Territorial Bancorp Inc., the parent of Territorial Savings Bank, reported net income of $3.5 million, or 37 cents per share, for the fourth quarter of 2014, unchanged from the year-ago period.

The bank said loans grew by 4.6 percent in the quarter and were up 13 percent for all of last year.

Territorial will pay a 16-cent dividend.

"We have been very successful in increasing our net interest income and the size of our loan portfolio in 2014. We are working to improve our shareholder returns by continuing our stock repurchase program and paying dividends," said Allan Kitagawa, the bank’s CEO, in a statement.