Honolulu Star-Advertiser

Thursday, December 12, 2024 78° Today's Paper


Business BreakingTop News

Loans propel Territorial’s earnings up 5.2%

Territorial Bancorp Inc.’s net income increased 5.2 percent in the second quarter as loans surged double digits amid record median prices in Honolulu’s real estate market.

The parent of the state’s fifth-largest bank reported Friday that earnings rose to $4 million, or 43 cents a share, to beat analysts’ consensus estimate by 2 cents.

In the year-earlier quarter, Territorial had earnings of $3.8 million, or 41 cents a share.

Territorial Savings Bank, which generates more than 95 percent of its loans from residential mortgages, produced a 13.4 percent increase in loans to $1.26 billion from $1.11 billion in the year-earlier quarter.

The bank also maintained its quarterly dividend at 18 cents a share. It will be payable Aug. 26 to stockholders of record as of Aug. 12.

Territorial’s stock closed down 13 cents at $26.90 on Friday. The earnings were reported after the market closed.

Leave a Reply