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Territorial Bancorp Inc. has declared its second special dividend in two years in addition to the regular quarterly dividends it has been paying.
The parent of Territorial Savings Bank said Monday it will pay a special dividend of 10 cents a share Dec. 23 to shareholders of record as of Dec. 9. Last month the bank increased its quarterly dividend by a penny to 14 cents a share and will pay it to eligible shareholders Wednesday.
A year ago Territorial also paid a special dividend of 10 cents a share.
"This special dividend … reflects our performance to date in 2013 and our strong capital position," Territorial Chairman and CEO Allan Kitagawa said. "As we are now in our fourth year as a publicly held company, we are grateful to all our shareholders who have continued to support us over the past four years."
Territorial earned $11.1 million through the first nine months of the year.
The state’s fifth-largest bank has raised its dividend six times in just over two years in addition to the two special dividends it has paid out.
Its stock rose 18 cents Monday to close at $23 on the Nasdaq. Its shares are up 0.7 percent this year.
The bank made the announcement during the trading session.
"An important focus of Territorial Bancorp Inc. is building shareholder value through our payment of dividends and our share repurchase program," Kitagawa said.
