By Ben GlickmanTerritorial Bancorp cut its quarterly dividend by 78% after interest rates weighed on third-quarter results. The Honolulu, Hawaii-based regional savings bank said Friday its board had decided to cut its dividend in the current quarter to 5 cents a share from 23 cents a share. The new payout, equal to 20 cents a year, represents an annual yield of 2.8% based on the Friday closing price of $7.19. The bank said that lower third-quarter earnings and an uncertain interest rate and economic environment prompted the cut. Territorial Bancorp logged a third-quarter profit of $880,000, or 10 cents a share, compared with $3.89 million, or 44 cents a share, a year earlier.

Source: Wall Street Journal October 28, 2023 09:03 UTC