A strong Hawaii real estate market keeps driving Territorial Savings Bank’s earnings higher.

The parent of the state’s fifth-largest bank said Thursday that net income rose 6.5 percent in the third quarter as new loan originations more than doubled during the first nine months of 2015 from the same period a year ago.

Territorial Bancorp Inc., which generates more than 95 percent of its loans from residential mortgages, posted net income of $3.7 million, or 40 cents a share. That missed analysts’ earnings estimate of 42 cents, according to Thomson Financial Network.

In the year-earlier quarter, Territorial earned $3.5 million, or 37 cents a share.

With interest rates still near historic lows, Territorial’s new loan originations jumped 116 percent through Sept. 30 to $364.01 million from $168.56 million over the same time frame in 2014.

“Our loan portfolio (which includes residential, commercial and consumer loans) grew by 20.1 percent during the first nine months of 2015,” Territorial Chairman and CEO Allan Kitagawa said in a statement. On a year-over-year basis, the bank’s loans jumped 25.7 percent in the third quarter to $1.16 billion from $925,484.

Analyst Aaron Deer of San Francisco-based Sandler O’Neill & Partners said the bank continues to post stellar earnings.

“It was another really solid quarter out of Territorial with really exceptional loan growth as Territorial benefits from the strong local economy and the favorable mortgage interest rates,” Deer said. “This was the fourth consecutive quarter that its annualized loan growth took a high teen pace or better. It was up 4.7 percent over the second quarter and 19 percent annualized.”

Territorial, which has 28 branches statewide, has seen its stock make a strong move in 2015 after fluctuating for several years in a tight trading range around the low $20 level. Shares of the company, which went public in July 2009 at $10, have jumped 34.1 percent this year — the best gain of any Hawaii company trading on a major exchange. The stock closed Thursday at $28.89 before earnings were announced. It was down 11 cents on the day and just below its all-time high of $29.13 reached Oct. 23.

Through Sept. 30, Territorial has repurchased nearly 3.1 million shares, or 25 percent, of the shares issued in its initial public offering. When shares are bought back, they are taken off the market, which increases the value of all remaining shares.

Kitagawa said the growth in Territorial’s loan portfolio allowed the bank’s net interest income — the difference between interest earned on loans/securities and what is paid out on deposits — to increase 6.7 percent in the quarter to $14.3 million from $13.4 million. The bank’s net interest margin, the spread between loans/securities and deposits, improved to 3.39 percent from 3.37 percent.

Territorial’s noninterest income, which includes service charges and fees, fell 15 percent to $1.2 million from $1.4 million. Deposits increased 6.5 percent to $1.41 billion from $1.33 billion while assets rose 7.7 percent to $1.78 billion from $1.66 billion.

Nonperforming assets, or delinquent loans not accruing interest and foreclosed real estate, rose 7.2 percent to $5.4 million from $5 million in the year-ago quarter. The 0.30 percent ratio of nonperforming assets to total assets matched the year-ago number to remain one of the lowest in the country.