Central Pacific Financial Corp. (NYSE:CPF) Q4 2023 Results Conference Call January 31, 2024 1:00 PM ET Company Participants Dayna Matsumoto - Group Senior Vice President, Director of Finance and Accounting Arnold Martines - President and Chief Executive Officer David Morimoto - Senior Executive Vice President and Chief Financial Officer Anna Hu - Executive Vice President and Chief Credit Officer Conference Call Participants David Feaster - Raymond James Andrew Liesch - Piper Sandler Operator Good afternoon, ...

For the quarter ended December 2023, Central Pacific Financial (CPF) reported revenue of $66.31 million, down 2.3% over the same period last year. EPS came in at $0.55, compared to $0.74 in the year-ago quarter.The reported revenue represents a surprise of +8.39% over the Zacks Consensus Estimate of $61.18 million. With the consensus EPS estimate being $0.48, the EPS surprise was +14.58%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

Central Pacific Financial (CPF) came out with quarterly earnings of $0.55 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.58%. A quarter ago, it was expected that this operator of Central Pacific Bank would post earnings of $0.52 per share when it actually produced earnings of $0.49, delivering a surprise of -5.77%.Over th ...

HONOLULU--(BUSINESS WIRE)--Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $14.9 million, or fully diluted earnings per share ("EPS") of $0.55 for the fourth quarter of 2023, compared to net income of $13.1 million, or EPS of $0.49 in the previous quarter and net income of $20.2 million, or EPS of $0.74 in the year-ago quarter. For the 2023 year, net income was $58.7 million, or EPS of $2.17, compared to ...

The upcoming report from Central Pacific Financial (CPF) is expected to reveal quarterly earnings of $0.48 per share, indicating a decline of 35.1% compared to the year-ago period. Analysts forecast revenues of $61.18 million, representing a decrease of 9.9% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announ ...

Financial Data and Key Metrics Changes - Net income for the third quarter was $13.1 million or $0.49 per diluted share, with a return on average assets of 0.70% and return on average equity of 10.95% [27] - Net interest income for the third quarter was $51.9 million, a decrease of $0.8 million from the prior quarter, primarily due to higher funding costs [27] - The net interest margin was 2.88% in the third quarter, a decline of 8 basis points sequentially [27] Business Line Data and Key Metrics Changes - The loan portfolio remained relatively flat during the quarter, with selective growth in certain portfolios [27] - Nonperforming assets were at 9 basis points of total assets, and criticized loans were at 1.09% of total loans [16] - The Mainland loan portfolio declined to 16% of total loans, with the consumer portfolio decreasing to $345 million or 6% of total loans [16] Market Data and Key Metrics Changes - In August, Hawaii saw 769,000 visitors, down 7% from a year ago, with total visitor spending at $1.58 billion, down 9% [6][7] - The statewide unemployment rate was 2.8% in September, outperforming the national rate of 3.8% [7] - Real estate values in Hawaii remained strong, with the Oahu median single-family home price at $1.1 million [7] Company Strategy and Development Direction - The company is focused on growing relationship-based deposits and managing loan growth cautiously [8] - There is a commitment to support the Maui community post-wildfires, with a focus on rebuilding and economic recovery [5] - The company is optimistic about future opportunities as the operating environment improves [27] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding net interest margin performance, projecting a trough in the first half of 2024 [19] - The company is monitoring the economic environment closely and remains selective in loan additions [28] - There are no anticipated material credit impacts from the Maui wildfires, with ongoing support for affected borrowers [28] Other Important Information - The effective tax rate was 24.9% in the third quarter, expected to remain in the 24% to 25% range going forward [9] - A quarterly cash dividend of $0.26 per share was declared, payable on December 15th [9] Q&A Session Summary Question: Margin guidance and expectations - Management is pleased with margin performance and has adjusted guidance to a range of 2.75% to 2.85% for the next couple of quarters, with hopes to stay above 2.80% [18][19] Question: Loan growth and production pipeline - New loan yields in the third quarter were 7.5%, compared to a portfolio yield of 4.5%, indicating significant upward repricing [20] Question: Balance sheet management in a higher interest rate environment - Management is cautiously optimistic about margin expansion, depending on the stabilization of deposit balances and growth in core deposits [36][40]

| --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|-------|----------|-------|---------|-------|----------| | | | | | | | | | Nine Months Ended September 30, 2023 | | | | | | | | Net change in fair value of investment securities: | | | | | | | | Net unrealized losses on AFS investment securities arising during the period | $ | (17,675) | $ | (4,696) | $ | (12,979) | | Less: Reclassification adjustments from AOCI realized in net ...

Central Pacific Financial Corp (NYSE:CPF) Q2 2023 Earnings Conference Call July 26, 2023 1:00 PM ET Company Participants Dayna Matsumoto - Group Senior Vice President and Director of Finance and Accounting Arnold Martines - President and Chief Executive Officer David Morimoto - Senior Executive Vice President and Chief Financial Officer Anna Hu - Executive Vice President and Chief Credit Officer Conference Call Participants Andrew Liesch - Piper Sandler David Feaster - Raymond James Operator Good afternoon, ...

Table of Contents Table of Contents Date: July 26, 2023 /s/ Arnold D. Martines Arnold D. Martines President and Chief Executive Of icer (Principal Executive Officer) Table of Contents In March 2022, the Company transferred 41 investment securities that were classified as AFS to HTM. The investment securities had an amortized cost basis of $361.8 million and a fair market value of $329.5 million. On the date of transfer, these securities had a total net unrealized loss of $32.3 million. There was no impact t ...

Central Pacific Financial Corp (NYSE:CPF) Q1 2023 Earnings Conference Call April 26, 2023 1:00 PM ET Company Participants David Morimoto - Senior Executive VP & CFO Arnold Martines - President, CEO & Director Anna Hu - EVP & Chief Credit Officer Conference Call Participants David Feaster - Raymond James & Associates Andrew Liesch - Piper Sandler & Co. Operator Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Central Pacific Financial Corp. First Quarter 2023 Conference Cal ...