Territorial Bancorp (TBNK) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information
Entity Registrant Name	Territorial Bancorp Inc.
Entity Central Index Key	1,447,051
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,673,955
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 81,988	$ 65,919
Investment securities held to maturity, at amortized cost (fair value of $494,514 and $497,982 at March 31, 2016 and December 31, 2015, respectively)	480,296	493,059
Loans held for sale	603	2,139
Loans receivable, net	1,214,762	1,188,649
Federal Home Loan Bank stock, at cost	4,945	4,790
Federal Reserve Bank stock, at cost	3,042	3,022
Accrued interest receivable	4,803	4,684
Premises and equipment, net	4,619	4,903
Bank-owned life insurance	42,575	42,328
Current income taxes receivable	1,311
Deferred income tax assets, net	8,758	9,378
Prepaid expenses and other assets	2,352	2,270
Total assets	1,850,054	1,821,141
Liabilities:
Deposits	1,474,925	1,445,103
Advances from the Federal Home Loan Bank	69,000	69,000
Securities sold under agreements to repurchase	55,000	55,000
Accounts payable and accrued expenses	23,276	25,178
Current income taxes payable	1,805	2,095
Advance payments by borrowers for taxes and insurance	3,021	5,124
Total liabilities	$ 1,627,027	$ 1,601,500
Stockholders' Equity:
Preferred stock, $.01 par value; authorized 50,000,000 shares, no shares issued or outstanding
Common stock, $.01 par value; authorized 100,000,000 shares; issued and outstanding 9,675,955 and 9,659,685 shares at March 31, 2016 and December 31, 2015, respectively	$ 97	$ 96
Additional paid-in capital	71,259	70,118
Unearned ESOP shares	(6,239)	(6,361)
Retained earnings	163,163	161,024
Accumulated other comprehensive loss	(5,253)	(5,236)
Total stockholders' equity	223,027	219,641
Total liabilities and stockholders' equity	$ 1,850,054	$ 1,821,141

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Consolidated Balance Sheets
Investment securities held to maturity, fair value (in dollars)	$ 494,514	$ 497,982
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	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, authorized shares	100,000,000	100,000,000
Common stock, shares issued	9,675,955	9,659,685
Common stock, shares outstanding	9,675,955	9,659,685

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest and dividend income:
Loans	$ 12,361	$ 10,686
Investment securities	3,875	4,523
Other investments	144	79
Total interest and dividend income	16,380	15,288
Interest expense:
Deposits	1,408	1,134
Advances from the Federal Home Loan Bank	257	70
Securities sold under agreements to repurchase	218	312
Total interest expense	1,883	1,516
Net interest income	14,497	13,772
Provision for loan losses	28	194
Net interest income after provision for loan losses	14,469	13,578
Noninterest income:
Service fees on loan and deposit accounts	456	460
Income on bank-owned life insurance	247	255
Gain on sale of investment securities		236
Gain on sale of loans	61	129
Other	122	166
Total noninterest income	886	1,246
Noninterest expense:
Salaries and employee benefits	5,426	5,099
Occupancy	1,420	1,437
Equipment	906	945
Federal deposit insurance premiums	225	209
Other general and administrative expenses	1,082	1,214
Total noninterest expense	9,059	8,904
Income before income taxes	6,296	5,920
Income taxes	2,512	2,394
Net income	$ 3,784	$ 3,526
Basic earnings per share (in dollars per share)	$ 0.42	$ 0.39
Diluted earnings per share (in dollars per share)	0.41	0.38
Cash dividends declared per common share (in dollars per share)	$ 0.18	$ 0.16
Basic weighted-average shares outstanding (in shares)	9,034,919	9,120,720
Diluted weighted-average shares outstanding (in shares)	9,305,615	9,319,814

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statements of Comprehensive Income
Net income	$ 3,784	$ 3,526
Change in unfunded pension liability	(21)
Change in unrealized loss on securities	2	9
Change in noncredit related loss on trust preferred securities	2	31
Other comprehensive income (loss), net of tax	(17)	40
Comprehensive income	$ 3,767	$ 3,566

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unearned ESOP Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2014	$ 99	$ 75,229	$ (6,851)	$ 153,289	$ (5,388)	$ 216,378
Increase (Decrease) in Stockholders' Equity
Net income				3,526		3,526
Other comprehensive income (loss)					40	40
Cash dividends declared ($0.18 per share and $0.16 per share for the three months ended March 31,2016 and March 31,2015, respectively)				(1,497)		(1,497)
Share-based compensation		738				738
Allocation of ESOP shares (12,333 shares for three months ended March 31,2016, and March 31,2015)		145	123			268
Repurchase of company common stock (198,105 shares for the three months ended March 31, 2015)	(2)	(4,306)				(4,308)
Balance at Mar. 31, 2015	97	71,806	(6,728)	155,318	(5,348)	215,145
Balance at Dec. 31, 2015	96	70,118	(6,361)	161,024	(5,236)	219,641
Increase (Decrease) in Stockholders' Equity
Net income				3,784		3,784
Other comprehensive income (loss)					(17)	(17)
Cash dividends declared ($0.18 per share and $0.16 per share for the three months ended March 31,2016 and March 31,2015, respectively)				(1,645)		(1,645)
Share-based compensation		661				661
Allocation of ESOP shares (12,333 shares for three months ended March 31,2016, and March 31,2015)		198	122			320
Exercise of 16,270 options of common stock	1	282				283
Balance at Mar. 31, 2016	$ 97	$ 71,259	$ (6,239)	$ 163,163	$ (5,253)	$ 223,027

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statements of Stockholders' Equity, Share Data
Cash dividends declared (in dollars per share)	$ 0.18	$ 0.16
Common Stock
Consolidated Statements of Stockholders' Equity, Share Data
Allocation of ESOP shares, shares	12,233	12,233
Repurchase of company common stock, shares		198,105
Exercise of options of common stock, shares	16,270

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 3,784	$ 3,526
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	28	194
Depreciation and amortization	302	339
Deferred income tax expense (benefit)	596	(258)
Amortization of fees, discounts, and premiums	(160)	(73)
Origination of loans held for sale	(10,242)	(15,324)
Proceeds from sales of loans held for sale	10,952	13,335
Gain on sale of loans, net	(61)	(129)
Gain on sale of investment securities held to maturity		(236)
ESOP expense	320	268
Share-based compensation expense	661	738
Increase in accrued interest receivable	(119)	(147)
Net increase in bank-owned life insurance	(247)	(255)
Net increase in prepaid expenses and other assets	(82)	(316)
Net increase (decrease) in accounts payable and accrued expenses	(1,902)	3,125
Net decrease in advance payments by borrowers for taxes and insurance	(2,103)	(1,206)
Net increase in income taxes receivable	1,311
Net increase (decrease) in income taxes payable	(290)	225
Net cash from operating activities	126	3,806
Cash flows from investing activities:
Purchases of investment securities held to maturity	(1,323)	(1,204)
Principal repayments on investment securities held to maturity	14,107	20,510
Proceeds from sale of investment securities held to maturity		2,580
Loan originations, net of principal repayments on loans receivable	(25,108)	(70,532)
Purchases of FHLB stock	(155)
Proceeds from redemption of FHLB stock		122
Purchases of Federal Reserve Bank stock	(20)	(24)
Purchases of premises and equipment	(18)	(155)
Net cash from investing activities	(12,517)	(48,703)
Cash flows from financing activities:
Net increase in deposits	29,822	21,782
Proceeds from advances from the Federal Home Loan Bank		22,000
Repayments of advances from the Federal Home Loan Bank		(10,000)
Proceeds from securities sold under agreements to repurchase		25,000
Repayments of securities sold under agreements to repurchase		(37,000)
Proceeds from exercise of stock options	283
Repurchases of common stock		(4,674)
Cash dividends paid	(1,645)	(1,497)
Net cash from financing activities	28,460	15,611
Net increase (decrease) in cash and cash equivalents	16,069	(29,286)
Cash and cash equivalents at beginning of the year	65,919	75,060
Cash and cash equivalents at end of the year	81,988	45,774
Cash paid for:
Interest on deposits and borrowings	1,871	1,532
Income taxes	$ 3,517	2,350
Supplemental disclosure of noncash investing and financing activities:
Investments purchased, not yet settled		1,166
Company stock repurchased prior year, settled current year		$ 366

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited consolidated financial statements of Territorial Bancorp Inc. (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements and notes should be read in conjunction with the Company’s consolidated financial statements and notes thereto filed as part of the Annual Report on Form 10-K for the year ended December 31, 2015. In the opinion of management, all adjustments necessary for a fair presentation have been made and consist only of normal recurring adjustments. Interim results of operations are not necessarily indicative of results to be expected for the year.

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization
Organization	(2) Organization On November 4, 2008, the Board of Directors of Territorial Mutual Holding Company (MHC) approved a plan of conversion and reorganization under which the MHC would convert from a mutual holding company to a stock holding company. The conversion to a stock holding company was approved by the depositors and borrowers of Territorial Savings Bank and the Office of Thrift Supervision (OTS) and included the filing of a registration statement with the U.S. Securities and Exchange Commission. Upon the completion of the conversion and reorganization on July 10, 2009, Territorial Mutual Holding Company and Territorial Savings Group, Inc. ceased to exist as separate legal entities and Territorial Bancorp Inc. became the holding company for Territorial Savings Bank. Upon completion of the conversion and reorganization, a special “liquidation account” was established in an amount equal to the total equity of Territorial Mutual Holding Company as of December 31, 2008. The liquidation account is to provide eligible account holders and supplemental eligible account holders who maintain their deposit accounts with Territorial Savings Bank after the conversion with a liquidation interest in the unlikely event of the complete liquidation of Territorial Savings Bank after the conversion. The balance of the liquidation account at December 31, 2015 was $13.5 million. On June 25, 2014, Territorial Savings Bank converted from a federal savings bank to a Hawaii state-chartered savings bank. On July 10, 2014, Territorial Savings Bank became a member of the Federal Reserve System.

Recently Adopted Accounting Pro

Recently Adopted Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements	(3) Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) amended the Revenue Recognition topic of the FASB Accounting Standards Codification (ASC). The amendment seeks to clarify the principles for recognizing revenue as well as to develop common revenue standards for U.S. generally accepted accounting principles and International Financial Reporting Standards. The amendment is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB deferred the effective date of the amendment by one year. However, entities may still choose to adopt the amendment as of the original effective date. The Company does not expect the adoption of this amendment to have a material effect on its consolidated financial statements. In April 2015, the FASB amended the Intangibles – Goodwill and Other topic of the FASB ASC. The amendment adds guidance to help entities evaluate the accounting for fees paid in cloud computing arrangements. The amendment is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company adopted this amendment on January 1, 2016, and the adoption did not have a material effect on its consolidated financial statements. In January 2016, the FASB amended the Financial Instruments – Overall topic of the FASB ASC. The amendment addresses several aspects of recognition, measurement, presentation and disclosure of financial instruments. Included are: (a) a requirement to measure equity investments at fair value, with changes in fair value recognized in net income, (b) a simplification of the impairment assessment of equity investments without readily determinable fair values, (c) the elimination of the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet, and (d) a requirement to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not expect the adoption of this amendment to have a material effect on its consolidated financial statements. In February 2016, the FASB amended the Leases topic of the FASB ASC. The primary effects of the amendment will be to recognize lease assets and lease liabilities on the balance sheet and to disclose certain information about leasing arrangements. The amendment is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effects that the adoption of this amendment will have on its consolidated financial statements. In March 2016, the FASB amended the Compensation – Stock Compensation topic of the FASB ASC. The amendment seeks to simplify several areas of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification of transactions on the statement of cash flows. The amendment is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. The Company does not expect the adoption of this amendment to have a material effect on its consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2016
Cash and Cash Equivalents
Cash and Cash Equivalents	(4) Cash and Cash Equivalents The table below presents the balances of cash and cash equivalents: March 31, December 31, (Dollars in thousands) 2016 2015 Cash and due from banks $ $ Interest-earning deposits in other banks Cash and cash equivalents $ $ Interest-earning deposits in other banks consist primarily of deposits at the Federal Reserve Bank.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2016
Investment Securities
Investment Securities	(5) Investment Securities The amortized cost and fair values of investment securities are as follows: Amortized Gross Unrealized Estimated (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2016: Held to maturity: U.S. government-sponsored mortgage-backed securities $ $ $ $ Trust preferred securities — — Total $ $ $ $ December 31, 2015: Held to maturity: U.S. government-sponsored mortgage-backed securities $ $ $ $ Trust preferred securities — — Total $ $ $ $ The amortized cost and estimated fair value of investment securities at March 31, 2016 are shown below. Incorporated in the maturity schedule are mortgage-backed and trust preferred 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. Amortized Estimated (Dollars in thousands) Cost Fair Value Held to maturity: Due within 5 years $ $ Due after 5 years through 10 years Due after 10 years Total $ $ Realized gains and losses and the proceeds from sales of securities held to maturity and trading are shown in the table below. All sales of securities were U.S. government-sponsored mortgage-backed securities. Three Months Ended March 31, (Dollars in thousands) 2016 2015 Proceeds from sales $ — $ Gross gains — Gross losses — — The Company did not sell any held-to-maturity mortgage-backed securities during the three months ended March 31, 2016 . During the three months ended March 31, 2015, the Company received proceeds of $2.6 million from the sale of $2.3 million of held-to-maturity mortgage-backed securities, resulting in gross realized gains of $236,000. The sale of these mortgage-backed securities, for which the Company had already collected a substantial portion of the outstanding purchased principal (at least 85%), is in accordance with the Investments – Debt and Equity Securities topic of the FASB ASC and does not taint management’s assertion of intent to hold remaining securities in the held-to-maturity portfolio to maturity. Investment securities with amortized costs of $247.1 million and $241.4 million at March 31, 2016 and December 31, 2015, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and transaction clearing accounts. Provided below is a summary of investment securities which were in an unrealized loss position at March 31, 2016 and December 31, 2015. The Company does not intend to sell these 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. Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Number of Unrealized Description of securities Fair Value Losses Fair Value Losses Securities Fair Value Losses (Dollars in thousands) March 31, 2016 Mortgage-backed securities $ $ $ $ $ $ December 31, 2015 Mortgage-backed securities $ $ $ $ $ $ Mortgage-Backed Securities. The unrealized losses on the Company’s investment in mortgage-backed securities were caused by increases in market interest rates. 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, and 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, the Company does not consider these investments to be other-than-temporarily impaired as of March 31, 2016 and December 31, 2015. Trust Preferred Securities . At March 31, 2016, the Company owned one trust preferred security, PreTSL XXIII. The trust preferred security represents an investment in a pool of debt obligations issued primarily by holding companies for Federal Deposit Insurance Corporation-insured financial institutions. This security is classified in the Company’s held-to-maturity investment portfolio. The trust preferred securities market is considered to be inactive as only six transactions have occurred over the past 51 months in the same tranche of securities owned by the Company. The Company uses a discounted cash flow model to determine whether this security is other-than-temporarily impaired. The assumptions used in preparing the discounted cash flow model include the following: estimated discount rates, estimated deferral and default rates on collateral, and estimated cash flows. Based on the Company’s review, the Company’s investment in PreTSL XXIII did not incur additional impairment during the quarter ended March 31, 2016. PreTSL XXIII has an amortized cost of $919,000 at March 31, 2016. The difference between the amortized cost of $919,000 and the remaining cost basis of $1.1 million is reported as accumulated other comprehensive loss and is related to noncredit factors. It is reasonably possible that the fair value of the trust preferred security could decline in the near term if the overall economy and the financial condition of some of the issuers continue to deteriorate and the liquidity of this security remains low. As a result, there is a risk that the Company’s remaining cost basis of $1.1 million on its trust preferred security could be credit-related other-than-temporarily impaired in the near term. The impairment, if any, could be material to the Company’s consolidated statements of income. The table below provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold: (Dollars in thousands) 2016 2015 Balance at January 1, $ $ Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Credit losses on debt securities which were sold — — Balance at March 31, $ $ The table below shows the components of accumulated other comprehensive loss, net of taxes, resulting from other-than-temporarily impaired securities: March 31, (Dollars in thousands) 2016 2015 Noncredit losses on other-than-temporarily impaired securities, net of taxes $ $

Loans Receivable and Allowance

Loans Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2016
Loans Receivable and Allowance for Loan Losses
Loans Receivable and Allowance for Loan Losses	(6) Loans Receivable and Allowance for Loan Losses The components of loans receivable are as follows: March 31, December 31, (Dollars in thousands) 2016 2015 Real estate loans: First mortgages: One- to four-family residential $ $ Multi-family residential Construction, commercial and other Home equity loans and lines of credit Total real estate loans Other loans: Loans on deposit accounts Consumer and other loans Total other loans Less: Net unearned fees and discounts Allowance for loan losses Total unearned fees, discounts and allowance for loan losses Loans receivable, net $ $ The table below presents the activity in the allowance for loan losses by portfolio segment: Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals Three months ended March 31, 2016: Balance, beginning of period $ $ $ $ $ $ Provision (reversal of allowance) for loan losses — Charge-offs — — — — Recoveries — — — — Net charge-offs — — — — Balance, end of period $ $ $ $ $ $ Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals Three months ended March 31, 2015: Balance, beginning of period $ $ $ $ $ $ Provision (reversal of allowance) for loan losses Charge-offs — — — — Recoveries — — Net charge-offs — — Balance, end of period $ $ $ $ $ $ During the three months ended March 31, 2015, the Company increased the loan loss provisions for residential mortgage loans based on the growth of this segment of the loan portfolio and the concentration of loans in Hawaii. The Company also reduced the loan loss provisions on construction, commercial and other mortgage loans and consumer and other loans based on a continued limited loss experience. The allocation of a portion of the allowance from one category of loans does not preclude its availability to absorb losses in other loan categories. Management considers the allowance for loan losses at March 31, 2016 to be at an appropriate level to provide for probable losses that can be reasonably estimated based on general and specific conditions at that date. While the Company uses the best information it has available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. To the extent actual outcomes differ from the estimates, additional provisions for credit losses may be required that would reduce future earnings. In addition, as an integral part of their examination process, the bank regulators periodically review the allowance for loan losses and may require the Company to increase the allowance based on their analysis of information available at the time of their examination. The table below presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method: Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals March 31, 2016: Allowance for loan losses: Ending allowance balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment Total ending allowance balance $ $ $ $ $ $ Loans: Ending loan balance: Individually evaluated for impairment $ $ — $ $ — $ — $ Collectively evaluated for impairment — Total ending loan balance $ $ $ $ $ — $ December 31, 2015: Allowance for loan losses: Ending allowance balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment Total ending allowance balance $ $ $ $ $ $ Loans: Ending loan balance: Individually evaluated for impairment $ $ — $ $ $ — $ Collectively evaluated for impairment — Total ending loan balance $ $ $ $ $ — $ The table below presents the balance of impaired loans individually evaluated for impairment by class of loans: Unpaid Recorded Principal (Dollars in thousands) Investment Balance March 31, 2016: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit Consumer and other — — Total $ $ December 31, 2015: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit Consumer and other Total $ $ The table below presents the average recorded investment and interest income recognized on impaired loans by class of loans: For the Three Months Ended March 31, Average Interest Recorded Income (Dollars in thousands) Investment Recognized 2016: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit — Consumer and other — — Total $ $ 2015: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit — Total $ $ There were no loans individually evaluated for impairment with a related allowance for loan loss as of March 31, 2016 or December 31, 2015. Loans individually evaluated for impairment do not have an allocated allowance for loan loss because they are written down to fair value. The table below presents the aging of loans and accrual status by class of loans: Loans More Than 90 Days 30 - 59 60 - 89 90 Days or Past Due Days Past Days Past Greater Total Past Loans Not Total Nonaccrual and Still (Dollars in thousands) Due Due Past Due Due Past Due Loans Loans Accruing March 31, 2016: One- to four-family residential mortgages $ $ — $ $ $ $ $ $ — Multi-family residential mortgages — — — — — — Construction, commercial and other mortgages — — — — — — Home equity loans and lines of credit — — — Loans on deposit accounts — — — — — — Consumer and other — — — — Total $ $ — $ $ $ $ $ $ — December 31, 2015: One- to four-family residential mortgages $ $ — $ $ $ $ $ $ — Multi-family residential mortgages — — — — — — Construction, commercial and other mortgages — — — — — — Home equity loans and lines of credit — — — — — Loans on deposit accounts — — — — — — Consumer and other — Total $ $ $ $ $ $ $ $ — The Company primarily uses the aging of loans and accrual status to monitor the credit quality of its loan portfolio. 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 Company had 22 nonaccrual loans with a book value of $5.2 million at March 31, 2016 and 23 nonaccrual loans with a book value of $5.4 million as of December 31, 2015. The Company collected interest on nonaccrual loans of $57,000 and $50,000 during the three months ended March 31, 2016 and 2015, respectively, but due to regulatory requirements, the Company recorded the interest as a reduction of principal. The Company would have recognized additional interest income of $69,000 and $66,000 during the three months ended March 31, 2016 and 2015, respectively, had the loans been accruing interest. The Company did not have any loans more than 90 days past due and still accruing interest as of March 31, 2016 and December 31, 2015. There were no loans modified in a troubled debt restructuring during the three months ended March 31, 2016 or 2015. There were no new troubled debt restructurings within the past 12 months that subsequently defaulted. The Company had 15 troubled debt restructurings totaling $3.4 million as of March 31, 2016 that were considered to be impaired. This total included 14 one- to four-family residential mortgage loans totaling $3.2 million and one home equity loan for $118,000 . Five of the loans, totaling $1.2 million, are performing in accordance with their restructured terms and accruing interest at March 31, 2016. Nine of the loans, totaling $2.0 million, are performing in accordance with their restructured terms but not accruing interest at March 31, 2016. One of the loans, for $149,000 , was more than 149 days delinquent and not accruing interest as of March 31, 2016. The Company had 15 troubled debt restructurings totaling $3.4 million as of December 31, 2015 that were considered to be impaired. This total included 14 one- to four-family residential mortgage loans totaling $3.3 million and one home equity loan for $120,000 . Four of the loans, totaling $885,000 , were performing in accordance with their restructured terms and accruing interest at December 31, 2015. Nine of the loans, totaling $2.0 million, were performing in accordance with their restructured terms but not accruing interest at December 31, 2015. One of the loans, for $318,000 , was 59 days delinquent and accruing interest at December 31, 2015. One of the loans, for $149,000 , was more than 149 days delinquent and not accruing interest as of December 31, 2015. Restructurings include deferrals of interest and/or principal payments and temporary or permanent reductions in interest rates due to the financial difficulties of the borrowers. At March 31, 2016, we had no commitments to lend any additional funds to these borrowers. The Company had no real estate owned as of March 31, 2016 and 2015. There were three one- to four-family residential mortgage loans totaling $648,000 in the process of foreclosure as of March 31, 2016, and three one- to four-family residential mortgage loans totaling $691,000 in the process of foreclosure as of March 31, 2015. Nearly all of our 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 three months ended March 31, 2016 and 2015, the Company sold $10.9 million and $13.3 million, respectively, of mortgage loans held for sale and recognized gains of $61,000 and $129,000 , respectively. The Company had two loans held for sale totaling $603,000 at March 31, 2016 and six loans held for sale totaling $2.1 million at December 31, 2015. The Company serviced loans for others of $49.1 million at March 31, 2016 and $51.8 million at December 31, 2015. Of these amounts, $2.8 million relate to securitizations for which the Company continues to hold the related mortgage-backed securities at March 31, 2016 and December 31, 2015. The amount of contractually specified servicing fees earned for the three-month periods ended March 31, 2016 and 2015 was $34,000 and $41,000 , respectively. The fees are reported in service fees on loan and deposit accounts in the consolidated statements of income.

Securities Sold Under Agreement

Securities Sold Under Agreements to Repurchase	3 Months Ended
	Mar. 31, 2016
Securities Sold Under Agreements to Repurchase
Securities Sold Under Agreements to Repurchase	(7) 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: March 31, 2016 December 31, 2015 Weighted Weighted Repurchase Average Repurchase Average (Dollars in thousands) Liability Rate Liability Rate Maturing: 1 year or less $ — — % $ — — % Over 1 year to 2 years Over 2 years to 3 years — — Over 3 years to 4 years Over 4 years to 5 years — — Total $ % $ % Below is a summary comparing the carrying value and fair value of securities pledged to secure repurchase agreements, the repurchase liability, and the amount at risk at March 31, 2016. The amount at risk is the greater of the carrying value or fair value over the repurchase liability and refers to the potential loss to the Company if the secured lender fails to return the security at the maturity date of the agreement. All the agreements to repurchase are with JP Morgan Securities and the securities pledged are mortgage-backed securities issued and guaranteed by U.S. government-sponsored enterprises. The repurchase liability cannot exceed 90% of the fair value of securities pledged. In the event of a decline in the fair value of securities pledged to less than the required amount due to market conditions or principal repayments, the Company is obligated to pledge additional securities or other suitable collateral to cure the deficiency. Weighted Carrying Fair Average Value of Value of Repurchase Amount Months to (Dollars in thousands) Securities Securities Liability at Risk Maturity Maturing: Over 90 days $ $ $ $

Offsetting of Financial Liabili

Offsetting of Financial Liabilities	3 Months Ended
	Mar. 31, 2016
Offsetting of Financial Liabilities
Offsetting of Financial Liabilities	(8) Offsetting of Financial Liabilities Securities sold under agreements to repurchase are subject to a right of offset in the event of default. See note 7, Securities Sold Under Agreements to Repurchase, for additional information. Net Amount of Gross Amount Not Offset in the Gross Amount Gross Amount Liabilities Balance Sheet of Recognized Offset in the Presented in the Financial Cash Collateral (Dollars in thousands) Liabilities Balance Sheet Balance Sheet Instruments Pledged Net Amount March 31, 2016: Securities sold under agreements to repurchase $ $ — $ $ $ — $ — December 31, 2015: Securities sold under agreements to repurchase $ $ — $ $ $ — $ —

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Employee Benefit Plans
Employee Benefit Plans	(9) Employee Benefit Plans The Company has a noncontributory defined benefit pension plan (Pension Plan) that covers most employees with at least one year of service. Effective December 31, 2008, under approved changes to the Pension Plan, there were no further accruals of benefits for any participants and benefits will not increase with any additional years of service. Net periodic benefit cost, subsequent to December 31, 2008, has not been significant and is not disclosed in the table below. The Company also 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 components of net periodic benefit cost were as follows: SERP Three Months Ended March 31, (Dollars in thousands) 2016 2015 Net periodic benefit cost for the period: Service cost $ $ Interest cost Expected return on plan assets — — Amortization of prior service cost — — Recognized actuarial loss — — Recognized curtailment loss — — Net periodic benefit cost $ $

Employee Stock Ownership Plan

Employee Stock Ownership Plan	3 Months Ended
	Mar. 31, 2016
Employee Stock Ownership Plan
Employee Stock Ownership Plan
Employee Stock Ownership Plan	(10) 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 prime rate 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 three months ended March 31, 2016 and 2015 amounted to $261,000 and $222,000 , respectively. Shares held by the ESOP trust were as follows: March 31, December 31, 2016 2015 Allocated shares Unearned shares Total ESOP shares Fair value of unearned shares, in thousands $ $ The ESOP restoration plan is a nonqualified 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 three months ended March 31, 2016 and 2015, we accrued $77,000 and $64,000 , respectively, for the ESOP restoration plan.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
2010 Equity Incentive Plan
Share-Based Compensation
Share-Based Compensation	(11) Share-Based Compensation On August 19, 2010, Territorial Bancorp Inc. adopted the 2010 Equity Incentive Plan, which provides for awards of stock options and restricted stock to key officers and outside directors. In accordance with the Compensation – Stock Compensation topic of the FASB ASC, the cost of the 2010 Equity Incentive Plan is based on the fair value of the awards on the grant date. The fair value of restricted stock is based on the closing price of the Company’s stock on the grant date. The fair value of stock options is estimated using a Black-Scholes option pricing model using assumptions for dividend yield, stock price volatility, risk-free interest rate and option term. These assumptions are based on our judgments regarding future events, are subjective in nature, and cannot be determined with precision. The cost of the awards will be recognized on a straight-line basis over the three , five - or six - year vesting period during which participants are required to provide services in exchange for the awards. 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 statement of income as a component of salaries and employee benefits with a corresponding increase in shareholders’ equity. The table below presents information on compensation expense and the related tax benefit for all share-based awards: For the Three Months Ended March 31, (In thousands) 2016 2015 Compensation expense $ $ Income tax benefit Shares of our common stock issued under the 2010 Equity Incentive Plan shall be authorized but unissued shares. The maximum number of shares that will be awarded under the plan will be 1,712,637 shares. Stock Options The table below presents the stock option activity for the three months ended March 31, 2016 and 2015: Weighted Aggregate Average Remaining Intrinsic Exercise Contractual Value Options Price Life (years) (in thousands) Options outstanding at December 31, 2015 $ $ Granted — — — — Exercised — Forfeited — — — — Expired — — — — Options outstanding at March 31, 2016 $ $ Options outstanding at December 31, 2014 $ $ Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Options outstanding at March 31, 2015 $ $ Options vested and exercisable at March 31, 2016 $ $ There were 16,270 stock options exercised during the three months ended March 31, 2016. There were no stock options exercised during the three months ended March 31, 2015. The following summarizes certain stock option activity of the Company: For the Three Months Ended March 31, (In thousands) 2016 2015 Intrinsic value of stock options exercised $ $ — Cash received from stock options exercised — Tax benefits realized from stock options exercised — Total fair value of stock options that vested — — No stock options vested during the three months ended March 31, 2016 or 2015. As of March 31, 2016, the Company had $302,000 of unrecognized compensation costs related to the stock option plan. The cost of the stock option plan is being amortized over the three -, five - or six - year vesting period . Restricted Stock Awards Restricted stock awards are accounted for as fixed grants using the fair value of the Company’s stock at the time of grant. Unvested restricted stock awards may not be disposed of or transferred during the vesting period. Restricted stock awards carry with them the right to receive dividends. The table below presents the restricted stock award activity: Weighted Average Grant Restricted Date Fair Stock Awards Value Nonvested at December 31, 2015 $ Granted — — Vested — — Forfeited — — Nonvested at March 31, 2016 $ Nonvested at December 31, 2014 $ Granted — — Vested — — Forfeited — — Nonvested at March 31, 2015 $ As of March 31, 2016, the Company had $884,000 of unrecognized compensation costs related to restricted stock awards. The cost of the restricted stock awards is being amortized over the three -, five - or six - year vesting period.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share
Earnings Per Share	(12) Earnings Per Share The table below presents the information used to compute basic and diluted earnings per share: Three Months Ended March 31, (Dollars in thousands, except per share data) 2016 2015 Net income $ $ Weighted-average number of shares used in: Basic earnings per share Dilutive common stock equivalents: Stock options and restricted stock units Diluted earnings per share Net income per common share, basic $ $ Net income per common share, diluted $ $ We have two forms of our outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive nonforfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. The computed basic and diluted earnings per share presented are substantially equivalent using both the two-class and the treasury stock methods of calculating earnings per share.

Other Comprehensive Loss

Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
Other Comprehensive Loss
Other Comprehensive Loss	(13) Other Comprehensive Loss The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes: Noncredit Related Loss on Unfunded Trust Unrealized Pension Preferred Loss on (Dollars in thousands) Liability Securities Securities Total Three months ended March 31, 2016 Balances at beginning of period $ $ $ $ Other comprehensive loss (income), net of taxes Amounts reclassified from accumulated other comprehensive loss — — — — Net current period other comprehensive loss (income) Balances at end of period $ $ $ $ Three months ended March 31, 2015 Balances at beginning of period $ $ Other comprehensive income, net of taxes — Amounts reclassified from accumulated other comprehensive loss — — — — Net current period other comprehensive income — Balances at end of period $ $ $ $ The table below presents the tax effect on each component of accumulated other comprehensive loss: Three Months Ended March 31, 2016 2015 Pretax After Tax Pretax After Tax (Dollars in thousands) Amount Tax Amount Amount Tax Amount Unfunded pension liability $ — $ $ $ — $ — $ — Noncredit related loss on trust preferred securities Unrealized loss on securities Total $ $ $ $ $ $

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Fair Value of Financial Instruments	(14) 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 valued 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. · Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect management’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that require the use of significant judgment or estimation. 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 held 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. Cash and Cash Equivalents, Accrued Interest Receivable and Accrued Interest Payable. The carrying amount approximates fair value because of the short maturity of these instruments. Investment Securities. The estimated fair values of U.S. government-sponsored mortgage-backed securities 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. The trust preferred securities represent investments in a pool of debt obligations issued primarily by holding companies for Federal Deposit Insurance Corporation-insured financial institutions. The trust preferred securities market is considered to be inactive as only six transactions have occurred over the past 51 months in the same tranche of securities we own and no new issues of pooled trust preferred securities have occurred since 2007. The fair value of our trust preferred securities was determined using a discounted cash flow model. Our model used a discount rate equal to three-month LIBOR plus 20.00% . The discounted cash flow analysis includes a review of all issuers within the pool. The fair value of the trust preferred securities are classified as Level 3 inputs because they are based on discounted cash flow models. FHLB Stock. FHLB stock, which is redeemable for cash at par value, is reported at its par value. FRB Stock. FRB stock, which is redeemable for cash at par value, is reported at its par value. Loans. The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of loans is not based on the concept of exit price. Loans Held for Sale. The fair value of loans held for sale is determined based on the prices quoted in the secondary market for similar loans. Deposits. The fair value of checking and Super NOW savings accounts, passbook accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting future cash flows using the rates currently offered for deposits with similar remaining maturities. Advances From the FHLB and Securities Sold Under Agreements to Repurchase. Fair value is estimated by discounting future cash flows using the rates currently offered to the Company for debt with similar remaining maturities. 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. 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: Carrying Fair Value Measurements Using (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 March 31, 2016 Assets Cash and cash equivalents $ $ $ $ — $ — Investment securities held to maturity — Loans held for sale — — Loans receivable, net — — FHLB stock — — FRB stock — — Accrued interest receivable Interest rate contracts — — Liabilities Deposits — Advances from the Federal Home Loan Bank — — Securities sold under agreements to repurchase — — Accrued interest payable — Interest rate contracts — — December 31, 2015 Assets Cash and cash equivalents $ $ $ $ — $ — Investment securities held to maturity — Loans held for sale — — Loans receivable, net — — FHLB stock — — FRB stock — — Accrued interest receivable Interest rate contracts — — Liabilities Deposits — Advances from the Federal Home Loan Bank — — Securities sold under agreements to repurchase — — Accrued interest payable — — Interest rate contracts — — At March 31, 2016 and December 31, 2015, 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: (Dollars in thousands) Level 1 Level 2 Level 3 Total March 31, 2016 Interest rate contracts — assets $ — $ $ — $ Interest rate contracts — liabilities — — December 31, 2015 Interest rate contracts — assets $ — $ $ — $ Interest rate contracts — liabilities — — The fair value of interest rate contracts was determined by referring to prices quoted in the secondary market for similar contracts. The table below presents the balance of assets measured at fair value on a nonrecurring basis as of March 31, 2016 and December 31, 2015 and the related gains and losses for the three months ended March 31, 2016 and the year ended December 31, 2015: Total Gains (Dollars in thousands) Level 1 Level 2 Level 3 Total (Losses) March 31, 2016 Trust preferred securities $ — $ — $ $ $ Mortgage servicing assets — — December 31, 2015 Trust preferred securities $ — $ — $ $ $ The fair value of trust preferred securities is determined using a discounted cash flow model. The assumptions used in the discounted cash flow model are discussed above. Gains and losses on trust preferred securities that are credit related are included in net other-than-temporary impairment losses in the consolidated statements of income. Gains and losses on trust preferred securities that are not credit related are included in other comprehensive income in the consolidated statements of comprehensive income. Mortgage servicing assets are valued using a discounted cash flow model. Assumptions used in the model include mortgage prepayment speeds, discount rates and cost of servicing. Losses on mortgage servicing assets are included in service fees on loan and deposit accounts in the consolidated statements of income. The table below presents the significant unobservable inputs for Level 3 nonrecurring fair value measurements: Unobservable (Dollars in thousands) Fair Value Valuation Technique Input Value March 31, 2016: Trust preferred securities $ Discounted cash flow Discount rate Three -month LIBOR plus 20.00% Mortgage servicing assets Discounted cash flow Discount rate 10.00% Prepayment speed (PSA) 177.6 - 316.5 Annual cost to service (per loan, in dollars) $ December 31, 2015: Trust preferred securities $ Discounted cash flow Discount rate Three-month LIBOR plus 20.00%

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events
Subsequent Events	(15) Subsequent Events On April 28, 2016, the Board of Directors of Territorial Bancorp Inc. declared a quarterly cash dividend of $0.18 per share of common stock. The dividend is expected to be paid on May 26, 2016 to stockholders of record as of May 12, 2016.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2016
Cash and Cash Equivalents
Schedule of balances of cash and cash equivalents	March 31, December 31, (Dollars in thousands) 2016 2015 Cash and due from banks $ $ Interest-earning deposits in other banks Cash and cash equivalents $ $

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Investment securities
Schedule of amortized cost and fair values of investment securities	Amortized Gross Unrealized Estimated (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2016: Held to maturity: U.S. government-sponsored mortgage-backed securities $ $ $ $ Trust preferred securities — — Total $ $ $ $ December 31, 2015: Held to maturity: U.S. government-sponsored mortgage-backed securities $ $ $ $ Trust preferred securities — — Total $ $ $ $
Schedule of amortized cost and estimated fair value of investment securities by maturity	Amortized Estimated (Dollars in thousands) Cost Fair Value Held to maturity: Due within 5 years $ $ Due after 5 years through 10 years Due after 10 years Total $ $
Schedule of realized gains and losses and proceeds from sales of securities held to maturity and trading	Three Months Ended March 31, (Dollars in thousands) 2016 2015 Proceeds from sales $ — $ Gross gains — Gross losses — —
Summary of investment securities in an unrealized loss position	Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Number of Unrealized Description of securities Fair Value Losses Fair Value Losses Securities Fair Value Losses (Dollars in thousands) March 31, 2016 Mortgage-backed securities $ $ $ $ $ $ December 31, 2015 Mortgage-backed securities $ $ $ $ $ $
Cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold	(Dollars in thousands) 2016 2015 Balance at January 1, $ $ Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Credit losses on debt securities which were sold — — Balance at March 31, $ $
Schedule of components of accumulated other comprehensive loss, net of taxes, resulting from other-than-temporarily impaired securities	Noncredit Related Loss on Unfunded Trust Unrealized Pension Preferred Loss on (Dollars in thousands) Liability Securities Securities Total Three months ended March 31, 2016 Balances at beginning of period $ $ $ $ Other comprehensive loss (income), net of taxes Amounts reclassified from accumulated other comprehensive loss — — — — Net current period other comprehensive loss (income) Balances at end of period $ $ $ $ Three months ended March 31, 2015 Balances at beginning of period $ $ Other comprehensive income, net of taxes — Amounts reclassified from accumulated other comprehensive loss — — — — Net current period other comprehensive income — Balances at end of period $ $ $ $
Noncredit Related Loss
Investment securities
Schedule of components of accumulated other comprehensive loss, net of taxes, resulting from other-than-temporarily impaired securities	March 31, (Dollars in thousands) 2016 2015 Noncredit losses on other-than-temporarily impaired securities, net of taxes $ $

Loans Receivable and Allowanc26

Loans Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2016
Loans Receivable and Allowance for Loan Losses
Schedule of components of loans receivable	March 31, December 31, (Dollars in thousands) 2016 2015 Real estate loans: First mortgages: One- to four-family residential $ $ Multi-family residential Construction, commercial and other Home equity loans and lines of credit Total real estate loans Other loans: Loans on deposit accounts Consumer and other loans Total other loans Less: Net unearned fees and discounts Allowance for loan losses Total unearned fees, discounts and allowance for loan losses Loans receivable, net $ $
Schedule of activity in allowance for loan losses by portfolio segment	Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals Three months ended March 31, 2016: Balance, beginning of period $ $ $ $ $ $ Provision (reversal of allowance) for loan losses — Charge-offs — — — — Recoveries — — — — Net charge-offs — — — — Balance, end of period $ $ $ $ $ $ Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals Three months ended March 31, 2015: Balance, beginning of period $ $ $ $ $ $ Provision (reversal of allowance) for loan losses Charge-offs — — — — Recoveries — — Net charge-offs — — Balance, end of period $ $ $ $ $ $
Schedule of balance in allowance for loan losses and recorded investment in loans by portfolio segment and based on impairment method	Construction, Home Commercial Equity and Other Loans and Residential Mortgage Lines of Consumer (Dollars in thousands) Mortgage Loans Credit and Other Unallocated Totals March 31, 2016: Allowance for loan losses: Ending allowance balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment Total ending allowance balance $ $ $ $ $ $ Loans: Ending loan balance: Individually evaluated for impairment $ $ — $ $ — $ — $ Collectively evaluated for impairment — Total ending loan balance $ $ $ $ $ — $ December 31, 2015: Allowance for loan losses: Ending allowance balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment Total ending allowance balance $ $ $ $ $ $ Loans: Ending loan balance: Individually evaluated for impairment $ $ — $ $ $ — $ Collectively evaluated for impairment — Total ending loan balance $ $ $ $ $ — $
Schedule of balance of impaired loans individually evaluated for impairment by class of loans	Unpaid Recorded Principal (Dollars in thousands) Investment Balance March 31, 2016: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit Consumer and other — — Total $ $ December 31, 2015: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit Consumer and other Total $ $
Schedule of average recorded investment and interest income recognized on impaired loans by class of loans	For the Three Months Ended March 31, Average Interest Recorded Income (Dollars in thousands) Investment Recognized 2016: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit — Consumer and other — — Total $ $ 2015: With no related allowance recorded: One- to four-family residential mortgages $ $ Home equity loans and lines of credit — Total $ $
Schedule of aging of loans and accrual status by class of loans	Loans More Than 90 Days 30 - 59 60 - 89 90 Days or Past Due Days Past Days Past Greater Total Past Loans Not Total Nonaccrual and Still (Dollars in thousands) Due Due Past Due Due Past Due Loans Loans Accruing March 31, 2016: One- to four-family residential mortgages $ $ — $ $ $ $ $ $ — Multi-family residential mortgages — — — — — — Construction, commercial and other mortgages — — — — — — Home equity loans and lines of credit — — — Loans on deposit accounts — — — — — — Consumer and other — — — — Total $ $ — $ $ $ $ $ $ — December 31, 2015: One- to four-family residential mortgages $ $ — $ $ $ $ $ $ — Multi-family residential mortgages — — — — — — Construction, commercial and other mortgages — — — — — — Home equity loans and lines of credit — — — — — Loans on deposit accounts — — — — — — Consumer and other — Total $ $ $ $ $ $ $ $ —

Securities Sold Under Agreeme27

Securities Sold Under Agreements to Repurchase (Tables)	3 Months Ended
	Mar. 31, 2016
Securities Sold Under Agreements to Repurchase
Summary of securities sold under agreements to repurchase	March 31, 2016 December 31, 2015 Weighted Weighted Repurchase Average Repurchase Average (Dollars in thousands) Liability Rate Liability Rate Maturing: 1 year or less $ — — % $ — — % Over 1 year to 2 years Over 2 years to 3 years — — Over 3 years to 4 years Over 4 years to 5 years — — Total $ % $ %
Summary comparing carrying value and fair value of securities pledged to secure repurchase agreements, repurchase liability, and amount at risk	Weighted Carrying Fair Average Value of Value of Repurchase Amount Months to (Dollars in thousands) Securities Securities Liability at Risk Maturity Maturing: Over 90 days $ $ $ $

Offsetting of Financial Liabi28

Offsetting of Financial Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Offsetting of Financial Liabilities
Schedule of securities sold under agreements to repurchase subject to conditional right of offset	Net Amount of Gross Amount Not Offset in the Gross Amount Gross Amount Liabilities Balance Sheet of Recognized Offset in the Presented in the Financial Cash Collateral (Dollars in thousands) Liabilities Balance Sheet Balance Sheet Instruments Pledged Net Amount March 31, 2016: Securities sold under agreements to repurchase $ $ — $ $ $ — $ — December 31, 2015: Securities sold under agreements to repurchase $ $ — $ $ $ — $ —

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Employee Benefit Plans
Schedule of components of net periodic benefit cost	SERP Three Months Ended March 31, (Dollars in thousands) 2016 2015 Net periodic benefit cost for the period: Service cost $ $ Interest cost Expected return on plan assets — — Amortization of prior service cost — — Recognized actuarial loss — — Recognized curtailment loss — — Net periodic benefit cost $ $

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Tables)	3 Months Ended
	Mar. 31, 2016
Employee Stock Ownership Plan
Schedule of shares held by ESOP trust	March 31, December 31, 2016 2015 Allocated shares Unearned shares Total ESOP shares Fair value of unearned shares, in thousands $ $

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Share-Based Compensation
Schedule of compensation expense and related tax benefit for all share-based awards	For the Three Months Ended March 31, (In thousands) 2016 2015 Compensation expense $ $ Income tax benefit
Schedule of stock option activity	Weighted Aggregate Average Remaining Intrinsic Exercise Contractual Value Options Price Life (years) (in thousands) Options outstanding at December 31, 2015 $ $ Granted — — — — Exercised — Forfeited — — — — Expired — — — — Options outstanding at March 31, 2016 $ $ Options outstanding at December 31, 2014 $ $ Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Options outstanding at March 31, 2015 $ $ Options vested and exercisable at March 31, 2016 $ $
Summary of certain stock option activity	For the Three Months Ended March 31, (In thousands) 2016 2015 Intrinsic value of stock options exercised $ $ — Cash received from stock options exercised — Tax benefits realized from stock options exercised — Total fair value of stock options that vested — —
Schedule of restricted stock award activity	Weighted Average Grant Restricted Date Fair Stock Awards Value Nonvested at December 31, 2015 $ Granted — — Vested — — Forfeited — — Nonvested at March 31, 2016 $ Nonvested at December 31, 2014 $ Granted — — Vested — — Forfeited — — Nonvested at March 31, 2015 $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share
Schedule of information used to compute basic and diluted earnings per share	Three Months Ended March 31, (Dollars in thousands, except per share data) 2016 2015 Net income $ $ Weighted-average number of shares used in: Basic earnings per share Dilutive common stock equivalents: Stock options and restricted stock units Diluted earnings per share Net income per common share, basic $ $ Net income per common share, diluted $ $

Other Comprehensive Loss (Table

Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Other Comprehensive Loss
Schedule of changes in components of accumulated other comprehensive loss, net of taxes	Noncredit Related Loss on Unfunded Trust Unrealized Pension Preferred Loss on (Dollars in thousands) Liability Securities Securities Total Three months ended March 31, 2016 Balances at beginning of period $ $ $ $ Other comprehensive loss (income), net of taxes Amounts reclassified from accumulated other comprehensive loss — — — — Net current period other comprehensive loss (income) Balances at end of period $ $ $ $ Three months ended March 31, 2015 Balances at beginning of period $ $ Other comprehensive income, net of taxes — Amounts reclassified from accumulated other comprehensive loss — — — — Net current period other comprehensive income — Balances at end of period $ $ $ $
Schedule of tax effect on each component of accumulated other comprehensive loss	Three Months Ended March 31, 2016 2015 Pretax After Tax Pretax After Tax (Dollars in thousands) Amount Tax Amount Amount Tax Amount Unfunded pension liability $ — $ $ $ — $ — $ — Noncredit related loss on trust preferred securities Unrealized loss on securities Total $ $ $ $ $ $

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Schedule of estimated fair values of financial instruments	Carrying Fair Value Measurements Using (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 March 31, 2016 Assets Cash and cash equivalents $ $ $ $ — $ — Investment securities held to maturity — Loans held for sale — — Loans receivable, net — — FHLB stock — — FRB stock — — Accrued interest receivable Interest rate contracts — — Liabilities Deposits — Advances from the Federal Home Loan Bank — — Securities sold under agreements to repurchase — — Accrued interest payable — Interest rate contracts — — December 31, 2015 Assets Cash and cash equivalents $ $ $ $ — $ — Investment securities held to maturity — Loans held for sale — — Loans receivable, net — — FHLB stock — — FRB stock — — Accrued interest receivable Interest rate contracts — — Liabilities Deposits — Advances from the Federal Home Loan Bank — — Securities sold under agreements to repurchase — — Accrued interest payable — — Interest rate contracts — —
Schedule of assets and liabilities measured at fair value on a recurring basis	(Dollars in thousands) Level 1 Level 2 Level 3 Total March 31, 2016 Interest rate contracts — assets $ — $ $ — $ Interest rate contracts — liabilities — — December 31, 2015 Interest rate contracts — assets $ — $ $ — $ Interest rate contracts — liabilities — —
Schedule of assets measured at fair value on a nonrecurring basis and related gains and losses	Total Gains (Dollars in thousands) Level 1 Level 2 Level 3 Total (Losses) March 31, 2016 Trust preferred securities $ — $ — $ $ $ Mortgage servicing assets — — December 31, 2015 Trust preferred securities $ — $ — $ $ $
Schedule of significant unobservable inputs for Level 3 nonrecurring fair value measurements	Unobservable (Dollars in thousands) Fair Value Valuation Technique Input Value March 31, 2016: Trust preferred securities $ Discounted cash flow Discount rate Three -month LIBOR plus 20.00% Mortgage servicing assets Discounted cash flow Discount rate 10.00% Prepayment speed (PSA) 177.6 - 316.5 Annual cost to service (per loan, in dollars) $ December 31, 2015: Trust preferred securities $ Discounted cash flow Discount rate Three-month LIBOR plus 20.00%

Organization (Details)

Organization (Details) $ in Millions	Dec. 31, 2015USD ($)
Plan of Conversion and Reorganization and Registration of Shares
Plan of conversion and reorganization
Liquidation account balance	$ 13.5

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Cash and Cash Equivalents
Cash and due from banks	$ 9,093	$ 10,318
Interest-earning deposits in other banks	72,895	55,601
Cash and cash equivalents	$ 81,988	$ 65,919	$ 45,774	$ 75,060

Investment Securities - Amortiz

Investment Securities - Amortized Cost and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Held to maturity:
Amortized Cost	$ 480,296	$ 493,059
Gross Unrealized Gains	15,461	11,092
Gross Unrealized Losses	(1,243)	(6,169)
Estimated Fair Value	494,514	497,982
U.S. government-sponsored mortgage-backed securities
Held to maturity:
Amortized Cost	479,377	492,143
Gross Unrealized Gains	15,461	11,092
Gross Unrealized Losses	(1,243)	(6,169)
Estimated Fair Value	493,595	497,066
Trust preferred securities
Held to maturity:
Amortized Cost	919	916
Estimated Fair Value	$ 919	$ 916

Investment Securities - Maturit

Investment Securities - Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Held to maturity, Amortized Cost
Due within 5 years	$ 28
Due after 5 years through 10 years	6
Due after 10 years	480,262
Amortized Cost	480,296	$ 493,059
Held to maturity, Estimated Fair Value
Due within 5 years	29
Due after 5 years through 10 years	7
Due after 10 years	494,478
Estimated Fair Value	$ 494,514	$ 497,982

Investment Securities - Realize

Investment Securities - Realized Gains and Losses and Proceeds from Sales (Details) - U.S. government-sponsored mortgage-backed securities - Held to maturity and trading securities $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Realized gains and losses and the proceeds from sales of securities available for sale, held to maturity and trading
Proceeds from sales of securities available for sale, held to maturity and trading	$ 2,580
Gross gains	$ 236

Investment Securities - Proceed

Investment Securities - Proceeds from Sales and Realized Gains and Losses by Classification and Securities Pledged (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Sale of held-to-maturity debt securities
Proceeds from the sale of held-to-maturity debt securities	$ 2,580
Pledged investment securities
Investment securities pledged to secure public deposit, securities sold under agreement to repurchase and transaction clearing accounts		$ 247,100	$ 241,400
U.S. government-sponsored mortgage-backed securities
Sale of held-to-maturity debt securities
Carrying value of held-to-maturity debt securities sold	$ 2,300

Investment Securities - Unreali

Investment Securities - Unrealized Loss Position Summary (Details) - U.S. government-sponsored mortgage-backed securities $ in Thousands	Mar. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item
Investment Securities
Less Than 12 Months Fair Value	$ 2,586	$ 142,810
Less Than 12 Months Unrealized Losses	4	3,939
12 Months or Longer Fair Value	143,898	53,142
12 Months or Longer Unrealized Losses	$ 1,239	$ 2,230
Total Number of Securities | item	25	43
Total Fair Value	$ 146,484	$ 195,952
Total Unrealized Losses	$ 1,243	$ 6,169

Investment Securities - Trust P

Investment Securities - Trust Preferred Securities (Details)	3 Months Ended	51 Months Ended
	Mar. 31, 2016USD ($)security	Mar. 31, 2016USD ($)Transactionsecurity	Jan. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Investment Securities
Amortized cost	$ 480,296,000	$ 480,296,000		$ 493,059,000
Trust preferred securities
Investment Securities
Period Of Minimal Activity In Securities Tranche Considered Inactive	51 months
Number of market transactions of the security | Transaction		6
Amortized cost	$ 919,000	$ 919,000		$ 916,000
Trust preferred securities | PreTSL XXIII
Investment Securities
Number of securities owned | security	1	1
Amortized cost	$ 919,000	$ 919,000	$ 919,000
Remaining cost basis	$ 1,100,000	$ 1,100,000	$ 1,100,000

Investment Securities - Cumulat

Investment Securities - Cumulative Roll Forward of Credit Losses Recognized in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold
Beginning balance	$ 2,403	$ 5,885
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized	0	0
Ending balance	2,403	5,885
Components of accumulated other comprehensive loss, net of taxes, resulting from other-than-temporarily impaired securities
Noncredit losses on other-than-temporarily impaired securities, net of taxes	$ 145	$ 253

Loans Receivable and Allowanc44

Loans Receivable and Allowance for Loan Losses - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Real estate loans:
Total real estate loans	$ 1,216,308	$ 1,190,359
Other loans:
Total other loans	4,511	4,543
Less: Net unearned fees and discounts	(3,874)	(4,087)
Less: Allowance for loan losses	(2,183)	(2,166)	$ (1,872)	$ (1,691)
Total unearned fees, discounts and allowance for loan losses	(6,057)	(6,253)
Loans receivable, net	1,214,762	1,188,649
One- to four-family residential
Real estate loans:
Total real estate loans	1,169,038	1,145,904
Multi-family residential
Real estate loans:
Total real estate loans	9,758	9,834
Construction, Commercial and Other Mortgage Loans
Real estate loans:
Total real estate loans	21,878	19,288
Other loans:
Less: Allowance for loan losses	(509)	(517)	(543)	(977)
Home Equity Loans and Lines of Credit
Real estate loans:
Total real estate loans	15,634	15,333
Other loans:
Less: Allowance for loan losses	(3)	(3)	$ (4)	$ (5)
Loans on deposit accounts
Other loans:
Total other loans	325	304
Consumer and other loans
Other loans:
Total other loans	$ 4,186	$ 4,239

Loans Receivable and Allowanc45

Loans Receivable and Allowance for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Activity in allowance for loan losses
Balance, beginning of year	$ 2,166	$ 1,691
Provision (reversal of allowance) for loan losses	28	194
Allowance for loan losses on loans receivable after provision (reversal of allowance)	2,194	1,885
Charge-offs	(14)	(19)
Recoveries	3	6
Net charge-offs	(11)	(13)
Balance, end of year	2,183	1,872
Residential Mortgage
Activity in allowance for loan losses
Balance, beginning of year	1,380	413
Provision (reversal of allowance) for loan losses	18	698
Allowance for loan losses on loans receivable after provision (reversal of allowance)	1,398	1,111
Balance, end of year	1,398	1,111
Construction, Commercial and Other Mortgage Loans
Activity in allowance for loan losses
Balance, beginning of year	517	977
Provision (reversal of allowance) for loan losses	(8)	(435)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	509	542
Recoveries		1
Net charge-offs		1
Balance, end of year	509	543
Home Equity Loans and Lines of Credit
Activity in allowance for loan losses
Balance, beginning of year	3	5
Provision (reversal of allowance) for loan losses		(2)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	3	3
Recoveries		1
Net charge-offs		1
Balance, end of year	3	4
Consumer and Other
Activity in allowance for loan losses
Balance, beginning of year	72	263
Provision (reversal of allowance) for loan losses	14	(99)
Allowance for loan losses on loans receivable after provision (reversal of allowance)	86	164
Charge-offs	(14)	(19)
Recoveries	3	4
Net charge-offs	(11)	(15)
Balance, end of year	75	149
Unallocated
Activity in allowance for loan losses
Balance, beginning of year	194	33
Provision (reversal of allowance) for loan losses	4	32
Allowance for loan losses on loans receivable after provision (reversal of allowance)	198	65
Balance, end of year	$ 198	$ 65

Loans Receivable and Allowanc46

Loans Receivable and Allowance for Loan Losses - Balance in Allowance for Loan Losses and Recorded Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Allowance for loan losses:
Collectively evaluated for impairment	$ 2,183	$ 2,166
Total ending allowance balance	2,183	2,166	$ 1,872	$ 1,691
Loans:
Individually evaluated for impairment	6,356	6,619
Collectively evaluated for impairment	1,210,589	1,184,196
Total ending loan balance	1,216,945	1,190,815
Residential Mortgage
Allowance for loan losses:
Collectively evaluated for impairment	1,398	1,380
Total ending allowance balance	1,398	1,380	1,111	413
Loans:
Individually evaluated for impairment	6,231	6,486
Collectively evaluated for impairment	1,168,776	1,145,259
Total ending loan balance	1,175,007	1,151,745
Construction, Commercial and Other Mortgage Loans
Allowance for loan losses:
Collectively evaluated for impairment	509	517
Total ending allowance balance	509	517	543	977
Loans:
Collectively evaluated for impairment	21,776	19,175
Total ending loan balance	21,776	19,175
Home Equity Loans and Lines of Credit
Allowance for loan losses:
Collectively evaluated for impairment	3	3
Total ending allowance balance	3	3	4	5
Loans:
Individually evaluated for impairment	125	124
Collectively evaluated for impairment	15,515	15,216
Total ending loan balance	15,640	15,340
Consumer and Other
Allowance for loan losses:
Collectively evaluated for impairment	75	72
Total ending allowance balance	75	72	149	263
Loans:
Individually evaluated for impairment		9
Collectively evaluated for impairment	4,522	4,546
Total ending loan balance	4,522	4,555
Unallocated
Allowance for loan losses:
Collectively evaluated for impairment	198	194
Total ending allowance balance	$ 198	$ 194	$ 65	$ 33

Loans Receivable and Allowanc47

Loans Receivable and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Impaired loans
Average Recorded Investment	$ 6,390	$ 6,350
Interest Income Recognized	20	30
One- to four-family residential
Impaired loans
Average Recorded Investment	6,265	6,216
Interest Income Recognized	20	30
Home Equity Loans and Lines of Credit
Impaired loans
Average Recorded Investment	125
Consumer and Other
Impaired loans
Average Recorded Investment		$ 134
Individually Evaluated for Impairment
Impaired loans
Recorded Investment	6,356		$ 6,619
Unpaid Principal Balance	7,256		7,479
Loans individually evaluated for impairment with a related allowance for loan loss	0		0
Individually Evaluated for Impairment | One- to four-family residential
Impaired loans
Recorded Investment	6,231		6,486
Unpaid Principal Balance	7,090		7,307
Individually Evaluated for Impairment | Home Equity Loans and Lines of Credit
Impaired loans
Recorded Investment	125		124
Unpaid Principal Balance	$ 166		163
Individually Evaluated for Impairment | Consumer and Other
Impaired loans
Recorded Investment			9
Unpaid Principal Balance			$ 9

Loans Receivable and Allowanc48

Loans Receivable and Allowance for Loan Losses - Aging of Loans and Accrual Status (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due
Total Past Due	$ 2,852	$ 2,984
Loans Not Past Due	1,214,093	1,187,831
Total ending loan balance	1,216,945	1,190,815
Nonaccrual Loans	5,157	5,415
One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Past Due	2,814	2,969
Loans Not Past Due	1,162,458	1,138,966
Total ending loan balance	1,165,272	1,141,935
Nonaccrual Loans	5,032	5,282
Multi-family residential
Financing Receivable, Recorded Investment, Past Due
Loans Not Past Due	9,735	9,810
Total ending loan balance	9,735	9,810
Construction, Commercial and Other Mortgage Loans
Financing Receivable, Recorded Investment, Past Due
Loans Not Past Due	21,776	19,175
Total ending loan balance	21,776	19,175
Home Equity Loans and Lines of Credit
Financing Receivable, Recorded Investment, Past Due
Total Past Due	36
Loans Not Past Due	15,604	15,340
Total ending loan balance	15,640	15,340
Nonaccrual Loans	125	124
Loans on deposit accounts
Financing Receivable, Recorded Investment, Past Due
Loans Not Past Due	325	304
Total ending loan balance	325	304
Consumer and other loans
Financing Receivable, Recorded Investment, Past Due
Total Past Due	2	15
Loans Not Past Due	4,195	4,236
Total ending loan balance	4,197	4,251
Nonaccrual Loans		9
30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,507	1,358
30 - 59 Days Past Due | One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,469	1,354
30 - 59 Days Past Due | Home Equity Loans and Lines of Credit
Financing Receivable, Recorded Investment, Past Due
Total Past Due	36
30 - 59 Days Past Due | Consumer and other loans
Financing Receivable, Recorded Investment, Past Due
Total Past Due	2	4
60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due		1
60 - 89 Days Past Due | Consumer and other loans
Financing Receivable, Recorded Investment, Past Due
Total Past Due		1
90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,345	1,625
90 Days or Greater Past Due | One- to four-family residential
Financing Receivable, Recorded Investment, Past Due
Total Past Due	$ 1,345	1,615
90 Days or Greater Past Due | Consumer and other loans
Financing Receivable, Recorded Investment, Past Due
Total Past Due		$ 10

Loans Receivable and Allowanc49

Loans Receivable and Allowance for Loan Losses - Delinquent and Nonaccrual Loans (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)loan	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)loan
Accounts, Notes, Loans and Financing Receivable
Nonaccrual Loans	$ 5,157,000		$ 5,415,000
Mortgage Loans on Real Estate | Minimum
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
Non Accrual Loans
Accounts, Notes, Loans and Financing Receivable
Number of loans | loan	22		23
Nonaccrual Loans	$ 5,200,000		$ 5,400,000
Interest collected on nonaccrual loans recorded as a reduction of principal	57,000	$ 50,000
Non accrual loans, additional interest income that would have been recognized had the loans been accruing interest	$ 69,000	$ 66,000

Loans Receivable and Allowanc50

Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan	Mar. 31, 2015USD ($)loan
Troubled debt restructurings
Number of loans subsequently defaulted | loan	0
Additional disclosures
Number of loans modified by troubled debt restructurings considered impaired | loan	15	15
Loans modified by troubled debt restructurings considered impaired | $	$ 3,400,000	$ 3,400,000
Real estate owned | $	$ 0		$ 0
Loans modified in troubled debt restructuring
Troubled debt restructurings
Number of Loans | loan	0	0
Additional disclosures
Commitments to lend additional funds to borrowers | $	$ 0
Performing Financing Receivable | Accruing interest
Additional disclosures
Number of loans modified by troubled debt restructurings considered impaired | loan	5	4
Loans modified by troubled debt restructurings considered impaired | $	$ 1,200,000	$ 885,000,000,000
Performing Financing Receivable | Non Accrual Loans
Additional disclosures
Number of loans modified by troubled debt restructurings considered impaired | loan	9	9
Loans modified by troubled debt restructurings considered impaired | $	$ 2,000,000	$ 2,000,000
Nonperforming Financing Receivable | Non Accrual Loans | 59 days past due
Additional disclosures
Number of loans modified by troubled debt restructurings considered impaired | loan		1
Loans modified by troubled debt restructurings considered impaired | $		$ 318,000
Nonperforming Financing Receivable | Non Accrual Loans | More than 149 days past due
Additional disclosures
Number of loans modified by troubled debt restructurings considered impaired | loan	1
Loans modified by troubled debt restructurings considered impaired | $	$ 149,000
One- to four-family residential
Additional disclosures
Number of loans modified by troubled debt restructurings considered impaired | loan	14	14
Loans modified by troubled debt restructurings considered impaired | $	$ 3,200,000	$ 3,300,000
Mortgage loans in process of foreclosure, number of contracts | loan	3		3
Mortgage loans in process of foreclosure, total value | $	$ 648,000		$ 691,000
Home Equity Loans and Lines of Credit
Additional disclosures
Number of loans modified by troubled debt restructurings considered impaired | loan	1	1
Loans modified by troubled debt restructurings considered impaired | $	$ 118,000	$ 120,000

Loans Receivable and Allowanc51

Loans Receivable and Allowance for Loan Losses - Collateral, Sales, Serviced for Others, Directors and Executive Officers (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)loan	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)loan
Accounts, Notes, Loans and Financing Receivable
Loans serviced for others	$ 49,100,000		$ 51,800,000
Loans serviced for others, securitization for which the company continues to hold the related mortgage-backed securities	2,800,000		$ 2,800,000
Loans serviced for others, amount of contractually specified servicing fees earned	$ 34,000	$ 41,000
Mortgage Loans on Real Estate | 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
Residential mortgage loans sold, loan amount	$ 10,900,000	13,300,000
Residential mortgage loans sold, recognized gains	$ 61,000	$ 129,000
Number of loans | loan	2		6
Residential mortgage loans held for sale	$ 603,000		$ 2,100,000

Securities Sold Under Agreeme52

Securities Sold Under Agreements to Repurchase - Summary of Repurchase Liability by Maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Securities sold under agreements to repurchase
Repurchase Liability	$ 55,000	$ 55,000
Repurchase liability maximum	90.00%
Weighted Average
Securities sold under agreements to repurchase
Rate (as a percent)	1.57%	1.57%
Over 1 year to 2 years
Securities sold under agreements to repurchase
Repurchase Liability	$ 25,000	$ 25,000
Over 1 year to 2 years | Weighted Average
Securities sold under agreements to repurchase
Rate (as a percent)	1.46%	1.46%
Over 2 years to 3 years
Securities sold under agreements to repurchase
Repurchase Liability	$ 20,000
Over 2 years to 3 years | Weighted Average
Securities sold under agreements to repurchase
Rate (as a percent)	1.66%
Over 3 years to 4 years
Securities sold under agreements to repurchase
Repurchase Liability	$ 10,000	$ 25,000
Over 3 years to 4 years | Weighted Average
Securities sold under agreements to repurchase
Rate (as a percent)	1.65%	1.66%
Over 4 years to 5 years
Securities sold under agreements to repurchase
Repurchase Liability		$ 5,000
Over 4 years to 5 years | Weighted Average
Securities sold under agreements to repurchase
Rate (as a percent)		1.65%

Securities Sold Under Agreeme53

Securities Sold Under Agreements to Repurchase - Summary of Securities Pledged (Details) - Maturing Over 90 days $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Securities sold under agreements to repurchase
Carrying Value of Securities	$ 64,311
Fair Value of Securities	65,646
Repurchase Liability	55,000
Amount at Risk	$ 10,646
Weighted Average Months to Maturity	29 months

Offsetting of Financial Liabi54

Offsetting of Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Securities sold under agreements to repurchase
Gross Amount of Recognized Liabilities	$ 55,000	$ 55,000
Net Amount of Liabilities Presented in the Balance Sheet	55,000	55,000
Gross amount not offset in the balance sheet
Financial Instruments	$ 55,000	$ 55,000

Employee Benefit Plans - Future

Employee Benefit Plans - Future Benefit Payments and Net Periodic Benefit Cost Assumptions and Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net periodic benefit cost for the year:
Service cost	$ 14	$ 21
Interest cost	33	31
Net periodic benefit cost	$ 47	$ 52
Pension Plan | Minimum
Net periodic benefit cost for the year:
Defined Benefit Plan Requisite Service Period	1 year

Employee Stock Ownership Plan -

Employee Stock Ownership Plan - Loan, Expense and Shares (Details) - USD ($)	Jul. 10, 2009	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Employee Stock Ownership Plan
ESOP expense		$ 320,000	$ 268,000
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
ESOP expense		$ 261,000	$ 222,000
Allocated shares		337,910,000		325,677,000
Unearned shares		623,892,000		636,125,000
Total ESOP shares		961,802,000		961,802,000
Fair value of unearned shares, in thousands		$ 16,259,000		$ 17,646,000
ESOP | Prime rate
Employee Stock Ownership Plan
Variable interest rate		Wall Street Journal Prime Rate

Employee Stock Ownership Plan57

Employee Stock Ownership Plan - Nonqualified ESOP Restoration Plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
ESOP restoration | Certain executives
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Accrued benefits	$ 77,000	$ 64,000

Share-Based Compensation - Plan

Share-Based Compensation - Plan Provisions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-Based Compensation
Compensation expense	$ 661	$ 660
Income tax benefit	$ 266	$ 265
2010 Equity Incentive Plan
Share-Based Compensation
Number of shares authorized	1,712,637
2010 Equity Incentive Plan | Vesting period one
Share-Based Compensation
Period for recognition of award cost	3 years
Vesting period	3 years
2010 Equity Incentive Plan | Vesting period two
Share-Based Compensation
Period for recognition of award cost	5 years
Vesting period	5 years
2010 Equity Incentive Plan | Vesting period three
Share-Based Compensation
Period for recognition of award cost	6 years
Vesting period	6 years

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Stock option activity
Balance at beginning of period (in shares)	832,300	832,954	832,954
Exercised (in shares)	16,270
Balance at end of period (in shares)	816,030	832,954	832,300	832,954
Options vested and exercisable (in shares)		676,756
Weighted Average Exercise Price
Balance at beginning of year (in dollars per share)	$ 17.42	$ 17.38	$ 17.38
Exercised (in dollars per share)	17.36
Balance at end of year (in dollars per share)	$ 17.42	17.38	$ 17.42	$ 17.38
Options vested and exercisable (in dollars per share)		$ 17.38
Remaining Contractual Life
Options outstanding	4 years 5 months 12 days	5 years 5 months 5 days	4 years 8 months 12 days	5 years 8 months 5 days
Options vested and exercisable		4 years 5 months 5 days
Aggregate Intrinsic Value
Beginning of year	$ 8,588	$ 3,471	$ 3,471
Exercised	140
End of year	7,048	5,312	$ 8,588	$ 3,471
Options vested and exercisable		$ 5,872
Stock option activity
Intrinsic value of stock options exercised	140
Cash received from stock options exercised	282
Tax benefits realized from stock options exercised	$ 38

Share-Based Compensation - Unre

Share-Based Compensation - Unrecognized Stock Option Compensation Costs (Details) - Stock Options - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-Based Compensation
Unrecognized compensation costs	$ 302,000
Vested during period (in shares)	0	0
Vesting period one
Share-Based Compensation
Unrecognized compensation costs, period of recognition	3 years
Vesting period	3 years
Vesting period two
Share-Based Compensation
Unrecognized compensation costs, period of recognition	5 years
Vesting period	5 years
Vesting period three
Share-Based Compensation
Unrecognized compensation costs, period of recognition	6 years
Vesting period	6 years

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock Awards
Non-vested at beginning of period (in shares)	114,542	226,733
Non-vested at end of period (in shares)	114,542	226,733
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 17.67	$ 17.39
Granted (in dollars per share)	0	0
Non-vested at end of period (in dollars per share)	$ 17.67	$ 17.39
Unrecognized compensation
Unrecognized compensation costs	$ 884,000
Vesting period one
Unrecognized compensation
Unrecognized compensation costs, period of recognition	3 years
Vesting period	3 years
Vesting period two
Unrecognized compensation
Unrecognized compensation costs, period of recognition	5 years
Vesting period	6 years
Vesting period three
Unrecognized compensation
Unrecognized compensation costs, period of recognition	6 years
Vesting period	6 years

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)security$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares
Earnings Per Share
Net income | $	$ 3,784	$ 3,526
Weighted-average number of shares used in:
Basic earnings per share (in shares)	9,034,919	9,120,720
Dilutive common stock equivalents:
Stock options and restricted stock units (in shares)	270,696	199,094
Diluted earnings per share (in shares)	9,305,615	9,319,814
Net income per common share, basic (in dollars per share) | $ / shares	$ 0.42	$ 0.39
Net income per common share, diluted (in dollars per share) | $ / shares	$ 0.41	$ 0.38
Number of different forms of outstanding common stock | security	2

Other Comprehensive Loss - Chan

Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in the components of accumulated other comprehensive loss, net of taxes
Balance at beginning of period	$ (219,641)	$ (216,378)
Net current period other comprehensive loss (income)	17	(40)
Balance at end of period	(223,027)	(215,145)
Accumulated Other Comprehensive Income (Loss)
Changes in the components of accumulated other comprehensive loss, net of taxes
Balance at beginning of period	5,236	5,388
Other comprehensive loss (income), net of taxes	17	(40)
Net current period other comprehensive loss (income)	17	(40)
Balance at end of period	5,253	5,348
Unfunded Pension Liability
Changes in the components of accumulated other comprehensive loss, net of taxes
Balance at beginning of period	5,044	5,032
Other comprehensive loss (income), net of taxes	21
Net current period other comprehensive loss (income)	21
Balance at end of period	5,065	5,032
Noncredit Related Loss
Changes in the components of accumulated other comprehensive loss, net of taxes
Balance at beginning of period	147	284
Other comprehensive loss (income), net of taxes	(2)	(31)
Net current period other comprehensive loss (income)	(2)	(31)
Balance at end of period	145	253
Unrealized Loss on Securities
Changes in the components of accumulated other comprehensive loss, net of taxes
Balance at beginning of period	45	72
Other comprehensive loss (income), net of taxes	(2)	(9)
Net current period other comprehensive loss (income)	(2)	(9)
Balance at end of period	$ 43	$ 63

Other Comprehensive Loss - Tax

Other Comprehensive Loss - Tax Effect on Each Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Tax effect on each component of other comprehensive loss
Pretax amount	$ (7)	$ (66)
Tax	24	26
Net current period other comprehensive loss (income)	17	(40)
Unfunded Pension Liability
Tax effect on each component of other comprehensive loss
Tax	21
Net current period other comprehensive loss (income)	21
Noncredit Related Loss
Tax effect on each component of other comprehensive loss
Pretax amount	(3)	(51)
Tax	1	20
Net current period other comprehensive loss (income)	(2)	(31)
Unrealized Loss on Securities
Tax effect on each component of other comprehensive loss
Pretax amount	(4)	(15)
Tax	2	6
Net current period other comprehensive loss (income)	$ (2)	$ (9)

Fair Value of Financial Instr65

Fair Value of Financial Instruments - Trust Preferred Securities (Details) - Trust preferred securities	3 Months Ended	12 Months Ended	51 Months Ended	99 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016Transaction	Mar. 31, 2016shares
Investment Securities
Number of market transactions of the security | Transaction			6
Period of minimal activity in trust preferred securities tranche determining the market to be inactive			51 months
Securities issued | shares				0
Fair Value, Measurements, Nonrecurring | Level 3 | Discounted cash flow | LIBOR
Investment Securities
Discount rate variable rate basis	Three-month LIBOR	Three-month LIBOR
Discount rate, margin added to variable rate (as a percent)	20.00%	20.00%

Fair Value of Financial Instr66

Fair Value of Financial Instruments - Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Assets
Investment securities held to maturity	$ 494,514	$ 497,982
Carrying Amount
Assets
Cash and cash equivalents	81,988		$ 65,919
Investment securities held to maturity	480,296		493,059
Loans held for sale	603		2,139
Loans receivable, net	1,214,762		1,188,649
FHLB stock	4,945		4,790
FRB stock	3,042		3,022
Accrued interest receivable	4,803		4,684
Interest rate contracts	96		71
Liabilities
Deposits	1,474,925		1,445,103
Advances from the Federal Home Loan Bank	69,000		69,000
Securities sold under agreements to repurchase	55,000		55,000
Accrued interest payable	249		237
Interest rate contracts	79		77
Estimated Fair Value
Assets
Cash and cash equivalents	81,988		65,919
Investment securities held to maturity	494,514		497,982
Loans held for sale	619		2,205
Loans receivable, net	1,258,707		1,208,300
FHLB stock	4,945		4,790
FRB stock	3,042		3,022
Accrued interest receivable	4,803		4,684
Interest rate contracts	96		71
Liabilities
Deposits	1,476,534		1,445,484
Advances from the Federal Home Loan Bank	70,114		69,191
Securities sold under agreements to repurchase	55,896		55,280
Accrued interest payable	249		237
Interest rate contracts	79		77
Estimated Fair Value | Level 1
Assets
Cash and cash equivalents	81,988		65,919
Accrued interest receivable	1		5
Estimated Fair Value | Level 2
Assets
Investment securities held to maturity	493,595		497,066
Loans held for sale	619		2,205
FHLB stock	4,945		4,790
FRB stock	3,042		3,022
Accrued interest receivable	1,321		1,310
Interest rate contracts	96		71
Liabilities
Deposits	1,231,348		1,221,069
Accrued interest payable	2
Interest rate contracts	79		77
Estimated Fair Value | Level 3
Assets
Investment securities held to maturity	919		916
Loans receivable, net	1,258,707		1,208,300
Accrued interest receivable	3,481		3,369
Liabilities
Deposits	245,186		224,415
Advances from the Federal Home Loan Bank	70,114		69,191
Securities sold under agreements to repurchase	55,896		55,280
Accrued interest payable	$ 247		$ 237

Fair Value of Financial Instr67

Fair Value of Financial Instruments - Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Assets and Liabilities Measured at Fair Value on Recurring Basis
Interest rate contracts - assets	$ 96	$ 71
Interest rate contracts - liabilities	(79)	(77)
Level 2
Assets and Liabilities Measured at Fair Value on Recurring Basis
Interest rate contracts - assets	96	71
Interest rate contracts - liabilities	$ (79)	$ (77)

Fair Value of Financial Instr68

Fair Value of Financial Instruments - Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Trust preferred securities
Assets Measured at Fair Value on Nonrecurring Basis and Related Losses
Fair value	$ 919	$ 916
Total Gains (Losses)	3	226
Mortgage servicing assets
Assets Measured at Fair Value on Nonrecurring Basis and Related Losses
Fair value	383
Total Gains (Losses)	(27)
Level 3 | Trust preferred securities
Assets Measured at Fair Value on Nonrecurring Basis and Related Losses
Fair value	919	$ 916
Level 3 | Mortgage servicing assets
Assets Measured at Fair Value on Nonrecurring Basis and Related Losses
Fair value	$ 383

Fair Value of Financial Instr69

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)$ / item	Dec. 31, 2015USD ($)
Trust preferred securities
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Fair Value	$ 919	$ 916
Mortgage servicing assets
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Fair Value	383
Level 3 | Trust preferred securities
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Fair Value	919	$ 916
Level 3 | Mortgage servicing assets
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Fair Value	$ 383
Level 3 | Discounted cash flow | Trust preferred securities | LIBOR
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Discount rate variable rate basis	Three-month LIBOR	Three-month LIBOR
Discount rate, margin added to variable rate (as a percent)	20.00%	20.00%
Level 3 | Discounted cash flow | Mortgage servicing assets
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Discount rate (as a percent)	10.00%
Annual cost to service (in dollars per loan) | $ / item	60
Level 3 | Discounted cash flow | Mortgage servicing assets | Minimum
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Prepayment speed (PSA) (as percent)	177.60%
Level 3 | Discounted cash flow | Mortgage servicing assets | Maximum
Significant Unobservable Inputs for Level Three Nonrecurring Fair Value Measurements
Prepayment speed (PSA) (as percent)	316.50%

Subsequent Events - Quarterly D

Subsequent Events - Quarterly Dividend (Details) - $ / shares	Apr. 28, 2016	Mar. 31, 2016	Mar. 31, 2015
Subsequent Events
Quarterly cash dividend declared on common stock (in dollars per share)		$ 0.18	$ 0.16
Subsequent event
Subsequent Events
Quarterly cash dividend declared on common stock (in dollars per share)	$ 0.18