Business / In Brief • May 2, 2013

Territorial Bancorp earnings hit $3.6M

HONOLULU – The parent company of Territorial Savings Bank said Wednesday that it earned $3.6 million in the first quarter, slightly up from income of $3.5 million during the same three months a year ago.

Honolulu-based Territorial Bancorp Inc. said its earnings amounted to 37 cents per basic share.

CEO Allan Kitagawa said Hawaii’s economy has improved but the bank is facing challenges because of the impact federal budget cuts could have on the state’s economy.

“The growth in the visitor industry and the start of new construction projects has kept the state’s unemployment rate low,” Kitagawa said.


Insurance official backs HMSA rate hike

HONOLULU – Hawaii’s insurance commissioner has approved a rate increase for certain health care plans for small businesses administered by the Hawaii Medical Service Association.

The Insurance Division of the Department of Commerce and Consumer Affairs says the associations community rated group plans will see a rate increase of 6.8 percent. The plans cover small businesses that employ fewer than 100 workers. Officials say about 118,000 Hawaii residents will see increases.

The division says the association requested a higher rate hike of 8.6 percent.

Insurance Commissioner Gordon Ito says the biggest issue for the rates is that costs are outpacing inflation and wages.