Territorial Bancorp reports Q4 EPS (20c) vs 4c last year

Net interest income decreased by $2.21M for the three months ended December 31, 2024, compared to the three months ended December 31, 2023. Total interest income was $17.91M for the three months ended December 31, 2024, compared to $17.69M for the three months ended December 31, 2023. The $217,000 increase in total interest income was primarily due to a $274,000 increase in interest earned on loans and a $245,000 increase in interest earned on other investments. The $274,000 increase in interest income on loans resulted from a 14 basis point increase in the average loan yield, partially offset by a $20.63M decrease in the average loan balance. The increase in interest income on other investments is primarily due to a $28.86M increase in the average cash balance with the Federal Reserve Bank of San Francisco, offset by a 45 basis point decrease in the average interest rate paid on cash balances. The increases in interest income on loans and other investments during the quarter were partially offset by a $302,000 decrease in interest on investment securities, which occurred because of a $40.21M decrease in the average securities balances.