Strong loan growth propels Territorial’s earnings
Craig T. Kojima / Ckojima@staradvertiser.com
Territorial Savings Bank’s parent has been buying back shares and increasing its dividend to boost shareholder returns.
Territorial Savings Bank’s parent has been buying back shares and increasing its dividend to boost shareholder returns.
Territorial Savings Bank’s parent company said today its earnings rose 6.5 percent in the third quarter as new loan originations more than doubled during the first nine months of this year.
The state’s fifth-largest bank, which generates more than 95 percent of its loans from residential mortgages, posted net income of $3.7 million, or 40 cents a share, compared with $3.5 million, or 37 cents a share, in the year-earlier quarter.
New loan originations jumped 116 percent through Sept. 30 to $364.01 million from $168.56 million during the same period a year ago. Loans receivable grew 20.1 percent through the first nine months to $1.16 billion from $968,212 on Dec. 31.
