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 ...

Financial Data and Key Metrics Changes - Net income for Q4 2023 was $14.9 million or $0.55 per diluted share, with a return on average assets of 0.79% and return on average equity of 12.55% [5] - The efficiency ratio was reported at 64.12%, indicating operational efficiency [5] - Total loan portfolio decreased by $70 million or 1.3% sequentially, primarily due to the runoff of the Mainland loan portfolio [5] - Total deposit portfolio decreased by $27 million or 0.4% sequentially, with core deposits remaining relatively flat [5] - Net interest income for Q4 was $51.1 million, a decrease of $0.8 million from the prior quarter, with a net interest margin of 2.84%, down 4 basis points sequentially [5] Business Line Data and Key Metrics Changes - The Mainland loan portfolio continued to decline, reaching $308 million or 5.7% of total loans as of December 31, down from $452 million a year ago [34] - The commercial real estate portfolio represents 25% of total loans, with low exposure in office and retail sectors [21] - Nonperforming assets were at 9 basis points of total assets, with criticized loans decreasing to 0.92% of total loans [21] Market Data and Key Metrics Changes - Hawaii's unemployment rate was 2.9% in December, outperforming the national rate of 3.7%, with expectations to remain low at 2.5% in 2024 [4] - Visitor arrivals to Maui were at 75% of the previous year, with total statewide arrivals at 90% of pre-pandemic levels [17] - The Oahu median single-family home price was $1 million, with home sale volumes down year-over-year but showing signs of recovery due to declining mortgage rates [18] Company Strategy and Development Direction - The company is focused on balanced growth and has completed several balance sheet repositioning transactions to improve future returns [17] - The management anticipates loan growth in 2024 to be in the low single-digit percentage range, with a strong loan pipeline being built [36] - The company plans to continue investing in technology initiatives to enhance customer-facing and back-office operations [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Hawaii's economic outlook despite facing some headwinds, highlighting the resilience of the local economy [18] - The company expects net interest margin to trough in the first half of the year, with anticipated benefits from interest rate swaps [5][41] - Management noted that the operating environment is expected to normalize, leading to improved loan growth opportunities [36] Other Important Information - The Board of Directors declared a quarterly cash dividend of $0.26 per share, payable on March 15 [20] - A new share repurchase plan was authorized for up to $20 million in 2024 [20] Q&A Session Summary Question: Potential impacts of Fed cuts on loan demand and deposit pricing - Management believes that rate cuts would benefit credit and potentially accelerate loan growth, particularly in the mortgage sector [36][37] Question: Deposit trends and drivers of NIB outflows - The company noted a positive trend in core deposits, with a slowdown in outflows from noninterest-bearing accounts [25] Question: Capital priorities and share repurchase plans - Management confirmed ongoing evaluation of capital management strategies, including share repurchases and balance sheet restructurings [40]

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 ...