Territorial Bancorp Inc. boosted its net income 5 percent in the third quarter, increased its dividend and announced the opening of a new branch as it continued to benefit from the state’s rebounding economy.
The parent of Territorial Savings Bank said today that net income rose to $3.8 million, or 39 cents a share, from $3.6 million, or 36 cents a share, a year earlier.
Territorial, the state’s fifth-largest bank in terms of assets, also said it was raising its dividend for the sixth time in just over two years. It boosted its quarterly payout by a penny to 14 cents a share. The dividend will be payable Nov. 17 to stockholders of record as of Nov. 14.
In addition to the steady increase in dividends, the bank paid a special dividend of 10 cents a share last December, the fifth dividend it paid out in 2012.
The bank said it also opened its 28th branch in the state on Oct. 2 in Manoa.