Central Pacific Financial (US:CPF)2021-04-29 02:43Financial Performance - Net income reached $18 million with diluted EPS of $0.64 in 1Q 2021[4] - Loan growth increased by $174 million, a 3.5% rise[4] - Core deposit growth showed a substantial increase of $410 million, representing an 8% growth[4] - The actual net interest margin was 3.19%, with a normalized margin of 3.12% excluding PPP impacts[4, 6] - The efficiency ratio stood at 62.5%[4] PPP Program Impact - The company funded $292.7 million in PPP loans during Round 3, covering approximately 3,600 loans[7] - In Rounds 1 and 2, the company funded $558.9 million across roughly 7,200 loans[7] - Forgiveness and paydowns to date for Rounds 1 and 2 PPP loans totaled $233.5 million[7] - The net balance of PPP loans at the end of the quarter was $319.6 million for Rounds 1 & 2 and $278.2 million for Round 3[7] Loan Portfolio & Credit Quality - Total loan portfolio outstanding balance as of March 31, 2021, was $5,138 million[17] - Paycheck Protection Program loans accounted for $598 million, representing 11% of the total loan portfolio[16, 19] - Loan payment deferrals have decreased to $39.5 million, which is less than 1% of total loans[24]