Territorial declares special 20-cent dividend

Territorial Bancorp Inc. has declared its second special cash dividend of the year in addition to its regular quarterly dividends.

The holding company of Territorial Savings Bank said Friday that the special dividend of 20 cents a share will be payable Dec. 20 to shareholders of record as of Dec. 10. This is in addition to the special dividend of 10 cents a share that was paid in July.

“The company has continued to do well in 2018 and to thank our shareholders for their ongoing confidence in us, we have declared this special dividend,” Territorial Chairman and CEO Allan Kitagawa said. “In 2018, stock purchased in our initial public offering at $10.00 per share will earn dividends equal to 11.4% of the initial investment in Territorial Bancorp Inc.”

Territorial’s stock closed off 10 cents at $27.85 Friday to bring its shares down 9.5 percent this year. Shares of all four Hawaii banks that trade publicly are down in 2018.

New Hawaii Bowl sponsor cutting 7% of staff

Social Finance Inc., the new corporate sponsor of the Hawaii Bowl, is cutting about 7 percent of its staff, according to a person familiar with the matter.

The 100 job cuts are happening in the company’s mortgage department, said the person, who asked not to be identified because the matter is private. SoFi, a lending and refinancing startup valued at more than $4 billion, has said it plans to dramatically expand its mortgage business in 2019. As part of that effort, the company is now undertaking a wholesale restructuring of how that division operates — including a shift away from underwriting loans directly.

SoFi has lost money for two consecutive quarters, according to documents reviewed by Bloomberg, as profits of its core lending business fell and it pushed into new product lines. This summer the company was seeking a $1 billion revolving line of credit to fund operations and expansion. Meanwhile, Chief Executive Officer Anthony Noto, who started the job this year, has said his goal is to get the company ready for an initial public offering.

The San Francisco-based startup, with about 1,400 employees, does the majority of its business in student loan refinancing.