FREE INVESTMENT SEMINAR WEDNESDAY
KIHEI - Morgan Stanley Smith Barney will present a free investment seminar on estate planning at 3 p.m., Wednesday, at Kalama Heights Retirement Community's Garden Room.
The seminar is open to the public. Due to limited space, reservations are required. Call Doreen Sado at 244-9124, ext. 601.
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TERRITORIAL SAVINGS BANK POSTS PROFIT
HONOLULU - The holding company parent of Territorial Savings Bank has announced net income of $1.4 million, or 13 cents per share, for the three months ended March 31.
Territorial Bancorp Inc. said Friday that was down from $2.6 million for the same quarter last year.
The company says this year's earnings were reduced by a $2.4 million pretax other-than-temporary impairment charge on its investment in trust-preferred securities.
Excluding the impact of the impairment charges for both quarters, the company says its first-quarter net income would have been $2.9 million, or $0.26 per share, compared to $2.8 million for the same quarter in 2009.
The company also announced a quarterly cash dividend on its common stock of 5 cents per share.
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OAHU HOUSING SALES CLIMB IN APRIL
HONOLULU - Existing homes and condominiums on Oahu are selling like hot cakes, while prices remain steady.
The Honolulu Board of Realtors reported Thursday that 286 single-family homes and 390 condos traded hands in April.
That's an increase of 52.9 percent for homes and an increase of 48.3 percent for condos, compared to the same month last year.
The median price paid for single-family homes in April was $563,000, down 6.2 percent from $600,000 in April 2009. At the same time, the median price for condos fell 2.2 percent from $314,950 to $308,000.
With residential home sales remaining strong and prices holding steady, board President Brian Benton said it's a good sign that people have more confidence in the economy.
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TOURISM BOARD HAS A NEW MEMBER
HONOLULU - The newest member of the Hawaii Tourism Authority has taken his seat on the board.
Patrick Fitzgerald began his four-year term Thursday. He was appointed by Gov. Linda Lingle and confirmed by the state Senate last month.
Fitzgerald is the chief executive officer and president of Hualalai Resort and Kona Village Resort. He is responsible for overseeing the asset management, real estate development, sales and marketing, and overall operations of the resorts.
Fitzgerald also has been president and managing director of Ocean Colony Partners LP, owner of Half Moon Bay Golf Links and other properties on the central California coast.
He fills the seat previously held by former Big Island Mayor Stephen Yamashiro.