Welcome to our dedicated page for Central Pacific Financial Corporation news (Ticker: CPF), a resource for investors and traders seeking the latest updates and insights on Central Pacific Financial Corporation stock.
Central Pacific Financial Corporation (CPF) is a well-established financial institution that has been serving the community since 1954. Headquartered in Hawaii, Central Pacific Financial Corporation operates under its primary subsidiary, Central Pacific Bank, which boasts a robust presence with branches spread across the state. The company's mission is deeply rooted in delivering exceptional service to its customers while significantly contributing to the community.
Core Services and Products
- Banking Services: Central Pacific Bank offers a comprehensive array of commercial banking products and services. These include time and demand deposits, which provide customers a variety of savings and checking account options.
- Loan Origination: The bank specializes in various types of loans such as commercial loans, construction loans, commercial and residential mortgage loans, and consumer loans. This diverse portfolio helps support both individual clients and businesses in their financial endeavors.
- Investment Services: Central Pacific Bank also generates income through interest on investment securities. This contributes to the bank's overall financial stability and growth.
- Fee-Based Services: The institution earns additional revenue from fees associated with loans, deposits, and other banking services, further solidifying its comprehensive service model.
Insurance and Regulations
Central Pacific Bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the applicable limits, ensuring a high level of security for its customers. However, it's noteworthy that the bank is not a member of the Federal Reserve System.
Community and Values
Central Pacific Financial Corporation is committed to creating value for its customers, employees, community, and shareholders. The company’s core values—teamwork, integrity, and exceptional service—are evident in its daily operations and long-term strategies. The bank also encourages career growth and offers excellent opportunities and benefits to its employees. For more information on career opportunities, visit their careers page.
Recent Achievements and Projects
The bank continually evolves to meet the dynamic needs of its clients. Some of its recent achievements and ongoing projects reflect its dedication to financial innovation and community service. Stay tuned for the latest updates and news about Central Pacific Financial Corporation as it continues to expand its footprint in the financial sector.
Central Pacific Financial Corp. (NYSE: CPF) reported a net income of $16.2 million, or $0.60 per diluted share for Q1 2023. This reflects a decrease from $20.2 million or $0.74 in Q4 2022. Total loans rose to $5.56 billion, with deposits at $6.75 billion, showing minor increases. Nonperforming assets stayed stable at $5.3 million, representing 0.07% of total assets. The company declared a quarterly cash dividend of $0.26 per share. Despite challenges in the banking industry, management highlighted strong asset quality, liquidity with $198.8 million in cash, and a robust capital position. However, net interest income declined by 3.7% from the previous quarter to $54.2 million. The efficiency ratio increased to 64.58%.
Central Pacific Financial Corp. (NYSE: CPF) is set to release its first quarter 2023 earnings on April 26, 2023, before the market opens. A conference call and live audio webcast will take place at 1 p.m. Eastern Time on the same day to discuss the results. Individuals can listen by calling 1-833-470-1428 or via the company's investor relations website. The company, based in Hawaii, had approximately $7.43 billion in assets as of December 31, 2022, with its main subsidiary, Central Pacific Bank, operating 27 branches and 64 ATMs across the state.
Central Pacific Financial Corp. (NYSE: CPF) reported a net income of $20.2 million for Q4 2022, marking a 21% increase from Q3, yet an 8% decrease year-over-year. The company's full-year net income was $73.9 million, down from $79.9 million in 2021. Total loans rose by 2.5% in Q4, totaling $5.56 billion, with an annual increase of 8.9%. Total deposits increased by 2.7% to $6.74 billion in the quarter. The Board approved a cash dividend of $0.26 per share and a $25 million stock repurchase program. Despite robust asset quality, the rise in unrealized losses from securities amid increasing interest rates impacted shareholder equity.
Central Pacific Financial Corp. (NYSE: CPF) will release its fourth quarter 2022 earnings on January 25, 2023, before the market opens. A conference call will follow at 1 p.m. ET to discuss results. As of September 30, 2022, the company reported approximately $7.34 billion in assets. Investors can participate by calling 1-844-200-6205 or through a live audio webcast on the company’s investor relations website. A replay will be available until February 24, 2023.
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