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 ...

Financial Data and Key Metrics Changes - Net income for the first quarter was $12.9 million or $0.48 per diluted share, with a return on average assets of 0.70% and return on average equity of 10.33% [40] - The efficiency ratio was reported at 66%, indicating operational efficiency [40] - The net interest margin (NIM) is guided to be in the range of 2.90% to 3%, an increase from 2.83% in the first quarter [3][6] Business Line Data and Key Metrics Changes - The total loan portfolio decreased by $37.6 million or 0.7% sequentially, primarily due to planned runoff in the Mainland consumer loan portfolio [40] - Other operating income was $11.2 million, normalizing after a non-recurring gain in the previous quarter [32] - Non-performing assets increased slightly to $10.1 million or 0.14% of total assets, primarily due to residential mortgage loans moving into non-accrual status [50] Market Data and Key Metrics Changes - Total statewide hotel occupancy in Hawaii was 75%, down 1.9% from a year ago, with an average daily rate of $384, down 0.9% [29] - The unemployment rate in Hawaii was 3.1%, outperforming the national rate of 3.9% [29] - The Oahu median single-family home price increased to $1.1 million, with home sales volumes up 6.1% for single-family homes [39] Company Strategy and Development Direction - The company is focused on leveraging technology to improve operational efficiencies and is optimistic about revenue growth outpacing expense growth [5] - The lending strategy emphasizes diversification and stable segments, with nearly 80% of the loan portfolio being real estate secured [43] - The company plans to continue its share repurchase program and maintain a dividend payout ratio in the 40% to 50% range [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Hawaii's economic outlook despite near-term challenges from the Maui wildfires [30] - The company anticipates a ramp-up in activity in 2024, particularly in commercial real estate and small business loans [46] - Management believes that the NIM has bottomed and will expand modestly in the coming quarters [32][66] Other Important Information - The company repurchased 49,960 shares at a total cost of $900,000 during the first quarter [41] - The effective tax rate was reported at 23.5%, expected to remain in the 23% to 25% range [32] - The allowance for credit losses was $63.5 million or 1.18% of outstanding loans, with a provision for credit losses of $4.1 million recorded during the quarter [51] Q&A Session Summary Question: What are the opportunities in the loan pipeline and competitive dynamics? - Management noted a healthy pipeline with strength in commercial real estate and small business loans, while acknowledging a competitive landscape due to lower overall market demand [46] Question: How is the company managing credit quality and trends in the consumer portfolio? - Management indicated that credit quality remains strong, with a decrease in criticized loans and a focus on monitoring the economic environment closely [50][51] Question: What are the trends in deposits and how does the company plan to drive core deposit growth? - The company experienced a $230 million sequential decrease in total deposits, primarily due to intentional runoff of higher-cost government CDs, but expects to gain traction in core deposit growth moving forward [56][57]

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Central Pacific Financial (CPF) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.67%. A quarter ago, it was expected that this operator of Central Pacific Bank would post earnings of $0.48 per share when it actually produced earnings of $0.55, delivering a surprise of 14.58%.Over the ...

HONOLULU--(BUSINESS WIRE)--After 20 years of faithful service, Christine Camp, president and CEO of the Avalon Group, has decided to step down from the boards of Central Pacific Financial (CPF) and Central Pacific Bank (CPB), effective immediately. Camp has a long tenure with the bank, having served on the boards since 2004. “I have been fortunate to be a part of the CPB family for 20 years and, throughout that time, the one constant has been the bank’s commitment to its customers, employees and the comm ...

The total minimum regulatory capital ratios and well-capitalized minimum ratios are reflected in the charts below. The Federal Reserve has not yet revised the well-capitalized standard for bank holding companies to reflect the higher capital requirements imposed under the Basel III Capital Rule. For purposes of the Federal Reserve's Regulation Y, including determining whether a bank holding company meets the requirements to be a financial holding company, bank holding companies, such as the Company, must ma ...