Central Pacific Financial Reports Fourth Quarter Earnings of $14.9 Million and Full Year 2023 Earnings of $58.7 Million
- None.
- None.
Insights
The reported net income and earnings per share (EPS) figures for Central Pacific Financial Corp. (CPF) signify a notable year-over-year decline, which may raise concerns among investors regarding the company's profitability trajectory. The reduction in net interest income and net interest margin (NIM) is indicative of margin compression, a common issue for financial institutions in a fluctuating interest rate environment. The NIM decrease suggests that the cost of funds is increasing at a faster rate than the yield on assets, potentially impacting future earnings negatively.
However, the balance sheet repositioning, including the sale of real estate and investment securities portfolio restructuring, demonstrates proactive management in enhancing future profitability. The estimated annual positive impact to pre-tax income and the strategic investment portfolio restructuring are positive steps towards optimizing the company's financial performance. The authorization of a new share repurchase program for 2024 could be viewed as a signal of confidence by the board in the company's valuation and financial health, potentially providing support to the stock price.
The increase in total assets and the liquidity measures reported by CPF are reassuring from a market perspective, as they reflect the company's stability and ability to meet short-term obligations. The emphasis on liquidity is particularly important in the current economic climate, where unexpected market shifts can occur. The reported asset quality metrics, such as the low percentage of nonperforming assets, suggest that CPF is maintaining a healthy loan portfolio, which is crucial for investor confidence.
From a competitive standpoint, CPF's positioning as one of America's Best Regional Banks by Newsweek could enhance its public image and attract more business, potentially contributing to long-term growth. The company's strategic focus on the Hawaii marketplace and relationship-based approach could foster customer loyalty and strengthen its regional market share.
The reported increases in average rates paid on deposits and yields on loans during the fourth quarter are reflective of the broader economic trends, particularly the rising interest rate environment as a response to inflationary pressures. These trends are double-edged; they can lead to higher interest income from loans but also increase the cost of deposits, thus affecting the net interest margin. The company's ability to navigate this environment will be critical for its financial stability.
The effective tax rate's decrease is a favorable factor for net income, but it's important to monitor whether such reductions are sustainable or result from one-time factors. The overall capital position and the reported capital ratios suggest that CPF is well-capitalized, which provides a buffer against potential economic downturns and supports ongoing operations and strategic initiatives.
Highlights Included:
-
Net income of
, or$14.9 million per diluted share for the fourth quarter.$0.55 -
ROA of
0.79% , ROE of12.55% and NIM of2.84% for the fourth quarter. -
Net income of
, or$58.7 million per diluted share for the 2023 year.$2.17 -
ROA of
0.78% , ROE of12.38% and NIM of2.94% for the 2023 year. -
Completed balance sheet repositioning including the sale of an office real estate property, branch lease termination and investment securities portfolio restructuring, resulting in a net
pre-tax gain in the fourth quarter, and a total estimated annual positive impact to future pre-tax income of$0.9 million .$2.0 million -
Board of Directors approved quarterly cash dividend of
per share and authorized a new share repurchase program of up to$0.26 for 2024.$20.0 million
Pre-provision net revenue ("PPNR"), or net income excluding provision for credit losses and income taxes, totaled
"Our solid 2023 results reflect our consistent business approach, strong credit culture and commitment to the
Earnings Highlights
Net interest income was
During the quarter, the Company completed a
The Company recorded a provision for credit losses of
Other operating income totaled
Other operating expense totaled
The efficiency ratio was
The effective tax rate was
Balance Sheet Highlights
Total assets of
Total loans, net of deferred fees and costs, of
Total deposits of
Asset Quality
Nonperforming assets totaled
Net charge-offs totaled
The allowance for credit losses, as a percentage of total loans was
Capital
Total shareholders' equity was
The Company's leverage, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 capital ratios were
On January 30, 2024, the Company's Board of Directors declared a quarterly cash dividend of
On January 30, 2024, the Company's Board of Directors also authorized the repurchase of up to
Conference Call
The Company's management will host a conference call today at 1:00 p.m. Eastern Time (8:00 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 1-888-510-2553 (access code: 9816541). A playback of the call will be available through March 1, 2024 by dialing 1-800-770-2030 (access code: 9816541) 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
Equal Housing Lender
Member FDIC
NYSE Listed: CPF
Forward-Looking Statements ("FLS")
This document may contain FLS 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. (the "Company") 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 business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements.
While we believe that our FLS 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 effects of inflation and interest rate fluctuations; the adverse effects of recent bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the
For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the FLS, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Forms 10-Q and 10-K for the current and 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 FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS 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 |
|
Year Ended |
||||||||||||||||||||||||
(Dollars in thousands, |
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Dec 31, |
||||||||||||||||
except for per share amounts) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
CONDENSED INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income |
|
$ |
51,142 |
|
|
$ |
51,928 |
|
|
$ |
52,734 |
|
|
$ |
54,196 |
|
|
$ |
56,285 |
|
|
$ |
210,000 |
|
|
$ |
215,563 |
|
Provision (credit) for credit losses |
|
|
4,653 |
|
|
|
4,874 |
|
|
|
4,319 |
|
|
|
1,852 |
|
|
|
571 |
|
|
|
15,698 |
|
|
|
(1,273 |
) |
Total other operating income |
|
|
15,172 |
|
|
|
10,047 |
|
|
|
10,435 |
|
|
|
11,009 |
|
|
|
11,601 |
|
|
|
46,663 |
|
|
|
47,919 |
|
Total other operating expense |
|
|
42,522 |
|
|
|
39,611 |
|
|
|
39,903 |
|
|
|
42,107 |
|
|
|
40,434 |
|
|
|
164,143 |
|
|
|
165,986 |
|
Income tax expense |
|
|
4,273 |
|
|
|
4,349 |
|
|
|
4,472 |
|
|
|
5,059 |
|
|
|
6,700 |
|
|
|
18,153 |
|
|
|
24,841 |
|
Net income |
|
|
14,866 |
|
|
|
13,141 |
|
|
|
14,475 |
|
|
|
16,187 |
|
|
|
20,181 |
|
|
|
58,669 |
|
|
|
73,928 |
|
Basic earnings per share |
|
$ |
0.55 |
|
|
$ |
0.49 |
|
|
$ |
0.54 |
|
|
$ |
0.60 |
|
|
$ |
0.74 |
|
|
$ |
2.17 |
|
|
$ |
2.70 |
|
Diluted earnings per share |
|
|
0.55 |
|
|
|
0.49 |
|
|
|
0.53 |
|
|
|
0.60 |
|
|
|
0.74 |
|
|
|
2.17 |
|
|
|
2.68 |
|
Dividends declared per share |
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
1.04 |
|
|
|
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average assets (ROA) [1] |
|
|
0.79 |
% |
|
|
0.70 |
% |
|
|
0.78 |
% |
|
|
0.87 |
% |
|
|
1.09 |
% |
|
|
0.78 |
% |
|
|
1.01 |
% |
Return on average shareholders’ equity (ROE) [1] |
|
|
12.55 |
|
|
|
10.95 |
|
|
|
12.12 |
|
|
|
13.97 |
|
|
|
18.30 |
|
|
|
12.38 |
|
|
|
15.47 |
|
Average shareholders’ equity to average assets |
|
|
6.32 |
|
|
|
6.39 |
|
|
|
6.40 |
|
|
|
6.23 |
|
|
|
5.97 |
|
|
|
6.34 |
|
|
|
6.51 |
|
Efficiency ratio [2] |
|
|
64.12 |
|
|
|
63.91 |
|
|
|
63.17 |
|
|
|
64.58 |
|
|
|
59.56 |
|
|
|
63.95 |
|
|
|
63.00 |
|
Net interest margin (NIM) [1] |
|
|
2.84 |
|
|
|
2.88 |
|
|
|
2.96 |
|
|
|
3.08 |
|
|
|
3.17 |
|
|
|
2.94 |
|
|
|
3.09 |
|
Dividend payout ratio [3] |
|
|
47.27 |
|
|
|
53.06 |
|
|
|
49.06 |
|
|
|
43.33 |
|
|
|
35.14 |
|
|
|
47.93 |
|
|
|
38.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
SELECTED AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average loans, including loans held for sale |
|
$ |
5,458,245 |
|
|
$ |
5,507,248 |
|
|
$ |
5,543,398 |
|
|
$ |
5,525,988 |
|
|
$ |
5,498,800 |
|
|
$ |
5,508,530 |
|
|
$ |
5,298,573 |
|
Average interest-earning assets |
|
|
7,208,613 |
|
|
|
7,199,866 |
|
|
|
7,155,606 |
|
|
|
7,112,377 |
|
|
|
7,103,841 |
|
|
|
7,169,463 |
|
|
|
7,003,232 |
|
Average assets |
|
|
7,498,097 |
|
|
|
7,510,537 |
|
|
|
7,463,629 |
|
|
|
7,443,767 |
|
|
|
7,389,712 |
|
|
|
7,479,243 |
|
|
|
7,340,261 |
|
Average deposits |
|
|
6,730,883 |
|
|
|
6,738,071 |
|
|
|
6,674,650 |
|
|
|
6,655,660 |
|
|
|
6,673,922 |
|
|
|
6,700,127 |
|
|
|
6,604,049 |
|
Average interest-bearing liabilities |
|
|
5,023,321 |
|
|
|
4,999,820 |
|
|
|
4,908,120 |
|
|
|
4,820,660 |
|
|
|
4,708,045 |
|
|
|
4,938,705 |
|
|
|
4,530,347 |
|
Average shareholders’ equity |
|
|
473,708 |
|
|
|
480,118 |
|
|
|
477,711 |
|
|
|
463,556 |
|
|
|
441,084 |
|
|
|
473,819 |
|
|
|
477,775 |
|
[1] ROA and ROE 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). |
||||||||||||||||||||||||||||
[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income). |
||||||||||||||||||||||||||||
[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share. |
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||
Financial Highlights |
||||||||||||||||||||
(Unaudited) |
|
|
|
TABLE 1 (CONTINUED) |
||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
||||||||||
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
||||||||||
Central Pacific Financial Corp. |
|
|
|
|
|
|
|
|
|
|
||||||||||
Leverage ratio |
|
|
8.8 |
% |
|
|
8.7 |
% |
|
|
8.7 |
% |
|
|
8.6 |
% |
|
|
8.5 |
% |
Tier 1 risk-based capital ratio |
|
|
12.4 |
|
|
|
11.9 |
|
|
|
11.8 |
|
|
|
11.5 |
|
|
|
11.3 |
|
Total risk-based capital ratio |
|
|
14.6 |
|
|
|
14.1 |
|
|
|
13.9 |
|
|
|
13.6 |
|
|
|
13.5 |
|
Common equity tier 1 capital ratio |
|
|
11.4 |
|
|
|
11.0 |
|
|
|
10.9 |
|
|
|
10.6 |
|
|
|
10.5 |
|
Central Pacific Bank |
|
|
|
|
|
|
|
|
|
|
||||||||||
Leverage ratio |
|
|
9.2 |
|
|
|
9.1 |
|
|
|
9.1 |
|
|
|
9.0 |
|
|
|
9.0 |
|
Tier 1 risk-based capital ratio |
|
|
12.9 |
|
|
|
12.4 |
|
|
|
12.3 |
|
|
|
12.0 |
|
|
|
11.9 |
|
Total risk-based capital ratio |
|
|
14.1 |
|
|
|
13.7 |
|
|
|
13.5 |
|
|
|
13.2 |
|
|
|
13.1 |
|
Common equity tier 1 capital ratio |
|
|
12.9 |
|
|
|
12.4 |
|
|
|
12.3 |
|
|
|
12.0 |
|
|
|
11.9 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
||||||||||
(dollars in thousands, except for per share amounts) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans, net of deferred fees and costs |
|
$ |
5,438,982 |
|
|
$ |
5,508,710 |
|
|
$ |
5,520,683 |
|
|
$ |
5,557,397 |
|
|
$ |
5,555,466 |
|
Total assets |
|
|
7,642,796 |
|
|
|
7,637,924 |
|
|
|
7,567,592 |
|
|
|
7,521,247 |
|
|
|
7,432,763 |
|
Total deposits |
|
|
6,847,592 |
|
|
|
6,874,745 |
|
|
|
6,805,737 |
|
|
|
6,746,968 |
|
|
|
6,736,223 |
|
Long-term debt |
|
|
156,102 |
|
|
|
156,041 |
|
|
|
155,981 |
|
|
|
155,920 |
|
|
|
105,859 |
|
Total shareholders’ equity |
|
|
503,815 |
|
|
|
468,598 |
|
|
|
476,279 |
|
|
|
470,926 |
|
|
|
452,871 |
|
Total shareholders’ equity to total assets |
|
|
6.59 |
% |
|
|
6.14 |
% |
|
|
6.29 |
% |
|
|
6.26 |
% |
|
|
6.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses ("ACL") |
|
$ |
63,934 |
|
|
$ |
64,517 |
|
|
$ |
63,849 |
|
|
$ |
63,099 |
|
|
$ |
63,738 |
|
Nonaccrual loans |
|
|
7,008 |
|
|
|
6,652 |
|
|
|
11,061 |
|
|
|
5,313 |
|
|
|
5,251 |
|
Non-performing assets ("NPA") |
|
|
7,008 |
|
|
|
6,652 |
|
|
|
11,061 |
|
|
|
5,313 |
|
|
|
5,251 |
|
Ratio of ACL to total loans |
|
|
1.18 |
% |
|
|
1.17 |
% |
|
|
1.16 |
% |
|
|
1.14 |
% |
|
|
1.15 |
% |
Ratio of NPA to total assets |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.15 |
% |
|
|
0.07 |
% |
|
|
0.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PER SHARE OF COMMON STOCK OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per common share |
|
$ |
18.63 |
|
|
$ |
17.33 |
|
|
$ |
17.61 |
|
|
$ |
17.44 |
|
|
$ |
16.76 |
|
Closing market price per common share |
|
|
19.68 |
|
|
|
16.68 |
|
|
|
15.71 |
|
|
|
17.90 |
|
|
|
20.28 |
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||
Consolidated Balance Sheets |
||||||||||||||||||||
(Unaudited) |
|
|
|
|
|
|
|
TABLE 2 |
||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
||||||||||
(Dollars in thousands, except share data) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and due from financial institutions |
|
$ |
116,181 |
|
$ |
108,818 |
|
|
$ |
129,071 |
|
|
$ |
108,535 |
|
|
$ |
97,150 |
|
|
Interest-bearing deposits in other financial institutions |
|
|
406,256 |
|
|
329,913 |
|
|
|
181,913 |
|
|
|
90,247 |
|
|
|
14,894 |
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|||||||||||
Available-for-sale debt securities, at fair value |
|
|
647,210 |
|
|
625,253 |
|
|
|
664,071 |
|
|
|
687,188 |
|
|
|
671,794 |
|
|
Held-to-maturity debt securities, at amortized cost; fair value of: |
|
|
632,338 |
|
|
640,053 |
|
|
|
649,946 |
|
|
|
658,596 |
|
|
|
664,883 |
|
|
Total investment securities |
|
|
1,279,548 |
|
|
1,265,306 |
|
|
|
1,314,017 |
|
|
|
1,345,784 |
|
|
|
1,336,677 |
|
|
Loans held for sale, at fair value |
|
|
1,778 |
|
|
— |
|
|
|
2,593 |
|
|
|
— |
|
|
|
1,105 |
|
|
Loans, net of deferred fees and costs |
|
|
5,438,982 |
|
|
5,508,710 |
|
|
|
5,520,683 |
|
|
|
5,557,397 |
|
|
|
5,555,466 |
|
|
Less: allowance for credit losses |
|
|
63,934 |
|
|
64,517 |
|
|
|
63,849 |
|
|
|
63,099 |
|
|
|
63,738 |
|
|
Loans, net of allowance for credit losses |
|
|
5,375,048 |
|
|
5,444,193 |
|
|
|
5,456,834 |
|
|
|
5,494,298 |
|
|
|
5,491,728 |
|
|
Premises and equipment, net |
|
|
96,184 |
|
|
97,378 |
|
|
|
96,479 |
|
|
|
93,761 |
|
|
|
91,634 |
|
|
Accrued interest receivable |
|
|
21,511 |
|
|
21,529 |
|
|
|
20,463 |
|
|
|
20,473 |
|
|
|
20,345 |
|
|
Investment in unconsolidated entities |
|
|
41,546 |
|
|
42,523 |
|
|
|
45,218 |
|
|
|
45,953 |
|
|
|
46,641 |
|
|
Mortgage servicing rights |
|
|
8,696 |
|
|
8,797 |
|
|
|
8,843 |
|
|
|
8,943 |
|
|
|
9,074 |
|
|
Bank-owned life insurance |
|
|
170,706 |
|
|
168,543 |
|
|
|
168,136 |
|
|
|
168,244 |
|
|
|
167,967 |
|
|
Federal Home Loan Bank of |
|
|
6,793 |
|
|
10,995 |
|
|
|
10,960 |
|
|
|
11,960 |
|
|
|
9,146 |
|
|
Right-of-use lease assets |
|
|
29,720 |
|
|
32,294 |
|
|
|
33,247 |
|
|
|
34,237 |
|
|
|
34,985 |
|
|
Other assets |
|
|
88,829 |
|
|
107,635 |
|
|
|
99,818 |
|
|
|
98,812 |
|
|
|
111,417 |
|
|
Total assets |
|
$ |
7,642,796 |
|
$ |
7,637,924 |
|
|
$ |
7,567,592 |
|
|
$ |
7,521,247 |
|
|
$ |
7,432,763 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest-bearing demand |
|
$ |
1,913,379 |
|
$ |
1,969,523 |
|
|
$ |
2,009,387 |
|
|
$ |
2,028,087 |
|
|
$ |
2,092,823 |
|
|
Interest-bearing demand |
|
|
1,329,189 |
|
|
1,345,843 |
|
|
|
1,359,978 |
|
|
|
1,386,913 |
|
|
|
1,453,167 |
|
|
Savings and money market |
|
|
2,209,733 |
|
|
2,209,550 |
|
|
|
2,184,652 |
|
|
|
2,184,675 |
|
|
|
2,199,028 |
|
|
Time |
|
|
1,395,291 |
|
|
1,349,829 |
|
|
|
1,251,720 |
|
|
|
1,147,293 |
|
|
|
991,205 |
|
|
Total deposits |
|
|
6,847,592 |
|
|
6,874,745 |
|
|
|
6,805,737 |
|
|
|
6,746,968 |
|
|
|
6,736,223 |
|
|
FHLB advances and other short-term borrowings |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
25,000 |
|
|
|
5,000 |
|
|
Long-term debt, net of unamortized debt issuance costs of: |
|
|
156,102 |
|
|
156,041 |
|
|
|
155,981 |
|
|
|
155,920 |
|
|
|
105,859 |
|
|
Lease liabilities |
|
|
30,634 |
|
|
33,186 |
|
|
|
34,111 |
|
|
|
35,076 |
|
|
|
35,889 |
|
|
Other liabilities |
|
|
104,653 |
|
|
105,354 |
|
|
|
95,484 |
|
|
|
87,357 |
|
|
|
96,921 |
|
|
Total liabilities |
|
|
7,138,981 |
|
|
7,169,326 |
|
|
|
7,091,313 |
|
|
|
7,050,321 |
|
|
|
6,979,892 |
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|||||||||||
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,045,033 at December 31, 2023, 27,043,169 at September 30, 2023, 27,045,792 at June 30, 2023, 27,005,545 at March 31, 2023, and 27,025,070 at December 31, 2022 |
|
|
405,439 |
|
|
405,439 |
|
|
|
405,511 |
|
|
|
405,866 |
|
|
|
408,071 |
|
|
Additional paid-in capital |
|
|
102,982 |
|
|
102,550 |
|
|
|
101,997 |
|
|
|
101,188 |
|
|
|
101,346 |
|
|
Retained earnings |
|
|
117,990 |
|
|
110,156 |
|
|
|
104,046 |
|
|
|
96,600 |
|
|
|
87,438 |
|
|
Accumulated other comprehensive loss |
|
|
(122,596 |
) |
|
(149,547 |
) |
|
|
(135,275 |
) |
|
|
(132,728 |
) |
|
|
(143,984 |
) |
|
Total shareholders' equity |
|
|
503,815 |
|
|
468,598 |
|
|
|
476,279 |
|
|
|
470,926 |
|
|
|
452,871 |
|
|
Total liabilities and equity |
|
$ |
7,642,796 |
|
$ |
7,637,924 |
|
|
$ |
7,567,592 |
|
|
$ |
7,521,247 |
|
|
$ |
7,432,763 |
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||||||||||
Consolidated Statements of Income |
||||||||||||||||||||||||||||
(Unaudited) |
|
TABLE 3 |
||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Dec 31, |
||||||||||||||||
(Dollars in thousands, except per share data) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest and fees on loans |
|
$ |
62,429 |
|
|
$ |
62,162 |
|
|
$ |
60,455 |
|
$ |
58,269 |
|
$ |
56,682 |
|
$ |
243,315 |
|
|
$ |
200,280 |
|
|||
Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Taxable investment securities |
|
|
7,292 |
|
|
|
7,016 |
|
|
|
7,145 |
|
|
|
7,336 |
|
|
|
7,104 |
|
|
|
28,789 |
|
|
|
28,041 |
|
Tax-exempt investment securities |
|
|
686 |
|
|
|
709 |
|
|
|
727 |
|
|
|
790 |
|
|
|
776 |
|
|
|
2,912 |
|
|
|
3,204 |
|
Dividends on investment securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21 |
|
Interest on deposits in other financial institutions |
|
|
3,597 |
|
|
|
2,412 |
|
|
|
877 |
|
|
|
277 |
|
|
|
370 |
|
|
|
7,163 |
|
|
|
740 |
|
Dividend income on FHLB stock |
|
|
109 |
|
|
|
113 |
|
|
|
120 |
|
|
|
136 |
|
|
|
105 |
|
|
|
478 |
|
|
|
370 |
|
Total interest income |
|
|
74,113 |
|
|
|
72,412 |
|
|
|
69,324 |
|
|
|
66,808 |
|
|
|
65,037 |
|
|
|
282,657 |
|
|
|
232,656 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest on deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Demand |
|
|
467 |
|
|
|
460 |
|
|
|
411 |
|
|
|
363 |
|
|
|
333 |
|
|
|
1,701 |
|
|
|
806 |
|
Savings and money market |
|
|
7,459 |
|
|
|
6,464 |
|
|
|
4,670 |
|
|
|
3,386 |
|
|
|
2,488 |
|
|
|
21,979 |
|
|
|
4,188 |
|
Time |
|
|
12,741 |
|
|
|
11,268 |
|
|
|
8,932 |
|
|
|
6,264 |
|
|
|
4,063 |
|
|
|
39,205 |
|
|
|
6,114 |
|
Interest on short-term borrowings |
|
|
— |
|
|
|
— |
|
|
|
378 |
|
|
|
761 |
|
|
|
393 |
|
|
|
1,139 |
|
|
|
1,055 |
|
Interest on long-term debt |
|
|
2,304 |
|
|
|
2,292 |
|
|
|
2,199 |
|
|
|
1,838 |
|
|
|
1,475 |
|
|
|
8,633 |
|
|
|
4,930 |
|
Total interest expense |
|
|
22,971 |
|
|
|
20,484 |
|
|
|
16,590 |
|
|
|
12,612 |
|
|
|
8,752 |
|
|
|
72,657 |
|
|
|
17,093 |
|
Net interest income |
|
|
51,142 |
|
|
|
51,928 |
|
|
|
52,734 |
|
|
|
54,196 |
|
|
|
56,285 |
|
|
|
210,000 |
|
|
|
215,563 |
|
Provision (credit) for credit losses |
|
|
4,653 |
|
|
|
4,874 |
|
|
|
4,319 |
|
|
|
1,852 |
|
|
|
571 |
|
|
|
15,698 |
|
|
|
(1,273 |
) |
Net interest income after provision (credit) for credit losses |
|
|
46,489 |
|
|
|
47,054 |
|
|
|
48,415 |
|
|
|
52,344 |
|
|
|
55,714 |
|
|
|
194,302 |
|
|
|
216,836 |
|
Other operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage banking income |
|
|
611 |
|
|
|
765 |
|
|
|
690 |
|
|
|
526 |
|
|
|
667 |
|
|
|
2,592 |
|
|
|
3,810 |
|
Service charges on deposit accounts |
|
|
2,312 |
|
|
|
2,193 |
|
|
|
2,137 |
|
|
|
2,111 |
|
|
|
2,172 |
|
|
|
8,753 |
|
|
|
8,197 |
|
Other service charges and fees |
|
|
5,349 |
|
|
|
5,203 |
|
|
|
4,994 |
|
|
|
4,985 |
|
|
|
4,972 |
|
|
|
20,531 |
|
|
|
19,025 |
|
Income from fiduciary activities |
|
|
1,272 |
|
|
|
1,234 |
|
|
|
1,068 |
|
|
|
1,321 |
|
|
|
1,058 |
|
|
|
4,895 |
|
|
|
4,565 |
|
Net (loss) gain on sales of investment securities |
|
|
(1,939 |
) |
|
|
(135 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,074 |
) |
|
|
8,506 |
|
Income from bank-owned life insurance |
|
|
2,015 |
|
|
|
379 |
|
|
|
1,185 |
|
|
|
1,291 |
|
|
|
2,187 |
|
|
|
4,870 |
|
|
|
1,865 |
|
Other |
|
|
5,552 |
|
|
|
408 |
|
|
|
361 |
|
|
|
775 |
|
|
|
545 |
|
|
|
7,096 |
|
|
|
1,951 |
|
Total other operating income |
|
|
15,172 |
|
|
|
10,047 |
|
|
|
10,435 |
|
|
|
11,009 |
|
|
|
11,601 |
|
|
|
46,663 |
|
|
|
47,919 |
|
Other operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Salaries and employee benefits |
|
|
20,164 |
|
|
|
19,015 |
|
|
|
20,848 |
|
|
|
22,023 |
|
|
|
22,692 |
|
|
|
82,050 |
|
|
|
88,781 |
|
Net occupancy |
|
|
4,676 |
|
|
|
4,725 |
|
|
|
4,310 |
|
|
|
4,474 |
|
|
|
3,998 |
|
|
|
18,185 |
|
|
|
16,963 |
|
Equipment |
|
|
968 |
|
|
|
1,112 |
|
|
|
932 |
|
|
|
946 |
|
|
|
996 |
|
|
|
3,958 |
|
|
|
4,238 |
|
Communication |
|
|
632 |
|
|
|
809 |
|
|
|
791 |
|
|
|
778 |
|
|
|
696 |
|
|
|
3,010 |
|
|
|
2,958 |
|
Legal and professional services |
|
|
2,245 |
|
|
|
2,359 |
|
|
|
2,469 |
|
|
|
2,886 |
|
|
|
2,677 |
|
|
|
9,959 |
|
|
|
10,792 |
|
Computer software |
|
|
4,026 |
|
|
|
4,473 |
|
|
|
4,621 |
|
|
|
4,606 |
|
|
|
3,996 |
|
|
|
17,726 |
|
|
|
14,840 |
|
Advertising |
|
|
1,045 |
|
|
|
968 |
|
|
|
942 |
|
|
|
933 |
|
|
|
701 |
|
|
|
3,888 |
|
|
|
4,151 |
|
Other |
|
|
8,766 |
|
|
|
6,150 |
|
|
|
4,990 |
|
|
|
5,461 |
|
|
|
4,678 |
|
|
|
25,367 |
|
|
|
23,263 |
|
Total other operating expense |
|
|
42,522 |
|
|
|
39,611 |
|
|
|
39,903 |
|
|
|
42,107 |
|
|
|
40,434 |
|
|
|
164,143 |
|
|
|
165,986 |
|
Income before income taxes |
|
|
19,139 |
|
|
|
17,490 |
|
|
|
18,947 |
|
|
|
21,246 |
|
|
|
26,881 |
|
|
|
76,822 |
|
|
|
98,769 |
|
Income tax expense |
|
|
4,273 |
|
|
|
4,349 |
|
|
|
4,472 |
|
|
|
5,059 |
|
|
|
6,700 |
|
|
|
18,153 |
|
|
|
24,841 |
|
Net income |
|
$ |
14,866 |
|
|
$ |
13,141 |
|
|
$ |
14,475 |
|
|
$ |
16,187 |
|
|
$ |
20,181 |
|
|
$ |
58,669 |
|
|
$ |
73,928 |
|
Per common share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic earnings per share |
|
$ |
0.55 |
|
|
$ |
0.49 |
|
|
$ |
0.54 |
|
|
$ |
0.60 |
|
|
$ |
0.74 |
|
|
$ |
2.17 |
|
|
$ |
2.70 |
|
Diluted earnings per share |
|
|
0.55 |
|
|
|
0.49 |
|
|
|
0.53 |
|
|
|
0.60 |
|
|
|
0.74 |
|
|
|
2.17 |
|
|
|
2.68 |
|
Cash dividends declared |
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
1.04 |
|
|
|
1.04 |
|
Basic weighted average shares outstanding |
|
|
27,044,121 |
|
|
|
27,042,762 |
|
|
|
27,024,043 |
|
|
|
26,999,138 |
|
|
|
27,134,970 |
|
|
|
27,027,681 |
|
|
|
27,398,445 |
|
Diluted weighted average shares outstanding |
|
|
27,097,285 |
|
|
|
27,079,484 |
|
|
|
27,071,478 |
|
|
|
27,122,012 |
|
|
|
27,303,249 |
|
|
|
27,080,518 |
|
|
|
27,567,780 |
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||||||
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent) |
|||||||||||||||||||||||||||||||||
(Unaudited) |
|
TABLE 4 |
|||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|||||||||||||||||||||||||||
|
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|||||||||||||||||||||||||||
|
|
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 |
|
$ |
261,594 |
|
5.45 |
% |
|
$ |
3,597 |
|
$ |
177,780 |
|
5.38 |
% |
|
$ |
2,412 |
|
$ |
38,610 |
|
3.80 |
% |
|
$ |
370 |
||||||
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable |
|
|
1,331,752 |
|
|
2.19 |
|
|
|
7,292 |
|
|
|
1,354,039 |
|
|
2.07 |
|
|
|
7,016 |
|
|
|
1,399,627 |
|
|
2.03 |
|
|
|
7,104 |
|
Tax-exempt [1] |
|
|
146,803 |
|
|
2.36 |
|
|
|
868 |
|
|
|
149,824 |
|
|
2.40 |
|
|
|
897 |
|
|
|
156,079 |
|
|
2.52 |
|
|
|
982 |
|
Total investment securities |
|
|
1,478,555 |
|
|
2.21 |
|
|
|
8,160 |
|
|
|
1,503,863 |
|
|
2.10 |
|
|
|
7,913 |
|
|
|
1,555,706 |
|
|
2.08 |
|
|
|
8,086 |
|
Loans, including loans held for sale |
|
|
5,458,245 |
|
|
4.55 |
|
|
|
62,429 |
|
|
|
5,507,248 |
|
|
4.49 |
|
|
|
62,162 |
|
|
|
5,498,800 |
|
|
4.10 |
|
|
|
56,682 |
|
FHLB stock |
|
|
10,219 |
|
|
4.30 |
|
|
|
109 |
|
|
|
10,975 |
|
|
4.09 |
|
|
|
113 |
|
|
|
10,725 |
|
|
3.90 |
|
|
|
105 |
|
Total interest-earning assets |
|
|
7,208,613 |
|
|
4.10 |
|
|
|
74,295 |
|
|
|
7,199,866 |
|
|
4.01 |
|
|
|
72,600 |
|
|
|
7,103,841 |
|
|
3.66 |
|
|
|
65,243 |
|
Noninterest-earning assets |
|
|
289,484 |
|
|
|
|
|
|
|
310,671 |
|
|
|
|
|
|
|
285,871 |
|
|
|
|
|
|||||||||
Total assets |
|
$ |
7,498,097 |
|
|
|
|
|
|
$ |
7,510,537 |
|
|
|
|
|
|
$ |
7,389,712 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LIABILITIES AND EQUITY |
|||||||||||||||||||||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits |
|
$ |
1,315,943 |
|
|
0.14 |
% |
|
$ |
467 |
|
|
$ |
1,339,294 |
|
|
0.14 |
% |
|
$ |
460 |
|
|
$ |
1,441,787 |
|
|
0.09 |
% |
|
$ |
333 |
|
Savings and money market deposits |
|
|
2,217,065 |
|
|
1.33 |
|
|
|
7,459 |
|
|
|
2,209,835 |
|
|
1.16 |
|
|
|
6,464 |
|
|
|
2,209,166 |
|
|
0.45 |
|
|
|
2,488 |
|
Time deposits up to |
|
|
478,085 |
|
|
2.80 |
|
|
|
3,373 |
|
|
|
449,844 |
|
|
2.33 |
|
|
|
2,637 |
|
|
|
311,639 |
|
|
1.50 |
|
|
|
1,174 |
|
Time deposits over |
|
|
856,159 |
|
|
4.34 |
|
|
|
9,368 |
|
|
|
844,842 |
|
|
4.05 |
|
|
|
8,631 |
|
|
|
595,133 |
|
|
1.93 |
|
|
|
2,889 |
|
Total interest-bearing deposits |
|
|
4,867,252 |
|
|
1.68 |
|
|
|
20,667 |
|
|
|
4,843,815 |
|
|
1.49 |
|
|
|
18,192 |
|
|
|
4,557,725 |
|
|
0.60 |
|
|
|
6,884 |
|
FHLB advances and other short-term borrowings |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
44,491 |
|
|
3.51 |
|
|
|
393 |
|
Long-term debt |
|
|
156,069 |
|
|
5.86 |
|
|
|
2,304 |
|
|
|
156,005 |
|
|
5.83 |
|
|
|
2,292 |
|
|
|
105,829 |
|
|
5.53 |
|
|
|
1,475 |
|
Total interest-bearing liabilities |
|
|
5,023,321 |
|
|
1.81 |
|
|
|
22,971 |
|
|
|
4,999,820 |
|
|
1.63 |
|
|
|
20,484 |
|
|
|
4,708,045 |
|
|
0.74 |
|
|
|
8,752 |
|
Noninterest-bearing deposits |
|
|
1,863,631 |
|
|
|
|
|
|
|
1,894,256 |
|
|
|
|
|
|
|
2,116,197 |
|
|
|
|
|
|||||||||
Other liabilities |
|
|
137,437 |
|
|
|
|
|
|
|
136,343 |
|
|
|
|
|
|
|
124,386 |
|
|
|
|
|
|||||||||
Total liabilities |
|
|
7,024,389 |
|
|
|
|
|
|
|
7,030,419 |
|
|
|
|
|
|
|
6,948,628 |
|
|
|
|
|
|||||||||
Total equity |
|
|
473,708 |
|
|
|
|
|
|
|
480,118 |
|
|
|
|
|
|
|
441,084 |
|
|
|
|
|
|||||||||
Total liabilities and equity |
|
$ |
7,498,097 |
|
|
|
|
|
|
$ |
7,510,537 |
|
|
|
|
|
|
$ |
7,389,712 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income |
|
|
|
|
|
$ |
51,324 |
|
|
|
|
|
|
$ |
52,116 |
|
|
|
|
|
|
$ |
56,491 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest rate spread |
|
|
|
2.29 |
% |
|
|
|
|
|
2.38 |
% |
|
|
|
|
|
2.92 |
% |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest margin |
|
|
|
2.84 |
% |
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
3.17 |
% |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of |
|||||||||||||||||||||||||||||||||
Note: Certain prior period information has been reclassified to conform to the current period presentation. |
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||||
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent) |
||||||||||||||||||||||
(Unaudited) |
|
TABLE 5 |
||||||||||||||||||||
|
|
Year Ended |
|
Year Ended |
||||||||||||||||||
|
|
December 31, 2023 |
|
December 31, 2022 |
||||||||||||||||||
|
|
Average |
|
Average |
|
|
|
Average |
|
Average |
|
|
||||||||||
(Dollars in thousands) |
|
Balance |
|
Yield/Rate |
|
Interest |
|
Balance |
|
Yield/Rate |
|
Interest |
||||||||||
ASSETS |
||||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits in other financial institutions |
|
$ |
134,150 |
|
5.34 |
% |
|
$ |
7,163 |
|
$ |
80,096 |
|
0.92 |
% |
|
$ |
740 |
||||
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable |
|
|
1,365,067 |
|
|
2.11 |
|
|
|
28,789 |
|
|
|
1,455,246 |
|
|
1.93 |
|
|
|
28,062 |
|
Tax-exempt [1] |
|
|
150,399 |
|
|
2.45 |
|
|
|
3,686 |
|
|
|
159,120 |
|
|
2.55 |
|
|
|
4,056 |
|
Total investment securities |
|
|
1,515,466 |
|
|
2.14 |
|
|
|
32,475 |
|
|
|
1,614,366 |
|
|
1.99 |
|
|
|
32,118 |
|
Loans, including loans held for sale |
|
|
5,508,530 |
|
|
4.42 |
|
|
|
243,315 |
|
|
|
5,298,573 |
|
|
3.78 |
|
|
|
200,280 |
|
FHLB stock |
|
|
11,317 |
|
|
4.23 |
|
|
|
478 |
|
|
|
10,197 |
|
|
3.63 |
|
|
|
370 |
|
Total interest-earning assets |
|
|
7,169,463 |
|
|
3.95 |
|
|
|
283,431 |
|
|
|
7,003,232 |
|
|
3.33 |
|
|
|
233,508 |
|
Noninterest-earning assets |
|
|
309,780 |
|
|
|
|
|
|
|
337,029 |
|
|
|
|
|
||||||
Total assets |
|
$ |
7,479,243 |
|
|
|
|
|
|
$ |
7,340,261 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY |
||||||||||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand deposits |
|
$ |
1,359,240 |
|
|
0.13 |
% |
|
$ |
1,701 |
|
|
$ |
1,438,232 |
|
|
0.06 |
% |
|
$ |
806 |
|
Savings and money market deposits |
|
|
2,195,763 |
|
|
1.00 |
|
|
|
21,979 |
|
|
|
2,208,630 |
|
|
0.19 |
|
|
|
4,188 |
|
Time deposits up to |
|
|
415,541 |
|
|
2.15 |
|
|
|
8,917 |
|
|
|
245,599 |
|
|
0.70 |
|
|
|
1,723 |
|
Time deposits over |
|
|
795,917 |
|
|
3.81 |
|
|
|
30,288 |
|
|
|
494,943 |
|
|
0.89 |
|
|
|
4,391 |
|
Total interest-bearing deposits |
|
|
4,766,461 |
|
|
1.32 |
|
|
|
62,885 |
|
|
|
4,387,404 |
|
|
0.25 |
|
|
|
11,108 |
|
FHLB advances and other short-term borrowings |
|
|
23,322 |
|
|
4.88 |
|
|
|
1,139 |
|
|
|
37,211 |
|
|
2.84 |
|
|
|
1,055 |
|
Long-term debt |
|
|
148,922 |
|
|
5.80 |
|
|
|
8,633 |
|
|
|
105,732 |
|
|
4.66 |
|
|
|
4,930 |
|
Total interest-bearing liabilities |
|
|
4,938,705 |
|
|
1.47 |
|
|
|
72,657 |
|
|
|
4,530,347 |
|
|
0.38 |
|
|
|
17,093 |
|
Noninterest-bearing deposits |
|
|
1,933,666 |
|
|
|
|
|
|
|
2,216,645 |
|
|
|
|
|
||||||
Other liabilities |
|
|
133,053 |
|
|
|
|
|
|
|
115,478 |
|
|
|
|
|
||||||
Total liabilities |
|
|
7,005,424 |
|
|
|
|
|
|
|
6,862,470 |
|
|
|
|
|
||||||
Shareholders’ equity |
|
|
473,819 |
|
|
|
|
|
|
|
477,775 |
|
|
|
|
|
||||||
Non-controlling interest |
|
|
— |
|
|
|
|
|
|
|
16 |
|
|
|
|
|
||||||
Total equity |
|
|
473,819 |
|
|
|
|
|
|
|
477,791 |
|
|
|
|
|
||||||
Total liabilities and equity |
|
$ |
7,479,243 |
|
|
|
|
|
|
$ |
7,340,261 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
|
|
|
|
$ |
210,774 |
|
|
|
|
|
|
$ |
216,415 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate spread |
|
|
|
2.48 |
% |
|
|
|
|
|
2.95 |
% |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin |
|
|
|
2.94 |
% |
|
|
|
|
|
3.09 |
% |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of |
||||||||||||||||||||||
Note: Certain prior period information has been reclassified to conform to the current period presentation. |
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||
Loans by Geographic Distribution |
||||||||||||||||||||
(Unaudited) |
|
TABLE 6 |
||||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
||||||||||
(Dollars in thousands) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Small Business Administration Paycheck Protection Program ("SBA PPP") |
|
$ |
1,284 |
|
$ |
1,410 |
|
$ |
1,565 |
|
$ |
1,821 |
|
$ |
2,555 |
|||||
Other |
|
|
420,452 |
|
|
|
405,023 |
|
|
|
373,036 |
|
|
|
375,158 |
|
|
|
383,665 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction |
|
|
163,337 |
|
|
|
174,057 |
|
|
|
168,012 |
|
|
|
154,303 |
|
|
|
150,208 |
|
Residential mortgage |
|
|
1,927,789 |
|
|
|
1,930,740 |
|
|
|
1,942,906 |
|
|
|
1,941,230 |
|
|
|
1,940,999 |
|
Home equity |
|
|
736,524 |
|
|
|
753,980 |
|
|
|
750,760 |
|
|
|
743,908 |
|
|
|
739,380 |
|
Commercial mortgage |
|
|
1,063,969 |
|
|
|
1,045,625 |
|
|
|
1,037,826 |
|
|
|
1,030,086 |
|
|
|
1,029,708 |
|
Consumer |
|
|
322,346 |
|
|
|
338,248 |
|
|
|
327,790 |
|
|
|
342,922 |
|
|
|
346,789 |
|
Total loans, net of deferred fees and costs |
|
|
4,635,701 |
|
|
|
4,649,083 |
|
|
|
4,601,895 |
|
|
|
4,589,428 |
|
|
|
4,593,304 |
|
Less: Allowance for credit losses |
|
|
48,189 |
|
|
|
48,105 |
|
|
|
44,828 |
|
|
|
44,062 |
|
|
|
45,169 |
|
Loans, net of allowance for credit losses |
|
$ |
4,587,512 |
|
|
$ |
4,600,978 |
|
|
$ |
4,557,067 |
|
|
$ |
4,545,366 |
|
|
$ |
4,548,135 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Other |
|
|
153,971 |
|
|
|
157,373 |
|
|
|
170,557 |
|
|
|
179,906 |
|
|
|
160,282 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction |
|
|
22,182 |
|
|
|
37,455 |
|
|
|
32,807 |
|
|
|
27,171 |
|
|
|
16,515 |
|
Commercial mortgage |
|
|
318,933 |
|
|
|
319,802 |
|
|
|
329,736 |
|
|
|
331,546 |
|
|
|
333,367 |
|
Consumer |
|
|
308,195 |
|
|
|
344,997 |
|
|
|
385,688 |
|
|
|
429,346 |
|
|
|
451,998 |
|
Total loans, net of deferred fees and costs |
|
|
803,281 |
|
|
|
859,627 |
|
|
|
918,788 |
|
|
|
967,969 |
|
|
|
962,162 |
|
Less: Allowance for credit losses |
|
|
15,745 |
|
|
|
16,412 |
|
|
|
19,021 |
|
|
|
19,037 |
|
|
|
18,569 |
|
Loans, net of allowance for credit losses |
|
$ |
787,536 |
|
|
$ |
843,215 |
|
|
$ |
899,767 |
|
|
$ |
948,932 |
|
|
$ |
943,593 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
TOTAL: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
|
||||||||||
SBA PPP |
|
$ |
1,284 |
|
|
$ |
1,410 |
|
|
$ |
1,565 |
|
|
$ |
1,821 |
|
|
$ |
2,555 |
|
Other |
|
|
574,423 |
|
|
|
562,396 |
|
|
|
543,593 |
|
|
|
555,064 |
|
|
|
543,947 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction |
|
|
185,519 |
|
|
|
211,512 |
|
|
|
200,819 |
|
|
|
181,474 |
|
|
|
166,723 |
|
Residential mortgage |
|
|
1,927,789 |
|
|
|
1,930,740 |
|
|
|
1,942,906 |
|
|
|
1,941,230 |
|
|
|
1,940,999 |
|
Home equity |
|
|
736,524 |
|
|
|
753,980 |
|
|
|
750,760 |
|
|
|
743,908 |
|
|
|
739,380 |
|
Commercial mortgage |
|
|
1,382,902 |
|
|
|
1,365,427 |
|
|
|
1,367,562 |
|
|
|
1,361,632 |
|
|
|
1,363,075 |
|
Consumer |
|
|
630,541 |
|
|
|
683,245 |
|
|
|
713,478 |
|
|
|
772,268 |
|
|
|
798,787 |
|
Total loans, net of deferred fees and costs |
|
|
5,438,982 |
|
|
|
5,508,710 |
|
|
|
5,520,683 |
|
|
|
5,557,397 |
|
|
|
5,555,466 |
|
Less: Allowance for credit losses |
|
|
63,934 |
|
|
|
64,517 |
|
|
|
63,849 |
|
|
|
63,099 |
|
|
|
63,738 |
|
Loans, net of allowance for credit losses |
|
$ |
5,375,048 |
|
|
$ |
5,444,193 |
|
|
$ |
5,456,834 |
|
|
$ |
5,494,298 |
|
|
$ |
5,491,728 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
[1] |
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
(Unaudited) |
|
TABLE 7 |
||||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
||||||||||
(Dollars in thousands) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Noninterest-bearing demand deposits |
|
$ |
1,913,379 |
|
$ |
1,969,523 |
|
$ |
2,009,387 |
|
$ |
2,028,087 |
|
$ |
2,092,823 |
|||||
Interest-bearing demand deposits |
|
|
1,329,189 |
|
|
|
1,345,843 |
|
|
|
1,359,978 |
|
|
|
1,386,913 |
|
|
|
1,453,167 |
|
Savings and money market deposits |
|
|
2,209,733 |
|
|
|
2,209,550 |
|
|
|
2,184,652 |
|
|
|
2,184,675 |
|
|
|
2,199,028 |
|
Time deposits up to |
|
|
533,898 |
|
|
|
465,543 |
|
|
|
427,864 |
|
|
|
372,150 |
|
|
|
330,148 |
|
Core deposits |
|
|
5,986,199 |
|
|
|
5,990,459 |
|
|
|
5,981,881 |
|
|
|
5,971,825 |
|
|
|
6,075,166 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Government time deposits |
|
|
374,581 |
|
|
|
400,130 |
|
|
|
383,426 |
|
|
|
360,501 |
|
|
|
290,057 |
|
Other time deposits greater than |
|
|
486,812 |
|
|
|
484,156 |
|
|
|
440,430 |
|
|
|
414,642 |
|
|
|
371,000 |
|
Total time deposits greater than |
|
|
861,393 |
|
|
|
884,286 |
|
|
|
823,856 |
|
|
|
775,143 |
|
|
|
661,057 |
|
Total deposits |
|
$ |
6,847,592 |
|
|
$ |
6,874,745 |
|
|
$ |
6,805,737 |
|
|
$ |
6,746,968 |
|
|
$ |
6,736,223 |
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||
Nonperforming Assets and Accruing Loans 90+ Days Past Due |
||||||||||||||||||||
(Unaudited) |
|
TABLE 8 |
||||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
||||||||||
(Dollars in thousands) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial: |
|
|
|
|
|
|
|
|
||||||||||||
Other |
|
$ |
432 |
|
|
$ |
352 |
|
|
$ |
319 |
|
$ | 264 |
|
|
$ |
297 |
|
|
Real estate: |
|
|
|
|
|
|
|
|
||||||||||||
Construction |
|
|
— |
|
|
|
— |
|
|
|
4,851 |
|
— |
|
|
|
— |
|
||
Residential mortgage |
|
|
4,962 |
|
|
|
4,949 |
|
|
|
4,385 |
|
3,445 |
|
|
|
3,808 |
|
||
Home equity |
|
|
834 |
|
|
|
677 |
|
|
|
797 |
|
712 |
|
|
|
570 |
|
||
Commercial mortgage |
|
|
77 |
|
|
|
77 |
|
|
|
77 |
|
77 |
|
|
|
— |
|
||
Consumer |
|
|
703 |
|
|
|
597 |
|
|
|
632 |
|
815 |
|
|
|
576 |
|
||
Total nonaccrual loans |
|
|
7,008 |
|
|
|
6,652 |
|
|
|
11,061 |
|
5,313 |
|
|
|
5,251 |
|
||
Foreclosed real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
|
|
|
— |
|
||
Total nonperforming assets ("NPAs") |
|
|
7,008 |
|
|
|
6,652 |
|
|
|
11,061 |
|
5,313 |
|
|
|
5,251 |
|
||
Accruing loans 90+ days past due: |
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial: |
|
|
|
|
|
|
|
|
||||||||||||
SBA PPP |
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
|
|
|
13 |
|
||
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
— |
|
|
|
26 |
|
||
Real estate: |
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage |
|
|
— |
|
|
|
794 |
|
|
|
959 |
|
— |
|
|
|
559 |
|
||
Home equity |
|
|
229 |
|
|
|
— |
|
|
|
133 |
|
— |
|
|
|
— |
|
||
Consumer |
|
|
1,083 |
|
|
|
2,120 |
|
|
|
2,207 |
|
1,908 |
|
|
|
1,240 |
|
||
Total accruing loans 90+ days past due |
|
|
1,312 |
|
|
|
2,914 |
|
|
|
3,299 |
|
1,908 |
|
|
|
1,838 |
|
||
Total NPAs and accruing loans 90+ days past due |
|
$ |
8,320 |
|
|
$ |
9,566 |
|
|
$ |
14,360 |
|
$ | 7,221 |
|
|
$ |
7,089 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ratio of total nonaccrual loans to total loans |
|
|
0.13 |
% |
|
|
0.12 |
% |
|
|
0.20 |
% |
0.10 |
% |
|
|
0.09 |
% |
||
Ratio of total NPAs to total loans and foreclosed real estate |
|
|
0.13 |
% |
|
|
0.12 |
% |
|
|
0.20 |
% |
0.10 |
% |
|
|
0.09 |
% |
||
Ratio of total NPAs and accruing loans 90+ days past due to total loans and foreclosed real estate |
|
|
0.15 |
% |
|
|
0.17 |
% |
|
|
0.26 |
% |
0.13 |
% |
|
|
0.13 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||||||
Quarter-to-quarter changes in NPAs: |
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of quarter |
|
$ |
6,652 |
|
|
$ |
11,061 |
|
|
$ |
5,313 |
|
$ | 5,251 |
|
|
$ |
4,220 |
|
|
Additions |
|
|
1,836 |
|
|
|
2,311 |
|
|
|
7,105 |
|
1,609 |
|
|
|
2,162 |
|
||
Reductions: |
|
|
|
|
|
|
|
|
||||||||||||
Payments |
|
|
(268 |
) |
|
|
(5,718 |
) |
|
|
(290 |
) |
(505 |
) |
|
|
(198 |
) |
||
Return to accrual status |
|
|
(137 |
) |
|
|
(207 |
) |
|
|
(212 |
) |
(14 |
) |
|
|
(44 |
) |
||
Net charge-offs, valuation and other adjustments |
|
|
(1,075 |
) |
|
|
(795 |
) |
|
|
(855 |
) |
(1,028 |
) |
|
|
(889 |
) |
||
Total reductions |
|
|
(1,480 |
) |
|
|
(6,720 |
) |
|
|
(1,357 |
) |
(1,547 |
) |
|
|
(1,131 |
) |
||
Balance at end of quarter |
|
$ |
7,008 |
|
|
$ |
6,652 |
|
|
$ |
11,061 |
|
$ | 5,313 |
|
|
$ |
5,251 |
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans |
||||||||||||||||||||||||||||
(Unaudited) |
|
TABLE 9 |
||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Dec 31, |
||||||||||||||||
(Dollars in thousands) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at beginning of period |
|
$ |
64,517 |
|
|
$ |
63,849 |
|
|
$ |
63,099 |
|
|
$ |
63,738 |
|
|
$ |
64,382 |
|
|
$ |
63,738 |
|
|
$ |
68,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses on loans |
|
|
4,959 |
|
|
|
4,526 |
|
|
|
4,135 |
|
|
|
1,615 |
|
|
|
1,032 |
|
|
|
15,235 |
|
|
|
288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charge-offs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other |
|
|
419 |
|
|
|
402 |
|
|
|
362 |
|
|
|
779 |
|
|
|
678 |
|
|
|
1,962 |
|
|
|
1,969 |
|
Consumer |
|
|
5,976 |
|
|
|
4,710 |
|
|
|
3,873 |
|
|
|
2,686 |
|
|
|
1,881 |
|
|
|
17,245 |
|
|
|
6,399 |
|
Total charge-offs |
|
|
6,395 |
|
|
|
5,112 |
|
|
|
4,235 |
|
|
|
3,465 |
|
|
|
2,559 |
|
|
|
19,207 |
|
|
|
8,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Recoveries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other |
|
|
84 |
|
|
|
261 |
|
|
|
125 |
|
|
|
250 |
|
|
|
210 |
|
|
|
720 |
|
|
|
995 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
76 |
|
Residential mortgage |
|
|
7 |
|
|
|
10 |
|
|
|
7 |
|
|
|
53 |
|
|
|
133 |
|
|
|
77 |
|
|
|
295 |
|
Home equity |
|
|
42 |
|
|
|
— |
|
|
|
15 |
|
|
|
— |
|
|
|
— |
|
|
|
57 |
|
|
|
36 |
|
Consumer |
|
|
720 |
|
|
|
982 |
|
|
|
703 |
|
|
|
908 |
|
|
|
540 |
|
|
|
3,313 |
|
|
|
2,319 |
|
Total recoveries |
|
|
853 |
|
|
|
1,254 |
|
|
|
850 |
|
|
|
1,211 |
|
|
|
883 |
|
|
|
4,168 |
|
|
|
3,721 |
|
Net charge-offs |
|
|
5,542 |
|
|
|
3,858 |
|
|
|
3,385 |
|
|
|
2,254 |
|
|
|
1,676 |
|
|
|
15,039 |
|
|
|
4,647 |
|
Balance at end of period |
|
$ |
63,934 |
|
|
$ |
64,517 |
|
|
$ |
63,849 |
|
|
$ |
63,099 |
|
|
$ |
63,738 |
|
|
$ |
63,934 |
|
|
$ |
63,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average loans, net of deferred fees and costs |
|
$ |
5,458,245 |
|
|
$ |
5,507,248 |
|
|
$ |
5,543,398 |
|
|
$ |
5,525,988 |
|
|
$ |
5,498,800 |
|
|
$ |
5,508,530 |
|
|
$ |
5,298,573 |
|
Ratio of annualized net charge-offs to average loans |
|
|
0.41 |
% |
|
|
0.28 |
% |
|
|
0.24 |
% |
|
|
0.16 |
% |
|
|
0.12 |
% |
|
|
0.27 |
% |
|
|
0.09 |
% |
Ratio of ACL to total loans |
|
|
1.18 |
% |
|
|
1.17 |
% |
|
|
1.16 |
% |
|
|
1.14 |
% |
|
|
1.15 |
% |
|
|
1.18 |
% |
|
|
1.15 |
% |
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
|
|
Reconciliation of Non-GAAP Financial Measures |
|
|
(Unaudited) |
TABLE 10 |
The Company uses certain non-GAAP financial measures in addition to our GAAP results to provide useful information for evaluating our cash operating performance, ability to service debt, compliance with debt covenants and measurement against competitors. This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies.
The Company believes that pre-provision net revenue ("PPNR"), 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 PPNR and our PPNR to average assets for each of the periods indicated:
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Dec 31, |
||||||||||||||||
(Dollars in thousands) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income |
|
$ |
14,866 |
|
|
$ |
13,141 |
|
|
$ |
14,475 |
|
|
$ |
16,187 |
|
|
$ |
20,181 |
|
|
$ |
58,669 |
|
|
$ |
73,928 |
|
Add: Income tax expense |
|
|
4,273 |
|
|
|
4,349 |
|
|
|
4,472 |
|
|
|
5,059 |
|
|
|
6,700 |
|
|
|
18,153 |
|
|
|
24,841 |
|
Pre-tax income |
|
|
19,139 |
|
|
|
17,490 |
|
|
|
18,947 |
|
|
|
21,246 |
|
|
|
26,881 |
|
|
|
76,822 |
|
|
|
98,769 |
|
Add: Provision (credit) for credit losses |
|
|
4,653 |
|
|
|
4,874 |
|
|
|
4,319 |
|
|
|
1,852 |
|
|
|
571 |
|
|
|
15,698 |
|
|
|
(1,273 |
) |
PPNR |
|
$ |
23,792 |
|
|
$ |
22,364 |
|
|
$ |
23,266 |
|
|
$ |
23,098 |
|
|
$ |
27,452 |
|
|
$ |
92,520 |
|
|
$ |
97,496 |
|
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Dec 31, |
||||||||||||||||
(Dollars in thousands) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income |
|
$ |
14,866 |
|
|
$ |
13,141 |
|
|
$ |
14,475 |
|
|
$ |
16,187 |
|
|
$ |
20,181 |
|
|
$ |
58,669 |
|
|
$ |
73,928 |
|
PPNR |
|
|
23,792 |
|
|
|
22,364 |
|
|
|
23,266 |
|
|
|
23,098 |
|
|
|
27,452 |
|
|
|
92,520 |
|
|
|
97,496 |
|
Average assets |
|
|
7,498,097 |
|
|
|
7,510,537 |
|
|
|
7,463,629 |
|
|
|
7,443,767 |
|
|
|
7,389,712 |
|
|
|
7,479,243 |
|
|
|
7,340,261 |
|
Return on average assets ("ROA") |
|
|
0.79 |
% |
|
|
0.70 |
% |
|
|
0.78 |
% |
|
|
0.87 |
% |
|
|
1.09 |
% |
|
|
0.78 |
% |
|
|
1.01 |
% |
PPNR to average assets |
|
|
1.27 |
% |
|
|
1.19 |
% |
|
|
1.25 |
% |
|
|
1.24 |
% |
|
|
1.49 |
% |
|
|
1.24 |
% |
|
|
1.33 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240131966846/en/
Investor Contact:
Ian Tanaka
SVP, Treasury Manager
(808) 544-3646
ian.tanaka@cpb.bank
Media Contact:
Tim Sakahara
AVP, Corporate Communications Manager
(808) 544-5125
tim.sakahara@cpb.bank
Source: Central Pacific Financial Corp.
FAQ
What was Central Pacific Financial Corp.'s (CPF) net income for the fourth quarter of 2023?
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