Central Pacific Financial (US:CPF)2025-01-30 00:45Financial Performance - Net income for the fourth quarter was $113 million, and for the full year 2024, it was $534 million[6,7] - Adjusted net income (non-GAAP) was $190 million in 4Q24 and $634 million for the full year 2024[6,7] - Pre-provision net revenue (PPNR) reached $142 million in 4Q24 and $779 million for the full year[6] - Return on assets (ROA) was 062% for 4Q24 and 072% for the full year[6] - Return on equity (ROE) was 837% for 4Q24 and 1025% for the full year[6] Strategic Initiatives and Portfolio Management - Completed investment securities portfolio repositioning, estimated to improve prospective annual net interest income by $27 million[7] - The company sold $1065 million in available-for-sale (AFS) debt securities and reinvested the proceeds at approximately 280 bps higher yields[37] - Core deposits grew by $742 million from the prior quarter[7] Capital and Dividends - The Board of Directors approved an increase in the cash dividend to $027 per share[7] - The company has a solid capital position with a $260 million capital cushion above well-capitalized minimums[42] - A new share repurchase program for up to $30 million was authorized for 2025[44] Loan and Deposit Portfolio - The pace of loan portfolio decline is slowing, with the company poised for growth in 2025[17] - The company's loan portfolio is diversified, with nearly 80% secured by real estate[17] - The company's total deposits are $664 billion[20] - 58% of deposits are FDIC insured, and 63% are insured including collateralized deposits[21] Hawaii Economic Outlook - Tourism in Hawaii is recovering, with visitor arrivals at 93% of pre-pandemic levels[9] - The unemployment rate in Hawaii was 30% in December 2024[9] - The median price of a single-family home on Oahu was $11 million in December 2024[9]