Central Pacific Financial Corporation - CPF STOCK NEWS

Central Pacific Financial Corp. (NYSE: CPF), the parent company of Central Pacific Bank, has announced its plans to release third quarter 2024 earnings on October 30, 2024, before the New York Stock Exchange opens. The company will host a conference call and live audio webcast at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) on the same day to review the results.

Interested parties can participate in the conference by calling 1-800-715-9871 (conference ID: 6299769) or by accessing the webcast through the company's investor relations website at http://ir.cpb.bank. A replay of the call will be available until November 29, 2024, by dialing 1-800-770-2030 (conference ID: 6299769) and on the company's website.

Central Pacific Bank (CPB) has appointed Ralph Mesick as Senior Executive Vice President and Chief Risk Officer. With nearly 40 years of financial services experience, Mesick joins CPB to help manage the changing regulatory environment and strengthen the bank's risk management infrastructure. Mesick, a former police officer and graduate of the University of Hawaii-Manoa and University of Wisconsin-Madison, will oversee key risk functions and be a member of the bank's Executive Committee. He brings extensive community involvement, having served on various boards and organizations in Hawaii. CPB Chairman Arnold Martines emphasized the importance of Mesick's role in preparing for increased regulatory oversight in the banking industry.

Central Pacific Bank (CPB), the primary subsidiary of Central Pacific (NYSE: CPF), has chosen ARGO Connects to enhance its retail banking operations. This suite of software will drive monetary transaction processing, customer acquisition, journey experience, fulfillment, and service across physical and digital channels. The implementation aims to provide a consistent customer experience across all banking platforms.

ARGO Connects is designed to enable a fully automated, Omni-channel, customer-centric delivery model. It will equip CPB with tools to process transactions, service accounts, and fulfill paperless processing. The software will also help the bank predict and recognize customers' financial needs, allowing for proactive engagement through relevant content across mobile, internet, contact center, and branch channels.

Central Pacific Financial Corp. (NYSE: CPF) reported net income of $15.8 million, or $0.58 per diluted share, for Q2 2024, a 22.2% increase from the previous quarter. Key highlights include:

- Net interest margin increased to 2.97%, up 14 bps from Q1
- Total loans decreased by $17.8 million to $5.38 billion
- Core deposits increased by $16.7 million to $5.91 billion
- Net charge-offs decreased by $0.8 million to $3.8 million
- Total risk-based capital ratio of 15.1% and common equity tier 1 ratio of 11.9%
- Quarterly cash dividend of $0.26 per share approved

The company maintained solid liquidity and grew capital levels, with $298.9 million in cash and $2.56 billion in total other liquidity sources.

Central Pacific Financial Corp. (NYSE: CPF), the parent company of Central Pacific Bank, has announced its plans to release second quarter 2024 earnings on July 31, 2024, before the New York Stock Exchange opens. The company will host a conference call and live audio webcast at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) on the same day to review the results. Interested parties can participate by calling 1-800-715-9871 (conference ID: 9836028) or by accessing the webcast on the company's investor relations website. A replay of the call will be available until August 30, 2024, via phone and the company's website.

Central Pacific Financial Corp. (NYSE: CPF) reported first-quarter 2024 earnings of $12.9 million, or $0.48 per diluted share. Highlights include NIM of 2.83%, total loans of $5.40 billion, total deposits of $6.62 billion, and a quarterly cash dividend of $0.26 per share. The Company's focus on balance sheet optimization resulted in a 1.9% decrease in net interest income, a provision for credit losses of $3.9 million, and a decrease in total assets to $7.41 billion. Asset quality remained stable with nonperforming assets at 0.14% of total assets. Shareholders' equity increased to $507.2 million, with capital ratios showing improvement.

Central Pacific Financial Corp. (CPF) will release its Q1 2024 earnings on April 24, 2024. The conference call and webcast will start at 1:00 p.m. ET. Interested parties can listen via phone or web. Replay available until May 24, 2024.

Christine Camp, President and CEO of Avalon Group, steps down from Central Pacific Financial and Central Pacific Bank after 20 years of service. Camp's long tenure and contributions are praised by CPB President Arnold Martines.

Central Pacific Financial Corp. (CPF) reported a net income of $14.9 million for the fourth quarter of 2023, with an EPS of $0.55, and a net income of $58.7 million for the year. The company approved a quarterly cash dividend of $0.26 per share and authorized a new share repurchase program of up to $20.0 million for 2024. Net interest income decreased by 1.5% from the previous quarter, and the net interest margin decreased by 4 basis points. The Company completed a $30.0 million investment portfolio restructuring designed to increase prospective earnings and net interest margin. The provision for credit losses was $4.7 million in the fourth quarter of 2023. Total assets remained relatively flat at $7.64 billion at December 31, 2023. Nonperforming assets totaled $7.0 million, or 0.09% of total assets at December 31, 2023. Total shareholders' equity was $503.8 million at December 31, 2023.