Mayor Kirk Caldwell again made between $200,000 and $299,999 in 2016 from his side work as a Territorial Savings Bank director, he reported in his annual financial disclosure.

In a more detailed voluntary addendum, Caldwell broke down the income to director’s fees worth between $25,000 and $49,999 and grants of bank stock worth between $150,000 and $199,999.

For the first time, his total Territorial stock holdings surpassed $1 million, mostly from annual grants he’s received since 2010.

Caldwell’s bank income has raised ethical concerns because it dwarfs his $164,928 mayoral salary, and he’s the only county or state chief executive to hold such a lucrative outside position.

The city Ethics Commission blessed the arrangement because the city has no deposits with Territorial.

But critics contend the narrow construal ignores Territorial’s deep interest in city policies affecting its mortgage business — planning, zoning, building codes and permits, property taxes and public works projects that drive housing.

A bill in the state House this year would have prohibited such outside work for the governor and county mayors, but it died after one hearing.

The sponsor, House Majority Leader Scott Saiki, cited ethics problems surrounding President Donald Trump’s tangled business interests as reason to restrain Hawaii chief executives.

Saiki’s bill was supported by former Mayor Mufi Hannemann, who brought Caldwell into city government as his managing director in 2008 — a year after Caldwell joined Territorial while serving as House majority leader.

Hannemann said there’s “no good reason that a governor or mayor should hold an outside paying position,” noting Caldwell is the only modern Hawaii chief executive who hasn’t withdrawn from his private profession while in office.

Territorial’s 2016 proxy statement said Caldwell received annual director’s fees of $40,216, plus dividends on unvested stocks of $7,674.

Most of his bank income, according to his financial disclosure addendum, is from stock grants.

In 2010, he said Territorial granted each director 36,821 shares, which vested at 6,136 shares a year between 2011 and 2016.

Caldwell’s 2016 vested shares were worth $201,506 at a year-end share price of $32.84.

Caldwell’s addendum said he sold 3,000 shares of previously vested stock grants in 2014 and 4,479 shares in 2015, which yielded $61,682 and $117,619, according to federal filings.

Caldwell reported he bought 9,260 shares of Territorial stock in 2009, but didn’t say if it was at market price or a reduced-price director’s stock option.

He said he didn’t exercise Territorial options to buy 41,275 shares for $17.36 per share between 2011 and 2016.

With the shares he bought or was given by the bank, less the shares he sold, he would have held 38,602 shares at the end of 2016 worth $1.26 million — more if he rolled over dividends.

All for what he’s described as two hours of work a month.

Reach David Shapiro at volcanicash@gmail.com.