Territorial Savings Bank had net income of $1.4 million in first quarter

Territorial Savings Bank posts profit

HONOLULU — The holding company parent of Territorial Savings Bank has announced net income of $1.5 million, or 13 cents per share, for the three months ended March 31.

Territorial Bancorp Inc. said Friday that was down from $2.7 million for the same quarter last year.

The company says this year’s earnings were reduced by a $2.4 million pretax other-than-temporary impairment charge on its investment in trust preferred securities.

Excluding the impact of the impairment charges for both quarters, the company says its first quarter net income would have been $2.9 million, or $0.26 per share, compared with $2.8 million for the same quarter in 2009.

The company also announced a quarterly cash dividend on its common stock of 5 cents per share.