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Territorial Bancorp Inc. continued to ride the momentum of the state’s strong real estate market and boosted earnings 7.1 percent in the fourth quarter amid a fourth consecutive year of double-digit loan growth.
The parent of the state’s fifth-largest bank also increased its dividend for the 11th time since going public in July 2009.
Territorial Savings Bank, which generates more than 95 percent of its loans from residential mortgages, said today it had net income of $3.7 million, or 40 cents a share. That missed analysts’ earnings estimate of 41 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 80 percent last year to $458.7 million from $254.8 million in 2014.
Loans surged 22.8 percent to $1.19 billion from $968.2 million in the year-earlier quarter.
Territorial’s quarterly dividend, which was increased to 18 cents a share from 17 cents, will be payable on Feb. 25 to stockholders of record as of Feb. 11.
For the year, Territorial’s earnings rose 4.6 percent to $14.7 million from $14.1 million.
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