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Loans power Territorial’s earnings

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Strong double-digit loan growth helped boost Territorial Savings Bank’s earnings 1.8 percent in the first quarter as the Hawaii housing market remained robust.

The holding company for the state’s fifth-largest bank said Thursday that loans jumped 19.1 percent to $1.04 billion from $872,631 in the year-earlier quarter as residential mortgage loan originations exceeded loan repayments and sales.

Territorial Bancorp Inc., which generates more than 95 percent of its loans from residential mortgages, posted net income of $3.53 million, or 38 cents a share, compared with $3.46 million, or 37 cents a share, in the year-earlier quarter.

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