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- Territorial Bancorp reported Q2 2014 earnings.
- In line with my original thesis, strategic share repurchases below book value, coupled with net income growth are driving EPS higher.
- With only 4 loans 90 days or more past due and not accruing, the bank's clean portfolio maximizes every little bit of the recent NIM improvements.
- Territorial Bancorp is aggressively returning excess capital to shareholders.
- Unlike a lot of regional banks with excess capital, Territorial is moving at a safe pace that management has maintained for a very long time.
- In just over a year the bank's dividend has increased 50% and there is still a lot of room for it to grow.