Financial Data and Key Metrics Changes - Net income for Q2 2024 was $15.8 million, or $0.58 per diluted share, with a return on average assets of 0.86% and return on average equity of 12.42% [8][9] - The efficiency ratio was reported at 64.26% [9] - Net interest income increased to $51.9 million, up $1.7 million from the prior quarter, with a net interest margin of 2.97%, reflecting a 14 basis point increase sequentially [10][9] Business Line Data and Key Metrics Changes - Total loan portfolio decreased by $17.8 million or 0.3% sequentially, with a notable $19.2 million decrease in Mainland consumer loans [9] - Core deposits grew by $16.7 million during the quarter, while total deposit portfolio decreased by $36.4 million or 0.5% sequentially [9][10] - Non-performing assets were $10.3 million or 0.14% of total assets, remaining flat from the prior quarter [12] Market Data and Key Metrics Changes - Hawaii's overall economic growth is modest, with total statewide visitor arrivals down 1.9% from the prior year, but at 92% of pre-pandemic levels [6][7] - The median single-family home price in Oahu was $1.12 million, reflecting a year-over-year increase of 6.7% [8] - The statewide seasonally adjusted unemployment rate was 2.9%, outperforming the national rate of 4.1% [7] Company Strategy and Development Direction - The company is focused on navigating current economic challenges while maintaining a positive outlook for the rest of the year [5] - There is an emphasis on core deposit growth and optimizing the funding base, particularly in the small business market [16][20] - The company aims to continue executing core strategies while remaining adaptable to market conditions [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Hawaii's economic outlook, despite challenges in tourism and inflation [6][8] - The company anticipates modest loan growth in the second half of the year, driven by stabilization in the loan portfolio [9][10] - Management highlighted the importance of defense spending in Hawaii as a positive economic driver [38][40] Other Important Information - The effective tax rate was 23.4%, expected to remain in the 23% to 25% range [11] - A quarterly cash dividend of $0.26 per share was declared, payable on September 16 [11] Q&A Session Summary Question: Update on Maui's local economy post-wildfires - Management noted that visitor arrivals are improving, with ongoing rebuilding efforts in the community [14][15] Question: Insights on deposit growth initiatives - Management highlighted success in the small business market and the importance of core deposit growth [16][20] Question: Drivers behind loan growth in C&I on the Mainland - Growth was primarily seen in the SNC portfolio, with opportunities in new and existing credits [23] Question: Outlook for commercial real estate in Hawaii - A good pipeline for commercial real estate transactions was noted, with expectations for continued activity [25] Question: Expectations for net interest margin - Guidance for net interest margin is set at 3% to 3.10%, incorporating anticipated rate cuts [29][30] Question: Credit quality and consumer loan outlook - Management is monitoring the consumer book closely, with a positive outlook for future opportunities [34] Question: Impact of defense spending on growth - Defense spending is expected to benefit both loan and deposit opportunities, positively impacting the local economy [38][40]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------|--------------------------------------------------------------------------------------- ...

CENTRAL FINANCIAL 2 nd Quarter 2024 Earnings Supplement July 31, 2024 Forward-Looking Statements This document may contain forward-looking statements ("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 B ...

This quarterly report represents an earnings surprise of 20.83%. A quarter ago, it was expected that this operator of Central Pacific Bank would post earnings of $0.45 per share when it actually produced earnings of $0.48, delivering a surprise of 6.67%. Central Pacific Financial, which belongs to the Zacks Banks - West industry, posted revenues of $64.04 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 3.73%. This compares to year-ago revenues of $63.17 million. The compa ...

Highlights include: • Net income of $15.8 million, or $0.58 per diluted share, an increase of 22.2% compared to the $12.9 million earned in the previous quarter • Net interest margin of 2.97% increased by 14 bps from 2.83% in the previous quarter • Total loans of $5.38 billion decreased by $17.8 million from the previous quarter • Core deposits of $5.91 billion increased by $16.7 million from the previous quarter. Total deposits of $6.58 billion decreased by $36.4 million from the previous quarter, which in ...

Investors might want to bet on Central Pacific Financial (CPF) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by ...

Central Pacific Financial Corp. (CPF) is well-positioned for growth given the continued emphasis on balance sheet optimization, strong liquidity and capital base. Moreover, a decent loan pipeline and swap initiatives are likely to offer further support. Analysts are also optimistic about the stock's earnings growth potential. Over the past 60 days, the Zacks Consensus Estimate for 2024 and 2025 earnings has moved 1% and 5.4% upward, respectively. CPF currently carries a Zacks Rank #2 (Buy). Over the past si ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by th ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors rely on traditional forms of a ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tri ...