Central Pacific Financial Q3 Profit Declines, But Tops Estimates

Central Pacific Financial Corp. (CPF) the parent company of Central Pacific Bank, on Friday reported that net income for the third quarter declined to $16.72 million or $0.61 per share from $20.82 million or $0.74 per share in the prior-year quarter.

The company recorded a provision for credit loss of $0.36 million, compared to a benefit of $2.64 million last year.

Net interest income declined to $55.37 million from $56.09 million in the year-ago quarter. Other operating income also decreased to $9.63 million from $10.25 million a year ago.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share on revenues of $55.41 million for the quarter. Analysts’ estimates typically exclude special items.

On Thursday, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares, payable on December 15, 2022 to shareholders of record at the close of business on November 30, 2022.

The Company also announced the promotion of President and Chief Operating Officer Arnold Martines to Chief Executive Officer of both the Company and the Bank, succeeding Paul Yonamine who will become Chairman Emeritus of the Company and the Bank, as well as an advisor to Martines.

Also, Catherine Ngo, presently Executive Vice Chair, will become Chair of the Board of Directors of both the Company and the Bank. All changes will be effective January 1, 2023.

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