The parent of Territorial Savings Bank boostedearnings 11.3 percent in the four">
POSTED: 07:33 a.m. HST, Feb 04, 2013
LAST UPDATED: 07:33 a.m. HST, Feb 04, 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.