Central Pacific Financial Corp. Reports $18.0 Million First Quarter Earnings And Increases Cash Dividend

Rhea-AI Summary

Central Pacific Financial Corp. (NYSE: CPF) reported a strong first quarter 2021, with net income of $18.0 million and EPS of $0.64, marking a significant increase from $8.3 million and EPS of $0.29 in Q1 2020. The board declared a cash dividend of $0.24 per share, up 4.3% from the previous quarter. Notably, net interest income was $49.8 million, down from $51.5 million in the prior quarter. Total assets rose to $6.98 billion, a 14.3% increase year-over-year, while the loan-to-deposit ratio stood at 82.8%.

Positive

• Net income rose by 117% year-over-year to $18.0 million.
• Quarterly cash dividend increased by 4.3% to $0.24 per share.
• Total assets increased by 14.3% year-over-year to $6.98 billion
• Solid support for small businesses with over $290 million in PPP loans originated.

Negative

• Net interest income decreased from $51.5 million in Q4 2020 to $49.8 million in Q1 2021.
• Net interest margin declined to 3.19% compared to 3.32% in the previous quarter.
• Nonperforming assets increased to $7.2 million, up from $6.2 million in Q4 2020.

04/28/2021 - 06:30 AM

HONOLULU, April 28, 2021 /PRNewswire/ -- Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank"), today reported net income in the first quarter of 2021 of $18.0 million, or fully diluted earnings per share ("EPS") of $0.64, compared to net income in the first quarter of 2020 of $8.3 million, or EPS of $0.29, and net income in the fourth quarter of 2020 of $12.2 million, or EPS of $0.43.

"Central Pacific Financial Corp.'s first quarter 2021 results are the highest quarterly pre-tax income we have reported since 2007. With this strong start to 2021, combined with the Hawaii economy continuing to recover, we are pleased to announce an increase to our quarterly cash dividend," said Paul Yonamine, Chairman and Chief Executive Officer. "We believe our RISE2020 investments have positioned us well, and we remain highly committed to continuing to deliver results and achievement of our financial targets."

"In the first quarter, we continued to provide significant support for small businesses with the origination of over 3,600 Paycheck Protection Program ("PPP") loans totaling over $290 million," said Catherine Ngo, President. "At the same time, we have maintained solid liquidity, capital and asset quality positions."

On April 27, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.24 per share on its outstanding common shares. This represents a 4.3% increase from the dividend paid of $0.23 per share in the first quarter of 2021 and will be payable on June 15, 2021 to shareholders of record at the close of business on May 28, 2021. On January 26, 2021, the Company's Board of Directors approved a new share repurchase authorization of up to $25 million of its common stock. The Company did not repurchase any shares during the first quarter of 2021.

Earnings Highlights
Net interest income for the first quarter of 2021 was $49.8 million, compared to $47.8 million in the year-ago quarter and $51.5 million in the previous quarter. Net interest margin for the first quarter of 2021 was 3.19%, compared to 3.43% in the year-ago quarter and 3.32% in the previous quarter. The sequential quarter decrease in net interest income and net interest margin is primarily due to a decrease in net interest income and net loan fees on PPP loans, combined with decreases in yields earned on the Company's loan and investment securities portfolios. Net interest income for the first quarter of 2021 included $5.2 million in net interest income and net loan fees on PPP loans, which are accreted into income over the term of the loans and accelerated when the loans are forgiven or paid-off, compared to $6.3 million in the previous quarter. During the first quarter, approximately $100.6 million in PPP loans were forgiven which resulted in the immediate recognition of $2.4 million in net loan fees, compared to approximately $118.9 million in PPP loans which were forgiven in the previous quarter and resulted in the immediate recognition of $3.0 million in net loan fees. Net deferred fees on PPP loans totaled $20.3 million and $9.6 million at March 31, 2021 and  December 31, 2020, respectively. Additional information on average balances, interest income and expenses and yields and rates is presented in Table 5.

Other operating income for the first quarter of 2021 totaled $10.7 million, compared to $8.9 million in the year-ago quarter and $14.1 million in the previous quarter. The decrease in other operating income from the previous quarter was primarily due to the lower mortgage banking income of $2.5 million, combined with lower income from bank-owned life insurance of $0.4 million. Additional information on other operating income is presented in Tables 3 and 4.

Other operating expense for the first quarter of 2021 totaled $37.8 million, compared to $34.4 million in the year-ago quarter and $44.7 million in the previous quarter. Other operating expense in the previous quarter was elevated due to $5.9 million in nonrecurring expenses, which included:  employee incentives and other benefit programs of $2.0 million, branch consolidation costs of $1.3 million, litigation settlements of $0.8 million, Federal Home Loan Bank ("FHLB") advance prepayment fee $0.7 million, loss on disposal of fixed assets of $0.6 million and other nonrecurring expenses totaling $0.5 million. In addition, in the first quarter of 2021 the Company deferred $0.8 million in salaries and employee benefits related to the origination of PPP loans. These decreases in other operating expense from the previous quarter were partially offset by higher advertising expense of $0.9 million in the first quarter of 2021. Additional information on other operating expense is presented in Tables 3 and 4.

The efficiency ratio for the first quarter of 2021 was 62.54%, compared to 60.73% in the year-ago quarter and 68.20% in the previous quarter. The decrease in the efficiency ratio from the previous quarter was primarily due to the aforementioned nonrecurring items in other operating expense recorded in the previous quarter.

In the first quarter of 2021, the Company recorded income tax expense of $5.5 million, compared to $2.8 million in the year-ago quarter and $3.8 million in the previous quarter. The effective tax rate for the first quarter of 2021 was 23.2%, compared to 25.3% in the year-ago quarter and 23.7% in the previous quarter.

Balance Sheet Highlights
Total assets at March 31, 2021 of $6.98 billion increased by $870.7 million, or 14.3% from March 31, 2020, and increased by $384.7 million, or 5.8% from December 31, 2020.

Total loans at March 31, 2021 of $5.14 billion increased by $625.9 million, or 13.9% from March 31, 2020, and increased by $173.7 million, or 3.5% from December 31, 2020. The sequential quarter increase in total loans was primarily due to increases in PPP loans of $181.4 million, construction loans of $12.6 million, home equity loans of $8.2 million and commercial mortgage loans of $8.0 million, partially offset by decreases in other commercial loans of $30.9 million. Excluding PPP loans, total loans decreased slightly by $7.7 million, or 0.2% from the previous quarter. In the first quarter of 2021, the Company originated $292.7 million in PPP loans, which were offset by paydowns of PPP loans totaling $100.6 million. Loans by geographic distribution are summarized in Table 6.

Total deposits at March 31, 2021 of $6.21 billion increased by $1.07 billion, or 20.9% from March 31, 2020, and increased by $412.8 million, or 7.1% from December 31, 2020. The sequential quarter increase in total deposits was primarily attributable to the deposit of PPP funds and other government stimulus, and included increases in noninterest-bearing demand deposits of $280.2 million, interest-bearing demand deposits of $62.7 million, and savings and money market deposits of $72.3 million. These increases were offset by a decrease in total time deposits of $2.3 million. Core deposits, which include demand deposits, savings and money market deposits, and time deposits up to $250,000, totaled $5.55 billion at March 31, 2021. This represents an increase of $1.14 billion, or 25.9% from March 31, 2020, and an increase of $410.3 million, or 8.0% from December 31, 2020. The Company's loan-to-deposit ratio was 82.8% at March 31, 2021, compared to 87.9% at March 31, 2020 and 85.7% at December 31, 2020. Deposit balances are summarized in Table 7.

Asset Quality
Nonperforming assets at March 31, 2021 totaled $7.2 million, or 0.10% of total assets, compared to $3.6 million, or 0.06% of total assets at March 31, 2020, and $6.2 million, or 0.09% of total assets at December 31, 2020.

Loans delinquent for 90 days or more still accruing interest totaled $4.8 million at March 31, 2021, compared to $1.6 million and $0.8 million at March 31, 2020 and December 31, 2020, respectively. Additional information on nonperforming assets, past due and restructured loans is presented in Table 8.

Loans on payment forbearance or deferrals granted to borrowers impacted by the COVID-19 pandemic declined significantly to $39.5 million or 0.8% of the total loan portfolio (or 0.9% excluding PPP loans), as of March 31, 2021, compared to $120.2 million or 2.4% of the total loan portfolio (or 2.6% excluding PPP loans), as of December 31, 2020. Additional information on loans on payment forbearance or deferrals is presented in Table 10.

Net charge-offs in the first quarter of 2021 totaled $0.7 million, compared to net charge-offs of $1.2 million in the year-ago quarter, and net charge-offs of $1.8 million in the previous quarter.

In the first quarter of 2021, the Company recorded a credit to the provision for credit losses on loans of $0.8 million, compared to a provision of $11.1 million in the year-ago quarter and a provision of $4.9 million in the previous quarter. The credit to the provision for credit losses in the first quarter of 2021 included a credit to the provision for credit losses on loans of $1.0 million, offset by a provision for credit losses on off-balance sheet credit exposures of $0.2 million. The credit to the provision for credit losses on loans in the first quarter of 2021 was driven by an improved economic forecast as the State recovers from the COVID-19 pandemic. The allowance for credit losses, as a percentage of total loans at March 31, 2021 was 1.59%, compared to 1.32% at March 31, 2020 and 1.68% at December 31, 2020. Excluding the PPP loans, the allowance for credit losses, as a percentage of total loans at March 31, 2021 was 1.80%, compared to 1.83% at December 31, 2020. Additional information on the allowance for credit losses is presented in Table 9.

Capital
Total shareholders' equity was $542.9 million at March 31, 2021, compared to $533.8 million and $546.7 million at March 31, 2020 and December 31, 2020, respectively.

The Company maintained its strong capital position and its capital ratios continue to exceed the levels required to be considered a "well-capitalized" institution for regulatory purposes under Basel III. At March 31, 2021, the Company's leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ratios were 8.9%, 13.1%, 15.4%, and 12.0%, respectively, compared to 8.8%, 12.9%, 15.2%, and 11.8%, respectively, at December 31, 2020.

Non-GAAP Financial Measures
This press release contains certain references to financial measures that have been adjusted to exclude certain expenses and other specified items. These financial measures differ from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") in that they exclude unusual or non-recurring charges, losses, credits or gains. This press release identifies the specific items excluded from the comparable GAAP financial measure in the calculation of each non-GAAP financial measure. Management believes that financial presentations excluding the impact of these items provide useful supplemental information that is important to a proper understanding of the Company's core business results by investors. These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies.

Conference Call
The Company's management will host a conference call today at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-877-505-7644. A playback of the call will be available through May 28, 2021 by dialing 1-877-344-7529 (passcode: 10155139) and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.

About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.0 billion in assets.  Central Pacific Bank, its primary subsidiary, operates 31 branches and 69 ATMs in the state of Hawaii, as of March 31, 2021.  For additional information, please visit the Company's website at http://www.cpb.bank.

Forward-Looking Statements
This document may contain forward-looking statements concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our RISE2020 initiative; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

While we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the adverse effects of the COVID-19 pandemic virus on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees as well as the effects of government programs and initiatives in response to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; our ability to successfully implement our RISE2020 initiative; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic virus and disease, including COVID-19) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulatory orders or actions we are or may become subject to; ability to successfully implement our initiatives to lower our efficiency ratio; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "FRB" or the "Federal Reserve"); inflation, interest rate, securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism;  pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items.

For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the forward-looking statements, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, the discussion of "Risk Factors" set forth therein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 8-K. Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events except as required by law.

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)																		TABLE 1
		Three Months Ended
(Dollars in thousands,		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
except for per share amounts)		2021				2020				2020				2020				2020
CONDENSED INCOME STATEMENT
Net interest income		$	49,804			$	51,474			$	49,120			$	49,259			$	47,830
(Credit) provision for credit losses [1]		(821)				4,898				14,873				11,213				11,127
Net interest income after (credit) provision for credit losses [1]		50,625				46,576				34,247				38,046				36,703
Total other operating income		10,711				14,057				11,563				10,692				8,886
Total other operating expense [1]		37,846				44,690				36,751				35,854				34,442
Income before taxes		23,490				15,943				9,059				12,884				11,147
Income tax expense		5,452				3,772				2,200				2,967				2,821
Net income		18,038				12,171				6,859				9,917				8,326
Basic earnings per common share		$	0.64			$	0.43			$	0.24			$	0.35			$	0.30
Diluted earnings per common share		0.64				0.43				0.24				0.35				0.29
Dividends declared per common share		0.23				0.23				0.23				0.23				0.23
PERFORMANCE RATIOS
Return on average assets (ROA) [2]		1.07		%		0.74		%		0.42		%		0.61		%		0.55		%
Return on average shareholders' equity (ROE) [2]		13.07				8.87				4.99				7.34				6.21
Average shareholders' equity to average assets		8.19				8.29				8.36				8.36				8.93
Efficiency ratio  [3]		62.54				68.20				60.56				59.81				60.73
Net interest margin (NIM) [2]		3.19				3.32				3.19				3.26				3.43
Dividend payout ratio [4]		35.94				53.49				95.83				65.71				79.31
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale		$	5,079,874			$	5,034,717			$	5,016,955			$	4,902,905			$	4,462,347
Average interest-earning assets		6,305,786				6,202,228				6,160,381				6,073,361				5,621,043
Average assets		6,738,825				6,621,127				6,574,492				6,468,129				6,007,237
Average deposits		5,958,742				5,755,257				5,728,147				5,614,595				5,121,696
Average interest-bearing liabilities		4,161,452				4,163,396				4,118,726				4,082,699				3,917,332
Average shareholders' equity		551,976				548,663				549,378				540,802				536,721
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)														TABLE 1 (CONTINUED)
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(dollars in thousands)		2021				2020				2020				2020				2020
REGULATORY CAPITAL
Central Pacific Financial Corp
Leverage capital		$	594,655			$	581,358			$	573,636			$	571,976			$	567,947
Tier 1 risk-based capital		594,655				581,358				573,636				571,976				567,947
Total risk-based capital		699,899				686,130				623,157				622,393				618,504
Common equity tier 1 capital		544,655				531,358				523,636				521,976				517,947
Central Pacific Bank
Leverage capital		632,702				620,372				559,750				559,461				556,895
Tier 1 risk-based capital		632,702				620,372				559,750				559,461				556,895
Total risk-based capital		682,847				670,087				609,203				609,811				607,402
Common equity tier 1 capital		632,702				620,372				559,750				559,461				556,895
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp
Leverage capital ratio		8.9		%		8.8		%		8.8		%		8.9		%		9.5		%
Tier 1 risk-based capital ratio		13.1				12.9				12.8				12.5				12.3
Total risk-based capital ratio		15.4				15.2				13.9				13.6				13.4
Common equity tier 1 capital ratio		12.0				11.8				11.6				11.4				11.3
Central Pacific Bank
Leverage capital ratio		9.4				9.4				8.6				8.7				9.3
Tier 1 risk-based capital ratio		13.9				13.7				12.5				12.2				12.1
Total risk-based capital ratio		15.0				14.9				13.6				13.3				13.2
Common equity tier 1 capital ratio		13.9				13.7				12.5				12.2				12.1
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)														TABLE 1 (CONTINUED)
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(dollars in thousands, except for per share amounts)		2021				2020				2020				2020				2020
BALANCE SHEET
Total loans, net of deferred fees and costs		$	5,137,849			$	4,964,113			$	5,030,626			$	5,003,438			$	4,511,998
Total assets		6,979,265				6,594,583				6,648,142				6,632,972				6,108,548
Total deposits		6,208,950				5,796,118				5,678,929				5,794,685				5,136,069
Long-term debt		105,436				105,385				101,547				167,491				101,547
Total shareholders' equity		542,865				546,685				543,903				544,271				533,781
Total shareholders' equity to total assets		7.78		%		8.29		%		8.18		%		8.21		%		8.74		%
ASSET QUALITY
Allowance for credit losses ("ACL") [1] [2]		$	81,553			$	83,269			$	80,542			$	67,339			$	59,645
Non-performing assets ("NPA")		7,194				6,192				13,187				4,741				3,647
ACL to total loans [1]		1.59		%		1.68		%		1.60		%		1.35		%		1.32		%
ACL to total loans, excluding PPP loans [1]		1.80		%		1.83		%		1.79		%		1.50		%		1.32		%
ACL to non-performing assets [1]		1,133.63		%		1,344.78		%		610.77		%		1,420.35		%		1,635.45		%
NPA to total assets		0.10		%		0.09		%		0.20		%		0.07		%		0.06		%
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share		$	19.19			$	19.40			$	19.30			$	19.33			$	18.99
Closing market price per common share		26.68				19.01				13.57				16.03				15.90
[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. Prior period amounts have been reclassified to conform to the current period presentation. The allowance for off-balance sheet credit exposures continues to be included in other liabilities
[2] ROA, ROE and ROTE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual)
[3] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income)
[4] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)																		TABLE 2
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands, except share data)		2021				2020				2020				2020				2020
ASSETS
Cash and due from financial institutions		$	93,358			$	97,546			$	89,665			$	102,132			$	81,972
Interest-bearing deposits in other financial institutions		166,533				6,521				5,489				41,201				11,021
Investment securities:
Available-for-sale debt securities, at fair value		1,216,341				1,182,609				1,166,319				1,168,594				1,184,023
Equity securities, at fair value		1,435				1,351				1,204				1,209				1,002
Total investment securities		1,217,776				1,183,960				1,167,523				1,169,803				1,185,025
Loans held for sale		5,234				16,687				23,962				10,443				3,910
Loans, net of deferred fees and costs		5,137,849				4,964,113				5,030,626				5,003,438				4,511,998
Less allowance for credit losses		81,553				83,269				80,542				67,339				59,645
Loans, net of allowance for credit losses		5,056,296				4,880,844				4,950,084				4,936,099				4,452,353
Premises and equipment, net		72,599				65,278				61,095				55,032				50,447
Accrued interest receivable		19,440				20,224				21,478				19,590				16,851
Investment in unconsolidated subsidiaries		31,487				29,968				30,239				16,428				16,721
Other real estate owned		—				—				128				—				100
Mortgage servicing rights		11,094				11,865				12,429				12,771				13,345
Bank-owned life insurance		167,110				163,161				161,743				161,758				159,637
Federal Home Loan Bank ("FHLB") stock		8,155				8,237				17,468				9,229				18,109
Right of use lease asset		44,727				45,857				44,896				50,039				51,198
Other assets		85,456				64,435				61,943				48,447				47,859
Total assets		$	6,979,265			$	6,594,583			$	6,648,142			$	6,632,972			$	6,108,548
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand		$	2,070,428			$	1,790,269			$	1,762,476			$	1,851,012			$	1,430,540
Interest-bearing demand		1,237,574				1,174,888				1,114,123				1,067,483				1,018,508
Savings and money market		2,004,368				1,932,043				1,881,104				1,945,744				1,693,280
Time		896,580				898,918				921,226				930,446				993,741
Total deposits		6,208,950				5,796,118				5,678,929				5,794,685				5,136,069
FHLB advances and other short-term borrowings		—				22,000				206,000				—				222,000
Long-term debt		105,436				105,385				101,547				167,491				101,547
Lease liability		46,033				47,191				45,355				50,440				51,541
Other liabilities		75,933				77,156				72,369				76,050				63,561
Total liabilities		6,436,352				6,047,850				6,104,200				6,088,666				5,574,718
Shareholders' equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding:  none at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020		—				—				—				—				—
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding:  28,282,530 at March 31, 2021, 28,183,340 at December 31, 2020, 28,179,798 at September 30, 2020, 28,154,159 at June 30, 2020, and 28,115,353 at March 31, 2020		443,505				442,635				442,635				442,699				442,853
Additional paid-in capital		95,721				94,842				94,336				93,007				92,284
Retained earnings (accumulated deficit)		628				(10,920)				(16,609)				(16,986)				(20,428)
Accumulated other comprehensive income		3,011				20,128				23,541				25,551				19,072
Total shareholders' equity		542,865				546,685				543,903				544,271				533,781
Non-controlling interest		48				48				39				35				49
Total equity		542,913				546,733				543,942				544,306				533,830
Total liabilities and shareholders' equity		$	6,979,265			$	6,594,583			$	6,648,142			$	6,632,972			$	6,108,548

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)																		TABLE 3
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
(Dollars in thousands, except per share data)		2021				2020				2020				2020				2020
Interest income:
Interest and fees on loans		$	46,074			$	48,259			$	45,751			$	45,915			$	46,204
Interest and dividends on investment securities:
Taxable investment securities		5,106				5,002				5,233				6,310				6,757
Tax-exempt investment securities		514				504				621				599				668
Dividend income on investment securities		18				18				17				17				17
Interest on deposits in other financial institutions		10				4				3				3				36
Dividend income on FHLB stock		59				114				128				106				132
Total interest income		51,781				53,901				51,753				52,950				53,814
Interest expense:
Interest on deposits:
Demand		86				105				115				114				176
Savings and money market		274				314				417				567				1,118
Time		588				813				1,284				2,124				3,268
Interest on short-term borrowings		2				65				71				74				508
Interest on long-term debt		1,027				1,130				746				812				914
Total interest expense		1,977				2,427				2,633				3,691				5,984
Net interest income		49,804				51,474				49,120				49,259				47,830
(Credit) provision for credit losses		(821)				4,898				14,873				11,213				11,127
Net interest income after (credit) provision for credit losses		50,625				46,576				34,247				38,046				36,703
Other operating income:
Mortgage banking income		2,970				5,434				4,345				3,566				337
Service charges on deposit accounts		1,478				1,560				1,475				1,149				2,050
Other service charges and fees		3,790				3,709				3,345				2,916				4,897
Income from fiduciary activities		1,231				1,113				1,149				1,270				1,297
Net gain (loss) on sales of investment securities		—				151				(352)				—				—
Income from bank-owned life insurance		797				1,219				1,179				1,424				(19)
Other (refer to Table 4)		445				871				422				367				324
Total other operating income		10,711				14,057				11,563				10,692				8,886
Other operating expense:
Salaries and employee benefits		19,827				23,090				20,375				20,329				20,054
Net occupancy		3,764				4,011				3,834				3,645				3,672
Equipment		1,000				1,157				1,234				1,043				1,097
Communication expense		769				758				856				774				837
Legal and professional services		2,377				2,507				2,262				2,238				2,028
Computer software expense		3,783				3,625				3,114				3,035				2,943
Advertising expense		1,658				756				1,020				923				1,092
Other (refer to Table 4)		4,668				8,786				4,056				3,867				2,719
Total other operating expense		37,846				44,690				36,751				35,854				34,442
Income before income taxes		23,490				15,943				9,059				12,884				11,147
Income tax expense		5,452				3,772				2,200				2,967				2,821
Net income		$	18,038			$	12,171			$	6,859			$	9,917			$	8,326
Per common share data:
Basic earnings per share		$	0.64			$	0.43			$	0.24			$	0.35			$	0.30
Diluted earnings per share		0.64				0.43				0.24				0.35				0.29
Cash dividends declared		0.23				0.23				0.23				0.23				0.23
Basic weighted average shares outstanding		28,108,648				28,071,151				28,060,020				28,040,802				28,126,400
Diluted weighted average shares outstanding		28,313,014				28,177,366				28,111,664				28,095,230				28,277,753
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Other Operating Income and Other Operating Expense - Detail
(Unaudited)																		TABLE 4
The following table sets forth the components of other operating income - other for the periods indicated:
		Three Months Ended
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Other operating income - other:
Equity in earnings of unconsolidated subsidiaries		$	107			$	181			$	104			$	104			$	26
Net loss on sales of foreclosed assets		—				(9)				—				(6)				—
Income recovered on nonaccrual loans previously charged-off		35				73				47				37				23
Other recoveries		28				38				22				26				40
Commissions on sale of checks		77				69				73				56				81
Other		198				519				176				150				154
Total other operating income - other		$	445			$	871			$	422			$	367			$	324
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period
The following table sets forth the components of other operating expense - other for the periods indicated:
		Three Months Ended
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Other operating expense - other:
Pension plan and SERP expense		$	247			$	313			$	354			$	293			$	293
Foreclosed asset expense		3				(2)				6				—				67
Charitable contributions		21				63				12				10				187
FDIC insurance assessment		440				733				649				475				—
Miscellaneous loan expenses		370				512				497				399				300
ATM and debit card expenses		665				498				573				584				634
Armored car expenses		192				251				192				229				294
Entertainment and promotions		199				220				132				165				280
Stationery and supplies		213				196				226				220				248
Directors' fees and expenses		217				213				213				196				241
Directors' deferred compensation plan expense		902				706				(237)				103				(1,483)
Branch consolidation costs		—				1,310				321				—				—
Litigation settlement		—				750				—				—				—
FHLB advance prepayment fee		—				747				—				—				—
Loss on disposal of fixed assets		32				552				—				—				—
Other		1,167				1,724				1,118				1,193				1,658
Total other operating expense - other		$	4,668			$	8,786			$	4,056			$	3,867			$	2,719
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)																								TABLE 5
		Three Months Ended											Three Months Ended											Three Months Ended
		March 31, 2021											December 31, 2020											March 31, 2020
		Average				Average							Average				Average							Average				Average
(Dollars in thousands)		Balance				Yield/Rate			Interest				Balance				Yield/Rate			Interest				Balance				Yield/Rate			Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions		$	43,442			0.10	%		$	10			$	16,786			0.10	%		$	4			$	11,082			1.29	%		$	36
Investment securities, excluding valuation allowance:
Taxable		1,081,271				1.90			5,124				1,048,665				1.91			5,020				1,027,695				2.64			6,774
Tax-exempt		93,665				2.78			651				90,452				2.83			638				105,330				3.21			845
Total investment securities		1,174,936				1.97			5,775				1,139,117				1.99			5,658				1,133,025				2.69			7,619
Loans, including loans held for sale		5,079,874				3.66			46,074				5,034,717				3.82			48,259				4,462,347				4.16			46,204
Federal Home Loan Bank stock		7,534				3.13			59				11,608				3.91			114				14,589				3.61			132
Total interest-earning assets		6,305,786				3.32			51,918				6,202,228				3.48			54,035				5,621,043				3.85			53,991
Noninterest-earning assets		433,039											418,899											386,194
Total assets		$	6,738,825										$	6,621,127										$	6,007,237
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits		$	1,186,963			0.03	%		$	86			$	1,149,759			0.04	%		$	105			$	1,013,795			0.07	%		$	176
Savings and money market deposits		1,972,800				0.06			274				1,902,876				0.07			314				1,651,751				0.27			1,118
Time deposits up to $250,000		236,828				0.41			241				246,573				0.57			351				266,549				0.89			591
Time deposits over $250,000		657,004				0.21			347				662,389				0.28			462				743,877				1.45			2,677
Total interest-bearing deposits		4,053,595				0.09			948				3,961,597				0.12			1,232				3,675,972				0.50			4,562
Federal Home Loan Bank advances and other short-term borrowings		2,456				0.30			2				76,968				0.33			65				139,813				1.46			508
Long-term debt		105,402				3.95			1,027				124,830				3.60			1,130				101,547				3.62			914
Total interest-bearing liabilities		4,161,453				0.19			1,977				4,163,395				0.23			2,427				3,917,332				0.61			5,984
Noninterest-bearing deposits		1,905,147											1,793,660											1,445,724
Other liabilities		120,247											115,407											107,458
Total liabilities		6,186,847											6,072,462											5,470,514
Shareholders' equity		551,976											548,663											536,721
Non-controlling interest		2											2											2
Total equity		551,978											548,665											536,723
Total liabilities and equity		$	6,738,825										$	6,621,127										$	6,007,237
Net interest income									$	49,941										$	51,608										$	48,007
Interest rate spread						3.13	%										3.25	%										3.24	%
Net interest margin						3.19	%										3.32	%										3.43	%

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Loans by Geographic Distribution
(Unaudited)																		TABLE 6
		March 31,				December 31,				September 30,				June 30,				March 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
HAWAII:
Commercial, financial and agricultural:
SBA Paycheck Protection Program		$	548,880			$	375,879			$	485,286			$	483,827			$	—
Other		399,154				426,670				414,754				431,887				454,817
Real estate:
Construction		137,976				125,407				118,247				103,518				100,617
Residential mortgage		1,687,513				1,690,212				1,680,060				1,657,558				1,632,536
Home equity		559,514				551,266				534,056				510,962				504,686
Commercial mortgage		911,216				898,055				914,144				912,422				917,886
Consumer		319,032				332,430				342,203				350,414				367,960
Total loans, net of deferred fees and costs		4,563,285				4,399,919				4,488,750				4,450,588				3,978,502
Allowance for credit losses		(70,961)				(73,152)				(71,575)				(59,765)				(51,646)
Loans, net of allowance for credit losses		$	4,492,324			$	4,326,767			$	4,417,175			$	4,390,823			$	3,926,856
U.S. MAINLAND: [1]
Commercial, financial and agricultural:
SBA Paycheck Protection Program		$	48,939			$	40,496			$	43,295			$	42,581			$	—
Other		115,035				118,421				113,316				115,971				120,507
Real estate:
Commercial mortgage		253,122				258,273				227,121				217,747				221,251
Consumer		157,468				147,004				158,144				176,551				191,738
Total loans, net of deferred fees and costs		574,564				564,194				541,876				552,850				533,496
Allowance for credit losses		(10,592)				(10,117)				(8,967)				(7,574)				(7,999)
Loans, net of allowance for credit losses		$	563,972			$	554,077			$	532,909			$	545,276			$	525,497
TOTAL:
Commercial, financial and agricultural:
SBA Paycheck Protection Program		$	597,819			$	416,375			$	528,581			$	526,408			$	—
Other		514,189				545,091				528,070				547,858				575,324
Real estate:
Construction		137,976				125,407				118,247				103,518				100,617
Residential mortgage		1,687,513				1,690,212				1,680,060				1,657,558				1,632,536
Home equity		559,514				551,266				534,056				510,962				504,686
Commercial mortgage		1,164,338				1,156,328				1,141,265				1,130,169				1,139,137
Consumer		476,500				479,434				500,347				526,965				559,698
Total loans, net of deferred fees and costs		5,137,849				4,964,113				5,030,626				5,003,438				4,511,998
Allowance for credit losses		(81,553)				(83,269)				(80,542)				(67,339)				(59,645)
Loans, net of allowance for credit losses		$	5,056,296			$	4,880,844			$	4,950,084			$	4,936,099			$	4,452,353
[1] U.S. Mainland includes territories of the United States

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits
(Unaudited)																		TABLE 7
		March 31,				December 31,				September 30,				June 30,				March 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Noninterest-bearing demand		$	2,070,428			$	1,790,269			$	1,762,476			$	1,851,012			$	1,430,540
Interest-bearing demand		1,237,574				1,174,888				1,114,123				1,067,483				1,018,508
Savings and money market		2,004,368				1,932,043				1,881,104				1,945,744				1,693,280
Time deposits less than $100,000		145,497				149,063				157,051				159,739				162,399
Other time deposits $100,000 to $250,000 [1]		88,814				90,149				95,918				96,633				100,047
Core deposits		5,546,681				5,136,412				5,010,672				5,120,611				4,404,774
Government time deposits		500,194				500,344				500,762				509,927				523,343
Other time deposits greater than $250,000		162,075				159,362				167,495				164,147				207,952
Total time deposits greater than $250,000		662,269				659,706				668,257				674,074				731,295
Total deposits		$	6,208,950			$	5,796,118			$	5,678,929			$	5,794,685			$	5,136,069
[1] As of January 1, 2021, other time deposits $100,000 to $250,000 have been included in core deposits. Prior period amounts have been reclassified to conform to current period presentation

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets, Past Due and Restructured Loans
(Unaudited)																		TABLE 8
		March 31,				December 31,				September 30,				June 30,				March 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Nonaccrual loans: [1]
Commercial, financial and agricultural - Other		$	1,412			$	1,461			$	1,536			$	934			$	667
Real estate:
Residential mortgage		4,553				4,115				4,032				3,215				2,287
Home equity		439				524				533				538				545
Commercial mortgage		—				—				6,889				—				—
Consumer		790				92				69				54				48
Total nonaccrual loans		7,194				6,192				13,059				4,741				3,547
Other real estate owned ("OREO"):
Real estate:
Residential mortgage		—				—				128				—				—
Home equity		—				—				—				—				100
Total OREO		—				—				128				—				100
Total nonperforming assets ("NPAs")		7,194				6,192				13,187				4,741				3,647
Loans delinquent for 90 days or more still accruing interest: [1]
Real estate:
Residential mortgage		4,522				567				588				726				1,221
Consumer		262				240				321				444				352
Total loans delinquent for 90 days or more still accruing interest		4,784				807				909				1,170				1,573
Restructured loans still accruing interest: [1]
Commercial, financial and agricultural - Other		63				100				137				172				113
Real estate:
Residential mortgage		5,473				5,718				5,178				5,290				5,431
Commercial mortgage		1,698				1,761				1,825				1,888				1,709
Consumer		198				207				214				145				—
Total restructured loans still accruing interest		7,432				7,786				7,354				7,495				7,253
Total NPAs and loans delinquent for 90 days or more and restructured loans still accruing interest		$	19,410			$	14,785			$	21,450			$	13,406			$	12,473
Total nonaccrual loans as a percentage of total loans		0.14		%		0.12		%		0.26		%		0.09		%		0.08		%
Total NPAs as a percentage of total loans and OREO		0.14		%		0.12		%		0.26		%		0.09		%		0.08		%
Total NPAs and loans delinquent for 90 days or more still accruing interest as a percentage of total loans and OREO		0.23		%		0.14		%		0.28		%		0.12		%		0.12		%
Total NPAs, loans delinquent for 90 days or more and restructured loans still accruing interest as a percentage of total loans and OREO		0.38		%		0.30		%		0.43		%		0.27		%		0.28		%
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter		$	6,192			$	13,187			$	4,741			$	3,647			$	1,719
Additions		2,257				1,370				9,060				1,771				2,056
Reductions:
Payments		(292)				(3,186)				(393)				(367)				(60)
Return to accrual status		(99)				(548)				—				(123)				—
Sales of NPAs		—				(4,353)				—				(94)				—
Charge-offs, valuation and other adjustments		(864)				(278)				(221)				(93)				(68)
Total reductions		(1,255)				(8,365)				(614)				(677)				(128)
Balance at end of quarter		$	7,194			$	6,192			$	13,187			$	4,741			$	3,647
[1] Section 4013 of the CARES Act and the revised Interagency Statement are being applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. These loan modifications are not included in the delinquent or restructured loan balances presented above

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)																		TABLE 9
		Three Months Ended
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Allowance for credit  losses ("ACL"):
ACL at beginning of period		$	83,269			$	80,542			$	67,339			$	59,645			$	47,971
Adoption of ASU 2016-13		—				—				—				—				3,566
Adjusted ACL at beginning of period		83,269				80,542				67,339				59,645				51,537
(Credit) provision for credit losses on loans [1] [2]		(974)				4,496				14,465				10,640				9,329
Charge-offs:
Commercial, financial and agricultural - Other		609				676				810				1,103				437
Real estate:
Residential mortgage		—				—				11				52				—
Commercial mortgage		—				—				75				—				—
Consumer		1,098				1,856				1,492				2,626				2,217
Leases		—				—				—				—				—
Total charge-offs		1,707				2,532				2,388				3,781				2,654
Recoveries:
Commercial, financial and agricultural - Other		89				189				321				305				342
Real estate:
Construction		—				—				—				—				131
Residential mortgage		106				15				13				20				181
Home equity		9				2				—				—				31
Commercial mortgage		8				1				12				1				2
Consumer		753				556				780				509				746
Total recoveries		965				763				1,126				835				1,433
Net charge-offs		742				1,769				1,262				2,946				1,221
ACL at end of period		$	81,553			$	83,269			$	80,542			$	67,339			$	59,645
Average loans, net of deferred fees and costs		$	5,079,874			$	5,034,717			$	5,016,955			$	4,902,905			$	4,462,347
Annualized ratio of net charge-offs to average loans		0.06		%		0.14		%		0.10		%		0.24		%		0.11		%
[1] The Company recorded a reserve on accrued interest receivable for loans on payment forbearance or deferral, which were granted to borrowers impacted by the COVID-19 pandemic. This reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses. The provision for credit losses presented in this table excludes the provision for credit losses on accrued interest receivable of $0.187 million
[2] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income.  The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)																		TABLE 10
The Company believes that pre-tax, pre-provision ("PTPP") earnings, a non-GAAP financial measure, is useful as a tool to help evaluate the ability to provide for credit costs through operations. The following tables set forth a reconciliation of our PTPP earnings and our PTPP earnings to average assets for each of the periods indicated:
		Three Months Ended
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Net income		$	18,038			$	12,171			$	6,859			$	9,917			$	8,326
Add: Income tax expense		5,452				3,772				2,200				2,967				2,821
Income before taxes		23,490				15,943				9,059				12,884				11,147
Add: (Credit) provision for credit losses		(821)				4,898				14,873				11,213				11,127
PTPP earnings		$	22,669			$	20,841			$	23,932			$	24,097			$	22,274
		Three Months Ended
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Net income		$	18,038			$	12,171			$	6,859			$	9,917			$	8,326
Net income (annualized)		72,152				48,684				27,436				39,668				33,304
PTPP earnings		22,669				20,841				23,932				24,097				22,274
PTPP earnings (annualized)		90,676				83,364				95,728				96,388				89,096
Average assets		6,738,825				6,621,127				6,574,492				6,468,129				6,007,237
Return on average assets		1.07		%		0.74		%		0.42		%		0.61		%		0.55		%
PTPP earnings to average assets		1.35		%		1.26		%		1.46		%		1.49		%		1.48		%
The following table sets forth a reconciliation of the ratios of our allowance for credit losses ("ACL") to total loans and ACL to total loans, excluding SBA Paycheck Protection Program ("PPP") loans, for each of the periods indicated:
		Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
ACL		$	81,553			$	83,269			$	80,542			$	67,339			$	59,645
Total loans		$	5,137,849			$	4,964,113			$	5,030,626			$	5,003,438			$	4,511,998
PPP loans		597,819				416,375				528,581				526,408				—
Total loans, excluding PPP loans		$	4,540,030			$	4,547,738			4,502,045				4,477,030				$	4,511,998
Ratio of ACL to total loans		1.59		%		1.68		%		1.60		%		1.35		%		1.32		%
Ratio of ACL to total loans, excluding PPP loans		1.80		%		1.83		%		1.79		%		1.50		%		1.32		%

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)														TABLE 10 (CONTINUED)
The following table sets forth a reconciliation of the ratios of our loans on payment forbearance or deferrals to total loans and loans on payment forbearance or deferrals to total loans, excluding PPP loans, for each of the periods indicated:
		Mar 31,				Dec 31,				Sep 30,				Jun 30,
		2021				2020				2020				2020
Loans on payment forbearance or deferrals		$	39,499			$	120,206			$	290,841			$	567,860
Total loans		5,137,849				4,964,113				5,030,626				5,003,438
Total loans, excluding PPP loans		4,540,030				4,547,738				4,502,045				4,477,030
Ratio of loans on payment forbearance or deferrals to total loans		0.77		%		2.42		%		5.78		%		11.35		%
Ratio of loans on payment forbearance or deferrals to total loans, excluding PPP loans		0.87		%		2.64		%		6.46		%		12.68		%

 

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SOURCE Central Pacific Financial Corp.

FAQ

What were Central Pacific Financial Corp.'s Q1 2021 earnings results?

Net income for Q1 2021 was $18.0 million, translating to EPS of $0.64.

What is the latest dividend announced by Central Pacific Financial Corp.?

The board declared a cash dividend of $0.24 per share, payable on June 15, 2021.

How did the loan-to-deposit ratio change in Q1 2021 for CPF?

The loan-to-deposit ratio was 82.8% as of March 31, 2021.

What were the total assets reported by CPF at the end of Q1 2021?

Total assets increased to $6.98 billion as of March 31, 2021.