Head of Territorial Savings ranks No. 7 in isle CEOs’ pay

Allan Kitagawa, chairman, president and chief executive officer of Territorial Savings Bank, received total compensation of $2.04 million in 2013 to rank seventh among the state’s highest-paid executives at publicly traded companies.

Honolulu Mayor Kirk Caldwell, who has been on the bank’s board of directors since 2007, was paid $57,620 by the bank last year.

Kitagawa’s total package was down 2.5 percent from $2.09 million in 2012, although his base salary rose 1 percent to $851,124 from $842,697 over the same period, according to a Territorial Bancorp Inc. filing Monday with the Securities and Exchange Commission.

The filing had been delayed because the company was late filing its year-end financial report with the SEC. Therefore, Kita­gawa’s data were not included in a Hono­­lulu Star-Advertiser analysis of CEO salaries published April 20.

Caldwell’s director pay is on top of the $129,607 he is earning as mayor for the fiscal year that ends June 30. Caldwell did not accept his 4 percent city government raise for the current year and also has continued to take a 5 percent voluntary reduction that was instituted in fiscal 2013, according to Caldwell spokes­man Jesse Broder Van Dyke.

The Honolulu Salary Commission is proposing 8 percent raises be given to Caldwell, City Council members and most department heads starting July 1. A hearing is scheduled for Tuesday at Hono­lulu Hale.