Territorial Bancorp Inc. (TBNK) posted first-quarter net income of $3.5 million or $0.34 per share, compared to $3.0 million or $0.26 per share in the previous year period. The increase in earnings is primarily due to an increase in interest earned on loans due to higher loan volume, growth in interest earned on investment securities and an increase in gains realized on the sale of loans.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.32 per share. Analysts' estimates typically exclude special items.
Net interest income for the quarter was $13.1 million, compared to $12.5 million in the year-ago period. The growth in net interest income is due to a $283 thousand increase in interest and dividend income earned and a $250 thousand decline in interest expense.
Non-interest income rose to $1.4 million from $1.1 million in the comparable quarter last year, primarily due to a $297 thousand increase in gain on sale of loans and a $62 thousand increase in gain on sale of investment securities.
Further, the company also announced that its Board of Directors approved an increase in its quarterly cash dividend from $0.10 to $0.11 per share of common stock. The dividend is expected to be paid on June 1, 2012, to stockholders of record as of May 18, 2012.
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