Posted at 11:21 a.m., Monday, April 14, 2003
Territorial Savings profits up 150 percent
Advertiser Staff
Territorial Savings Bank said first-quarter profits rose nearly 150 percent, reflecting rising income from interest and falling loan delinquencies.The Honolulu-based savings bank reported net income for the three months that ended March 31 rose to $3.27 million, up from
$1.3 million in the same year-ago period.
Territorial, which makes most of its money from residential loans, has profited from the surge in home purchases and home refinances brought on by the lowest interest rates in more than three decades.
"Demand for mortgages is still strong in Hawai'i," said Stan Tanaka, the bank's vice president of research and development. "It's too early to tell if demand will continue in second quarter."
