Territorial Bancorp Inc. declared today a special cash dividend of 50 cents a share that will be payable on Dec. 18 to shareholders of record as of Dec. 4.
The parent company of the state’s fifth-largest bank, Territorial Savings Bank, last month declared its regular quarterly dividend of 23 cents a share that is payable Thursday.
“We have had some one-time gains this year that put us ahead of the earnings we had for the first 3 quarters of 2018,” Territorial Chairman and CEO Allan Kitagawa said in a statement. “We believe our capital levels are sufficient to permit us to declare our second special dividend for the year while still allowing us to execute our business plan.”
Kitagawa also said the company will continue its stock repurchase plan “at a price that makes financial sense for our shareholders” and said the board of directors will continue evaluating all avenues to enhance long-term shareholder returns.
“Including this special dividend and other dividends paid in 2019, stock purchased in our initial public offering at $10 per share will earn dividends equal to 14.9% of their initial investment in Territorial Bancorp Inc.,” Kitagawa said.
Territorial announced the special dividend after the market closed. The bank’s stock fell 32 cents to $30.62 during the regular trading session.