comscore Lower federal taxes help Territorial double earnings | Honolulu Star-Advertiser
Top News

Lower federal taxes help Territorial double earnings


    Territorial Savings Main Branch located at 1000 Bishop Street.

Territorial Savings Bank’s net income more than doubled in the fourth quarter as loans increased 5.8 percent from the year-earlier period and tax expenses fell sharply due to a new federal law that went into effect at the start of 2018.

The holding company of the state’s fifth-largest bank, Territorial Bancorp Inc., said today its net income rose to $4.6 million, or 50 cents a share, to beat analysts’ estimates by 2 cents. A year earlier, Territorial earned $2.2 million, or 23 cents a share.

For the year, Territorial’s net income jumped 28.4 percent to $19.2 million, or $2.03 a share, from $15 million, or $1.57 a share, primarily due to a $5 million decrease in income tax expenses.

Comments (1)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature

Scroll Up