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Loans help fuel 11.3% jump in Territorial's earnings

By Dave Segal

LAST UPDATED: 7:33 a.m. HST, Feb 4, 2013

The parent of Territorial Savings Bank boosted earnings 11.3 percent in the fourth quarter on the strength of a strong increase in residential mortgage loan originations.

 Territorial Bancorp Inc. said today that net income rose to $3.8 million, or 38 cents a share, from $3.4 million, or 33 cents a share, in the year-earlier period.

Loans receivable grew 12.6 percent to $774.9 million from $688.1 million despite an increase in prepayments of existing loans due to lower mortgage rates.

The state’s fifth-largest bank with $1.58 billion in assets said deposits rose 6.2 percent to $1.24 billion from $1.17 billion.

Territorial also maintained its quarterly dividend at 12 cents a share. It will be payable on March 4 to stockholders of record as of Feb. 18.

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