The parent of Territorial Savings Bank today reported first quarter earnings of $1.46 million, or 13 cents per share.

The results were off 45 percent from first quarter 2009's $2.67 million.

Territorial Bancorp Inc. said it took a pre-tax, $2.4 million impairment charge on some of its investments in trust preferred securities. Minus the charge, the company said it would have earned $2.92 million, or 26 cents per share.