Territorial Savings profit rises to $4.09M

Advertiser Staff

Stan Tanaka, the bank's senior vice president, said the bank had a 30 percent increase in total deposits. "The growth in deposits gives us an opportunity to grow our investments," Tanaka said.

Territorial Savings' net income in the three months ended March 31 was $4.09 million, compared with $3.27 million in the same period a year ago.

Total assets grew to $1.059 billion as of March 31, compared with $821.3 million a year earlier.

Territorial Savings has 18 branches and plans to open a 19th branch at Pearl City Shopping Center in June and a Mililani branch in the third quarter of this year, Tanaka said.

The bank is a subsidiary of Territorial Mutual Holdings Inc. It converted from a state-chartered savings and loan association in 2002 to a federally chartered savings bank.