Territorial Savings double Q1 net - Hawaii News Now - KGMB and KHNL

Territorial Savings double Q1 net

By Howard Dicus - bio | email 

HONOLULU (HawaiiNewsNow) - Territorial Bancorp Inc. [Nasdaq: TBNK] made a $3 million first quarter profit, double its net of the same quarter a year ago.

Territorial Savings Bank saw income rise on lower interest rates that reduced the cost of money to lend, partly offset by an increase in  nonperforming loans.

"Our core earnings for the first quarter were good and we will continue to focus on maintaining the quality of our mortgage loans in a still difficult economic environment," said CEO Allan Kitigawa. Residential mortgage loan production increased by $10 million.

The company raised its dividend from seven to nine cents a share.

The quarter at a glance:

Revenue: $16 million. Year ago: $14 million.

Net income: $3 million. Year ago: $1.5 million.

Per share: 26 cents. Year ago: 13 cents.

Net interest income was $12.5 million, up from $11.4 million a year ago. Total interest and dividend income was $15.3 million, down from $15.4 million a year ago. Non-interest income was $8.4 million, up from $7.8 million a year ago.

Assets grew to $1.49 billion, compared to $1.44 billion a year ago. Deposits grew by $20 million from the year before, falling just shy of $1.1 billion. Ten loans 90 days or more past due added up to $1.2 million in non-performing loan receivables.

Territorial Savings Bank has 26 branches, all in Hawaii.

Copyright Hawaii News Now 2011. All rights reserved.

Powered by Frankly