Territorial Bancorp Management

Management criteria checks 3/4

Territorial Bancorp's CEO is Allan Kitagawa, appointed in Jan 1986, has a tenure of 38.83 years. directly owns 2.87% of the company’s shares, worth €2.61M. The average tenure of the management team and the board of directors is 28.3 years and 12 years respectively.

Key information

Allan Kitagawa

Chief executive officer

US$1.3m

Total compensation

CEO salary percentage	n/a
CEO tenure	38.8yrs
CEO ownership	2.9%
Management average tenure	28.3yrs
Board average tenure	12yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Allan Kitagawa's remuneration changed compared to Territorial Bancorp's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$2m
Jun 30 2024	n/a	n/a	-US$63k
Mar 31 2024	n/a	n/a	US$2m
Dec 31 2023	US$1m	n/a	US$5m
Sep 30 2023	n/a	n/a	US$8m
Jun 30 2023	n/a	n/a	US$11m
Mar 31 2023	n/a	n/a	US$14m
Dec 31 2022	US$2m	US$851k	US$16m
Sep 30 2022	n/a	n/a	US$17m
Jun 30 2022	n/a	n/a	US$17m
Mar 31 2022	n/a	n/a	US$17m
Dec 31 2021	US$2m	US$851k	US$17m
Sep 30 2021	n/a	n/a	US$19m
Jun 30 2021	n/a	n/a	US$19m
Mar 31 2021	n/a	n/a	US$19m
Dec 31 2020	US$2m	US$851k	US$19m
Sep 30 2020	n/a	n/a	US$18m
Jun 30 2020	n/a	n/a	US$19m
Mar 31 2020	n/a	n/a	US$20m
Dec 31 2019	US$2m	US$851k	US$22m
Sep 30 2019	n/a	n/a	US$21m
Jun 30 2019	n/a	n/a	US$21m
Mar 31 2019	n/a	n/a	US$21m
Dec 31 2018	US$2m	US$851k	US$19m
Sep 30 2018	n/a	n/a	US$17m
Jun 30 2018	n/a	n/a	US$16m
Mar 31 2018	n/a	n/a	US$15m
Dec 31 2017	US$2m	US$851k	US$15m

Compensation vs Market: Allan's total compensation ($USD1.32M) is above average for companies of similar size in the German market ($USD472.15K).

Compensation vs Earnings: Allan's compensation has been consistent with company performance over the past year.

CEO

Allan Kitagawa (79 yo)

38.8yrs

Tenure

US$1,320,508

Compensation

Mr. Allan S. Kitagawa has been Chairman of the Board and Chief Executive Officer at Territorial BanCorp Inc. and Territorial Savings Bank since 1986 and has been its President since 2007. Mr. Kitagawa work...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Allan Kitagawa	Chairman	38.8yrs	US$1.32m	2.87% € 2.6m
Vernon Hirata	Vice Chairman	17.8yrs	US$564.68k	2.01% € 1.8m
Ralph Nakatsuka	Vice Chairman & Co-COO	17.8yrs	US$547.93k	2.1% € 1.9m
Melvin Miyamoto	Executive VP	38.8yrs	US$272.00k	0.50% € 457.3k
Karen Cox	Executive Vice President of Administration	40.8yrs	no data	0.57% € 514.7k
Walter Ida	Senior VP & Director of Investor Relations	15.8yrs	no data	no data
Stanley Tanaka	Senior Vice President of Administrative	no data	no data	no data
Denise Takashima	Senior Vice President of Business Development & Marketing	no data	no data	no data
Diane Tamashiro	Executive Vice President of Finance	no data	no data	no data
Jan Loo	Senior Vice President of Electronic Banking Services	no data	no data	no data
Cyrus Robinson	Senior Vice President of Banking Services and Support	no data	no data	no data
Gary Uyehara	Senior Vice President of Administrative	no data	no data	no data

28.3yrs

Average Tenure

72yo

Average Age

Experienced Management: 9TB's management team is seasoned and experienced (28.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Allan Kitagawa	Chairman	38.8yrs	US$1.32m	2.87% € 2.6m
Kirk Caldwell	Independent Director	17.8yrs	US$43.87k	0.40% € 360.3k
Howard Ikeda	Independent Director	26.8yrs	US$48.96k	0.47% € 424.3k
Jennifer Isobe	Independent Director	6.1yrs	US$40.81k	no data
John Ohama	Independent Director	5.2yrs	US$40.81k	0.12% € 105.3k
Jan Sam	Independent Director	2.2yrs	US$40.81k	no data

12.0yrs

Average Tenure

68.5yo

Average Age

Experienced Board: 9TB's board of directors are seasoned and experienced ( 12 years average tenure).

Territorial Bancorp Management

Management criteria checks 3/4

Key information

Recent management updates

Territorial Bancorp Inc., Annual General Meeting, May 16, 2024

Insufficient new directors

Insufficient new directors

Insufficient new directors

Territorial Bancorp Inc. Announces Demise of David Murakami

Insufficient new directors

Recent updates

Territorial Bancorp Inc. Approves a Dividend, Payable on November 22, 2024

Blue Hill Advisors Advance Offer with Detailed Disclosure to Board of Territorial Bancorp Inc

Yakira Capital Management Provides Information to Shareholders of Territorial Bancorp

Yakira Capital Urges Territorial Bancorp to Reconsider Acquisition Offer From Blue Hill Advisors

Yakira Capital Urges Territorial Bancorp to Reconsider Acquisition Offer From Blue Hill Advisors

Investor group comprised of Allan Landon, Blue Hill Advisors LLC and others cancelled the acquisition of Territorial Bancorp Inc. (NasdaqGS:TBNK).

Second quarter dividend of US$0.01 announced

New major risk - Revenue and earnings growth

Second quarter 2024 earnings released: US$0.09 loss per share (vs US$0.17 profit in 2Q 2023)

Territorial Bancorp Inc. Approves Dividend, Payable on August 23, 2024

Investor sentiment improves as stock rises 19%

Upcoming dividend of US$0.01 per share

Territorial Bancorp Inc. Declares Quarterly Cash Dividend, Payable on June 10, 2024

Hope Bancorp, Inc. (NasdaqGS:HOPE) signed a definitive merger agreement to acquire Territorial Bancorp Inc. (NasdaqGS:TBNK) for $77.89 million.

Territorial Bancorp Inc., Annual General Meeting, May 16, 2024

Full year 2023 earnings released: EPS: US$0.58 (vs US$1.81 in FY 2022)

Investor sentiment deteriorates as stock falls 17%

Fourth quarter dividend of US$0.05 announced

New major risk - Revenue and earnings growth

Full year 2023 earnings released: EPS: US$0.58 (vs US$1.81 in FY 2022)

Territorial Bancorp Inc. Approves Quarterly Cash Dividend, Payable on February 23, 2024

Investor sentiment improves as stock rises 19%

New minor risk - Share price stability

Third quarter 2023 earnings released: EPS: US$0.10 (vs US$0.44 in 3Q 2022)

Territorial Bancorp Inc. Declares Quarterly Dividend, Payable on November 24, 2023

Territorial Bancorp Inc. Declares Quarterly Dividend, Payable on November 24, 2023

Investor sentiment deteriorates as stock falls 18%

New minor risk - Market cap size

Second quarter 2023 earnings released: EPS: US$0.17 (vs US$0.46 in 2Q 2022)

Territorial Bancorp Inc. Approves Quarterly Cash Dividend, Payable on August 25, 2023

Investor sentiment improves as stock rises 22%

Investor sentiment improves as stock rises 15%

Investor sentiment deteriorates as stock falls 39%

Full year 2022 earnings released: EPS: US$1.81 (vs US$1.92 in FY 2021)

Investor sentiment deteriorates as stock falls 16%

Now 20% undervalued

Now 21% undervalued

Full year 2022 earnings released: EPS: US$1.82 (vs US$1.92 in FY 2021)

Territorial Bancorp Inc. Approves Quarterly Cash Dividend, Payable on February 23, 2023

Territorial Bancorp Inc. Declares Special Dividend, Payable on December 29, 2022

Territorial Bancorp Inc. (NasdaqGS:TBNK) announces an Equity Buyback for $5 million worth of its shares.

Insufficient new directors

Insufficient new directors

Third quarter 2022 earnings released: EPS: US$0.44 (vs US$0.46 in 3Q 2021)

Territorial Bancorp Inc. Approves A Quarterly Cash Dividend, Expected to Be Payable on November 23, 2022

Insufficient new directors

Territorial Bancorp Inc. Announces Demise of David Murakami

Second quarter 2022 earnings released: EPS: US$0.46 (vs US$0.44 in 2Q 2021)

Territorial Bancorp Inc. Declares Quarterly Cash Dividend, Payable on August 25, 2022

First quarter 2022 earnings released: EPS: US$0.52 (vs US$0.55 in 1Q 2021)

Insufficient new directors

Territorial Bancorp Inc., Annual General Meeting, May 19, 2022

Vice Chairman recently sold €76k worth of stock

Territorial Bancorp Inc. (NasdaqGS:TBNK) announces an Equity Buyback for $5 million worth of its shares.

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Territorial Bancorp Inc. Declares Dividend, Payable on February 24, 2022

Territorial Bancorp Inc Declares Special Cash Dividend, Payable on December 23, 2021

Insufficient new directors

Third quarter 2021 earnings released: EPS US$0.46 (vs US$0.47 in 3Q 2020)

Second quarter 2021 earnings released: EPS US$0.45 (vs US$0.47 in 2Q 2020)

Territorial Bancorp Inc.(NasdaqGS:TBNK) dropped from Russell 3000E Value Index

Territorial Bancorp Inc. (NasdaqGS:TBNK) announces an Equity Buyback for $5 million worth of its shares.

First quarter 2021 earnings released: EPS US$0.55 (vs US$0.48 in 1Q 2020)

Territorial Bancorp Inc. Declares Quarterly Cash Dividend, Payable on May 27, 2021

Full year 2020 earnings released: EPS US$2.03 (vs US$2.38 in FY 2019)

New 90-day high: €22.00

Full year 2020 earnings released: EPS US$2.04 (vs US$2.38 in FY 2019)

Revenue beats expectations

New 90-day high: €20.40