Territorial Bancorp Inc. announced that its Board of Directors approved a quarterly cash dividend on its common stock of $0.14 per share. The dividend is expected to be paid on February 27, 2014 to stockholders of record as of February 13, 2014.

The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest and dividend income was $14,419,000 compared to $14,204,000 a year ago. Net interest income was $12,967,000 compared to $12,296,000 a year ago. Net interest income after provision for loan losses was $12,975,000 compared to $12,053,000 a year ago. Income before income taxes was $5,651,000 compared to $5,645,000 a year ago. Net income was $3,514,000 or $0.37 per diluted share compared to $3,805,000 or $0.37 per diluted share a year ago. Return on average assets was 0.88% compared to 0.97% a year ago. Return on average equity was 6.55% compared to 6.89% a year ago. The reduction in earnings for the fourth quarter of 2013 was primarily due to a decrease in gain on sale of loans and an increase in provision for income taxes. This was offset by an increase in net interest income and gains on sale of investment securities and a reduction in the provision for loan losses. The decrease in earnings did not cause a decline in diluted earnings per share because of a reduction in the weighted-average shares outstanding, which resulted from the company successfully completing its fourth share repurchase program earlier in the year and commencing its fifth share repurchase program.

For the year, the company's total interest and dividend income was $56,175,000 compared to $60,149,000 a year ago. Net interest income was $49,983,000 compared to $50,920,000 a year ago. Net interest income after provision for loan losses was $49,854,000 compared to $50,505,000 a year ago. Income before income taxes was $23,493,000 compared to $23,135,000 a year ago. Net income was $14,647,000 or $1.49 per diluted share compared to $14,838,000 or $1.45 per fully diluted share a year ago. Book value per share as at December 30, 2013 was $21.11 compared to $20.26 a year ago.