Territorial Bancorp Inc. announced unaudited consolidated earnings results for fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest and dividend income of $16,223,000, net interest income of $14,408,000, income before income taxes of $6,162,000, net income of $3,699,000 or $0.40 per diluted share compared to the total interest and dividend income of $15,087,000, net interest income of $13,532,000, income before income taxes of $5,884,000, net income of $3,454,000 or $0.37 per diluted share for the same quarter a year ago. Return on average assets was 0.81% compared to 0.82% a year ago. Return on average equity was 6.71% compared to 6.30% a year ago. Book value per share was $22.74 compared to $21.81 a year ago. The $1.14 million growth in interest and dividend income was primarily due to a $1.84 million increase in interest earned on loans which resulted from the $220.44 million increase in loans receivable. The increase in interest income on loans was offset by a $719,000 decline in interest income from investment securities due to a $79.86 million decline in investment securities portfolio that occurred as repayments and sales exceeded securities purchased.

For the year to date, the company reported total interest and dividend income of $63,092,000, net interest income of $53,497,000, income before income taxes of $24,534,000, net income of $14,748,000 or $1.59 per diluted share compared to the total interest and dividend income of $59,615,000, net interest income of $53,497,000, income before income taxes of $23,006,000, net income of $14,097,000 or $1.51 per diluted share for the same period a year ago. The increase in net income can be attributed primarily to an increase in net interest income, which was partially offset by a decrease in non-interest income and increases in noninterest expense and income taxes.