Central Pacific Financial (CPF) Tops Q4 EPS by 8c

Central Pacific Financial (NYSE: CPF) reported Q4 EPS of $0.43, $0.08 better than the analyst estimate of $0.35.

• Net income of $12.2 million, or $0.43 per diluted share for the fourth quarter, compared to net income of $6.9 million, or $0.24 per diluted share for the third quarter.
• Net income for the year was $37.3 million, or $1.32 per diluted share, compared to net income of $58.3 million, or $2.03 per diluted share in the previous year.
• The fourth quarter included nonrecurring expenses totaling $5.9 million primarily related to employee incentives and benefits, branch consolidation and other settlements.
• Allowance for credit losses to total loans ratio of 1.68% (or 1.83% excluding Paycheck Protection Program ("PPP") loans) at December 31, 2020, compared to 1.60% (or 1.79% excluding PPP loans) at September 30, 2020.
• Loans on forbearance or deferral declined by 58.7% to $120.2 million, or 2.4% of the total loan portfolio (or 2.6% excluding PPP loans) at December 31, 2020 from $290.8 million, or 5.8% of the total loan portfolio (or 6.5% excluding PPP loans) at September 30, 2020.
• Cost of average total deposits of 0.09% in the fourth quarter declined by 4 basis points from the third quarter.
• Mortgage banking income of $5.4 million in the fourth quarter increased by 285.4% from the year-ago quarter, and 25.1% from the third quarter.
• Completed the RISE2020 initiative culminating with the grand opening of the fully renovated Plaza headquarters building in early January 2021, and launched a new brand design.
• Board of Directors declared a quarterly cash dividend of $0.23 per share and approved share repurchase authorization of up to $25 million.

"The Company ended the 2020 year strong and with great positive momentum, despite the challenges of the operating environment. We are optimistic for improvements to the local economy in 2021 and are actively pushing forward with our strategies to position the Company for the future," said Paul Yonamine, Chairman and Chief Executive Officer.

"We are proud of the accomplishments of all of our employees this year in supporting our clients and the community, as well as moving us significantly forward with the completion of our RISE2020 initiative," said Catherine Ngo, President.

For earnings history and earnings-related data on Central Pacific Financial (CPF) click here.

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