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) has appointed Jason Fujimoto to its Board of Directors, effective January 1, 2023. Fujimoto, president and CEO of HPM Building Supply, will also serve on the Audit Committees of both CPF and Central Pacific Bank. His experience in supporting small businesses, particularly in the construction sector, aligns with CPF’s mission. With approximately $7.34 billion in assets, CPF continues to focus on community support and effective customer service in Hawaii.
Central Pacific Financial Corp. (CPF) reported a net income of $16.7 million for Q3 2022, equating to $0.61 per diluted share. Total loans grew by 2.3% to $5.42 billion, while net interest income rose 4.5% from the previous quarter to $55.4 million. The net interest margin improved to 3.17%. The Board approved a $0.26 quarterly dividend, payable on December 15, 2022. Arnold Martines will succeed Paul Yonamine as CEO effective January 1, 2023, highlighting a strategic shift towards a digital-first banking approach.
Central Pacific Financial (NYSE CPF) announced the appointment of Arnold Martines as the new CEO of both CPF and Central Pacific Bank, effective January 1, 2023. Martines, who has over 25 years of banking experience and has been with CPB since 2004, succeeds Paul Yonamine, who is retiring. During his tenure, Martines led the bank's efforts in the PPP during the pandemic, originating 11,833 loans worth $870 million. He also oversaw a $40 million renovation and rebranding initiative. Catherine Ngo will serve as Chair of both boards.
Central Pacific Financial Corp. (NYSE: CPF) will release its third quarter 2022 earnings on October 21, 2022, before the New York Stock Exchange opens. Management will hold a conference call and live audio webcast at 1 p.m. Eastern Time (7 a.m. Hawaii Time) to discuss the results. Interested parties can listen by calling 1-844-200-6205 (access code: 420241) or via the webcast. A replay will be available until November 21, 2022.
Central Pacific Financial Corp. (NYSE: CPF) reported net income of $17.6 million or $0.64 earnings per share for Q2 2022, a decrease from $18.7 million in Q2 2021. Total loans increased by $126.8 million (2.5%) to $5.30 billion, while deposits rose by $23.0 million (0.3%) to $6.62 billion. The bank's net interest margin improved to 3.05%. A quarterly dividend of $0.26 per share was declared, and Central Pacific Bank was named the Best Bank in Hawaii by Forbes. Despite the gain from Visa stock sale, a pension plan settlement charge impacted earnings.
Central Pacific Financial Corp. (NYSE: CPF) will report its second quarter 2022 earnings on July 27, 2022, before the NYSE opens. The management team will host a conference call and live audio webcast at 1:00 p.m. Eastern Time on the same day to discuss the results. Interested participants can dial 1-844-200-6205 to join or access the webcast via the company's investor relations website. The replay will be available until August 24, 2022. As of March 31, 2022, the company had approximately $7.3 billion in assets and operates 28 branches and 65 ATMs in Hawaii.
Central Pacific Financial Corp. (NYSE: CPF) reported net income of $19.4 million, or $0.70 per diluted share for Q1 2022, up from $18.0 million in Q1 2021. Core loans rose by $120.3 million, marking a 2.4% increase. The bank's nonperforming assets improved to 0.07% of total assets. A quarterly cash dividend of $0.26 per share was approved. The company anticipates earnings growth due to its digital transformation and Banking-as-a-Service strategy. Total assets reached $7.30 billion, with a decline in shareholders' equity to $486.3 million.
Central Pacific Financial Corp. (NYSE: CPF) will announce its Q1 2022 earnings on April 20, 2022, before the NYSE opens. The management will hold a conference call and live audio webcast at 1:00 p.m. ET (7:00 a.m. Hawaii Time) on the same day to discuss the results. Interested parties can join by calling 1-844-200-6205 or via the company's investor relations website. The call replay will be available until May 18, 2022.
As of December 31, 2021, Central Pacific Financial had approximately $7.4 billion in assets and operates 30 branches in Hawaii.
Swell Financial Inc. has secured $10 million in Series A funding, led by Park Cities Asset Management, with participation from Elevate Credit (NYSE:ELVT) and Central Pacific Financial Corp (NYSE:CPF). The funds will support the Swell App, designed to help users manage spending and investments. The partnership encourages innovation in consumer finance, with minimal entry fees for investments. Notably, Swell's advisory board includes leaders from various firms, which is expected to enhance its market position.
Elevate Credit, Inc. (NYSE: ELVT) announces collaboration with Central Pacific Financial Corp. (NYSE: CPF) as it expands into mainland U.S. through a new fintech venture, Swell. Swell will launch a consumer banking app integrating checking and credit services, with Elevate’s Blueprint™ platform offering personal lines of credit at APRs below 24%. Elevate will also invest equity in Swell, aiming to meet growing demand for flexible banking solutions. Central Pacific Bank leverages Elevate's tech to enhance its Banking as a Service (BaaS) initiative following its successful digital checking account launch.
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