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Territorial’s earnings slip but loans increase

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Territorial Bancorp Inc. said today that net income slipped 4.8 percent in the second quarter due to lower interest earned on its investment securities.

The parent of Territorial Savings Bank, the state’s fifth largest, said it had net income of $3.7 million, or 36 cents a share, compared with $3.8 million, or 37 cents a share, a year earlier.

Territorial said its investment securities interest fell to $4.5 million from $6.3 million in the second quarter of 2012.

An increase in residential mortgage loan origination resulted in the bank’s loans receivable jumping 13.2 percent to $821.8 million from $726.2 million in the year-earlier period. 

Territorial maintained its quarterly dividend at 13 cents a share after raising it during the previous quarter for the fifth time in two years. The dividend will be paid on Aug. 29 to stockholders of record as of Aug. 15.

Shares of the company rose 8 cents today to $22.82 on the Nasdaq Stock Market. Earnings were released after the market closed.

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