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Territorial earnings jump 22.1 percent

By Dave Segal

LAST UPDATED: 11:25 a.m. HST, Nov 1, 2012

Low mortgage rates are fueling a rush of new loans at Territorial Savings Bank.

The parent of the state’s fifth-largest bank said today that third-quarter earnings jumped 22.1 percent, easily beating analysts’ forecasts, as higher mortgage loan originations boosted both interest income and the gains on loan sales.

Territorial Bancorp Inc. also boosted its dividend 9.1 percent — the third time this year the bank has increased its quarterly payout.

Net income jumped to $3.6 million, or 36 cents a share, compared with $3 million, or 28 cents a share, in the year-earlier period.

Analysts’ consensus estimate for last quarter was 33 cents, according to equity research firm Thomson First Call.

The bank also said it is raising its dividend to 12 cents a share from 11 cents. It will be payable on Nov. 29 to stockholders of record as of Nov. 15.

“Our loan portfolio continues to grow because of increasing loan originations, which are being funded by an increase in our core deposits,” Territorial Chairman and CEO Allan Kitagawa said. 

Territorial’s stock slipped 13 cents today to $22.47 on the Nasdaq Stock Market. Earnings were released after the market closed.

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