Territorial Bancorp, Inc. – TBNK: SEC Investigation Update
Warning. On Friday, 12-Mar-2021, after the market closed, Territorial Bancorp filed an 8-K announcing recent receipt of an SEC subpoena which the company says relates to earnings calculations from 2018. In a troubling note, we found the related disclosure was then left out of the company’s 10-K, filed only one week later. In our opinion, Territorial Bancorp management is playing Disclosure Games® with investors over this SEC investigation. We think there’s easily more to this story than management is telling you. We mark-up the disclosures and point out our concerns in today’s report.
Probes Reporter® research provides data, commentary, and analysis on public company interactions with investors and with the SEC. Our work is heavily reliant on company disclosures and our expertise in using the Freedom of Information Act.
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