Exhibit 99

PRESS RELEASE

FOR IMMEDIATE RELEASE

Territorial Bancorp Inc.

Announces Second Quarter 2011 Results

Honolulu, Hawaii, August 4, 2011 - Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $3.4 million or $0.31 per basic and $0.30 per diluted share for the three months ended June 30, 2011, compared to $3.2 million or $0.29 per basic and diluted share for the three months ended June 30, 2010. Net income rose by $150,000 or 4.6% for the three months ended June 30, 2011 compared to the same period in 2010.

The Company also announced that its Board of Directors today approved a quarterly cash dividend on its common stock of $0.09 per share. The dividend is expected to be paid on September 1, 2011 to stockholders of record as of August 18, 2011.

Allan Kitagawa, Chairman and Chief Executive Officer, said “Our core earnings for the second quarter remain solid. We continue to make quality mortgage loans and maintain a favorable net interest margin in a tough economic environment. I am also pleased to announce that due to our strong performance we will be paying a quarterly dividend of $0.09 per share.”

Interest Income

For the three months ended June 30, 2011 and 2010, net interest income was $12.9 million and $11.3 million, respectively. The growth in net interest income is primarily due to a $1.2 million decline in interest expense. Total interest and dividend income was $15.7 million for the three months ended June 30, 2011 compared to $15.3 million for the three months ended June 30, 2010. This growth in interest and dividend income occurred primarily due to an increase in interest earned on investment securities which totaled $6.9 million for the three months ended June 30, 2011 compared to $6.6 million for the three months ended June 30, 2010 and an increase in interest earned on loans which totaled $8.8 million for the three months ended June 30, 2011 compared to $8.6 million for the three months ended June 30, 2010.

Interest Expense and Provision for Loan Losses

Total interest expense decreased to $2.9 million for the three months ended June 30, 2011 compared to $4.1 million for the three months ended June 30, 2010. The decrease in

interest expense is primarily due to a $1.3 million decline in interest expense on deposits due to the lower interest rate environment. Provision for loan losses decreased to $14,000 for the three months ended June 30, 2011 compared to $158,000 for the three months ended June 30, 2010.

Noninterest Income

Noninterest income was $1.2 million for the three months ended June 30, 2011 compared to $1.5 million for the three months ended June 30, 2010. The decrease in noninterest income was primarily the result of not having any gains from the sale of investment securities, compared to a gain of $282,000 for the quarter ended June 30, 2010. Other noninterest income was $292,000 for the quarter ended June 30, 2011 compared to $102,000 for the quarter ended June 30, 2010. The increase in other noninterest income is due to a legal settlement of an insurance claim in the amount of $194,000.

Noninterest Expense

Noninterest expense increased to $8.6 million for the three months ended June 30, 2011 as compared to $7.4 million for the three months ended June 30, 2010. The increase in noninterest expense was primarily due to higher compensation and employee benefit expense. A significant portion of this increase was due to expenses accrued for the employee stock ownership plan that was part of the conversion to a publicly held company and awards made under the equity incentive plan that was approved by stockholders in August 2010.

Assets and Equity

Total assets grew to $1.488 billion at June 30, 2011 from $1.443 billion at December 31, 2010. Cash and cash equivalents decreased to $124.3 million at June 30, 2011 from $194.4 million at December 31, 2010. Deposits increased to $1.107 billion at June 30, 2011 from $1.076 billion at December 31, 2010. Investment securities held to maturity increased to $642.1 million as of June 30, 2011 from $530.6 million at December 31, 2010. There were no investment securities available for sale at June 30, 2011 compared to $15.0 million available at December 31, 2010. Loans receivable grew to $661.4 million at June 30, 2011 from $641.8 million at December 31, 2010 due to an increase in residential mortgage loan production. The growth in investment securities and loans receivable was funded by a $30.6 million increase in deposits, a $10.0 million increase in FHLB advances and a $10.0 million increase in securities sold under agreements to repurchase. Total stockholders’ equity decreased slightly to $222.5 million at June 30, 2011 from $227.4 million at December 31, 2010. The change in stockholders’ equity was primarily due to the Company’s earnings for the three months ended June 30, 2011, which was offset by the cost of shares repurchased under the Company’s stock buyback program and payment of the first quarter dividend. The Board of Directors previously authorized the repurchase of 733,988 shares. At the end of June 30, 2011, a total of

640,535 shares had been repurchased, compared to 55,707 shares as of December 31, 2010.

Asset Quality

Total delinquent loans ninety days or more past due and not accruing was $1.0 million (5 loans) at June 30, 2011, an increase of $204,000 compared to $808,000 (7 loans) at December 31, 2010. Asset quality remained strong with the ratio of nonperforming assets to total assets increasing slightly to 0.08% at June 30, 2011 from 0.06% at December 31, 2010. The allowance for loan losses at June 30, 2011 was $1.6 million and represented 0.24% of total loans. At December 31, 2010, the allowance for loan losses was $1.5 million and represented 0.23% of total loans.

Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a federally chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has twenty-six branch offices in the state of Hawaii.

Forward-looking statements - this earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

The following factors, among others, including those set forth in the Company’s filings with the Securities and Exchange Commission, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

TERRITORIAL BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share data)

TERRITORIAL BANCORP INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollars in thousands, except share data)

TERRITORIAL BANCORP INC. AND SUBSIDIARIES

Selected Financial Data (Unaudited)

June 30, 2011

Note: