POSTED: 12:50 p.m. HST, May 1, 2013
LAST UPDATED: 4:43 p.m. HST, May 1, 2013
The parent of Territorial Savings Bank boosted earnings 2.9 percent and raised its dividend for the fifth time in the last two years as it continued to reap benefits from its strong loan portfolio.
Territorial Bancorp Inc. said today that first-quarter net income rose to $3.6 million, or 36 cents a share, compared with $3.5 million, or 34 cents a share, in the year-earlier period.
The state’s fifth-largest bank increased its dividend 8.3 percent to 13 cents from 12 cents. It will be payable May 29 to stockholders of record as of May 15. That equates to an annualized yield of 2.3 percent based on today’s closing price of $22.97. Territorial’s stock fell 41 cents, or 1.8 percent, before earnings were released after the market closed.
In addition to the steady increase in dividends, the bank paid a special dividend of 10 cents a share last December, marking the fifth dividend it paid out in 2012.
Territorial’s loans receivable ended last quarter at $793.7 million, up 2.4 percent from $774.9 million at year-end and up 11.6 percent from $711.5 million in the first quarter of 2012.