Territorial plans to pay extra 10-cent dividend

Territorial Savings Bank’s parent, which earned $11 million through the first three quarters, declared Thursday a special dividend of 10 cents a share on top of the four quarterly dividends it previously announced this year.

The special dividend will be payable Dec. 13 to shareholders of record as of Nov. 29.

Territorial Bancorp Inc. already has increased its regular dividend three times this year by a total of 33.3 percent. It raised its regular dividend to 10 cents a share, from 9 cents, in the first quarter. It subsequently paid separate regular dividends of 11 cents a share in the second and third quarters and is scheduled to pay its latest regular dividend of 12 cents a share on Nov. 29.

"This special dividend is a reflection of our performance during the current year and our strong capital position," Territorial Chairman and CEO Allan Kita­gawa said. "We also believe that this is a way for us to thank all of our shareholders who have been supportive of us over the past three years."

Territorial, which converted from a mutual holding company to a publicly traded corporation in July 2009, had its stock priced at $10 for its initial public offering, and since then it has amassed a total return of 131.3 percent.

The stock of the state’s fifth-largest bank closed Thursday down 4 cents at $22. It has a total return this year of 13.6 percent. The announcement of the special dividend was made Thursday after the market closed.