The holding company for Territorial Savings Bank said earnings slipped 4.7 percent in the third quarter after taking $696,000 in pre-tax stock benefit plan expenses for a longtime board director who died in July.
Harold Ohama, 76, who had been a director for 15 years, died July 17. As a result, Territorial Bancorp Inc. accelerated Ohama’s stock options and restricted stock granted under the company’s 2010 Equity Incentive Plan that previously was being amortized through August 2016.
The state’s fifth-largest bank said today it ended the quarter with net income of $3 million, or 28 cents a share, compared to $3.1 million, or 28 cents a share, in the year-earlier period. Excluding the expense, which was $418,000 after taxes or 4 cents a share, earnings would have increased by $270,000, or 8.6 percent.
The company’s stock rose 37 cents, or 1.9 percent, to $19.81 today on the Nasdaq Stock Market. Earnings were announced after the market closed.
Territorial also maintained its quarterly dividend at 9 cents a share. It will be payable Dec. 1 to stockholders or record as of Nov. 17.