Business

Territorial Bancorp Inc. Reports Dividends  

April 30, 2015, 2:18 PM HST
* Updated April 30, 2:19 PM
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Honolulu-based Territorial Bancorp Inc. (Nasdaq:TBNK), the parent company of Territorial Savings Bank, announced that its Board of Directors approved a quarterly cash dividend on its common stock of $0.16 per share.  The bonus is expected to be paid out on May 28 to stockholders of record as of May 14, 2015.

Chairman and Chief Executive Officer Allan Kitagawa said the company is continuing to perform well.  “Our loan portfolio grew by 7.5% during the first quarter while net interest income rose by 4.7%. We continue to focus on improving shareholder returns as we repurchasecommon stock and pay dividends. The dividend, which will be paid on May 28, 2015, represents our 21st consecutive quarterly dividend payment,” Kitagawa said.

The company’s first quarter 2015 results showed an earning per share increase of $0.38 for the three months ending March 31, 2015, up one cent from the previous year.   Net interest income for the three months ending March 31, 2015 was $13.8 million, increasing 4.7% over last year.

The results also showed that loans receivable and loans held for sale grew by $72.57 million, or 7.5% compared with December 31, 2014. Deposits grew by $21.78 million compared with December 31, 2014.

Territorial Bancorp Inc. also reported repurchasing 2,947,894 shares of common stock through march 31, 2015, or 24.1% of the total shares issued in 2009 when the company went public.

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