Territorial Savings Bank’s net income more than doubled in the fourth quarter as loans increased 5.8 percent from the year-earlier period and tax expenses fell sharply due to a new federal law that went into effect at the start of 2018.

The holding company of the state’s fifth-largest bank, Territorial Bancorp Inc., said today its net income rose to $4.6 million, or 50 cents a share, to beat analysts’ estimates by 2 cents. A year earlier, Territorial earned $2.2 million, or 23 cents a share.

For the year, Territorial’s net income jumped 28.4 percent to $19.2 million, or $2.03 a share, from $15 million, or $1.57 a share, primarily due to a $5 million decrease in income tax expenses.