| TIME AND DATE | | | 8:30 a.m. on May | | |||
| PLACE | | | Virtual-only format www.virtualshareholdermeeting.com/ | | |||
| ITEMS OF BUSINESS | | | (1) | | | To elect two directors to serve for a term of three years. | |
| | | | (2) | | | To ratify the selection of Moss Adams LLP as our independent registered public accounting firm for the year ending December 31, | |
| | | | (3) | | | To consider a nonbinding proposal to approve our executive compensation as described in the proxy statement. | |
| | | | (4) | ||||
| | To transact such other business as may properly come before the meeting and any adjournment or postponement thereof. | | |||||
| RECORD DATE | | | To vote, you must have been a stockholder at the close of business on March | | |||
| PROXY VOTING | | | It is important that your shares be represented and voted at the meeting. You can vote your shares by completing and returning the proxy card or voting instruction card sent to you, or by voting by telephone or internet. Voting instructions are printed on your proxy or voting instruction card and included in the accompanying proxy statement. You can revoke a proxy at any time before its exercise at the meeting by following the instructions in the proxy statement. | | |||
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| | | | Vernon Hirata Corporate Secretary April | |
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| | Nominating and Corporate Governance | | Compensation | | Audit | | | Nominating and Corporate Governance | | Compensation | | Audit | | ||||||||
| | | Kirk W. Caldwell* Francis Tanaka Jennifer Isobe | | Kirk W. Caldwell* Howard Y. Ikeda Jennifer Isobe John M. Ohama Jan M. Sam | | Howard Y. Ikeda* John M. Ohama Jennifer Isobe | | | | Kirk W. Caldwell* Jennifer Isobe Howard Y. Ikeda | | Kirk W. Caldwell* Howard Y. Ikeda Jennifer Isobe John M. Ohama Jan M. Sam | | Howard Y. Ikeda* John M. Ohama Jennifer Isobe Kirk W. Caldwell | | ||||||
| Number of Meetings in 2022: | | 2 | | 3 | | 6 | | Number of Meetings in 2023: | | 1 | | 3 | | 6 | |
| Name and Address | | Number of Shares Owned | | Percent of Common Stock Outstanding | | Name and Address | | Number of Shares Owned | | Percent of Common Stock Outstanding | | ||||||||||||||||
| Territorial Savings Bank Employee Stock Ownership Plan 1003 Bishop St., Suite 500 Honolulu, Hawaii 96813 | | | | 877,072 | | | | | 9.69% | | | Territorial Savings Bank Employee Stock Ownership Plan 1003 Bishop Street, Suite 500 Honolulu, Hawaii 96813 | | | | 864,603 | | | | | 9.80% | | | ||||
| Dimensional Fund Advisors LP (1) Building One 6300 Bee Cave Road Austin, Texas, 78746 | | | | 563,801 | | | | | 6.23% | | | Dimensional Fund Advisors LP (1) Building One 6300 Bee Cave Road Austin, Texas, 78746 | | | | 565,348 | | | | | 6.41% | | | ||||
| Renaissance Technologies LLC (2) | | | | 512,173 | | | | | 5.66% | | | AllianceBernstein L.P. (2) 501 Commerce Street Nashville, Tennessee 37203 | | | | 476,029 | | | | | 5.39% | | | ||||
| Renaissance Technologies Holdings Corporation 800 Third Avenue New York, New York 10022 | | | | | | | | | | | | Renaissance Technologies LLC (3) | | | | 460,693 | | | | | 5.22% | | | ||||
| Renaissance Technologies Holdings Corporation 800 Third Avenue New York, New York 10022 | | | | | | | | | | | |
| Name | | Position(s) Held With Territorial Bancorp Inc. | | Age(1) | | Director Since(2) | | Current Term Expires | | Shares Beneficially Owned as of March 17, 2023 | | Percent of Common Stock | | Name | | Position(s) Held With Territorial Bancorp Inc. | | Age(1) | | Director Since(2) | | Current Term Expires | | Shares Beneficially Owned as of March 15, 2024 | | Percent of Common Stock | | ||||||||||||||||||||||||||||||||||||||||||
| NOMINEES | | NOMINEES | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Howard Y. Ikeda | | Director | | | | 77 | | | | | 1988 | | | | | 2023 | | | | | 40,300 (3) | | | | | * | | | Allan S. Kitagawa | | Chairman of the Board, President and Chief Executive Officer | | | | 78 | | | | | 1986 | | | | | 2024 | | | | | 258,563 (3) | | | | | 2.9% | | | ||||||||||||
| Jan M. Sam | | Director | | | | 45 | | | | | 2022 | | | | | 2023 | | | | | — | | | | | * | | | John M. Ohama | | Director | | | | 65 | | | | | 2019 | | | | | 2024 | | | | | 10,000 (4) | | | | | * | | | ||||||||||||
| CONTINUING DIRECTORS | | CONTINUING DIRECTORS | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allan S. Kitagawa | | Chairman of the Board, President and Chief Executive Officer | | | | 77 | | | | | 1986 | | | | | 2024 | | | | | 247,719 (4) | | | | | 2.7% | | | Kirk W. Caldwell | | Director | | | | 71 | | | | | 2007 | | | | | 2025 | | | | | 34,227 | | | | | * | | | ||||||||||||
| John M. Ohama | | Director | | | | 64 | | | | | 2019 | | | | | 2024 | | | | | 10,000 (5) | | | | | * | | | Jennifer Isobe | | Director | | | | 65 | | | | | 2018 | | | | | 2025 | | | | | — | | | | | * | | | ||||||||||||
| Kirk W. Caldwell | | Director | | | | 70 | | | | | 2007 | | | | | 2025 | | | | | 34,227 | | | | | * | | | Howard Y. Ikeda | | Director | | | | 78 | | | | | 1988 | | | | | 2026 | | | | | 40,300 (5) | | | | | * | | | ||||||||||||
| Jennifer Isobe | | Director | | | | 64 | | | | | 2018 | | | | | 2025 | | | | | — | | | | | * | | | Jan M. Sam | | Director | | | | 46 | | | | | 2022 | | | | | 2026 | | | | | — | | | | | * | | | ||||||||||||
| Francis E. Tanaka | | Director | | | | 77 | | | | | 2011 | | | | | 2025 | | | | | 4,839 | | | | | * | | | EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS | | |||||||||||||||||||||||||||||||||||||||
| EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS | | Vernon Hirata | | Vice Chairman, Co-Chief Operating Officer, General Counsel and Corporate Secretary | | | | 71 | | | | | | | | | | | | | | | 170,219 (6) | | | | | 1.9% | | | |||||||||||||||||||||||||||||||||||||||
| Vernon Hirata | | Vice Chairman, Co-Chief Operating Officer, General Counsel and Corporate Secretary | | | | 70 | | | | | | | | | | | | | | | 160,900 (6) | | | | | 1.8% | | | Ralph Y. Nakatsuka | | Vice Chairman and Co-Chief Operating Officer | | | | 68 | | | | | | | | | | | | | | | 182,464 (7) | | | | | 2.1% | | | ||||||||||||
| Ralph Y. Nakatsuka | | Vice Chairman and Co-Chief Operating Officer | | | | 67 | | | | | | | | | | | | | | | 177,939 (7) | | | | | 2.0% | | | Karen J. Cox | | Executive Vice President-Administration | | | | 78 | | | | | | | | | | | | | | | 48,037 (8) | | | | | * | | | ||||||||||||
| Karen J. Cox | | Executive Vice President-Administration | | | | 77 | | | | | | | | | | | | | | | 45,250 (8) | | | | | * | | | Troy Yoshimasu | | Senior Vice President and Chief Lending Officer | | | | 46 | | | | | | | | | | | | | | | 8,051 (9) | | | | | * | | | ||||||||||||
| Troy Yoshimasu | | Senior Vice President and Chief Lending Officer | | | | 45 | | | | | | | | | | | | | | | 6,952 (9) | | | | | * | | | Melvin M. Miyamoto | | Executive Vice President, Treasurer and Chief Financial Officer | | | | 70 | | | | | | | | | | | | | | | 44,706 (10) | | | | | * | | | ||||||||||||
| Melvin M. Miyamoto | | Executive Vice President, Treasurer and Chief Financial Officer | | | | 69 | | | | | | | | | | | | | | | 42,233 (10) | | | | | * | | | All Directors and Executive Officers as a Group (11 persons) | | | | | | | | | | | | | | | | | | | | | 796,567 | | | | | 9.0% | | | ||||||||||||
| All Directors and Executive Officers as a Group (12 persons) | | | | | | | | | | | | | | | | | | | | | 770,359 | | | | | 8.5% | | |
Skills/Experience | | | Financial/Accounting/ Public Accounting | | | Banking Business | | | Head of Organization/ Business Owner | | | Residential real estate | | | Legal/ Regulatory | | | Risk management | | | Local community knowledge | |
Kirk W. Caldwell | | | | | | ● | | | ● | | | | | | ● | | | | | | ● | |
Howard Y. lkeda | | | ● | | | | | | ● | | | | | | | | | ● | | | ● | |
Jennifer Isobe | | | ● | | | | | | | | | | | | | | | ● | | | ● | |
Allan S. Kitagawa | | | ● | | | ● | | | ● | | | ● | | | | | | | | | ● | |
John M. Ohama | | | | | | | | | ● | | | ● | | | ● | |||||||
| | | | | ● | | ||||||||||||||||
Jan M. Sam | | | ● | | | ● | | | | | | | | | ● | | | ● | | | ● | |
| Board Diversity Matrix as of April 5, 2023 | | Board Diversity Matrix as of April 3, 2024 | | ||||||||||||||||||||||||||||||||||||
| Total Number of Directors | | 7 | | Total Number of Directors | | 6 | | ||||||||||||||||||||||||||||||||
| | | Female | | Male | | Non-Binary | | Did Not Disclose Gender | | | | Female | | Male | | Non-Binary | | Did Not Disclose Gender | | ||||||||||||||||||||
| Part I: Gender Identity | | | | | | | | | | | | | | | | Part I: Gender Identity | | | | | | | | | | | | | | | | ||||||||
| Directors | | | | 2 | | | | | 5 | | | | | | | Directors | | | | 2 | | | | | 4 | | | | | | | ||||||||
| Part II: Demographic Background | | | | | | | | | | | | | | | | Part II: Demographic Background | | | | | | | | | | | | | | | | ||||||||
| African American or Black | | | | | | | | | | | | | | | | African American or Black | | | | | | | | | | | | | | | | ||||||||
| Alaskan Native or Native American | | | | | | | | | | | | | | | | Alaskan Native or Native American | | | | | | | | | | | | | | | | ||||||||
| Asian | | | | 2 | | | | | 4 | | | | | | | Asian | | | | 2 | | | | | 3 | | | | | | | ||||||||
| Hispanic or Latinx | | | | | | | | | | | | | | | | Hispanic or Latinx | | | | | | | | | | | | | | | | ||||||||
| Native American or Pacific Islander | | | | | | | | | | | | | | | | Native American or Pacific Islander | | | | | | | | | | | | | | | | ||||||||
| White | | | | 1 | | | | | 1 | | | | | | | White | | | | 1 | | | | | 1 | | | | | | | ||||||||
| Two or More Races or Ethnicities | | | | 1 | | | | | | | | | | | | Two or More Races or Ethnicities | | | | 1 | | | | | | | | | | | | ||||||||
| LGBTQ+ | | | | | | | | | | | | | | | | LGBTQ+ | | | | | | | | | | | | | | | | ||||||||
| Did Not Disclose Demographic Background | | | | | | | | | | | | | | | | Did Not Disclose Demographic Background | | | | | | | | | | | | | | | |
| Component | | | Holding Company Board | | | Bank Board | | ||||||
| Annual Board Retainer | | | | $ | 5,100 | | | | | $ | 32,650 | | |
| Committee Member Retainer | | | | $ | 615 | | | | | $ | 2,450 | | |
| Audit Committee Chair Retainer | | | | $ | 8,570 | | | | | $ | 2,650 | | |
| Compensation Committee Chair Retainer | | | | $ | 1,225 | | | | | $ | 4,900 | | |
| Component | | | Holding Company Board | | | Bank Board | | ||||||
| Annual Board Retainer | | | | $ | 5,100 | | | | | $ | 32,600 | | |
| Committee Member Retainer | | | | $ | 615 | | | | | $ | 2,450 | | |
| Audit Committee Chair Retainer | | | | $ | 8,570 | | | | | $ | 2,650 | | |
| Compensation Committee Chair Retainer | | | | $ | 1,225 | | | | | $ | 4,900 | | |
| Director Compensation Table for the Year Ended December 31, 2022 | | Director Compensation Table for the Year Ended December 31, 2023 | | ||||||||||||||||||||||||
| Name | | Fees earned or paid in cash ($) | | Total ($) | | Name | | Fees earned or paid in cash ($) | | Total ($) | | ||||||||||||||||
| David S. Murakami (1) | | | | 23,807 | | | | | 23,807 | | | Howard Y. Ikeda | | | | 48,960 | | | | | 48,960 | | | ||||
| Howard Y. Ikeda | | | | 48,980 | | | | | 48,980 | | | Kirk W. Caldwell | | | | 43,872 | | | | | 43,872 | | | ||||
| Kirk W. Caldwell | | | | 43,892 | | | | | 43,892 | | | Francis E. Tanaka (1) | | | | 40,812 | | | | | 40,812 | | | ||||
| Francis E. Tanaka | | | | 40,832 | | | | | 40,832 | | | Jennifer Isobe | | | | 40,812 | | | | | 40,812 | | | ||||
| Jennifer Isobe | | | | 40,832 | | | | | 40,832 | | | John M. Ohama | | | | 40,812 | | | | | 40,812 | | | ||||
| John M. Ohama | | | | 40,832 | | | | | 40,832 | | | Jan M. Sam | | | | 40,812 | | | | | 40,812 | | | ||||
| Jan M. Sam (2) | | | | 13,624 | | | | | 13,624 | | |
| | 2022 | | 2021 | | | 2023 | | 2022 | | ||||||||||||||||||
| Audit fees | | | $ | 506,700 | | | | $ | 429,000 | | | Audit fees | | | $ | 560,000 | | | | $ | 506,700 | | | ||||
| Audit-related fees (1) | | | $ | 72,450 | | | | $ | 63,875 | | | Audit-related fees (1) | | | $ | 79,300 | | | | $ | 72,450 | | | ||||
| Tax fees (2) | | | $ | 38,000 | | | | $ | 36,800 | | | Tax fees (2) | | | $ | 41,700 | | | | $ | 38,000 | | | ||||
| All other fees | | | $ | — | | | | $ | — | | | All other fees | | | $ | — | | | | $ | — | | |
| Name | | | Title | |
| Allan S. Kitagawa | | | Chairman of the Board, President, and Chief Executive Officer | |
| Vernon Hirata | | | Vice Chairman, Co-Chief Operating Officer, General Counsel, and Corporate Secretary | |
| Ralph Y. Nakatsuka | | | Vice Chairman and Co-Chief Operating Officer | |
| Performance Plan | | | Goal | | | Weighting Per Plan | |
| Annual Incentive Plan (cash) | | | | | | | |
| | | | Net Income | | | 60% | |
| | | | Return on Average Assets | | | 20% | |
| | | | Relative Non-Performing Assets/Total Assets | | | 10% | |
| | | | Efficiency Ratio | | | 10% | |
| Long-Term Incentive Program (equity) | | | | | | | |
| | | | Relative 3-year Average Return on Average Equity | | | 80% | |
| | | | Relative 3-year Total Shareholder Return | | | 20% | |
| Name | | 2021 Base Salary ($) | | 2022 Base Salary ($) | | % Change 2021-2022 | | Name | | 2022 Base Salary ($) | | 2023 Base Salary ($) | | % Change 2022-2023 | | ||||||||||||||||||||||||
| Allan S. Kitagawa | | | | 851,124 | | | | | 851,124 | | | | | 0% | | | Allan S. Kitagawa | | | | 851,124 | | | | | 851,124 | | | | | 0% | | | ||||||
| Vernon Hirata | | | | 354,530 | | | | | 354,530 | | | | | 0% | | | Vernon Hirata | | | | 354,530 | | | | | 354,530 | | | | | 0% | | | ||||||
| Ralph Y. Nakatsuka | | | | 354,530 | | | | | 354,530 | | | | | 0% | | | Ralph Y. Nakatsuka | | | | 354,530 | | | | | 354,530 | | | | | 0% | | |
| Named Executive Officer | | | Threshold % of Salary | | | Target % of Salary | | | Maximum % of Salary | | |||||||||
| Allan S. Kitagawa | | | | | 15% | | | | | | 30% | | | | | | 45% | | |
| Vernon Hirata | | | | | 15% | | | | | | 30% | | | | | | 45% | | |
| Ralph Y. Nakatsuka | | | | | 15% | | | | | | 30% | | | | | | 45% | | |
| 2022 AIP Performance Goals | | 2023 AIP Performance Goals | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Measure | | Weighting | | Threshold | | Target | | Maximum | | Measure | | Weighting | | Threshold | | Target | | Maximum | | ||||||||||||||||||||||||||||||||
| Net Income (thousands) | | | | 60% | | | | $ | 14,875 | | | | $ | 17,500 | | | | $ | 20,125 | | | Net Income (thousands) | | | | 60% | | | | $ | 14,875 | | | | $ | 17,500 | | | | $ | 20,125 | | | ||||||||
| ROAA | | | | 20% | | | | | 0.63% | | | | | 0.70% | | | | | 0.84% | | | ROAA | | | | 20% | | | | | 0.63% | | | | | 0.70% | | | | | 0.84% | | | ||||||||
| Non-performing assets/total assets (1) | | | | 10% | | | | | 35th | | | | | 55th | | | | | 75th | | | Non-performing assets/total assets (1) | | | | 10% | | | | | 35th | | | | | 55th | | | | | 75th | | | ||||||||
| Efficiency Ratio | | | | 10% | | | | | 72.60% | | | | | 66.00% | | | | | 52.80% | | | Efficiency Ratio | | | | 10% | | | | | 72.60% | | | | | 66.00% | | | | | 52.80% | | | ||||||||
| Payout Range (% of target) | | | | 100% | | | | | 50% | | | | | 100% | | | | | 150% | | | Payout Range (% of target) | | | | 100% | | | | | 50% | | | | | 100% | | | | | 150% | | |
| Measure | | Weight | | 2022 Results | | Performance (as % of Target) | | Measure | | Weight | | 2023 Results | | Performance (as % of Target) | | ||||||||||||||||||||||||
| Net Income (thousands) | | | | 60% | | | | $ | 16,156 | | | | | 74% | | | Net Income (thousands) | | | | 60% | | | | $ | 5,027 | | | | | 0% | | | ||||||
| ROAA | | | | 20% | | | | | 0.75% | | | | | 118% | | | ROAA | | | | 20% | | | | | 0.23% | | | | | 0% | | | ||||||
| Non-performing assets/total assets | | | | 10% | | | | | 78th | | | | | 150% | | | Non-performing assets/total assets | | | | 10% | | | Above 75th percentile | | | | 150% | | | |||||||||
| Efficiency Ratio | | | | 10% | | | | | 64.99% | | | | | 104% | | | Efficiency Ratio | | | | 10% | | | | | 84.85% | | | | | 0% | | | ||||||
| Total (weighted) | | | | 100% | | | | | | | | | | 94% | | | Total (weighted) | | | | 100% | | | | | | | | | | 15% | | |
| Measure | | | Weight | | | Threshold | | | Target | | | Stretch | | |||
| 3-year TSR — Relative to index | | | | | 20% | | | | 35th Percentile | | | 55th Percentile | | | 75th Percentile | |
| 3-year Avg. Return on Average Equity — Relative to index | | | | | 80% | | | | 35th Percentile | | | 55th Percentile | | | 75th Percentile | |
| Payout Range (% of Target) | | | | | 100% | | | | 50% | | | 100% | | | 150% | |
| Measure | | Wt. | | Threshold | | Target | | Stretch | | Actual Performance (Performance Factor) | | Payout as % of target Incentive (Wt. x Perf. Factor) | | Measure | | Wt. | | Threshold | | Target | | Stretch | | Actual Performance (Performance Factor) | | Payout as % of target Incentive (Wt. x Perf. Factor) | | ||||||||||||||||||
| 3-year TSR — Relative to Industry Index | | | | 20% | | | 35th Percentile | | 55th Percentile | | 75th Percentile | | 27th Percentile | | 0.00% | | 3-year TSR — Relative to Industry Index | | | | 20% | | | 35th Percentile | | 55th Percentile | | 75th Percentile | | 0th Percentile | | 0.00% | | ||||||||||||
| 3-year Average Return on Average Equity — Relative to Industry Index | | | | 80% | | | 35th Percentile | | 55th Percentile | | 75th Percentile | | 32nd Percentile | | 0.00% | | 3-year Average Return on Average Equity — Relative to Industry Index | | | | 80% | | | 35th Percentile | | 55th Percentile | | 75th Percentile | | 27th Percentile | | 0.00% | | ||||||||||||
| Payout Range (% of Target) | | | | 100% | | | 50% | | 100% | | 150% | | | | 0.00% | | Payout Range (% of Target) | | | | 100% | | | 50% | | 100% | | 150% | | | | 0.00% | |
| Name | | 2020 — 2022 RSUs Granted [a] | | Payout as % of Target Award [b] | | Earned Shares [c] = [a] x [b] | | Name | | 2021 — 2023 RSUs Granted [a] | | Payout as % of Target Award [b] | | Earned Shares [c] = [a] x [b] | | ||||||||||||||||||||||||
| Kitagawa | | | | 7,399 | | | | | 0.00% | | | | | 0 | | | Kitagawa | | | | 5,818 | | | | | 0.00% | | | | | 0 | | | ||||||
| Hirata | | | | 3,112 | | | | | 0.00% | | | | | 0 | | | Hirata | | | | 2,423 | | | | | 0.00% | | | | | 0 | | | ||||||
| Nakatsuka | | | | 3,112 | | | | | 0.00% | | | | | 0 | | | Nakatsuka | | | | 2,423 | | | | | 0.00% | | | | | 0 | | |
| Name and Principal Position | | Year | | Salary ($) | | Stock Awards ($)(1) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($) | | Total ($) | | Name and Principal Position | | Year | | Salary ($) | | Stock Awards ($)(1) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allan S. Kitagawa Chairman of the Board, President, and Chief Executive Officer | | | | | 2022 | | | | | 851,124 | | | | | 312,357 | | | | | — | | | | | 238,980 | | | | | 197,122 (3) | | | | | 1,599,583 | | | Allan S. Kitagawa Chairman of the Board, President, and Chief Executive Officer | | | | | 2023 | | | | | 851,124 | | | | | 309,350 | | | | | 38,301 | | | | | 121,733 (3) | | | | | 1,320,508 | | | |||||||||||
| | | 2021 | | | | | 851,124 | | | | | 310,626 | | | | | — | | | | | 340,186 | | | | | 175,994 | | | | | 1,677,930 | | | | | | 2022 | | | | | 851,124 | | | | | 312,357 | | | | | 238,980 | | | | | 197,122 | | | | | 1,599,583 | | | ||||||||||||||||
| Vernon Hirata Vice Chairman, Co-Chief Operating Officer, General Counsel, and Corporate Secretary | | | | | 2022 | | | | | 354,530 | | | | | 130,115 | | | | | — | | | | | 99,546 | | | | | 103,407 (4) | | | | | 687,598 | | | Vernon Hirata Vice Chairman, Co-Chief Operating Officer, General Counsel, and Corporate Secretary | | | | | 2023 | | | | | 354,530 | | | | | 128,863 | | | | | 15,954 | | | | | 65,335 (4) | | | | | 564,682 | | | |||||||||||
| | | 2021 | | | | | 354,530 | | | | | 129,380 | | | | | — | | | | | 141,701 | | | | | 92,266 | | | | | 717,877 | | | | | | 2022 | | | | | 354,530 | | | | | 130,115 | | | | | 99,546 | | | | | 103,407 | | | | | 687,598 | | | ||||||||||||||||
| Ralph Y. Nakatsuka Vice Chairman and Co-Chief Operating Officer | | | | | 2022 | | | | | 354,530 | | | | | 130,115 | | | | | — | | | | | 99,546 | | | | | 90,798 (5) | | | | | 674,989 | | | Ralph Y. Nakatsuka Vice Chairman and Co-Chief Operating Officer | | | | | 2023 | | | | | 354,530 | | | | | 128,863 | | | | | 15,954 | | | | | 48,579 (5) | | | | | 547,926 | | | |||||||||||
| | | 2021 | | | | | 354,530 | | | | | 129,380 | | | | | — | | | | | 141,701 | | | | | 94,584 | | | | | 720,195 | | | | | | 2022 | | | | | 354,530 | | | | | 130,115 | | | | | 99,546 | | | | | 90,798 | | | | | 674,989 | | |
| Year | | Summary Compensation Table Total for PEO | | Compensation Actually Paid to PEO | | Average Summary Compensation Table Total for Non-PEO NEOs | | Average Compensation Actually Paid to Non-PEO NEOs | | Value of Initial Fixed $100 Investment Based On Total Shareholder Return | | Net Income (In thousands) | | Year | | Summary Compensation Table Total for PEO | | Compensation Actually Paid to PEO | | Average Summary Compensation Table Total for Non-PEO NEOs | | Average Compensation Actually Paid to Non-PEO NEOs | | Value of Initial Fixed $100 Investment Based On Total Shareholder Return | | Net Income (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | $ | 1,599,583 | | | | $ | 1,453,892 | | | | $ | 681,279 | | | | $ | 620,227 | | | | $ | 109.38 | | | | $ | 16,156 | | | 2023 | | | $ | 1,320,508 | | | | $ | 888,135 | | | | $ | 556,304 | | | | $ | 374,378 | | | | $ | 53.81 | | | | $ | 5,027 | | | ||||||||||||
| 2021 | | | $ | 1,677,930 | | | | $ | 1,466,198 | | | | $ | 719,036 | | | | $ | 630,166 | | | | $ | 109.84 | | | | $ | 17,430 | | | 2022 | | | $ | 1,599,583 | | | | $ | 1,453,892 | | | | $ | 681,294 | | | | $ | 620,227 | | | | $ | 109.38 | | | | $ | 16,156 | | | ||||||||||||
| 2021 | | | $ | 1,677,930 | | | | $ | 1,466,198 | | | | $ | 719,036 | | | | $ | 630,167 | | | | $ | 109.84 | | | | $ | 17,430 | | |
| | | 2022 | | 2021 | | | | 2023 | | 2022 | | 2021 | | ||||||||||||||||||||
| Total Compensation as reported in SCT | | | $ | 1,599,583 | | | | $ | 1,677,930 | | | Total Compensation as reported in SCT | | | $ | 1,320,508 | | | | $ | 1,599,583 | | | | $ | 1,677,930 | | | |||||
| Fair value of equity awards granted during fiscal year | | | | (312,357) | | | | | (310,626) | | | Fair value of equity awards granted during fiscal year | | | | (309,350) | | | | | (312,357) | | | | | (310,626) | | | |||||
| Fair value of equity compensation granted in current year at year end | | | | 264,368 | | | | | 169,934 | | | Fair value of equity compensation granted in current year at year end | | | | 96,432 | | | | | 264,368 | | | | | 169,934 | | | |||||
| Dividends paid on unvested shares/share units | | | | 15,297 | | | | | 26,556 | | | Dividends paid on unvested shares/share units | | | | 3,424 | | | | | 15,297 | | | | | 26,556 | | | |||||
| Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | | | | (106,879) | | | | | (138,208) | | | Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | | | | (191,345) | | | | | (106,879) | | | | | (138,208) | | | |||||
| Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year | | | | (6,120) | | | | $ | 40,612 | | | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year | | | | (31,534) | | | | | (6,120) | | | | | 40,612 | | | |||||
| Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | | | | — | | | | | — | | | Compensation Actually Paid to PEO | | | $ | 888,135 | | | | $ | 1,453,892 | | | | $ | 1,466,198 | | | |||||
| Compensation Actually Paid to PEO | | | $ | 1,453,892 | | | | $ | 1,466,198 | | |
| | | 2022 | | 2021 | | | | 2023 | | 2022 | | 2021 | | ||||||||||||||||||||
| Total Compensation as reported SCT | | | $ | 712,252 | | | | $ | 763,854 | | | Total Compensation as reported SCT | | | $ | 556,304 | | | | $ | 681,294 | | | | $ | 719,036 | | | |||||
| Fair value of equity awards granted during fiscal year | | | | (130,115) | | | | | (129,380) | | | Fair value of equity awards granted during fiscal year | | | | (128,863) | | | | | (130,115) | | | | | (129,380) | | | |||||
| Fair value of equity compensation granted in current year at year end | | | | 110,113 | | | | | 70,780 | | | Fair value of equity compensation granted in current year at year end | | | | 40,174 | | | | | 110,113 | | | | | 70,780 | | | |||||
| Dividends paid on unvested shares/share units | | | | 6,359 | | | | | 11,006 | | | Dividends paid on unvested shares/share units | | | | 1,679 | | | | | 6,359 | | | | | 11,006 | | | |||||
| Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | | | | (44,890) | | | | | (57,696) | | | Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | | | | (83,049) | | | | | (44,890) | | | | | (57,696) | | | |||||
| Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year | | | | (2,534) | | | | | 16,421 | | | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year | | | | (11,867) | | | | | (2,534) | | | | | 16,421 | | | |||||
| Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | | | | — | | | | | — | | | Average Compensation Actually Paid to Non-PEO NEOs | | | $ | 374,378 | | | | $ | 620,227 | | | | $ | 630,167 | | | |||||
| Average Compensation Actually Paid to Non-PEO NEOs | | | $ | 620,227 | | | | $ | 630,166 | | |
| Outstanding Equity Awards At December 31, 2022 | | Outstanding Equity Awards At December 31, 2023 | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Stock Awards | | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | Equity Incentive Plan Awards: Market Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Name | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | Equity Incentive Plan Awards: Market Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | ||||||||||||||||||||||||||||||||
| Allan S. Kitagawa | | | | 14,789 | | | | | 355,084 | | | | | 19,769 | | | | | 474,654 | | | Allan S. Kitagawa | | | | 13,755 | | | | | 153,368 | | | | | 20,444 | | | | | 227,951 | | | ||||||||
| Vernon Hirata | | | | 5,383 | | | | | 129,246 | | | | | 8,264 | | | | | 198,419 | | | Vernon Hirata | | | | 5,992 | | | | | 66,811 | | | | | 8,515 | | | | | 94,942 | | | ||||||||
| Ralph Y. Nakatsuka | | | | 5,383 | | | | | 129,246 | | | | | 8,264 | | | | | 198,419 | | | Ralph Y. Nakatsuka | | | | 5,992 | | | | | 66,811 | | | | | 8,515 | | | | | 94,942 | | |
| | | | FOR | | | WITHHOLD | |
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| FOR | | | AGAINST | | | ABSTAIN | |
| ☐ | | | ☐ | | | ☐ | |
| FOR | | | AGAINST | | | ABSTAIN | |
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| Dated: | | | SIGNATURE OF STOCKHOLDER | |
| | | | SIGNATURE OF COHOLDER (IF ANY) | |