios on these real estate loans generally do not exceed 80% at the time of origination. During the years ended December 31, 2024 and 2023, the Company sold mortgage loans held for sale with principal balances of $877,000 and $827,000, respectively, and recognized a gain of $19,000 and $10,000, respectively. The Company had no loans held for sale at December 31, 2024 or 2023. The Company serviced loans for others with principal balances of $30.6 million and $33.2 million at December 31, 2024 and 2023, respectively. Of these amounts, $18.0 million and $19.3 million of loan balances relate to securitizations for which the Company continues to hold the related mortgage-backed securities at December 31, 2024 and 2023, respectively. The amount of contractually specified servicing fees earned was $83,000 and $91,000 for 2024 and 2023, respectively. The fees are reported in service and other fees in the Consolidated Statements of Operations. In the normal course of business, the Company has made loans to certain directors and executive officers under terms which management believes are consistent with the Company’s general lending policies. Loans to directors and executive officers amounted to $311,000 and $392,000 at December 31, 2024 and 2023, respectively. |
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Accrued Interest Receivable |
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| Accrued Interest Receivable | (8)Accrued Interest Receivable The components of accrued interest receivable are as follows:
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Interest Rate Lock and Forward Loan Sale Commitments |
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Dec. 31, 2024 | |
| Interest Rate Lock and Forward Loan Sale Commitments | |
| Interest Rate Lock and Forward Loan Sale Commitments | (9)Interest Rate Lock and Forward Loan Sale Commitments The Company may enter into interest rate lock commitments with borrowers on loans intended to be sold. To manage interest rate risk on the lock commitments, the Company may also enter into forward loan sale commitments. The interest rate lock commitments and forward loan sale commitments are treated as derivatives and are recorded at their fair values in prepaid expenses and other assets or in accounts payable and accrued expenses. Changes in fair value are recorded in current earnings. The Company did not have any loans held for sale at December 31, 2024 or 2023. There were no interest rate contracts at December 31, 2024 or 2023. There were no gains and losses on derivatives for the year ended December 31, 2024 or 2023. |
Premises and Equipment |
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| Premises and Equipment | (10)Premises and Equipment Premises and equipment are as follows:
Depreciation expense was $1.0 million and $1.1 million for the years ended December 31, 2024 and 2023, respectively. |
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Deposits |
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| Deposits | (11) Deposits Deposit accounts by type are summarized with their respective weighted-average interest rates as follows:
The maturity of certificate of deposit accounts at December 31, 2024 is as follows (dollars in thousands):
Certificates of deposit with balances greater than or equal to $250,000 totaled $445.0 million and $280.1 million at December 31, 2024 and 2023, respectively. Deposit accounts in the Bank are insured by the FDIC, generally up to a maximum of $250,000 per account owner. Interest expense by type of deposit is as follows:
At December 31, 2024 and 2023, overdrawn deposit accounts totaled $108,000 and $169,000, respectively, and have been reclassified as loans in the Consolidated Balance Sheets. In the normal course of business, certain directors and executive officers (and their associated and affiliated parties) maintain deposit accounts with the Company totaling $3.6 million and $4.5 million at December 31, 2024 and 2023, respectively. |
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Advances from the Federal Home Loan Bank |
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| Advances from the Federal Home Loan Bank | (12)Advances from the Federal Home Loan Bank Federal Home Loan Bank advances are secured by a blanket pledge on the Bank’s assets not otherwise pledged. At December 31, 2024 and 2023, our credit line with the FHLB of Des Moines was equal to 25% and 45%, respectively, of the Bank’s total assets and we had the capacity to borrow an additional $389.5 million and $612.6 million, respectively. Advances outstanding consisted of the following:
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Advances from the Federal Reserve Bank |
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| Advances from the Federal Reserve Bank | (13) Advances from the Federal Reserve Bank In March 2023, the FRB created a new Bank Term Funding Program (BTFP) to make additional funding available to eligible depository institutions. The BTFP ceased making new loans on March 11, 2024. This program offered loans up to a one year term that can be prepaid without penalty. The amount that could be borrowed was based upon the par value of the securities pledged as collateral to the FRB. As a member of the FRB system, the Bank may also borrow from the FRB Discount Window. At December 31, 2024, we had the ability to borrow up to $114.4 million using the market value of pledged collateral. Advances outstanding consisted of the following:
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Securities Sold Under Agreements to Repurchase |
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| Securities Sold Under Agreements to Repurchase | (14) Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are treated as financings and the obligations to repurchase the identical securities sold are reflected as a liability with the securities collateralizing the agreements classified as an asset. Securities sold under agreements to repurchase are summarized as follows:
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Offsetting of Financial Liabilities |
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| Offsetting of Financial Liabilities | (15)Offsetting of Financial Liabilities Securities sold under agreements to repurchase are subject to a right of offset in the event of default. See Note 14, Securities Sold Under Agreements to Repurchase, for additional information.
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Income Taxes |
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| Income Taxes | (16)Income Taxes Allocation of federal and state income taxes between current and deferred income tax (benefit) expense is as follows:
The federal statutory corporate tax rate for the years ended December 31, 2024 and 2023 was 21%. A reconciliation of the tax provision based on the statutory corporate rate on pretax income and the provision for taxes as shown in the accompanying Consolidated Statements of Operations is as follows:
The components of income taxes (receivable) payable are as follows:
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
Deferred tax assets and liabilities at December 31, 2024 and 2023 were calculated using federal corporate tax rates of 21%. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences. The amount of the deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income are reduced. There was no valuation allowance for deferred tax assets as of December 31, 2024 and 2023. |
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Employee Benefit Plans |
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| Employee Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | (17)Employee Benefit Plans The Company has a noncontributory defined benefit pension plan (Pension Plan) that covers certain employees with at least one year of service. The benefits are based on years of service and the employees’ compensation during the service period. The Company’s policy is to accrue the actuarially determined pension costs and to fund pension costs within regulatory guidelines. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in accumulated other comprehensive income beginning in 2006 and amortized to net periodic benefit cost over future periods using the corridor method. The Company believes that the assumptions utilized in recording its obligations under the plan are reasonable based on its experience and market conditions. In 2008, the Board of Directors approved changes to the Company’s Pension Plan. Effective December 31, 2008, there are no further accruals of benefits for any participants and benefits do not increase with any additional years of service. Employees already enrolled in the Pension Plan as of December 31, 2008 will be 100% vested if they have at least five years of service. For employees with less than five years of service, vesting would occur at the employee’s five-year anniversary date. In addition, the Company sponsors a Supplemental Employee Retirement Plan (SERP), a noncontributory supplemental retirement benefit plan, which covers certain current and former employees of the Company for amounts in addition to those provided under the Pension Plan. The following table sets forth the status of the Pension Plan and SERP at the dates indicated:
The accumulated benefit obligation experienced an actuarial gain of $619,000 in 2024 and an actuarial loss of $95,000 in 2023. The actuarial gain in 2024 was attributed to an increase in the discount rate used to calculate the benefit obligation. The actuarial loss in 2023 was attributed to a decline in the discount rate used to calculate the benefit obligation. The following table sets forth the changes recognized in accumulated other comprehensive loss for the years indicated:
For the years ended December 31, 2024 and 2023, the following weighted average assumptions were used to determine benefit obligations at the end of the year:
The dates used to determine retirement measurements for the Pension Plan were December 31, 2024 and 2023. The Company’s investment strategy for the Pension Plan is to maintain a consistent rate of return with primary emphasis on capital appreciation and secondary emphasis on income to enhance the purchasing power of the plan’s assets over the long-term and to preserve capital. The investment policy establishes a target allocation for each asset class that is reviewed periodically and rebalanced when considered appropriate. Normal target allocations at December 31, 2024 were 55% domestic equity securities, 10% international equity securities and 35% bonds. Equity securities primarily include stocks, investment in exchange traded funds and large-cap, mid-cap and small-cap mutual funds. Bonds include U.S. Treasuries, mortgage-backed securities and corporate bonds of companies in diversified industries. Other types of investments include money market funds and savings accounts opened with the Company. As of December 31, 2024 and 2023, the Pension Plan’s assets measured at fair value were classified as follows:
Estimated future benefit payments reflecting expected future service at December 31, 2024 are as follows:
For the years ended December 31, 2024 and 2023, the following weighted average assumptions were used to determine net periodic benefit cost for the fiscal years shown:
The components of net periodic benefit cost were as follows:
The service cost component of net periodic benefit cost is included in salaries and employee benefits in the Consolidated Statements of Operations. The other components of net periodic benefit cost including interest cost, the return on plan assets and amortization of net loss are reported in other income. The expected return on plan assets is based on the weighted-average long-term rates of return for the types of assets held in the plan. The expected return on plan assets is adjusted when there is a change in the expected long-term rate of return or in the composition of assets held in the plan. The discount rate is based on the return of high-quality fixed-income investments that can be used to fund the benefit payments under the Company’s defined benefit plan. The Company does not expect to make any contributions to the Pension Plan or the SERP in 2025. The Company also has a 401(k) defined contribution plan and profit sharing plan covering all employees after one year of service. The 401(k) plan provides for employer matching contributions, as determined by the Company, based on a percentage of employees’ contributions subject to a maximum amount defined in the plan agreement. The Company’s 401(k) matching contributions are based on 5% of employees’ contributions. The Company’s contributions amounted to $58,000 and $64,000 for 2024 and 2023, respectively. The Company contributes to the profit sharing plan an amount determined by the Board of Directors. No contributions were made to the profit sharing plan for years ended December 31, 2024 and 2023. |
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Employee Stock Ownership Plan |
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| Employee Stock Ownership Plan | (18)Employee Stock Ownership Plan Effective January 1, 2009, Territorial Savings Bank adopted an Employee Stock Ownership Plan (ESOP) for eligible employees. The ESOP borrowed $9.8 million from the Company and used those funds to acquire 978,650 shares, or 8%, of the total number of shares issued by the Company in its initial public offering. The shares were acquired at a price of $10.00 per share. The loan is secured by the shares purchased with the loan proceeds and will be repaid by the ESOP over the 20-year term of the loan with funds from Territorial Savings Bank’s contributions to the ESOP and dividends payable on the shares. The interest rate on the ESOP loan is an adjustable rate equal to the prime rate, as published in The Wall Street Journal. The interest rate adjusts annually and will be the on the first business day of the calendar year. Shares purchased by the ESOP are held by a trustee in an unallocated suspense account, and shares are released annually from the suspense account on a pro-rata basis as principal and interest payments are made by the ESOP to the Company. The trustee allocates the shares released among participants on the basis of each participant’s proportional share of compensation relative to all participants. As shares are committed to be released from the suspense account, Territorial Savings Bank reports compensation expense based on the average fair value of shares released with a corresponding credit to stockholders’ equity. The shares committed to be released are considered outstanding for earnings per share computations. Compensation expense recognized for the years ended December 31, 2024 and 2023 amounted to $458,000 and $692,000, respectively. Shares held by the ESOP trust were as follows:
The ESOP restoration plan is a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the ESOP’s benefit formula. The supplemental cash payments consist of payments representing shares that cannot be allocated to the participants under the ESOP due to IRS limitations imposed on tax-qualified plans. We accrue for these benefits over the period during which employees provide services to earn these benefits. For the years ended December 31, 2024 and 2023, we reversed $3,000 and accrued $13,000, respectively, for the ESOP restoration plan. |
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Share-Based Compensation |
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| Share-Based Compensation | (19)Share-Based Compensation The shareholders of Territorial Bancorp Inc. adopted the 2010 Equity Incentive Plan and the 2019 Equity Incentive Plan. These plans provide for the award of stock options and restricted stock to key officers and directors. In accordance with the Compensation — Stock Compensation topic of the FASB ASC, the cost of the equity incentive plans is based on the fair value of the awards on the grant date. The fair value of time-based performance-based stock that will vest based on a performance condition is based on the closing price of the Company’s stock on the date of grant. The fair value of performance-based restricted stock that will vest on a market condition is based on a Monte Carlo valuation of the Company’s stock on the date of grant. The cost of the awards will be recognized on a straight-line basis over the -year vesting period during which participants are required to provide services in exchange for the awards. There are 4,949 shares remaining available for new awards under the 2019 Equity Plan. The Company recognized compensation expense, measured as the fair value of the share-based award on the date of grant, on a straight-line basis over the vesting period. Share-based compensation is recorded in the Consolidated Statements of Operations as a component of salaries and employee benefits with a corresponding increase in stockholders’ equity. The table below presents information on compensation expense and the related tax benefit for all share-based awards:
Restricted Stock Restricted stock awards are accounted for as a fixed grant using the fair value of the Company’s stock at the time of grant. Unvested restricted stock may not be disposed of or transferred during the vesting period. Restricted stock carries the right to receive dividends, although dividends attributable to restricted stock may be retained by the Company until the shares vest, at which time they are paid to the award recipient. Unvested restricted stock that is time-based contain nonforfeitable dividend rights. Accrued dividends on restricted stock that do not vest based on performance or market conditions are forfeited. The table below presents the time-based restricted stock activity:
During the year ended December 31, 2024, the Company issued 26,664 shares of time-vested restricted stock to certain members of executive management under the 2019 Equity Incentive Plan. The fair value of the restricted stock is based on the value of the Company’s stock on the date of grant. Time-vested restricted stock will vest over three years from the date of the grant. As of December 31, 2024, the Company had $287,000 of unrecognized compensation costs related to time-vested restricted stock. The unrecognized compensation costs are expected to be recognized over a weighted average period of . The table below presents the performance-based restricted stock units (PRSUs) that will vest on a performance condition:
During the year ended December 31, 2024, the Company issued 31,995 PRSUs to certain members of executive management under the 2019 Equity Incentive Plan. These PRSUs will vest three years after they are granted after our Compensation Committee determines whether a performance condition that compares the Company’s return on average equity to the SNL Bank Index is achieved. Depending on the Company’s performance, the actual number of these PRSUs that are issued at the end of the vesting period can vary between 0% to 150% of the target award. For the PRSUs, an estimate is made of the number of shares expected to vest based on the probability that the performance criteria will be achieved to determine the amount of compensation expense to be recognized. This estimate is re-evaluated quarterly and total compensation expense is adjusted for any change in the current period. The fair value of these PRSUs is based on the fair value of the Company’s stock on the date of grant. As of December 31, 2024, the Company had no unrecognized compensation costs related to these PRSUs since meeting the performance condition is not probable. Compensation expense up to $487,000 may be recognized in the future if achievement of the performance condition becomes probable. The unrecognized compensation costs would be expected to be recognized over a weighted average period of 1.5 years. Performance will be measured over a three-year period and will be cliff vested. The performance condition is measured quarterly by comparing the company’s three-year return on average equity to a peer group of banks. The Company’s percentile ranking in the peer group is used to adjust the number of PRSU’s that are expected to vest. The table below presents the PRSUs that will vest on a market condition:
During the year ended December 31, 2024, the Company issued 8,000 of PRSUs to certain members of executive management under the 2019 Equity Incentive Plan. These PRSUs will vest three years after they are granted after our Compensation Committee determines whether a market condition that compares the Company’s total stock return to the SNL Bank Index is achieved. The number of shares that will be expensed will not be adjusted for performance and will be cliff vested. The market condition is measured quarterly by comparing the Company’s three-year average total stock return to a peer group of other banks. The Company’s percentile ranking in the peer group determines how many PRSUs will vest. The fair value of these PRSUs is based on a Monte Carlo valuation of the Company’s stock on the date of grant. The assumptions which were used in the Monte Carlo valuation of the PRSUs are: Grant date: April 18, 2024 Performance period: January 1, 2024 to December 31, 2026 2.7 year risk-free rate on grant date: 4.87% December 31, 2023 closing price: $11.15 Closing stock price on date of grant: $7.03 Annualized volatility (based on 2.7 year historical volatility as of the grant date): 43.5% As of December 31, 2024, the Company had $41,000 of unrecognized compensation costs related to the PRSUs that are based on a market condition. The unrecognized compensation costs are expected to be recognized over a weighted average period of years. |
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| Earnings Per Share | (20)Earnings Per Share The table below presents the information used to compute basic and diluted earnings per share:
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Accumulated Other Comprehensive Loss |
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| Accumulated Other Comprehensive Loss. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | (21)Accumulated Other Comprehensive Loss The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes:
The table below presents the tax effect on each component of other accumulated other comprehensive loss:
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Commitments |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments | |
| Commitments | (22)Commitments Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any terms or conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on an individual basis. The Company’s policy is to require suitable collateral, primarily real estate, to be provided by customers prior to disbursement of approved loans. At December 31, 2024 and 2023 the Company had loan commitments aggregating to $1.2 million (interest rates of 6.000%) and $1.3 million (interest rates from 6.750% to 7.125%), respectively, primarily consisting of fixed-rate residential first mortgage loans. In addition to commitments to originate loans, at December 31, 2024 and 2023, the Company had $17.1 million and $14.9 million, respectively, in unused lines of credit to borrowers. The Company is required by the Federal Reserve Bank to maintain reserves based on the amount of deposits held. Effective March 25, 2020 the Federal Reserve Bank lowered the reserve requirement to zero percent, therefore, there were no required reserve balances as of December 31, 2024 and 2023. |
Regulatory Capital and Supervision |
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| Regulatory Capital and Supervision | (23)Regulatory Capital and Supervision Territorial Savings Bank and the Company are subject to various regulatory capital requirements, including a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. The Company is not subject to regulatory capital requirements because its total assets are less than $3.0 billion. At December 31, 2024 and 2023, Territorial Savings Bank exceeded all of the fully-phased in regulatory captial requirements and is considered to be “well capitalized” under regulatory guidelines. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The tables below presents the fully-phased in capital required to be considered “well-capitalized” and meet the regulatory capital conservation buffer requirement as a percentage of total and risk-weighted assets and the percentage and the total amount of capital maintained for Territorial Savings Bank and the Company at December 31, 2024 and 2023:
Prompt Corrective Action provisions define specific capital categories based on an institution’s capital ratios. However, the regulators may impose higher minimum capital standards on individual institutions or may downgrade an institution from one capital category to a lower category because of safety and soundness concerns. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s Consolidated Financial Statements. Prompt Corrective Action provisions impose certain restrictions on institutions that are undercapitalized. The restrictions imposed become increasingly more severe as an institution’s capital category declines from “undercapitalized” to “critically undercapitalized.” At December 31, 2024 and 2023, the Bank’s capital ratios exceeded the minimum capital thresholds for a “well-capitalized” institution. There are no conditions or events that have changed the institution’s category under the capital guidelines. Depending on the amount of dividends to be paid, the Bank is required to either notify or make application to the Federal Reserve Bank before dividends are paid to the Company. The federal banking agencies, including the Federal Reserve Board are required, to establish a “community bank leverage ratio” between 8% to 10% of average total consolidated assets for qualifying institutions with assets of less than $10 billion. Institutions with capital meeting the specified requirements and electing to follow the alternative framework would be deemed to comply with the applicable regulatory capital requirements, including the risk based requirements. The federal regulators have adopted 9% as the applicable ratio. We have not elected to follow the alternative framework. |
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Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Contingencies | |
| Contingencies | (24)Contingencies The Company is involved in various claims and legal actions arising out of the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s Consolidated Balance Sheets or Consolidated Statements of Operations.
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Revenue Recognition |
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| Revenue Recognition | (25)Revenue Recognition The Company’s contracts with customers are generally short-term in nature, with cycles of one year or less. These can range from an immediate term for services such as wire transfers, foreign currency exchanges, and cashier’s check purchases, to several days for services such as processing annuity and mutual fund sales. Some contracts may be of an ongoing nature, such as providing deposit account services, including ATM access, check processing, account analysis, and check ordering. However, provision of an assessable service and payment for such service is usually concurrent or closely timed. Contracts related to financial instruments, such as loans, investments, and debt, are excluded from the scope of this accounting requirement.
After analyzing the Company’s revenue sources, including the amount of revenue received, the timing of services rendered, and the timing of payment for these services, the Company has determined that the rendering of services and the payment for such services are generally closely matched. Any differences are not material to the Company’s Consolidated Financial Statements. Accordingly, the Company generally records income when payment for services is received. Revenue from contracts with customers is reported in service and other fees and in other noninterest income in the Consolidated Statements of Operations. The table below reconciles the revenue from contracts with customers and other revenue reported in those line items:
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Leases |
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| Leases | (26)Leases The table below presents lease costs and other information for the years indicated:
At December 31, 2024, future minimum rental commitments under noncancellable operating leases are as follows:
The table below presents other lease related information:
The Company leased to a tenant certain property that it owns under a non-cancelable lease that expires on December 31, 2031. Rental income comprised of minimum rentals for 2024 and 2023 was $133,000 and $155,000, respectively. |
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Fair Value of Financial Instruments |
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| Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | (27)Fair Value of Financial Instruments In accordance with the Fair Value Measurements and Disclosures topic of the FASB ASC, the Company groups its financial assets and liabilities measured or disclosed at fair value into three levels based on the markets in which the financial assets and liabilities are traded and the reliability of the assumptions used to determine fair value as follows: ●Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. ●Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
In accordance with the Fair Value Measurements and Disclosures topic, the Company bases its fair values on the price that it would expect to receive if an asset were sold or the price that it would expect to pay to transfer a liability in an orderly transaction between market participants at the measurement date. Also as required, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. The Company uses fair value measurements to determine fair value disclosures. Investment securities available for sale and derivatives are recorded at fair value on a recurring basis. From time to time, the Company may be required to record other financial assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans and investments, and mortgage servicing assets. These nonrecurring fair value adjustments typically involve application of the lower of cost or fair value accounting or write-downs of individual assets. Investment Securities Available for Sale. The estimated fair values of mortgage-backed securities issued by U.S. government-sponsored enterprises are considered Level 2 inputs because the valuation for investment securities utilized pricing models that varied based on asset class and included trade, bid and other observable market information. Interest Rate Contracts. The Company may enter into interest rate lock commitments with borrowers on loans intended to be sold. To manage interest rate risk on the lock commitments, the Company may also enter into forward loan sale commitments. The interest rate lock commitments and forward loan sale commitments are treated as derivatives and are recorded at their fair value determined by referring to prices quoted in the secondary market for similar contracts. The fair value inputs are considered Level 2 inputs. Interest rate contracts that are classified as assets are included with prepaid expenses and other assets on the Consolidated Balance Sheet while interest rate contracts that are classified as liabilities are included with accounts payable and accrued expenses. The estimated fair values of the Company’s financial instruments are as follows:
At December 31, 2024 and 2023, neither the commitment fees received on commitments to extend credit nor the fair value thereof was material to the Consolidated Financial Statements of the Company. The table below presents the balance of assets and liabilities measured at fair value on a recurring basis:
There were no assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2024 or 2023.
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| Parent Company Only | (28)Parent Company Only Presented below are the condensed balance sheets, statements of operations, and statements of cash flows for Territorial Bancorp Inc. Condensed Balance Sheets
Condensed Statements of Operations
Condensed Statements of Cash Flows
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Segment Information |
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| Segment Information | (29) Segment Information The Company has one reportable segment: banking operations. Loans, securities, deposits, and non-interest income provide the revenues of the banking operation. Loan products offered to customers generate a majority of the Company’s interest and fee income. Additionally, deposit products offered to customers generate fees and service charge income. Interest income earned on securities and other noninterest income are other sources of revenue. Interest expense, provisions for credit losses, salaries and employee benefits, occupancy, equipment, and other general and administrative expenses provide the significant expenses in banking operations. These significant expenses are the same as those disclosed in the Company’s Consolidated Statements of Operation and Consolidated Statement of Cash Flows. Noncash items such as depreciation and amortization are also disclosed in the Company’s Consolidated Statements of Operations and Consolidated Statements of Cash Flows. The Company’s chief operating decision makers are the Chief Executive Officer, Executive Vice President and Co-Chief Operating Officer, the Chief Financial Officer, and Executive Vice President, Finance. The chief operating decision makers are provided with consolidated balance sheets, income statements, and net interest margin analyses in order to evaluate revenues streams, significant expenses, assess the Company’s segment, and determine the allocation of resources. Additionally, the chief operating decision makers review performance of various components of banking operations, such as loan portfolio types, funding sources, and overhead, to assess product pricing and significant expenses to evaluate return on assets. The chief operating decision makers use consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring budget-to-actual results are used in assessing performance. The accounting policies of the banking operations are the same as those described in Note 2 – Summary of Significant Accounting Policies. All operations are domestic.
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Subsequent Events | |
| Subsequent Events | (30)Subsequent Events On January 31, 2025, the Board of Directors of Territorial Bancorp Inc. declared a quarterly cash dividend of $0.01 per share of common stock. The dividend was paid on February 28, 2025 to stockholders of record as of February 14, 2025. As previously announced in a joint news release issued April 29, 2024, Hope Bancorp, Inc. (Hope Bancorp) and the Company signed a definitive merger agreement. On March 3, 2025, Hope Bancorp and the Company issued a joint press release announcing receipt of all required regulatory approvals for the mergers contemplated by the definitive merger agreement. Completion of the mergers contemplated by the definitive merger agreement remain subject to the satisfaction of customary closing conditions set forth in the merger agreement.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Pay vs Performance Disclosure | ||
| Net Income (Loss) | $ (4,299) | $ 5,027 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | ||||||||||||||||||||||||||||||||||
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Assessment. On a periodic basis, but not less than annually, the Information Security Officer (the “ISO”) identifies and documents internal and external vulnerabilities that could result in unauthorized disclosure, misuse, alteration, or destruction of customer information or customer records. Based on the results of the risk assessment, Territorial Savings Bank’s Information Security Program may be revised to protect against any anticipated threats or hazards to the security or integrity of such information. The Board of Directors reviews changes to the program designed to monitor, measure, and respond to vulnerabilities identified. Response to Security Vulnerabilities. In response to identified risks, management may take certain steps to correct and respond to security vulnerabilities, which may include:
Internal Controls, Audit, and Testing. Regular internal monitoring is integral to Territorial Savings Bank’s risk assessment process, which includes regular testing of internal key controls, systems, and procedures. In addition, independent third-party penetration testing to test the effectiveness of security controls and preparedness measures is conducted at least annually or more often, if warranted by the risk assessment or other external factors. Management determines the scope and objectives of the penetration analysis. Service Providers. Like many companies, Territorial Savings Bank relies on third-party vendor solutions to support its operations. Many of these vendors, especially in the financial services industry, have access to sensitive and proprietary information. In order to mitigate the operational, informational and other risks associated with the use of vendors, Territorial Savings Bank maintains a risk-based Vendor Management Program designed to identify, measure, monitor, and control risks related to outsourced vendor relationships. The Vendor Management Program is implemented through a Vendor Management Program Policy and includes a detailed onboarding process and periodic reviews of vendors with access to sensitive Territorial Savings Bank data. The Vendor Management Program Policy applies to any business arrangement between Territorial Savings Bank and another individual or entity, by contract or otherwise, in compliance with the Interagency Guidance on Third-Party Relationships: Risk Management. The Vendor Management Program is reviewed as part of Territorial Savings Bank’s annual Internal Audit Risk Assessment. Employees and Training. Employees are the first line of defense against cybersecurity events. Each employee is responsible for protecting Territorial Savings Bank and client information. Employees are provided training at initial onboarding and thereafter regarding information security and cybersecurity-related policies and procedures applicable to their respective roles within the organization. In addition, employees are subjected to regular simulated phishing assessments, designed to sharpen threat detection and reporting capabilities. In addition to training, employees are supported with solutions designed to identify, prevent, detect, respond to, and recover from incidents. Notable technologies include firewalls, intrusion detection systems, managed endpoint detection and response, digital risk protection services, data loss prevention scanning, user behavior analytics, multi-factor authentication, data backups, and business continuity applications. Notable services include 24/7 security monitoring and response, weekly vulnerability scanning, third-party monitoring, and threat intelligence. Board Reporting. At least annually, the ISO reports to the Board the overall status of the Information Security Program and Territorial Savings Bank’s compliance with the Interagency Guidelines for Safeguarding Customer Information. Any material findings related to the risk assessment, risk management and control decisions, service provider arrangements, results of testing, security breaches or violations are discussed as are management’s responses and any recommendations for program changes. Program Adjustments. The ISO monitors, evaluates, and adjusts the Information Security Program considering any relevant changes in technology, the sensitivity of its customer information, internal or external threats to information, and changing business arrangements, such as mergers and acquisitions, alliances and joint ventures, outsourcing arrangements, and changes to customer information systems. Incident Response Plan. To ensure that information security incidents can be recovered from quickly and with the least impact to Territorial Savings Bank and its customers, Territorial Savings Bank maintains a structured and systematic incident response plan (the “IRP”) for all information security incidents that affect any of the IT systems, network, or data of Territorial Savings Bank, including Territorial Savings Bank’s data held, or IT services provided by third-party vendors or other service providers. The ISO is responsible for implementing and maintaining the IRP, which includes:
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| Cybersecurity Risk Management Processes Integrated [Flag] | true | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Management Processes Integrated [Text Block] | management may take certain steps to correct and respond to security vulnerabilities, which may include:
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board of Directors recognizes the importance of the Interagency Guidelines Establishing Standards for Safeguarding Customer Information and has incorporated those elements in its ongoing oversight of the Information Security Program.The Board of Directors reviews changes to the program designed to monitor, measure, and respond to vulnerabilities identified. | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Information Technology Steering Committee | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Information Security Department provides oversight, from a risk perspective, of IT security practices. As referenced above, the ISO provides information security updates to the Information Technology Steering Committee at each Information Technology Steering Committee meeting. Additional information security training to the Board of Directors is provided through targeted training overseen by the ISO. In addition, as discussed below, Territorial Savings Bank has implemented an Incident Response Plan to provide a structured and systematic incident response process for information security incidents that affect any of the information technology systems, network, or data of Territorial Savings Bank. The Incident Response Plan is implemented and maintained by the ISO. Cybersecurity metrics are reported to management committees at least monthly and are summarized in annual reporting to the Board of Directors. |
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| Cybersecurity Risk Role of Management [Text Block] | Response to Security Vulnerabilities. In response to identified risks, management may take certain steps to correct and respond to security vulnerabilities, which may include:
Internal Controls, Audit, and Testing. Regular internal monitoring is integral to Territorial Savings Bank’s risk assessment process, which includes regular testing of internal key controls, systems, and procedures. In addition, independent third-party penetration testing to test the effectiveness of security controls and preparedness measures is conducted at least annually or more often, if warranted by the risk assessment or other external factors. Management determines the scope and objectives of the penetration analysis. Service Providers. Like many companies, Territorial Savings Bank relies on third-party vendor solutions to support its operations. Many of these vendors, especially in the financial services industry, have access to sensitive and proprietary information. In order to mitigate the operational, informational and other risks associated with the use of vendors, Territorial Savings Bank maintains a risk-based Vendor Management Program designed to identify, measure, monitor, and control risks related to outsourced vendor relationships. The Vendor Management Program is implemented through a Vendor Management Program Policy and includes a detailed onboarding process and periodic reviews of vendors with access to sensitive Territorial Savings Bank data. The Vendor Management Program Policy applies to any business arrangement between Territorial Savings Bank and another individual or entity, by contract or otherwise, in compliance with the Interagency Guidance on Third-Party Relationships: Risk Management. The Vendor Management Program is reviewed as part of Territorial Savings Bank’s annual Internal Audit Risk Assessment. Employees and Training. Employees are the first line of defense against cybersecurity events. Each employee is responsible for protecting Territorial Savings Bank and client information. Employees are provided training at initial onboarding and thereafter regarding information security and cybersecurity-related policies and procedures applicable to their respective roles within the organization. In addition, employees are subjected to regular simulated phishing assessments, designed to sharpen threat detection and reporting capabilities. In addition to training, employees are supported with solutions designed to identify, prevent, detect, respond to, and recover from incidents. Notable technologies include firewalls, intrusion detection systems, managed endpoint detection and response, digital risk protection services, data loss prevention scanning, user behavior analytics, multi-factor authentication, data backups, and business continuity applications. Notable services include 24/7 security monitoring and response, weekly vulnerability scanning, third-party monitoring, and threat intelligence.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Information Security Officer (the “ISO”) | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The ISO has five years of experience with Territorial Savings Bank and an additional 23 years of experience in the information technology (“IT”) field. | |||||||||||||||||||||||||||||||||
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The ISO also oversees Territorial Savings Bank’s Information Security Program, which is governed by various information security and cybersecurity, systems development, change control, disaster recovery/business continuity and physical asset classification and control policies. The Information Security Program identifies data sources, threats and vulnerabilities and ensures awareness, accountability, and oversight for data protection throughout Territorial Savings Bank and with trusted third parties to ensure that data is protected and able to be recovered in the event of a breach or failure (technical or other disaster). The Information Security Department provides on-going technology and IT threat updates to ensure the latest threats are addressed. In addition, the ISO participates in penetration testing, business continuity/ disaster recovery testing, and incident response plan testing. The ISO presents information security and cybersecurity updates at least quarterly to Territorial Savings Bank’s Information Technology Steering Committee, which consists of the Executive Vice President of Administration, the Senior Vice President of Electronic Banking, the Information Technology Manager, the Information Security Officer, information technology staff, and staff from other departments within the organization. The committee minutes are reviewed by the Board of Directors after each meeting. The Information Security Department provides oversight, from a risk perspective, of IT security practices. As referenced above, the ISO provides information security updates to the Information Technology Steering Committee at each Information Technology Steering Committee meeting. Additional information security training to the Board of Directors is provided through targeted training overseen by the ISO. In addition, as discussed below, Territorial Savings Bank has implemented an Incident Response Plan to provide a structured and systematic incident response process for information security incidents that affect any of the information technology systems, network, or data of Territorial Savings Bank. The Incident Response Plan is implemented and maintained by the ISO. Cybersecurity metrics are reported to management committees at least monthly and are summarized in annual reporting to the Board of Directors. |
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||
| Summary of Significant Accounting Policies | ||||||||||
| Description of Business | (a) Description of Business Territorial Bancorp Inc. (the Company), through its wholly-owned subsidiary, Territorial Savings Bank (the Bank), provides loan and deposit products and services primarily to individual customers through 28 branches located throughout Hawaii. We deal primarily in residential mortgage loans in the State of Hawaii. The Company’s earnings depend primarily on its net interest income, which is the difference between the interest income earned on interest-earning assets (loans receivable and investments) and the interest expense incurred on interest-bearing liabilities (deposit liabilities and borrowings). Deposits traditionally have been the principal source of the Bank’s funds for use in lending, meeting liquidity requirements, and making investments. The Company also derives funds from receipt of interest and principal repayments on outstanding loans receivable and investments, borrowings from the Federal Home Loan Bank (FHLB), Federal Reserve Bank (FRB), and proceeds from issuance of common stock. |
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| Principles of Consolidation | (b) Principles of Consolidation The Consolidated Financial Statements include the accounts and results of operations of Territorial Bancorp Inc. and Territorial Savings Bank, its wholly-owned subsidiary. Significant intercompany balances and transactions have been eliminated in consolidation. |
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| Cash and Cash Equivalents | (c) Cash and Cash Equivalents Cash and cash equivalents includes cash and due from banks, interest-bearing deposits in other banks, federal funds sold, and short-term, highly liquid investments with original maturities of three months or less.
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| Investment Securities | (d) Investment Securities The Company classifies and accounts for its investment securities as follows: (1) held-to-maturity debt securities in which the Company has the positive intent and ability to hold to maturity are reported at amortized cost; (2) trading securities that are purchased for the purpose of selling in the near term are reported at fair value, with unrealized gains and losses included in current earnings; and (3) available-for-sale securities not classified as either held-to-maturity or trading securities are reported at fair value, with unrealized gains and losses excluded from current earnings and reported as a separate component of equity. At December 31, 2024 and 2023, the Company had $18.5 million and $20.2 million, respectively, of securities classified as available-for-sale and the remaining securities were classified as held-to-maturity. Gains or losses on the sale of investment securities are computed using the specific-identification method. The Company amortizes premiums and accretes discounts associated with investment securities using the interest method over the contractual life of the respective investment security. Such amortization and accretion is included in the interest income line item in the Consolidated Statements of Operations. Interest income is recognized when earned.
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| Loans Receivable | (e) Loans Receivable This policy applies to all loan classes. Loans receivable are stated at the principal amount outstanding, less the allowance for credit losses, loan origination fees and costs, and commitment fees. Interest on loans receivable is accrued as earned. The Company has a policy of placing loans on a nonaccrual basis when 90 days or more contractually delinquent or when, in the opinion of management, collection of all or part of the principal balance appears doubtful. For nonaccrual loans, the Company records payments received as a reduction in principal. The Company, considering current information and events regarding the borrowers’ ability to repay their obligations, considers a loan to be individually evaluated when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be individually evaluated, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, if the loan is considered to be collateral dependent, based on the fair value of the collateral less estimated costs to sell. Impairment losses are written off against the allowance for credit losses. For nonaccrual loans, the Company records payments received as a reduction in principal. A nonaccrual loan may be restored to an accrual basis when principal and interest payments are current and full payment of principal and interest is expected. |
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| Loans Held for Sale | (f) Loans Held for Sale Loans held for sale are stated at the lower of aggregate cost or market value. Net fees and costs of originating loans held for sale are deferred and are included in the basis for determining the gain or loss on sales of loans held for sale. |
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| Deferred Loan Origination Fees and Unearned Loan Discounts | (g) Deferred Loan Origination Fees and Unearned Loan Discounts Loan origination and commitment fees and certain direct loan origination costs are being deferred, and the net amount is recognized over the life of the related loan as an adjustment to yield. Net deferred loan fees are amortized using the interest method over the contractual term of the loan, adjusted for actual prepayments. Net unamortized fees on loans paid in full are recognized as a component of interest income. |
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| Real Estate Owned | (h) Real Estate Owned Real estate owned is valued at the time of foreclosure at fair value, less estimated cost to sell, thereby establishing a new cost basis. The Company obtains appraisals based on recent comparable sales to assist management in estimating the fair value of real estate owned. Subsequent to acquisition, real estate owned is valued at the lower of cost or fair value, less estimated cost to sell. Declines in value are charged to expense through a direct write-down of the asset. Costs related to holding real estate are charged to expense while costs related to development and improvements are capitalized. Net gains or losses recognized on the sale of real estate owned are included in other general and administrative expenses.
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| Allowance for Credit Losses (ACL) on Loans and Securities | (i) Allowance for Credit Losses (ACL) on Loans and Securities The current expected credit losses (CECL) accounting standard requires an estimate of the credit losses expected over the life of the financial instrument. CECL replaces the incurred loss approach that delayed the recognition of a credit loss until it was probable that a loss event occurred. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL during the period when management deems the loan to be uncollectible and all interest previously accrued but not collected is reversed against the current period ACL. The estimate of expected credit losses is based on information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of financial instruments. Historical loss experience is generally the starting point for estimating expected credit losses. The Company considers whether the historical loss experience should be adjusted for asset specific risk characteristics or current conditions at the reporting date that did not exist over the historical reporting period. These qualitative adjustments can include changes in the economy, loan underwriting standards, and delinquency trends. The Company then considers future economic conditions as part of the one year reasonable and supportable forecast period. Our loan portfolio is segmented into three pools for estimating our allowance for credit losses on loans: real estate, commercial, and consumer loans. They were established upon the adoption of ASU 2016-13. Only three pools are used to segment our loan portfolio because loans within the pools share similar risk characteristics and were originated using similar underwriting standards. Loans that do not share similar risk characteristics would be evaluated on an individual basis and excluded from the collective evaluation. Historically, we have disclosed information about our loans and allowance based on class of financing receivable. The portfolio segments align with the class of financing receivables as follows:
Collateral dependent loans are not considered to share the same risk characteristics with the three pools discussed above. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For loans which are considered to be collateral dependent, the Company has elected to estimate the expected credit loss based on the fair value of the collateral less selling costs. If the fair value of the collateral less selling costs is less than the loan’s amortized cost basis, the Company records a partial charge-off to reduce the loan’s amortized cost basis for the difference between the collateral fair value less selling costs and the amortized cost basis. The ACL on loans and accrued interest is calculated on a loan by loan basis. If the loan’s amortized cost basis is less than the total present value of cash flows calculated using a discounted cash flow approach, the ACL is equal to the amortized cost basis minus the total present value of cash flows on the loan discounted by the loan’s effective interest rate. The expected cash flows include estimates of loan charge-offs, recoveries, and prepayments. Economic variables which have a strong correlation with our historical loan charge-offs, recoveries, and prepayments are utilized in forecasting loan charge-offs, recoveries, and prepayments during the one year reasonable and supportable forecast period. After the reasonable and supportable forecast period, the historical reversion rate is used to calculate loan charge-offs, recoveries, and prepayments for the remaining expected life of the loan. The reversion rate is based on historical averages and applied on a straight-line basis. Qualitative adjustments may be made to account for current conditions and forward looking events not captured in the quantitative calculation. The forecast and reversion rate utilize historical behavior during select periods of time. Our Real Estate and Consumer loan pools utilize a vintage approach where historical losses, recoveries, and prepayment experience is determined using loans that have originated in the same period. Our Commercial loans utilize a reporting period approach where historical losses, recoveries, and prepayment experience is considered during a selected historical period of time. Off-balance sheet forecasts utilize a reporting period approach. Loans receivable are stated at amortized cost which includes the principal amount outstanding, less the allowance for credit losses, deferred loan origination fees and costs, commitment fees, and cumulative net charge-offs. Interest income on loans receivable is accrued as earned. Accrued interest receivable on loans was $4.4 million as of December 31, 2024, and is included in on the Consolidated Balance Sheet. The Company determines delinquency status by considering the number of days full payments required by the contractual terms of the loan are past due. The Company has a policy of placing loans on a nonaccrual basis when 90 days or more contractually delinquent or when, in the opinion of management, collection of all or part of the principal balance appears doubtful, unless the loans are well secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued and not collected is reversed against current period provision for credit losses. For nonaccrual loans, the Company records payments received as a reduction in principal. A nonaccrual loan may be restored to an accrual basis when principal and interest payments are current and full payment of principal and interest is expected. The Company’s off-balance sheet credit exposures are comprised of unfunded portions of existing loans, such as lines of credit and construction loans, and commitments to originate loans that are not conditionally cancellable by the Company. Under the CECL accounting standard, expected credit losses on these amounts are calculated using a forecasted estimate of the likelihood that funding of the unfunded amount/commitment will occur and the historical reversion rate. Changes to the reserve for off-balance sheet credit exposures are recorded through increases or decreases to the provision for credit losses on the Consolidated Statements of Operations. There was $800 in reserves for off-balance sheet credit exposures at December 31, 2024. There were no reserves for off-balance sheet credit exposures at December 31, 2023. While management utilizes its best judgment and information available, the adequacy of the ACL and the reserve for off-balance sheet credit exposures is determined by certain factors outside of the Company's control, such as the performance of our portfolios, changes in the economic environment including economic uncertainty, changes in interest rates and loan prepayments, and the view of the regulatory authorities toward classification of assets and the level of ACL and the reserve for off-balance sheet credit exposures. Additionally, the level of ACL and the reserve for off-balance sheet credit exposures may fluctuate based on the balance and mix of the loan portfolio, changes in loan prepayments and off-balance sheet credit exposures, changes in charge-off rates, and changes in forecasted economic conditions. If actual results differ significantly from our assumptions, our ACL and the reserve for off-balance sheet credit exposures may not be sufficient to cover inherent losses in our loan portfolio, resulting in additions to our ACL and an increase in the provision for credit losses. The Company is required to utilize the CECL methodology to estimate expected credit losses with respect to held-to-maturity (HTM) investment securities. Since all of the Company’s HTM investment securities were issued by U.S. government agencies or U.S. government-sponsored enterprises, which include the explicit and/or implicit guarantee of the U.S. government and have a long history of no credit losses, the Company has not recorded a credit loss on these securities. The unrealized losses on these securities were due to changes in interest rates, relative to when the securities were purchased, and are not due to decreases in the credit quality of the securities. Available for sale (AFS) investment securities in an unrealized loss position are evaluated for impairment. The Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the investment securities amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. The Company has not recorded an ACL related to our AFS investment securities. Changes in the ACL are recorded as a provision (or reversal of provision) for credit losses. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. |
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| Transfer of Financial Assets | (j) Transfer of Financial Assets Transfers of financial assets are accounted for as sales when control is surrendered. Control is surrendered when the assets have been isolated from the Company, the transferee obtains the right to pledge or exchange the assets without constraint, and the Company does not maintain effective control over the transferred assets. Mortgage loans sold for cash are accounted for as sales as the above criteria have been met. Mortgage loans may also be packaged into securities that are issued and guaranteed by U.S. government-sponsored enterprises or a U.S. government agency. The Company receives 100% of the mortgage-backed securities issued. The mortgage-backed securities received in securitizations are valued at fair value and classified as held-to-maturity. A gain or loss in the securitization transactions is recognized for the difference between the fair value of the mortgage-backed securities received and the amortized cost of the loans securitized. Mortgage loan transfers accounted for as sales and securitizations are without recourse, except for normal representations and warranties provided in sales transactions, and the Company may retain the related rights to service the loans. The retained servicing rights create mortgage servicing assets that are accounted for in accordance with the Transfers and Servicing topic of the FASB ASC. Mortgage servicing assets are initially valued at fair value and subsequently at the lower of cost or fair value and are amortized in proportion to and over the period of estimated net servicing income. The Company uses a discounted cash flow model to determine the fair value of retained mortgage servicing rights. The amount of mortgage servicing rights is immaterial to the financial statement. |
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| Premises and Equipment | (k) Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is principally computed on the straight-line method over the estimated useful lives of the respective assets. The estimated useful life of buildings and improvements is 30 years, furniture, fixtures, and equipment is 3 to 10 years, and automobiles are 3 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. |
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| Income Taxes | (l) Income Taxes The Company files consolidated federal income tax and consolidated state franchise tax returns. Deferred tax assets and liabilities are recognized using the asset and liability method of accounting for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We establish income tax contingency reserves for potential tax liabilities related to uncertain tax positions. A liability for income tax uncertainties would be recorded for unrecognized tax benefits related to uncertain tax positions where it is more likely than not that the position will be sustained upon examination by a taxing authority. As of December 31, 2024 and 2023, the Company had not recognized a liability for income tax uncertainties in the accompanying Consolidated Balance Sheets because management concluded that the Company does not have material uncertain tax positions. The Company recognizes interest and penalties related to tax liabilities in other interest expense and other general and administrative expenses, respectively, in the Consolidated Statements of Operations. Tax years 2021 and after currently remain subject to examination by the Internal Revenue Service and by the Department of Taxation of the State of Hawaii. |
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| Impairment of Long-Lived Assets | (m) Impairment of Long-Lived Assets Long-lived assets, such as premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the Consolidated Balance Sheets and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. |
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| Pension Plan | (n) Pension Plan Pension benefit costs (returns) are charged (credited) to salaries and employee benefits expense or other income, and the corresponding prepaid (accrued) pension cost is recorded in prepaid expenses and other assets or accounts payable and accrued expenses in the Consolidated Balance Sheets. The Company’s policy is to fund pension costs in amounts that will not be less than the minimum funding requirements of the Employee Retirement Income Security Act of 1974 and will not exceed the maximum tax-deductible amounts. The Company generally funds at least the net periodic pension cost, subject to limits and targeted funded status as determined with the consulting actuary.
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| Share-Based Compensation | (o) Share-Based Compensation The Company grants share-based compensation awards, including restricted stock and restricted stock units, which are either performance-based or time-based. The fair value of the restricted stock and restricted stock unit awards were based on the closing price of the Company’s stock on the date of grant. The cost of these awards are amortized in the Consolidated Statements of Operations on a straight-line basis over the vesting period. The amount of performance-based restricted stock units that vest on a performance condition is remeasured quarterly based on how the Company’s return on average equity compares to the SNL Bank Index. The number of performance-based restricted stock units that are expected to vest based on the Company’s return on average equity is determined quarterly and the amortization of these stock awards is adjusted for any changes in the restricted stock units that are expected to vest. The fair value of performance-based restricted stock units that are based on how the Company’s total stock return compares to the SNL Bank Index was measured using a Monte-Carlo valuation. The number of performance-based restricted stock units that are based on the Company’s total stock return is amortized over the vesting period and is not adjusted for performance.
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| Supplemental Employee Retirement Plan (SERP) | (p) Supplemental Employee Retirement Plan (SERP) The SERP is a noncontributory supplemental retirement plan covering certain current and former employees of the Company. Benefits in the SERP plan are paid after retirement, in addition to the benefits provided by the Pension Plan. The Company accrues SERP costs over the estimated period until retirement by charging salaries and employee benefits expense in the Consolidated Statements of Operations, with a corresponding credit to accounts payable and accrued expenses in the Consolidated Balance Sheets.
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| Employee Stock Ownership Plan (ESOP) | (q) Employee Stock Ownership Plan (ESOP) The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of stockholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest.
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| Earnings Per Share | (r) Earnings Per Share We have two forms of our outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Unvested restricted stock awards that are time-based contain nonforfeitable rights to dividends or dividend equivalents are considered to be participating securities in the earnings per share computation using the two-class method. Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings. Unvested restricted stock awards that vest based on performance or market conditions are not considered to be participating securities in the earnings per share calculation because accrued dividends on shares that do not vest are forfeited. Basic earnings per share is computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income allocated to common shareholders by the sum of the weighted-average number of shares outstanding plus the dilutive effect of stock options and restricted stock. ESOP shares not committed to be released are not considered outstanding.
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| Common Stock Repurchase Program | (s) Common Stock Repurchase Program The Company adopted common stock repurchase programs in which shares repurchased reduce the amount of shares issued and outstanding. The repurchased shares may be reissued in connection with share-based compensation plans and for general corporate purposes. During 2023, the Company repurchased 250,882 shares of common stock at an average cost of $16.05 per share, as part of the repurchase programs authorized by the Board of Directors. The Company did not repurchase any share as part of authorized programs in 2024. |
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| Bank-Owned Life Insurance | (t) Bank-Owned Life Insurance The Company’s investment in bank-owned life insurance is based on cash surrender value. The Company invests in bank-owned life insurance to provide a funding source for benefit plan obligations. Bank-owned life insurance also generally provides noninterest income that is nontaxable. Federal regulations generally limit the investment in bank-owned life insurance to 25% of the Bank’s Tier 1 capital plus the allowance for credit losses. At December 31, 2024, this limit was $60.7 million and the Company had invested $49.6 million in bank-owned life insurance at that date. |
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| Leases | (u) Leases The Company records a right-of-use (ROU) asset for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company is also required to record a lease liability for the present value of future payment commitments. The Company leases most of its premises and some vehicles and equipment under operating leases expiring on various dates through 2037. The majority of lease agreements relate to real estate and generally provide that the Company pay taxes, insurance, maintenance and certain other variable operating expenses applicable to the leased premises. Variable lease components and nonlease components are not included in the Company’s computation of the ROU asset or lease liability. The Company also does not include short-term leases in the computation of the ROU asset or lease liability. Short-term leases are leases with a term at commencement of 12 months or less. Short-term lease expense is recorded on a straight-line basis over the term of the lease. Lease agreements do not contain any residual value guarantees or restrictive covenants. The value of the ROU asset and lease liability is impacted by the amount of the periodic payment required, length of the lease term, lease incentives and the discount rate used to calculate the present value of the minimum lease payments. Certain leases have renewal options at the expiration of the lease terms. Generally, option periods are not included in the computation of the lease term, ROU asset or lease liability because the Company is not reasonably certain to exercise renewal options at the expiration of the lease terms. Because the discount rates implicit in our leases are not known, discount rates have been estimated using the rates for fixed-rate, amortizing advances from the FHLB for the approximate terms of the leases. |
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| Segment reporting | The Company has one reportable segment. The Company’s chief operating decision makers evaluate the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. See Note 29 of the notes to consolidated financial statement for further information on segment reporting. |
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| Use of Estimates | (w) Use of Estimates The preparation of the Consolidated Financial Statements requires management to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amount of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the allowance for credit losses; valuation of certain investment securities; valuation allowances for deferred income tax assets; and assets and obligations related to employee benefit plans. Accordingly, actual results could differ from those estimates. |
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| Recently Issued Accounting Pronouncements | (x) Recently Issued Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (FASB) issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify that contractual sale restrictions should not be considered in the measurement of the fair value of an equity security. The Company owns stock in the FRB and in the FHLB which is valued at historical cost, which approximates fair value. Ownership of stock is a condition for services the Company receives from the FRB and FHLB. The stock is not publicly traded and can only be issued, exchanged, redeemed, or repurchased by the FRB and the FHLB. ASU 2022-03 was effective for fiscal years beginning after December 15, 2023. The Company adopted the standard on January 1, 2024, and it did not have a material effect on its consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU is intended to clarify or improve disclosure and presentation requirements of a variety of topics currently in SEC Regulations S-X and S-K. This ASU will not have a material effect on the Company since it is currently subject to these SEC requirements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This ASU will be effective for fiscal years beginning after December 31, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the standard on January 1, 2024, and it did not have a material effect on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the effects that ASU 2023-09 will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public companies to disclose additional information about certain expenses in the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective bases. The Company is currently evaluating the effects that ASU 2024-03 will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in update 2020-06. Adoption can be on a prospective or retrospective basis. The Company is currently evaluating the effects that ASU 2024-04 will have on its consolidated financial statements. |
Cash and Cash Equivalents (Tables) |
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Investment Securities (Tables) |
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| Schedule of amortized cost, gross unrealized gains and losses, fair values, and related ACL | The amortized cost, gross unrealized gains and losses, fair values, and related ACL of investment securities are as follows:
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| Schedule of amortized cost and estimated fair value of investment securities by maturity |
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| Summary of investment securities in an unrealized loss position |
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Loans Receivable and Allowance for Credit Losses (Tables) |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Receivable and Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of loans receivable |
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| Schedule of activity in ACL by portfolio segment |
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| Schedule of credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company's loans |
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| Schedule of gross charge offs by loan class and year of origination |
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| Schedule of aging of loans and accrual status by class of loans |
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| Schedule of amortized cost basis of loans on nonaccrual status | The table below presents the amortized cost basis of loans on nonaccrual status as of December 31, 2024 and 2023.
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Accrued Interest Receivable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Interest Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of accrued interest receivable |
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Premises and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premises and Equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of premises and equipment |
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Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of deposit accounts by type with their respective weighted-average interest rates |
The maturity of certificate of deposit accounts at December 31, 2024 is as follows (dollars in thousands): |
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| Schedule of maturity of certificate of deposit accounts |
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| Schedule of interest expense by type of deposit |
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Advances from the Federal Home Loan Bank (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advances from the Federal Home Loan Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of advances outstanding |
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Advances from the Federal Reserve Bank (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of BTFP advances outstanding |
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Securities Sold Under Agreements to Repurchase (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities Sold Under Agreements to Repurchase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of securities sold under agreements to repurchase |
|
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Offsetting of Financial Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offsetting of Financial Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of securities sold under agreements to repurchase subject to conditional right of offset |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of allocation of federal and state income taxes between current and deferred provisions |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of tax provision based on statutory corporate rate on pretax income and provision for taxes |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of income taxes (receivable) payable |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of status of Pension Plan and SERP |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes recognized in accumulated other comprehensive loss for Pension Plan |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of weighted average assumptions used to determine benefit obligations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Pension Plan's assets measured at fair value |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of estimated future benefit payments reflecting expected future service |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of weighted average assumptions used to determine net periodic benefit cost |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of net periodic benefit cost |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Stock Ownership Plan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of shares held by the ESOP trust |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of compensation expense and related tax benefit for all share-based awards |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of restricted stock award activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock Units Based on a Performance Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of restricted stock award activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock Units Based on a Market Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of restricted stock award activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of information used to compute basic and diluted earnings per share |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in components of accumulated other comprehensive loss, net of taxes |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of tax effect on each component of accumulated other comprehensive loss |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital and Supervision (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Capital and Supervision | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of regulatory capital ratios |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of revenue from contracts with customers and other revenue reported in line items |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of lease costs |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of future minimum rental commitments under noncancellable operating leases and lease payment obligations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other lease related information |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of estimated fair values of financial instruments |
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| Schedule of assets and liabilities measured at fair value on a recurring basis |
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Parent Company Only (Tables) |
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| Condensed Balance Sheets |
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| Condensed Statements of Income |
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| Condensed Statements of Cash Flows |
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Segment Information (Tables) |
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| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of segment profit or loss and assets | The accounting policies of the banking operations are the same as those described in Note 2 – Summary of Significant Accounting Policies. All operations are domestic.
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Organization (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
subsidiary
| |
| Organization | |
| Number of inactive subsidiaries | 1 |
Summary of Significant Accounting Policies - Description of Business, Investment Securities and Transfer of Financial Assets (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
item
|
Dec. 31, 2023
USD ($)
|
|
| Description of Business | ||
| Number of branches located throughout Hawaii | item | 28 | |
| Investment Securities | ||
| Investment securities available for sale | $ | $ 18,492 | $ 20,171 |
| Transfer of financial assets | ||
| Percentage of receipt on transfer of mortgage-backed securities issued | 100.00% |
Summary of Significant Accounting Policies - Allowance of Credit Losses (ACL) on Loans and Securities (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Summary of Significant Accounting Policies | ||
| Financing receivable accrued interest after allowance for credit loss | $ 4,400,000 | |
| Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | |
| Reserve for off-balance sheet credit exposure | $ 800 | $ 0 |
| ACL | $ 0 |
Summary of Significant Accounting Policies - Premises and Equipment Useful Lives (Details) |
Dec. 31, 2024 |
|---|---|
| Buildings and improvements | |
| Premises and equipment | |
| Estimated useful life | 30 years |
| Furniture, fixtures and equipment | Minimum | |
| Premises and equipment | |
| Estimated useful life | 3 years |
| Furniture, fixtures and equipment | Maximum | |
| Premises and equipment | |
| Estimated useful life | 10 years |
| Automobiles | |
| Premises and equipment | |
| Estimated useful life | 3 years |
Summary of Significant Accounting Policies - Earnings Per Share and Common Stock Repurchase Program (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
security
shares
|
Dec. 31, 2023
$ / shares
shares
|
|
| Earnings Per Share | ||
| Number of different forms of outstanding common stock | security | 2 | |
| Common Stock Repurchase Program | ||
| Common Stock Repurchase Program | ||
| Repurchase of shares of common stock (in shares) | shares | 0 | 250,882 |
| Average cost of shares repurchased (in dollars per share) | $ / shares | $ 16.05 | |
Summary of Significant Accounting Policies - Bank-Owned Life Insurance and Segment reporting (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
|
| Bank-Owned Life Insurance | ||
| Percentage applied on Tier 1 capital plus allowance for loan losses to calculate ceiling limit of investment | 25.00% | |
| Amount of ceiling limit of investment | $ 60,700 | |
| Amount of investment in bank-owned life insurance | $ 49,645 | $ 48,638 |
| Segment reporting | ||
| Number of reportable segment | segment | 1 |
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | ||
| Cash and due from banks | $ 8,882 | $ 10,471 |
| Interest-earning deposits in other banks | 114,641 | 116,188 |
| Cash and cash equivalents | $ 123,523 | $ 126,659 |
Investment Securities - Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Available-for-Sale [Abstract] | ||
| Amortized Cost | $ 21,494,000 | $ 22,563,000 |
| Estimated Fair Value | 18,492,000 | 20,171,000 |
| ACL | 0 | |
| Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
| Amortized Cost | 645,669,000 | 685,728,000 |
| Estimated Fair Value | 513,499,000 | 568,128,000 |
| Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract] | ||
| Total Amortized Cost | 667,163,000 | 708,291,000 |
| Total Gross Unrealized Gains | 10,000 | 68,000 |
| Total Gross Unrealized Losses | (135,182,000) | (120,060,000) |
| Total Estimated Fair Value | 531,991,000 | 588,299,000 |
| Total ACL | 0 | 0 |
| U.S. government-sponsored mortgage-backed securities | ||
| Available-for-Sale [Abstract] | ||
| Amortized Cost | 21,494,000 | 22,563,000 |
| Gross Unrealized Losses | (3,002,000) | (2,392,000) |
| Estimated Fair Value | 18,492,000 | 20,171,000 |
| Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
| Amortized Cost | 645,669,000 | 685,728,000 |
| Gross Unrealized Gains | 10,000 | 68,000 |
| Gross Unrealized Losses | (132,180,000) | (117,668,000) |
| Estimated Fair Value | $ 513,499,000 | $ 568,128,000 |
Investment Securities - Maturity Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Amortized Cost | ||
| Due after 10 years | $ 21,494 | |
| Amortized Cost | 21,494 | $ 22,563 |
| Estimated Fair Value | ||
| Due after 10 years | 18,492 | |
| Estimated Fair Value | $ 18,492 | $ 20,171 |
Investment Securities - Maturity Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Held-to-maturity, Amortized Cost | ||
| Due within 5 years | $ 8 | |
| Due after 5 years through 10 years | 8 | |
| Due after 10 years | 645,653 | |
| Amortized Cost | 645,669 | $ 685,728 |
| Held-to-maturity, Estimated Fair Value | ||
| Due within 5 years | 8 | |
| Due after 5 years through 10 years | 8 | |
| Due after 10 years | 513,483 | |
| Estimated Fair Value | $ 513,499 | $ 568,128 |
Investment Securities - Realized Gains and Losses and Proceeds from Sales (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| U.S. government-sponsored mortgage-backed securities | ||
| Realized gains and losses and the proceeds from sales of securities | ||
| Proceeds from sales | $ 0 | $ 0 |
Investment Securities - Securities Pledged (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Realized gains and losses and the proceeds from sales of securities | ||
| Amortized cost | $ 645,669 | $ 685,728 |
| Debt Securities, Held-to-Maturity, Pledged Status [Extensible Enumeration] | Asset Pledged as Collateral with Right [Member] | Asset Pledged as Collateral with Right [Member] |
| Debt Securities, Held-to-Maturity, Pledging Purpose [Extensible Enumeration] | Amortized cost | Amortized cost |
| Asset Pledged as Collateral with Right [Member] | Deposits [Member] | ||
| Realized gains and losses and the proceeds from sales of securities | ||
| Amortized cost | $ 561,100 | $ 555,800 |
| Asset Pledged as Collateral with Right [Member] | Federal Reserve Bank discount window [Member] | ||
| Realized gains and losses and the proceeds from sales of securities | ||
| Amortized cost | $ 140,900 | 74,000 |
| Asset Pledged as Collateral with Right [Member] | Federal Reserve Bank Bank Term Funding Program [Member] | ||
| Realized gains and losses and the proceeds from sales of securities | ||
| Amortized cost | $ 202,100 |
Investment Securities - Summary of Investment Securities In Unrealized Loss Position Summary (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
security
|
Dec. 31, 2023
USD ($)
security
|
|---|---|---|
| Available-for-Sale [Abstract] | ||
| 12 Months or Longer Fair Value | $ 18,492 | $ 20,171 |
| 12 Months or Longer Unrealized Losses | $ (3,002) | $ (2,392) |
| Total Number of Securities | security | 4 | 4 |
| Total Fair Value | $ 18,492 | $ 20,171 |
| Total Unrealized Losses | (3,002) | (2,392) |
| Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
| Less Than 12 Months Fair Value | 8,178 | 10,326 |
| Less Than 12 Months Unrealized Losses | (234) | (107) |
| 12 Months or Longer Fair Value | 502,831 | 554,514 |
| 12 Months or Longer Unrealized Losses | $ (131,946) | $ (117,561) |
| Total Number of Securities | security | 154 | 152 |
| Total Fair Value | $ 511,009 | $ 564,840 |
| Total Unrealized Losses | (132,180) | |
| Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract] | ||
| Less Than 12 Months Fair Value | 8,178 | 10,326 |
| Less Than 12 Months Unrealized Losses | (234) | (107) |
| 12 Months or Longer Fair Value | 521,323 | 574,685 |
| 12 Months or Longer Unrealized Losses | $ (134,948) | $ (119,953) |
| Total Number of Securities | security | 158 | 156 |
| Total Fair Value | $ 529,501 | $ 585,011 |
| Total Unrealized Losses | $ (135,182) | (120,060) |
| U.S. government-sponsored mortgage-backed securities | ||
| Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
| Total Unrealized Losses | $ (117,668) |
Investment Securities - Mortgage-Backed Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Investment Securities | ||
| Allowance for credit losses | $ 0 | $ 0 |
Federal Home Loan Bank Stock (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Federal Home Loan Bank Stock | ||
| Capital stock of the FHLB owned | $ 8,542 | $ 12,192 |
| Territorial Savings Bank | ||
| Federal Home Loan Bank Stock | ||
| Capital stock of the FHLB owned | $ 8,500 | $ 12,200,000 |
Federal Reserve Bank Stock (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Federal Reserve Bank Stock | ||
| Capital stock of the Federal Reserve Bank owned | $ 3,189 | $ 3,180 |
| FRB of San Francisco | ||
| Federal Reserve Bank Stock | ||
| Requirement to hold shares of capital stock of the Federal Reserve Bank as a percentage of capital and surplus (as a percent) | 6.00% | |
| Territorial Savings Bank | ||
| Federal Reserve Bank Stock | ||
| Capital stock of the Federal Reserve Bank owned | $ 3,200 | $ 3,200 |
Loans Receivable and Allowance for Credit Losses - Components (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | $ 1,288,494 | $ 1,310,541 | |
| Net unearned fees and discounts | (1,832) | (1,989) | |
| Total loans, net of unearned fees and discounts | 1,286,662 | 1,308,552 | |
| Allowance for credit losses | (5,114) | (5,121) | $ (2,032) |
| Loans receivable, net of allowance for credit losses | 1,281,548 | 1,303,431 | |
| Real estate loans | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | 1,279,790 | 1,302,088 | |
| Real estate loans | One- to four-family residential | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | 1,248,171 | 1,277,544 | |
| Real estate loans | Multi-family residential | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | 5,148 | 5,855 | |
| Real estate loans | Construction, commercial, and other | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | 11,620 | 11,631 | |
| Real estate loans | Home equity loans and lines of credit | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | 14,851 | 7,058 | |
| Other loans | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | 8,704 | 8,453 | |
| Other loans | Loans on deposit accounts | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | 411 | 196 | |
| Other loans | Consumer and other loans | |||
| Components of loans receivable, net of allowance for credit losses | |||
| Total loans | $ 8,293 | $ 8,257 |
Loans Receivable and Allowance for Credit Losses - Activity in the ACL by portfolio segment (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Activity in allowance for loan losses | ||
| Balance, beginning of year | $ 5,121,000 | $ 2,032,000 |
| (Reversal of provision) provision for credit losses | 73,000 | (3,000) |
| Allowance for loan losses on loans receivable after (reversal of provision) provision for loan losses | 5,194,000 | 5,238,000 |
| Charge-offs | (151,000) | (157,000) |
| Recoveries | 71,000 | 40,000 |
| Net charge-offs | (80,000) | (117,000) |
| Balance, end of year | 5,114,000 | 5,121,000 |
| Adoption | ASU No. 2016-13 | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 3,209,000 | |
| Real Estate Loans | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 4,502,000 | 1,263,000 |
| (Reversal of provision) provision for credit losses | (19,000) | (110,000) |
| Allowance for loan losses on loans receivable after (reversal of provision) provision for loan losses | 4,483,000 | 4,546,000 |
| Charge-offs | (122,000) | (75,000) |
| Recoveries | 61,000 | 31,000 |
| Net charge-offs | (61,000) | (44,000) |
| Balance, end of year | 4,422,000 | 4,502,000 |
| Real Estate Loans | Adoption | ASU No. 2016-13 | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 3,393,000 | |
| Commercial Loans | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 514,000 | 434,000 |
| (Reversal of provision) provision for credit losses | (32,000) | 9,000 |
| Allowance for loan losses on loans receivable after (reversal of provision) provision for loan losses | 482,000 | 514,000 |
| Balance, end of year | 482,000 | 514,000 |
| Commercial Loans | Adoption | ASU No. 2016-13 | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 71,000 | |
| Consumer Loans | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 105,000 | 76,000 |
| (Reversal of provision) provision for credit losses | 124,000 | 98,000 |
| Allowance for loan losses on loans receivable after (reversal of provision) provision for loan losses | 229,000 | 178,000 |
| Charge-offs | (29,000) | (82,000) |
| Recoveries | 10,000 | 9,000 |
| Net charge-offs | (19,000) | (73,000) |
| Balance, end of year | $ 210,000 | 105,000 |
| Consumer Loans | Adoption | ASU No. 2016-13 | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 4,000 | |
| Unallocated | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | 259,000 | |
| Unallocated | Adoption | ASU No. 2016-13 | ||
| Activity in allowance for loan losses | ||
| Balance, beginning of year | $ (259,000) | |
Loans Receivable and Allowance for Credit Losses - Amortized Cost by Credit Quality Indicator (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | $ 52,629 | $ 91,857 |
| 2023/2022 | 87,711 | 129,581 |
| 2022/2021 | 124,210 | 288,427 |
| 2021/2020 | 273,073 | 183,891 |
| 2020/2019 | 174,542 | 91,470 |
| Prior | 559,451 | 515,959 |
| Revolving Loans Amortized Cost Basis | 15,046 | 7,367 |
| Total | 1,286,662 | 1,308,552 |
| Commercial | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | 317 | 387 |
| 2023/2022 | 536 | 353 |
| 2022/2021 | 283 | 4,836 |
| 2021/2020 | 4,677 | |
| 2020/2019 | 203 | |
| Prior | 846 | 856 |
| Revolving Loans Amortized Cost Basis | 1,014 | 1,230 |
| Total | 7,673 | 7,865 |
| Consumer | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | 629 | 275 |
| 2023/2022 | 25 | 80 |
| 2022/2021 | 46 | 20 |
| 2021/2020 | 9 | 4 |
| 2020/2019 | 14 | |
| Prior | 39 | 42 |
| Revolving Loans Amortized Cost Basis | 14,032 | 6,137 |
| Total | 14,780 | 6,572 |
| Real Estate | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | 51,683 | 91,195 |
| 2023/2022 | 87,150 | 129,148 |
| 2022/2021 | 123,881 | 283,571 |
| 2021/2020 | 268,387 | 183,887 |
| 2020/2019 | 174,542 | 91,253 |
| Prior | 558,566 | 515,061 |
| Total | 1,264,209 | 1,294,115 |
| 30 - 59 Days Past Due | Consumer | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | 1 | 4 |
| Revolving Loans Amortized Cost Basis | 2 | |
| Total | 3 | 4 |
| 30 - 59 Days Past Due | Real Estate | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2020/2019 | 791 | |
| Prior | 540 | 428 |
| Total | 1,331 | 428 |
| 60 - 89 Days Past Due | Consumer | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Revolving Loans Amortized Cost Basis | 1 | |
| Total | 1 | |
| 90 Days or More Past Due | Real Estate | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2020/2019 | 140 | |
| Prior | 1,219 | 87 |
| Total | 1,219 | 227 |
| Loans Not Past Due | Commercial | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | 317 | 387 |
| 2023/2022 | 536 | 353 |
| 2022/2021 | 283 | 4,836 |
| 2021/2020 | 4,677 | |
| 2020/2019 | 203 | |
| Prior | 846 | 856 |
| Revolving Loans Amortized Cost Basis | 1,014 | 1,230 |
| Total | 7,673 | 7,865 |
| Loans Not Past Due | Consumer | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | 628 | 271 |
| 2023/2022 | 25 | 80 |
| 2022/2021 | 46 | 20 |
| 2021/2020 | 9 | 4 |
| 2020/2019 | 14 | |
| Prior | 39 | 42 |
| Revolving Loans Amortized Cost Basis | 14,029 | 6,137 |
| Total | 14,776 | 6,568 |
| Loans Not Past Due | Real Estate | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| 2024/2023 | 51,683 | 91,195 |
| 2023/2022 | 87,150 | 129,148 |
| 2022/2021 | 123,881 | 283,571 |
| 2021/2020 | 268,387 | 183,887 |
| 2020/2019 | 173,751 | 91,113 |
| Prior | 556,807 | 514,546 |
| Total | $ 1,261,659 | $ 1,293,460 |
Loans Receivable and Allowance for Credit Losses - Impaired Loans by Class (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | $ 151 | $ 157 |
| Year 2024 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 23 | |
| Year 2023 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 5 | 79 |
| Year 2019 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 16 | |
| Prior years | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 123 | 62 |
| One- to four-family residential mortgages | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 122 | 75 |
| One- to four-family residential mortgages | Year 2019 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 13 | |
| One- to four-family residential mortgages | Prior years | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 122 | 62 |
| Loans on deposit accounts | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 26 | 78 |
| Loans on deposit accounts | Year 2024 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 23 | |
| Loans on deposit accounts | Year 2023 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 3 | 78 |
| Consumer and other | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 3 | 4 |
| Consumer and other | Year 2023 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | 2 | 1 |
| Consumer and other | Year 2019 | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | $ 3 | |
| Consumer and other | Prior years | ||
| Loans Receivable and Allowance for Credit Losses | ||
| Charge offs | $ 1 | |
Loans Receivable and Allowance for Credit Losses - Aging of Loans and Accrual Status by Class (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | $ 1,286,662,000 | $ 1,308,552,000 |
| Nonaccrual Loans | 1,933,000 | 2,260,000 |
| One- to four-family residential mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,246,381,000 | 1,275,615,000 |
| Nonaccrual Loans | 1,771,000 | 2,079,000 |
| Multi-family residential mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 5,142,000 | 5,848,000 |
| Construction, commercial, and other mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 11,578,000 | 11,570,000 |
| Home equity loans and lines of credit | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 14,854,000 | 7,060,000 |
| Nonaccrual Loans | 2,000 | 11,000 |
| Loans on deposit accounts | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 411,000 | 196,000 |
| Consumer and other | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 8,296,000 | 8,263,000 |
| Nonaccrual Loans | 160,000 | 170,000 |
| Loans Not Past Due | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,284,108,000 | 1,307,893,000 |
| Loans Not Past Due | One- to four-family residential mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,243,831,000 | 1,274,960,000 |
| Loans Not Past Due | Multi-family residential mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 5,142,000 | 5,848,000 |
| Loans Not Past Due | Construction, commercial, and other mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 11,578,000 | 11,570,000 |
| Loans Not Past Due | Home equity loans and lines of credit | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 14,854,000 | 7,060,000 |
| Loans Not Past Due | Loans on deposit accounts | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 411,000 | 196,000 |
| Loans Not Past Due | Consumer and other | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 8,292,000 | 8,259,000 |
| Past Due | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 2,554,000 | 659,000 |
| Past Due | One- to four-family residential mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 2,550,000 | 655,000 |
| Past Due | Consumer and other | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 4,000 | 4,000 |
| 30 - 59 Days Past Due | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,334,000 | 432,000 |
| 30 - 59 Days Past Due | One- to four-family residential mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,331,000 | 428,000 |
| 30 - 59 Days Past Due | Consumer and other | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 3,000 | 4,000 |
| 60 - 89 Days Past Due | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,000 | |
| 60 - 89 Days Past Due | Consumer and other | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,000 | |
| 90 Days or More Past Due | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | 1,219,000 | 227,000 |
| 90 Days or More Past Due | One- to four-family residential mortgages | ||
| Financing Receivable, Recorded Investment, Past Due | ||
| Total Loans | $ 1,219,000 | $ 227,000 |
Loans Receivable and Allowance for Credit Losses - Amortized cost basis of loans on nonaccrual status (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Amortized cost basis of loans on nonaccrual status | ||
| Nonaccrual Loans with a Related ACL | $ 714 | $ 1,211 |
| Nonaccrual loans without a Related ACL | 1,219 | 1,049 |
| Total Nonaccrual Loans | 1,933 | 2,260 |
| One- to four-family residential mortgages | ||
| Amortized cost basis of loans on nonaccrual status | ||
| Nonaccrual Loans with a Related ACL | 552 | 1,030 |
| Nonaccrual loans without a Related ACL | 1,219 | 1,049 |
| Total Nonaccrual Loans | 1,771 | 2,079 |
| Home equity loans and lines of credit | ||
| Amortized cost basis of loans on nonaccrual status | ||
| Nonaccrual Loans with a Related ACL | 2 | 11 |
| Total Nonaccrual Loans | 2 | 11 |
| Consumer and other | ||
| Amortized cost basis of loans on nonaccrual status | ||
| Nonaccrual Loans with a Related ACL | 160 | 170 |
| Total Nonaccrual Loans | $ 160 | $ 170 |
Loans Receivable and Allowance for Credit Losses - Delinquent and Nonaccrual Loans (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Accounts, Notes, Loans and Financing Receivable | ||
| Loan delinquency period that may result in loss | 90 days | |
| Loan delinquency period after which an appraisal is obtained of the underlying collateral | 4 months | |
| Total Loans | $ 1,286,662,000 | $ 1,308,552,000 |
| 90 Days or More Past Due | ||
| Accounts, Notes, Loans and Financing Receivable | ||
| Total Loans | $ 1,219,000 | $ 227,000 |
Loans Receivable and Allowance for Credit Losses - Additional information (Details) |
Dec. 31, 2024
USD ($)
loan
|
Dec. 31, 2023
USD ($)
loan
|
|---|---|---|
| Additional disclosures | ||
| Real estate owned | $ 0 | $ 0 |
| Residential Mortgage | One- to four-family residential | ||
| Additional disclosures | ||
| Mortgage loans in process of foreclosure, number of contracts | loan | 1 | 2 |
| Mortgage loans in process of foreclosure, total value | $ 1,200,000 | $ 227,000 |
Loans Receivable and Allowance for Credit Losses - Collateral, Sales, Serviced for Others, Directors and Executive Officers (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
loan
|
Dec. 31, 2023
USD ($)
loan
|
|
| Accounts, Notes, Loans and Financing Receivable | ||
| Loans serviced for others | $ 30,600,000 | $ 33,200,000 |
| Loans serviced for others, securitization for which the company continues to hold the related mortgage-backed securities | 18,000,000 | 19,300,000 |
| Loans serviced for others, amount of contractually specified servicing fees earned | $ 83,000 | $ 91,000 |
| Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Service and other fees | Service and other fees |
| Loans to directors and executive officers | $ 311,000 | $ 392,000 |
| Maximum | ||
| Accounts, Notes, Loans and Financing Receivable | ||
| Loan to value ratio (as a percent) | 80.00% | |
| Residential Mortgage Loans Held For Sale | ||
| Accounts, Notes, Loans and Financing Receivable | ||
| Number of nonaccrual loans | loan | 0 | 0 |
| Residential Mortgage | ||
| Accounts, Notes, Loans and Financing Receivable | ||
| Residential mortgage loans sold, loan amount | $ 877,000 | $ 827,000 |
| Residential mortgage loans sold, recognized gains | $ 19,000 | $ 10,000 |
Accrued Interest Receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Components of accrued interest receivable | ||
| Accrued interest receivable | $ 5,800 | $ 6,105 |
| Loans receivable | ||
| Components of accrued interest receivable | ||
| Accrued interest receivable | 4,357 | 4,585 |
| Investment securities | ||
| Components of accrued interest receivable | ||
| Accrued interest receivable | 1,349 | 1,441 |
| Interest-bearing deposits | ||
| Components of accrued interest receivable | ||
| Accrued interest receivable | $ 94 | $ 79 |
Interest Rate Lock and Forward Loan Sale Commitments (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Interest Rate Lock and Forward Loan Sale Commitments | ||
| Gain (loss) related to derivatives | $ 0 | $ 0 |
Premises and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Premises and equipment | ||
| Gross | $ 26,149 | $ 26,747 |
| Less accumulated depreciation and amortization | (19,405) | (19,783) |
| Net | 6,744 | 6,964 |
| Construction in progress | 534 | 221 |
| Total | 7,278 | 7,185 |
| Depreciation expense | 1,000 | 1,100 |
| Land | ||
| Premises and equipment | ||
| Gross | 585 | 585 |
| Buildings and improvements | ||
| Premises and equipment | ||
| Gross | 1,400 | 1,400 |
| Leasehold improvements | ||
| Premises and equipment | ||
| Gross | 18,269 | 18,053 |
| Furniture, fixtures and equipment | ||
| Premises and equipment | ||
| Gross | 5,799 | 6,613 |
| Automobiles | ||
| Premises and equipment | ||
| Gross | $ 96 | $ 96 |
Deposits (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Deposit amount | ||
| Non-interest bearing | $ 65,575,000 | $ 66,757,000 |
| Savings accounts | 675,407,000 | 739,036,000 |
| Certificates of deposit | 706,112,000 | 532,433,000 |
| Money market | 2,192,000 | 3,595,000 |
| Checking and Super NOW | 268,377,000 | 294,783,000 |
| Total | $ 1,717,663,000 | $ 1,636,604,000 |
| Interest rate | ||
| Savings accounts (as a percent) | 1.12% | 0.59% |
| Certificates of deposit (as a percent) | 4.07% | 4.11% |
| Money market (as a percent) | 0.10% | 0.10% |
| Checking and Super NOW (as a percent) | 0.02% | 0.02% |
| Total (as a percent) | 2.11% | 1.61% |
| Maturity of certificate of deposit accounts | ||
| Due within 1 year | $ 685,850,000 | |
| Due after 1 year through 2 years | 10,797,000 | |
| Due after 2 years through 3 years | 4,146,000 | |
| Due after 3 years through 4 years | 3,616,000 | |
| Due after 4 years through 5 years | 1,703,000 | |
| Total | 706,112,000 | $ 532,433,000 |
| Interest expense by type of deposit | ||
| Savings | 6,437,000 | 2,469,000 |
| Certificates of deposit and money market | 24,896,000 | 16,956,000 |
| Checking and Super NOW | 56,000 | 59,000 |
| Total | 31,389,000 | 19,484,000 |
| Overdrawn deposit accounts reclassified as loans | 108,000 | 169,000 |
| Directors and executive officer | ||
| Interest expense by type of deposit | ||
| Deposits | 3,600,000 | 4,500,000 |
| Domestic | ||
| Deposit with balances greater than or equal to $250,000 | ||
| Total | $ 445,000,000 | $ 280,100,000 |
Advances from the Federal Home Loan Bank (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Federal Home Loan Bank, Advances, Rolling Maturity | ||
| Due within one year | $ 45,000 | $ 82,000 |
| Due over 1 year to 2 years | 20,000 | 45,000 |
| Due over 2 years to 3 years | 30,000 | 20,000 |
| Due over 3 years to 4 years | 60,000 | 30,000 |
| Due over 4 years to 5 years | 5,000 | 60,000 |
| Due over 5 years to 6 years | 5,000 | |
| Total | $ 160,000 | $ 242,000 |
| Weighted Average Rate | ||
| Due within one year (as a percent) | 2.87% | 1.40% |
| Due over 1 year to 2 years (as a percent) | 3.20% | 2.87% |
| Due over 2 years to 3 years (as a percent) | 4.24% | 3.20% |
| Due over 3 years to 4 years (as a percent) | 4.32% | 4.24% |
| Due over 4 years to 5 years (as a percent) | 4.38% | 4.32% |
| Due over 5 years to 6 years (as a percent) | 4.38% | |
| Total (as a percent) | 3.76% | 2.96% |
| FHLB Des Moines | ||
| Federal Home Loan Bank advances | ||
| Available additional unused FHLB advances | $ 389,500 | $ 612,600 |
| Territorial Savings Bank | FHLB Des Moines | ||
| Federal Home Loan Bank advances | ||
| Percentage of total assets used to determine maximum line of credit | 25.00% | 45.00% |
Advances from the Federal Reserve Bank (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2024 |
|
| Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
| Maximum borrowing capacity | $ 114,400 | |
| Due within one year | $ 50,000 | |
| Due within one year (Weighted Average Rate) | 4.89% |
Securities Sold Under Agreements to Repurchase - Summary of Repurchase Liability by Maturity (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Securities sold under agreements to repurchase | |
| Repurchase Liability | $ 10,000 |
| Weighted Average | |
| Securities sold under agreements to repurchase | |
| Rate (as a percent) | 1.81% |
| 1 year or less | |
| Securities sold under agreements to repurchase | |
| Repurchase Liability | $ 5,000 |
| 1 year or less | Weighted Average | |
| Securities sold under agreements to repurchase | |
| Rate (as a percent) | 1.88% |
| Over 1 year to 2 years | |
| Securities sold under agreements to repurchase | |
| Repurchase Liability | $ 5,000 |
| Over 1 year to 2 years | Weighted Average | |
| Securities sold under agreements to repurchase | |
| Rate (as a percent) | 1.73% |
Offsetting of Financial Liabilities (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Securities sold under agreements to repurchase | |
| Gross Amount of Recognized Liabilities | $ 10,000 |
| Net Amount of Liabilities Presented in the Balance Sheet | 10,000 |
| Gross amount not offset in the balance sheet | |
| Financial Instruments | $ 10,000 |
Income Taxes - Provision and Reconciliation to Federal Statutory Corporate Tax Rate (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current | ||
| Federal | $ (1,834) | $ 1,767 |
| State | (659) | 568 |
| Total current | (2,493) | 2,335 |
| Deferred | ||
| Federal | 48 | (396) |
| State | 30 | (129) |
| Total deferred | 78 | (525) |
| Total income tax expense | $ (2,415) | $ 1,810 |
| Federal statutory corporate tax rate (as a percent) | 21.00% | 21.00% |
| Reconciliation of tax provision | ||
| Income tax (benefit) expense at statutory rate | $ (1,410) | $ 1,436 |
| Income tax effect of: | ||
| State income taxes, net of federal income tax benefits | (526) | 628 |
| Other tax-exempt income | (211) | (179) |
| Share-based compensation | 38 | 12 |
| Meal and entertainment expenses | 57 | 53 |
| Non-deductible executive compensation | 1 | 70 |
| Other | (364) | (210) |
| Total income tax expense | $ (2,415) | $ 1,810 |
| Effective income tax rate (as a percent) | 35.97% | 26.47% |
Income Taxes - Components of Income Taxes (Receivable) Payable (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Components of income taxes payable (receivable) | ||
| Total current taxes (receivable) payable | $ (2,082) | $ (344) |
| Deferred taxes receivable | (1,877) | (2,457) |
| State | ||
| Components of income taxes payable (receivable) | ||
| Total current taxes (receivable) payable | (634) | 588 |
| Deferred taxes receivable | (976) | (1,144) |
| Federal | ||
| Components of income taxes payable (receivable) | ||
| Total current taxes (receivable) payable | (1,448) | (932) |
| Deferred taxes receivable | $ (901) | $ (1,313) |
Income Taxes - Deferred Tax Components (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Deferred tax assets: | ||
| Hawaii franchise tax | $ (167) | $ 117 |
| Allowance for credit/loan losses | 1,362 | 1,364 |
| Employee benefit plans | 2,596 | 2,672 |
| Equity incentive plan | 147 | 107 |
| Unrealized losses on securities available-for-sale | 799 | 637 |
| Deferred compensation | 20 | 22 |
| Net lease liability | 1,450 | 1,312 |
| Other | 31 | 11 |
| Total | 6,238 | 6,242 |
| Deferred tax liabilities: | ||
| Deferred loan costs | 2,652 | 2,665 |
| Premises and equipment | 263 | 273 |
| FHLB stock dividends | 126 | 126 |
| Prepaid expense | 1,259 | 653 |
| Premium on loans sold | 61 | 68 |
| Total | 4,361 | 3,785 |
| Net deferred tax assets | $ 1,877 | $ 2,457 |
| Federal statutory corporate tax rate (as a percent) | 21.00% | 21.00% |
| Valuation allowance for deferred tax assets | $ 0 | $ 0 |
Employee Benefit Plans - Pension Plan Participants (Details) - Pension Plan |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Employee benefit plans | |
| Vesting percentage for employees already enrolled with at least five years of service as of effective date of plan change | 100.00% |
| Minimum service period for employees already enrolled to be 100% vested as of effective date of plan change | 5 years |
| Vesting period if minimum service period for employees already enrolled was not met as of effective date of plan change | 5 years |
| Minimum | |
| Employee benefit plans | |
| Required service period to participate in the plan | 1 year |
Employee Benefit Plans - Status of Pension Plan and SERP (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pension Plan | |||
| Employee benefit plans | |||
| Accumulated benefit obligation at end of year | $ 15,096 | $ 15,953 | |
| Change in projected benefit obligation: | |||
| Benefit obligation at beginning of year | 15,953 | 15,866 | |
| Service cost (income) | 123 | 191 | |
| Interest cost | 798 | 822 | |
| Actuarial (gain) loss | (619) | 94 | |
| Benefits paid | (1,159) | (1,020) | |
| Benefit obligation at end of year | 15,096 | 15,953 | |
| Change in plan assets: | |||
| Fair value of plan assets at beginning of year | 20,105 | 18,336 | |
| Actual return on plan assets | 3,002 | 2,789 | |
| Benefits paid | (1,159) | (1,020) | |
| Fair value of plan assets at end of year | 21,948 | 20,105 | |
| Funded status at end of year | 6,852 | 4,152 | |
| Amounts recognized in accumulated other comprehensive loss: | |||
| Net actuarial loss | 3,482 | 5,968 | |
| Prior service cost | 113 | 119 | |
| Accumulated other comprehensive loss, before tax | 3,595 | 6,087 | $ 7,832 |
| Pension Plan | Prepaid expenses and other assets | |||
| Amounts recognized in the Consolidated Balance Sheets: | |||
| Defined benefit plan Prepaid expenses and other assets | 6,852 | 4,152 | |
| Supplemental Employee Retirement Plan (SERP) | |||
| Employee benefit plans | |||
| Accumulated benefit obligation at end of year | 9,705 | 9,927 | |
| Change in projected benefit obligation: | |||
| Benefit obligation at beginning of year | 9,927 | 9,948 | |
| Service cost (income) | (396) | (200) | |
| Interest cost | 174 | 179 | |
| Benefit obligation at end of year | 9,705 | 9,927 | |
| Change in plan assets: | |||
| Funded status at end of year | (9,705) | (9,927) | |
| Supplemental Employee Retirement Plan (SERP) | Accounts payable and accrued expenses | |||
| Amounts recognized in the Consolidated Balance Sheets: | |||
| Accounts payable and accrued expenses - liability | $ (9,705) | $ (9,927) | |
Employee Benefit Plans - Changes Recognized in Accumulated Other Comprehensive Loss for Pension Plan (Details) - Pension Plan - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Amounts recognized in accumulated other comprehensive loss: | ||
| Accumulated other comprehensive loss at beginning of year, before tax | $ 6,087 | $ 7,832 |
| Actuarial net gain arising during the period | (2,307) | (1,503) |
| Amortizations (recognized in net periodic benefit cost): | ||
| Actuarial loss | (180) | (237) |
| Prior service cost | (5) | (5) |
| Total recognized in other comprehensive loss | (2,492) | (1,745) |
| Accumulated other comprehensive loss at end of year, before tax | $ 3,595 | $ 6,087 |
Employee Benefit Plans - Assumptions Used to Determine Benefit Obligations and Pension Plan Investment Strategy (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Pension Plan | ||
| Weighted average assumptions used to determine the year-end benefit obligations | ||
| Discount rate (as a percent) | 5.60% | 5.10% |
| Pension Plan | Domestic equity securities | ||
| Normal target allocation | ||
| Normal target allocation (as a percent) | 55.00% | |
| Pension Plan | International equity securities | ||
| Normal target allocation | ||
| Normal target allocation (as a percent) | 10.00% | |
| Pension Plan | Bonds | ||
| Normal target allocation | ||
| Normal target allocation (as a percent) | 35.00% | |
| Supplemental Employee Retirement Plan (SERP) | ||
| Weighted average assumptions used to determine the year-end benefit obligations | ||
| Discount rate (as a percent) | 5.00% | 5.00% |
| Rate of compensation increase (as a percent) | 5.00% | 5.00% |
Employee Benefit Plans - Pension Plan Assets Measured at Fair Value (Details) - Pension Plan - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Assets measured at fair values | |||
| Fair value of assets | $ 21,948 | $ 20,105 | $ 18,336 |
| Cash | |||
| Assets measured at fair values | |||
| Fair value of assets | 1,291 | 622 | |
| Equities | |||
| Assets measured at fair values | |||
| Fair value of assets | 14,812 | 13,742 | |
| Mutual funds | |||
| Assets measured at fair values | |||
| Fair value of assets | 5,845 | 5,741 | |
| Level 1 | |||
| Assets measured at fair values | |||
| Fair value of assets | 21,948 | 20,105 | |
| Level 1 | Cash | |||
| Assets measured at fair values | |||
| Fair value of assets | 1,291 | 622 | |
| Level 1 | Equities | |||
| Assets measured at fair values | |||
| Fair value of assets | 14,812 | 13,742 | |
| Level 1 | Mutual funds | |||
| Assets measured at fair values | |||
| Fair value of assets | $ 5,845 | $ 5,741 |
Employee Benefit Plans (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Net periodic benefit cost (income) for the year: | ||
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
| Recognized actuarial gain (loss) | $ 619,000 | $ (95,000) |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
| Pension Plan | ||
| Estimated future benefit payments | ||
| 2025 | $ 1,164,000 | |
| 2026 | 1,239,000 | |
| 2027 | 1,258,000 | |
| 2028 | 1,241,000 | |
| 2029 | 1,241,000 | |
| 2030 - 2034 | 6,025,000 | |
| Total | $ 12,168,000 | |
| Assumptions used to determine the net periodic benefit cost: | ||
| Discount rate (as a percent) | 5.10% | 5.40% |
| Expected return on plan assets (as a percent) | 6.75% | 6.75% |
| Net periodic benefit cost (income) for the year: | ||
| Service cost (income) | $ 123,000 | $ 191,000 |
| Interest cost | 798,000 | 822,000 |
| Expected return on plan assets | (1,314,000) | (1,192,000) |
| Amortization of prior service cost | 5,000 | 5,000 |
| Recognized actuarial gain (loss) | (180,000) | (237,000) |
| Net periodic benefit cost | (208,000) | $ 63,000 |
| Supplemental Employee Retirement Plan (SERP) | ||
| Estimated future benefit payments | ||
| 2025 | 8,618,000 | |
| 2026 | 87,000 | |
| 2027 | 87,000 | |
| 2028 | 87,000 | |
| 2029 | 87,000 | |
| 2030 - 2034 | 433,000 | |
| Total | $ 9,399,000 | |
| Assumptions used to determine the net periodic benefit cost: | ||
| Discount rate (as a percent) | 5.00% | 5.00% |
| Rate of compensation increase (as a percent) | 5.00% | 5.00% |
| Net periodic benefit cost (income) for the year: | ||
| Service cost (income) | $ (396,000) | $ (200,000) |
| Interest cost | 174,000 | 179,000 |
| Net periodic benefit cost | $ (222,000) | $ (21,000) |
Employee Benefit Plans - Defined Contribution and Profit Sharing Plans (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Contribution Plan Disclosure [Line Items] | ||
| Required service period to participate in plans | 1 year | |
| 401(k) plan | ||
| Defined Contribution Plan Disclosure [Line Items] | ||
| Company matching contribution of employees' contributions (as a percent) | 5.00% | 5.00% |
| Employer's matching contribution (in dollars) | $ 58,000 | $ 64,000 |
| Profit sharing plan | ||
| Defined Contribution Plan Disclosure [Line Items] | ||
| Employer's matching contribution (in dollars) | $ 0 | $ 0 |
Employee Stock Ownership Plan - Loan, Expense and Shares (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 01, 2009 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Employee Stock Ownership Plan | |||
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:PrimeRateMember | ||
| Allocated shares | 642,369 | 619,938 | |
| Unearned shares | 195,732 | 244,665 | |
| Total ESOP shares | 838,101 | 864,603 | |
| Fair value of unearned shares, in thousands | $ 1,904,000 | $ 2,728,000 | |
| ESOP | |||
| Employee Stock Ownership Plan | |||
| Amount borrowed from employer | $ 9,800,000 | ||
| Shares purchased | 978,650 | ||
| Percentage of shares issued in initial public offering | 8.00% | ||
| Employee stock ownership plan, price per share of shares acquired in initial public offering (in dollars per share) | $ 10 | ||
| Term of loan | 20 years | ||
| Variable interest rate | prime rate, as published in The Wall Street Journal | ||
| ESOP expense | $ 458,000 | $ 692,000 | |
Employee Stock Ownership Plan - Nonqualified ESOP Restoration Plan (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| ESOP restoration | Certain executives | ||
| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ||
| Accrued (reversed) benefits | $ 3,000 | $ 13,000 |
Share-Based Compensation - Plan Provisions (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Compensation | ||
| Compensation expense | $ 428 | $ 177 |
| Income tax benefit | $ 117 | $ 48 |
| 2010 Equity Incentive Plan | Vesting period one | ||
| Share-Based Compensation | ||
| Vesting period | 3 years | |
| 2019 Equity Incentive Plan | ||
| Share-Based Compensation | ||
| Shares remaining available for new awards under the 2019 Equity Plan | 4,949 | |
Share-Based Compensation - Restricted Stock Awards (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Apr. 18, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| 2019 Equity Incentive Plan | |||
| Unrecognized compensation | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,949 | ||
| Restricted Stock | |||
| Restricted Stock Awards | |||
| Unvested at beginning of period (in shares) | 25,738 | 23,664 | |
| Granted (in shares) | 26,664 | 14,803 | |
| Vested (in shares) | 12,178 | 12,729 | |
| Unvested at end of period (in shares) | 40,224 | 25,738 | |
| Weighted Average Grant Date Fair Value | |||
| Unvested at beginning of period (in dollars per share) | $ 21.61 | $ 24.15 | |
| Granted (in dollars per share) | 7.03 | 19.29 | |
| Vested (in dollars per share) | 22.83 | 23.64 | |
| Unvested at end of period (in dollars per share) | $ 11.57 | $ 21.61 | |
| Restricted Stock | 2019 Equity Incentive Plan | |||
| Restricted Stock Awards | |||
| Granted (in shares) | 26,664 | ||
| Unrecognized compensation | |||
| Vesting period | 3 years | ||
| Unrecognized compensation costs | $ 287,000 | ||
| Unrecognized compensation costs, period of recognition | 1 year 8 months | ||
| Restricted Stock Units Based on a Performance Condition | |||
| Restricted Stock Awards | |||
| Unvested at beginning of period (in shares) | 44,967 | 43,557 | |
| Granted (in shares) | 31,995 | 17,758 | |
| Forfeited (in shares) | 12,797 | 16,348 | |
| Unvested at end of period (in shares) | 64,165 | 44,967 | |
| Weighted Average Grant Date Fair Value | |||
| Unvested at beginning of period (in dollars per share) | $ 22.85 | $ 23.63 | |
| Granted (in dollars per share) | 7.03 | 19.29 | |
| Forfeited (in dollars per share) | 26.77 | 21.05 | |
| Unvested at end of period (in dollars per share) | $ 14.18 | $ 22.85 | |
| Restricted Stock Units Based on a Performance Condition | 2019 Equity Incentive Plan | |||
| Restricted Stock Awards | |||
| Granted (in shares) | 31,995 | ||
| Unrecognized compensation | |||
| Vesting period | 3 years | ||
| Unrecognized compensation costs | $ 0 | ||
| Unrecognized compensation costs, period of recognition | 1 year 6 months | ||
| Restricted Stock Units Based on a Performance Condition | Minimum | 2019 Equity Incentive Plan | |||
| Unrecognized compensation | |||
| Shares vesting as a percentage of target | 0.00% | ||
| Restricted Stock Units Based on a Performance Condition | Maximum | 2019 Equity Incentive Plan | |||
| Unrecognized compensation | |||
| Shares vesting as a percentage of target | 150.00% | ||
| Restricted Stock Units Based on a Market Condition | |||
| Restricted Stock Awards | |||
| Unvested at beginning of period (in shares) | 11,245 | 10,889 | |
| Granted (in shares) | 8,000 | 4,443 | |
| Forfeited (in shares) | 3,199 | 4,087 | |
| Unvested at end of period (in shares) | 16,046 | 11,245 | |
| Weighted Average Grant Date Fair Value | |||
| Unvested at beginning of period (in dollars per share) | $ 22.31 | $ 24.04 | |
| Granted (in dollars per share) | 5.55 | 17.95 | |
| Forfeited (in dollars per share) | 26 | 22.16 | |
| Unvested at end of period (in dollars per share) | $ 13.22 | 22.31 | |
| Assumptions used in the Monte Carlo valuation of PRSUs | |||
| Term used for risk-free rate | 2 years 8 months 12 days | ||
| Term used for risk-free rate and historical volatility | 2 years 8 months 12 days | ||
| Risk-free interest rate (as a percent) | 4.87% | ||
| Closing stock price (in dollars per share) | $ 7.03 | $ 11.15 | |
| Annualized volatility (as a percent) | 43.50% | ||
| Restricted Stock Units Based on a Market Condition | 2019 Equity Incentive Plan | |||
| Restricted Stock Awards | |||
| Granted (in shares) | 8,000 | ||
| Unrecognized compensation | |||
| Vesting period | 3 years | ||
| Unrecognized compensation costs | $ 41,000 | ||
| Unrecognized compensation costs, period of recognition | 1 year 6 months | ||
| Performance Based Restricted Stock Units (PRSUs) | 2019 Equity Incentive Plan | |||
| Unrecognized compensation | |||
| Unrecognized compensation costs, period of recognition | 3 years | ||
| Performance Based Restricted Stock Units (PRSUs) | Maximum | |||
| Unrecognized compensation | |||
| Unrecognized compensation costs | $ 487,000 | ||
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Earnings Per Share | ||
| Net Income (Loss) | $ (4,299) | $ 5,027 |
| Income allotted to participating securities | (48) | |
| Net (loss) income available to common shareholders | $ (4,299) | $ 4,979 |
| Weighted-average number of shares used in: | ||
| Basic earnings per share (in shares) | 8,610,706 | 8,636,495 |
| Dilutive common stock equivalents: | ||
| Stock options and restricted stock units (in shares) | 47,597 | |
| Diluted earnings per share (in shares) | 8,610,706 | 8,684,092 |
| Net income per common share, basic (in dollars per share) | $ (0.5) | $ 0.58 |
| Net income per common share, diluted (in dollars per share) | $ (0.5) | $ 0.57 |
Accumulated Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Changes in the components of accumulated other comprehensive loss, net of taxes | ||
| Balances at beginning of period | $ (251,086) | $ (256,550) |
| Other comprehensive (income) loss, net of taxes | (1,381) | (1,523) |
| Net current period other comprehensive (income) loss | (1,381) | (1,523) |
| Balances at end of period | (248,351) | (251,086) |
| Accumulated Other Comprehensive Loss | ||
| Changes in the components of accumulated other comprehensive loss, net of taxes | ||
| Balances at beginning of period | 6,221 | 7,744 |
| Other comprehensive (income) loss, net of taxes | (1,381) | (1,523) |
| Net current period other comprehensive (income) loss | (1,381) | (1,523) |
| Balances at end of period | 4,840 | 6,221 |
| Unfunded Pension Liability | ||
| Changes in the components of accumulated other comprehensive loss, net of taxes | ||
| Balances at beginning of period | 4,466 | 5,746 |
| Other comprehensive (income) loss, net of taxes | (1,828) | (1,280) |
| Net current period other comprehensive (income) loss | (1,828) | (1,280) |
| Balances at end of period | 2,638 | 4,466 |
| Unrealized Loss/(Gain) on Securities | ||
| Changes in the components of accumulated other comprehensive loss, net of taxes | ||
| Balances at beginning of period | 1,755 | 1,998 |
| Other comprehensive (income) loss, net of taxes | 447 | (243) |
| Net current period other comprehensive (income) loss | 447 | (243) |
| Balances at end of period | $ 2,202 | $ 1,755 |
Accumulated Other Comprehensive Loss - Tax Effect on Each Component (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Tax effect on each component of other comprehensive loss | ||
| Pretax amount | $ (1,883) | $ (2,076) |
| Tax | 502 | 553 |
| After Tax Amount | (1,381) | (1,523) |
| Unfunded Pension Liability | ||
| Tax effect on each component of other comprehensive loss | ||
| Pretax amount | (2,492) | (1,745) |
| Tax | 664 | 465 |
| After Tax Amount | (1,828) | (1,280) |
| Unrealized loss (gain) on securities | ||
| Tax effect on each component of other comprehensive loss | ||
| Pretax amount | 609 | (331) |
| Tax | (162) | 88 |
| After Tax Amount | $ 447 | $ (243) |
Commitments - Loans (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loan Commitments | ||
| Reserve balances | $ 0.0 | $ 0.0 |
| Commitments to originate loans | ||
| Loan Commitments | ||
| Commitment amount | $ 1.2 | $ 1.3 |
| Interest rate (as a percent) | 6.00% | |
| Commitments to originate loans | Minimum | ||
| Loan Commitments | ||
| Interest rate (as a percent) | 6.75% | |
| Commitments to originate loans | Maximum | ||
| Loan Commitments | ||
| Interest rate (as a percent) | 7.125% | |
| Unused lines of credit to borrowers | ||
| Loan Commitments | ||
| Commitment amount | $ 17.1 | $ 14.9 |
Regulatory Capital and Supervision (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
item
|
Dec. 31, 2023
USD ($)
item
|
|
| Total Risk-Based Capital | ||
| Number of conditions or events that have changed the institution's category under capital guidelines | item | 0 | 0 |
| Territorial Savings Bank | ||
| Regulatory capital and supervision | ||
| Minimum capital conservation buffer | 0.025 | 0.025 |
| Tier 1 Leverage Capital | ||
| Required Ratio | 0.05 | 0.05 |
| Actual Amount | $ 237,864 | $ 238,972 |
| Actual Ratio | 0.1098 | 0.1086 |
| Common Equity Tier 1 Risk-Based Capital | ||
| Required Ratio | 0.09 | 0.09 |
| Actual Amount | $ 237,864 | $ 238,972 |
| Actual Ratio | 0.2669 | 0.2631 |
| Tier 1 Risk-Based Capital | ||
| Required Ratio | 0.105 | 0.105 |
| Actual Amount | $ 237,864 | $ 238,972 |
| Actual Ratio | 0.2669 | 0.2631 |
| Total Risk-Based Capital | ||
| Required Ratio | 0.125 | 0.125 |
| Actual Amount | $ 242,978 | $ 244,093 |
| Actual Ratio | 0.2726 | 0.2687 |
| Territorial Bancorp Inc. | ||
| Regulatory capital and supervision | ||
| Threshold of assets requiring consolidated regulatory capital requirements identical to those applicable to subsidiary depository institutions | $ 3,000,000 | |
| Tier 1 Leverage Capital | ||
| Actual Amount | $ 253,190 | $ 257,307 |
| Actual Ratio | 0.1168 | 0.1169 |
| Common Equity Tier 1 Risk-Based Capital | ||
| Actual Amount | $ 253,190 | $ 257,307 |
| Actual Ratio | 0.2839 | 0.2833 |
| Tier 1 Risk-Based Capital | ||
| Actual Amount | $ 253,190 | $ 257,307 |
| Actual Ratio | 0.2839 | 0.2833 |
| Total Risk-Based Capital | ||
| Actual Amount | $ 258,304 | $ 262,428 |
| Actual Ratio | 0.2896 | 0.2889 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenues | ||
| Revenue from contracts with customers | $ 1,153 | $ 1,308 |
| Other revenue | 432 | 298 |
| Total | 1,585 | 1,606 |
| Service and Other Fees | ||
| Revenues | ||
| Revenue from contracts with customers | 1,036 | 1,186 |
| Other revenue | 134 | 141 |
| Total | 1,170 | 1,327 |
| Other | ||
| Revenues | ||
| Revenue from contracts with customers | 117 | 122 |
| Other revenue | 298 | 157 |
| Total | $ 415 | $ 279 |
Leases - Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease costs: | ||
| Operating lease costs | $ 2,848 | $ 2,757 |
| Short-term lease costs | 314 | 511 |
| Variable lease costs | 159 | 163 |
| Total lease costs | 3,321 | 3,431 |
| Cash paid for amounts included in measurement of lease liabilities | 2,692 | |
| Cash paid for amounts included in measurement of lease liabilities | (991) | |
| ROU assets obtained in exchange for new operating lease liabilities | $ 3,589 | $ 693 |
Leases - Future Minimum Rental Commitments Under Non-cancellable Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Future minimum rental commitments: | ||
| 2025 | $ 2,744 | |
| 2026 | 2,592 | |
| 2027 | 2,507 | |
| 2028 | 2,227 | |
| 2029 | 1,876 | |
| Thereafter | 7,984 | |
| Total | 19,930 | |
| Less present value discount | (1,963) | |
| Present value of leases | $ 17,967 | $ 17,297 |
Leases - Other Related Information (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases | ||
| Weighted-average remaining lease term (years) | 9 years 7 days | 9 years 9 months 7 days |
| Weighted-average discount rate | 2.33% | 2.15% |
| Non-cancelable lease rental income | $ 133,000 | $ 155,000 |
Fair Value of Financial Instruments - Estimated Fair Values (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Investment securities available for sale | $ 18,492 | $ 20,171 |
| Investment securities held to maturity | 513,499 | 568,128 |
| Liabilities | ||
| Advances from Federal Reserve Bank | 50,000 | |
| Carrying Amount | ||
| Assets | ||
| Cash and cash equivalents | 123,523 | 126,659 |
| Investment securities available for sale | 18,492 | 20,171 |
| Investment securities held to maturity | 645,699 | 685,728 |
| Loans receivable, net | 1,281,548 | 1,303,431 |
| FHLB stock | 8,542 | 12,192 |
| FRB stock | 3,189 | 3,180 |
| Accrued interest receivable | 5,800 | 6,105 |
| Liabilities | ||
| Deposits | 1,717,663 | 1,636,604 |
| Advances from the Federal Home Loan Bank | 160,000 | 242,000 |
| Advances from Federal Reserve Bank | 50,000 | |
| Securities sold under agreements to repurchase | 10,000 | |
| Accrued interest payable | 979 | 1,183 |
| Estimated Fair Value | ||
| Assets | ||
| Cash and cash equivalents | 123,523 | 126,659 |
| Investment securities available for sale | 18,492 | 20,171 |
| Investment securities held to maturity | 513,499 | 568,128 |
| Loans receivable, net | 1,063,964 | 1,120,704 |
| FHLB stock | 8,542 | 12,192 |
| FRB stock | 3,189 | 3,180 |
| Accrued interest receivable | 5,800 | 6,105 |
| Liabilities | ||
| Deposits | 1,715,636 | 1,633,164 |
| Advances from the Federal Home Loan Bank | 159,139 | 238,380 |
| Advances from Federal Reserve Bank | 50,049 | |
| Securities sold under agreements to repurchase | 9,700 | |
| Accrued interest payable | 979 | 1,183 |
| Estimated Fair Value | Level 1 | ||
| Assets | ||
| Cash and cash equivalents | 123,523 | 126,659 |
| Accrued interest receivable | 95 | 79 |
| Estimated Fair Value | Level 2 | ||
| Assets | ||
| Investment securities available for sale | 18,492 | 20,171 |
| Investment securities held to maturity | 513,499 | 568,128 |
| FHLB stock | 8,542 | 12,192 |
| FRB stock | 3,189 | 3,180 |
| Accrued interest receivable | 1,349 | 1,441 |
| Liabilities | ||
| Deposits | 1,011,551 | 1,104,171 |
| Advances from the Federal Home Loan Bank | 159,139 | 238,380 |
| Advances from Federal Reserve Bank | 50,049 | |
| Securities sold under agreements to repurchase | 9,700 | |
| Accrued interest payable | 1 | 157 |
| Estimated Fair Value | Level 3 | ||
| Assets | ||
| Loans receivable, net | 1,063,964 | 1,120,704 |
| Accrued interest receivable | 4,356 | 4,585 |
| Liabilities | ||
| Deposits | 704,085 | 528,993 |
| Accrued interest payable | $ 978 | $ 1,026 |
Fair Value of Financial Instruments - Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets and Liabilities Measured at Fair Value on Recurring Basis | ||
| Investment securities available for sale | $ 18,492 | $ 20,171 |
| Fair Value, Measurements, Recurring | ||
| Assets and Liabilities Measured at Fair Value on Recurring Basis | ||
| Investment securities available for sale | 18,492 | 20,171 |
| Fair Value, Measurements, Recurring | Level 2 | ||
| Assets and Liabilities Measured at Fair Value on Recurring Basis | ||
| Investment securities available for sale | $ 18,492 | $ 20,171 |
Fair Value of Financial Instruments - Nonrecurring Basis (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair Value of Financial Instruments | ||
| Assets measured at fair value | $ 0 | $ 0 |
| Liabilities measured at fair value | $ 0 | $ 0 |
Parent Company Only - Condensed Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Assets | |||
| Prepaid expenses and other assets | $ 9,547 | $ 8,211 | |
| Total assets | 2,169,715 | 2,236,672 | |
| Liabilities and Equity | |||
| Equity | 248,351 | 251,086 | $ 256,550 |
| Total liabilities and stockholders' equity | 2,169,715 | 2,236,672 | |
| Territorial Bancorp Inc. | |||
| Assets | |||
| Cash | 14,763 | 18,453 | |
| Investment in Territorial Savings Bank | 233,025 | 232,751 | |
| Prepaid expenses and other assets | 1,028 | 272 | |
| Total assets | 248,816 | 251,476 | |
| Liabilities and Equity | |||
| Other liabilities | 465 | 390 | |
| Equity | 248,351 | 251,086 | |
| Total liabilities and stockholders' equity | $ 248,816 | $ 251,476 |
Parent Company Only - Condensed Statements of Income (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Interest and dividend income: | ||
| Other | $ 6,628 | $ 4,127 |
| Total interest income | 72,305 | 69,088 |
| Noninterest expense: | ||
| Salaries | 19,787 | 20,832 |
| Other general and administrative expenses | 7,325 | 4,388 |
| Total noninterest expense | 40,944 | 38,268 |
| (Loss) income before income taxes | (6,714) | 6,837 |
| Income tax benefit | (2,415) | 1,810 |
| Net (loss) income | (4,299) | 5,027 |
| Territorial Bancorp Inc. | ||
| Interest and dividend income: | ||
| Other | 2 | |
| Total interest income | 5 | 4 |
| Noninterest expense: | ||
| Salaries | 38 | 42 |
| Other general and administrative expenses | 3,728 | 958 |
| Total noninterest expense | 3,766 | 1,000 |
| (Loss) income before income taxes | (3,761) | (996) |
| Income tax benefit | (997) | (315) |
| Loss before equity in undistributed earnings in subsidiaries | (2,764) | (681) |
| Equity in undistributed (loss) earnings of Territorial Savings Bank, net of dividends | (1,535) | 5,708 |
| Net (loss) income | (4,299) | 5,027 |
| Territorial Bancorp Inc. | Territorial Savings Bank | ||
| Interest and dividend income: | ||
| Interest-earning deposit with Territorial Savings Bank | $ 3 | $ 4 |
Parent Company Only - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities: | ||
| Net (loss) income | $ (4,299) | $ 5,027 |
| Adjustments to reconcile net (loss) income to net cash (used in) from operating activities: | ||
| Net (increase) decrease in prepaid expenses and other assets | (1,337) | (1,537) |
| Net cash (used in) from operating activities | (7,483) | 8,257 |
| Cash flows from investing activities: | ||
| Net cash from investing activities | 65,991 | 16,874 |
| Cash flows from financing activities: | ||
| Repurchases of common stock | (4,065) | |
| Cash dividends paid | (703) | (6,412) |
| Net cash (used in) from financing activities | (61,644) | 60,975 |
| Net change in cash and cash equivalents | (3,136) | 86,106 |
| Cash and cash equivalents at beginning of the period | 126,659 | 40,553 |
| Cash and cash equivalents at end of the period | 123,523 | 126,659 |
| Territorial Bancorp Inc. | ||
| Cash flows from operating activities: | ||
| Net (loss) income | (4,299) | 5,027 |
| Adjustments to reconcile net (loss) income to net cash (used in) from operating activities: | ||
| Equity in undistributed loss (earnings) of Territorial Savings Bank, net of dividends | 1,535 | (5,708) |
| Net (increase) decrease in prepaid expenses and other assets | (298) | 933 |
| Net increase in other liabilities | 75 | 163 |
| Net cash (used in) from operating activities | (2,987) | 415 |
| Cash flows from financing activities: | ||
| Repurchases of common stock | (4,065) | |
| Cash dividends paid | (703) | (6,412) |
| Net cash (used in) from financing activities | (703) | (10,477) |
| Net change in cash and cash equivalents | (3,690) | (10,062) |
| Cash and cash equivalents at beginning of the period | 18,453 | 28,515 |
| Cash and cash equivalents at end of the period | $ 14,763 | $ 18,453 |
Segment Information (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
|
| Segment Information | ||
| Interest and dividend income: | $ 72,305,000 | $ 69,088,000 |
| Other noninterest income | 2,611,000 | 2,471,000 |
| Interest expense | 40,613,000 | 26,457,000 |
| Provision (reversal of provision) for credit losses | 73,000 | (3,000) |
| Salaries and employee benefits | 19,787,000 | 20,832,000 |
| Occupancy | 6,858,000 | 6,910,000 |
| Equipment | 5,307,000 | 5,156,000 |
| Federal deposit insurance premiums | 1,667,000 | 982,000 |
| Other general and administrative expenses | 7,325,000 | 4,388,000 |
| Income tax (benefit) expense | (2,415,000) | 1,810,000 |
| Net Income (Loss) | (4,299,000) | 5,027,000 |
| Total consolidated assets | $ 2,169,715,000 | 2,236,672,000 |
| Number of reportable segment | segment | 1 | |
| Operating segment | Single reportable segment | ||
| Segment Information | ||
| Interest and dividend income: | $ 72,305,000 | 69,088,000 |
| Other noninterest income | 2,611,000 | 2,471,000 |
| Total consolidated revenue | 74,916,000 | 71,559,000 |
| Interest expense | 40,613,000 | 26,457,000 |
| Segment net interest income and noninterest income | 34,303,000 | 45,102,000 |
| Provision (reversal of provision) for credit losses | 73,000 | (3,000) |
| Salaries and employee benefits | 19,787,000 | 20,832,000 |
| Occupancy | 6,858,000 | 6,910,000 |
| Equipment | 5,307,000 | 5,156,000 |
| Federal deposit insurance premiums | 1,667,000 | 982,000 |
| Other general and administrative expenses | 7,325,000 | 4,388,000 |
| Income tax (benefit) expense | (2,415,000) | 1,810,000 |
| Net Income (Loss) | (4,299,000) | 5,027,000 |
| Total consolidated assets | $ 2,169,715,000 | $ 2,236,672,000 |
Subsequent Events (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Subsequent Events | |||
| Quarterly cash dividend declared on common stock (in dollars per share) | $ 0.08 | $ 0.74 | |
| Subsequent event | |||
| Subsequent Events | |||
| Quarterly cash dividend declared on common stock (in dollars per share) | $ 0.01 | ||