Form 4: Territorial Bancorp Inc. Executive Vernon Hirata Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Vernon Hirata, Vice Chairman & Co-COO, General Counsel & Secretary of Territorial Bancorp Inc. reports a disposition of shares to cover tax obligations related to vesting restricted stock units.
Summary
- On March 27, 2025, Vernon Hirata, Vice Chairman & Co-COO, General Counsel & Secretary of Territorial Bancorp Inc. (TBNK), reported a transaction involving the disposition of 1,304 shares of common stock at a price of $8.55.
- This transaction was to cover tax obligations related to vesting restricted stock units.
- Following the transaction, Hirata directly owns 86,799 shares of common stock.
- Hirata also indirectly owns 54,342 shares through a 401(k), 15,600 shares through a trust, 17,742 shares through an ESOP, and 441 shares through a spouse's ESOP.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing a routine transaction. It doesn't convey any particularly positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and their potential impact on the stock's price and investor confidence.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their executives, ensuring compliance with SEC regulations.
- The details provided in this filing are consistent with the level of information typically disclosed in similar filings by executives at comparable financial institutions.
Stakeholder Impact
- The transaction is unlikely to have a significant impact on shareholders, as it is a relatively small number of shares being disposed of by an executive to cover tax obligations.
- The filing provides transparency to stakeholders regarding insider transactions, which can help maintain investor confidence.
Key Dates
| Date | Description |
|---|---|
| 04/04/2023 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 04/03/2024 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 03/27/2025 | Date of the reported transaction: disposition of 1,304 shares. |
| 03/28/2025 | Date of signature on the Form 4 filing. |
| 04/18/2025 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
Keywords
Territorial Bancorp Inc., Vernon Hirata, Beneficial Ownership, Form 4, Stock Transaction, Restricted Stock Units, TBNK
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