Territorial Savings Bank posted double-digit loan growth and increased its dividend for the seventh time in less than three years despite earnings declining 9.6 percent in the third quarter.

Parent company Territorial Bancorp Inc. said Thursday that net income fell to $3.5 million, or 37 cents a share, from $3.8 million, or 39 cents a share, in the year-earlier period.

Loans receivable at the state’s fifth-largest bank jumped 11.8 percent to $925.5 million from $827.9 million a year ago.

Territorial also said it was boosting its dividend by a penny to 16 cents a share that will be payable on Nov. 26 to stockholders of record as of Nov. 13. That equates to an annualized yield of 2.92 percent based on Thursday’s closing price of $21.95.