Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

CENTRAL PACIFIC FINANCIAL CORP.

(CPF)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

CENTRAL PACIFIC FINANCIAL CORP. REPORTS $20.8 MILLION THIRD QUARTER EARNINGS AND INCREASES CASH DIVIDEND - Form 8-K

10/27/2021 | 12:08pm EST
CENTRAL PACIFIC FINANCIAL CORP. REPORTS $20.8 MILLION
THIRD QUARTER EARNINGS AND INCREASES CASH DIVIDEND

•Net income of $20.8 million, or $0.74 per diluted share.

•ROA of 1.15% and ROE of 14.83%.

•Core loans increased by $184.4 million in the third quarter, while PPP loans decreased by $215.9 million for a net decrease in total loans of $31.5 million from the second quarter of 2021.

•Core deposits of $6.09 billion increased by $266.6 million, or 4.6% from the second quarter of 2021. Total deposits of $6.52 billion increased by $118.7 million, or 1.9% from the second quarter of 2021.

•Cost of average total deposits declined to 0.05% in the third quarter.

•Board of Directors increased quarterly cash dividend by 4.2% to $0.25 per share.

•Repurchased 234,700 shares of the Company's common stock, at a total cost of $5.9 million.

HONOLULU, HI, October 27, 2021 - Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank"), today reported net income in the third quarter of 2021 of $20.8 million, or fully diluted earnings per share ("EPS") of $0.74, compared to net income in the third quarter of 2020 of $6.9 million, or EPS of $0.24, and net income in the second quarter of 2021 of $18.7 million, or EPS of $0.66.

"We are very pleased with our third quarter results which were driven by the investments in talent, technology and infrastructure we have made over the last two years," said Paul Yonamine, Chairman and Chief Executive Officer. "Our results include solid core loan and deposit growth, as well as an increase in net interest margin. We continue to be highly focused on digital innovation and we believe our upcoming new offerings will further position us as a leader in our market."

"While we grow and innovate, we remain committed to maintaining our robust capital, liquidity and asset quality position. Additionally, we remain steadfast in our dedication to support our community's needs as we rebound from the pandemic," said Catherine Ngo, President.


Central Pacific Financial Corp. Reports $20.8 Million Third Quarter Earnings and Increases Cash Dividend
Page 2


On October 26, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.25 per share on its outstanding common shares. This represents a 4.2% increase from the dividend paid of $0.24 per share in the third quarter of 2021 and will be payable on December 15, 2021 to shareholders of record at the close of business on November 30, 2021.

During the third quarter of 2021, the Company repurchased 234,700 shares of common stock, at a total cost of $5.9 million, or an average cost per share of $25.12. The Company's remaining repurchase authority under its common stock repurchase program at September 30, 2021 is $14.8 million. During the nine months ended September 30, 2021, the Company returned $30.2 million in capital to its shareholders through cash dividends and share repurchases.

Earnings Highlights
Net interest income for the third quarter of 2021 was $56.1 million, compared to $49.1 million in the year-ago quarter and $52.1 million in the previous quarter. Net interest margin for the third quarter of 2021 was 3.31%, compared to 3.19% in the year-ago quarter and 3.16% in the previous quarter. The sequential quarter increase in net interest margin and net interest income is primarily due to higher average balances and yields earned on investment securities, combined with higher interest income on loans which included an increase in loan fees on PPP loans. Net interest income for the third quarter of 2021 included $8.6 million in net interest income and loan fees on PPP loans, compared to $7.9 million in the previous quarter. Net deferred fees on PPP loans totaled $7.9 million at September 30, 2021, compared to $15.9 million at June 30, 2021, respectively. Additional information on average balances, interest income and expenses and yields and rates is presented in Tables 4 and 5.

In the third quarter of 2021, the Company recorded a credit to the provision for credit losses of $2.6 million, compared to a provision of $14.9 million in the year-ago quarter and a credit to the provision of $3.4 million in the previous quarter. The credit to the provision for credit losses in the third quarter of 2021 was driven by continued improvements in the economic forecast and lower net charge-offs as the State of Hawaii continues to recover from the COVID-19 pandemic.

Other operating income for the third quarter of 2021 totaled $10.3 million, compared to $11.6 million in the year-ago quarter and $10.5 million in the previous quarter. The decrease from the year-ago quarter was primarily due to lower mortgage banking income and lower bank-owned life insurance of $3.0 million and $0.6 million, respectively, partially offset by higher other service charges of $1.6 million. Additional information on other operating income is presented in Table 3.

Other operating expense for the third quarter of 2021 totaled $41.3 million, compared to $36.8 million in the year-ago quarter and $41.4 million in the previous quarter. The increase from the year-ago quarter was primarily due to higher salaries and employee benefits of $3.2 million. Additional information on other operating expense is presented in Table 3.

The efficiency ratio for the third quarter of 2021 was 62.32%, compared to 60.56% in the year-ago quarter and 66.20% in the previous quarter.

The effective tax rate for the third quarter of 2021 was 24.7%, compared to 24.3% in the year-ago quarter and 23.9% in the previous quarter.

Balance Sheet Highlights
Total assets at September 30, 2021 of $7.30 billion increased from $6.65 billion at September 30, 2020, and increased from $7.18 billion at June 30, 2021.

Total loans, net of deferred fees and costs, at September 30, 2021 of $5.05 billion increased from $5.03 billion at September 30, 2020, and decreased from $5.08 billion at June 30, 2021. The sequential quarter decrease in total loans included a net increase in core loans (or non-PPP loans) of $184.4 million, offset by a decrease in PPP loans of $215.9 million due to forgiveness and payments. Loans on forbearance or deferral totaled $1.3 million, or less than 1% of total loans at September 30, 2021. Loans by geographic distribution are summarized in Table 6.

Total deposits at September 30, 2021 of $6.52 billion increased from $5.68 billion at September 30, 2020, and increased from $6.40 billion at June 30, 2021. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $6.09 billion at September 30, 2021, and increased by $266.6 million from June 30, 2021. Non-core deposits decreased by $147.9 million, primarily driven by a decline in government time deposits. The Company's loan-to-deposit ratio was 77.4% at September 30, 2021, compared to 79.4% at June 30, 2021. Core deposit and total deposit balances are summarized in Table 7.



Central Pacific Financial Corp. Reports $20.8 Million Third Quarter Earnings and Increases Cash Dividend
Page 3

Asset Quality
Nonperforming assets at September 30, 2021 totaled $7.2 million, or 0.10% of total assets, compared to $13.2 million, or 0.20% of total assets at September 30, 2020, and $6.7 million, or 0.09% of total assets at June 30, 2021. Additional information on nonperforming assets, past due and restructured loans is presented in Table 8.

Net charge-offs in the third quarter of 2021 totaled $0.2 million, compared to net charge-offs of $1.3 million in the year-ago quarter, and net charge-offs of $0.8 million in the previous quarter.

The allowance for credit losses, as a percentage of total loans at September 30, 2021 was 1.48%, compared to 1.60% at September 30, 2020 and 1.53% at June 30, 2021. Excluding PPP loans, the allowance for credit losses, as a percentage of core loans at September 30, 2021 was 1.55%, compared to 1.68% at June 30, 2021. Additional information on net charge-offs and recoveries and the allowance for credit losses is presented in Tables 9 and 10.

Capital
Total shareholders' equity was $555.4 million at September 30, 2021, compared to $543.9 million and $552.8 million at September 30, 2020 and June 30, 2021, respectively.

The Company maintained its strong capital position and its capital ratios continue to exceed the levels required to be considered a "well-capitalized" institution for regulatory purposes under Basel III. At September 30, 2021, the Company's leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ratios were 8.5%, 12.2%, 14.6%, and 11.2%, respectively, compared to 8.6%, 12.7%, 14.9%, and 11.6%, respectively, at June 30, 2021.

Executive Promotions
Yesterday, the Company announced the promotion of several key executives effective January 1, 2022. Catherine Ngo, President of the Company and President and Chief Executive Officer of the Bank, will be promoted to Executive Vice Chair of the Boards of Directors of the Company and the Bank; Arnold Martines, currently Executive Vice President and Chief Banking Officer, will be promoted to President and Chief Operating Officer of the Company and the Bank; David Morimoto, Executive Vice President and Chief Financial Officer will be promoted to Senior Executive Vice President and Chief Financial Officer of the Company and the Bank; and finally, Kevin Dahlstrom, presently Executive Vice President and Chief Marketing Officer will be promoted to Executive Vice President and Chief Strategy Officer of the Company and the Bank. In her new role, Ngo will continue to serve on the Bank's Executive Committee, responsible for the overall management of the Bank.Working together, the team will continue to focus on the bank's principal lines of business: residential, small business, the continued development of the Japanese market as well as the expansion of the Bank's digital product and service offerings. We will also remain active in the commercial real estate, commercial and industrial, and consumer segments with a focus on driving digital solutions to provide an exceptional customer experience.

Non-GAAP Financial Measures
This press release contains certain references to financial measures that have been adjusted to exclude certain expenses and other specified items. These financial measures differ from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") in that they exclude unusual or non-recurring charges, losses, credits or gains. This press release identifies the specific items excluded from the comparable GAAP financial measure in the calculation of each non-GAAP financial measure. Management believes that financial presentations excluding the impact of these items provide useful supplemental information that is important to a proper understanding of the Company's core business results by investors. These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies.

Conference Call
The Company's management will host a conference call today at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-877-505-7644. A playback of the call will be available through November 27, 2021 by dialing 1-877-344-7529 (passcode: 10161136) and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.



Central Pacific Financial Corp. Reports $20.8 Million Third Quarter Earnings and Increases Cash Dividend
Page 4

About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.3 billion in assets as of September 30, 2021. Central Pacific Bank, its primary subsidiary, operates 31 branches and 70 ATMs in the state of Hawaii. For additional information, please visit the Company's website at http://www.cpb.bank.

**********


Central Pacific Financial Corp. Reports $20.8 Million Third Quarter Earnings and Increases Cash Dividend
Page 5

Forward-Looking Statements
This document may contain forward-looking statements concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

While we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the adverse effects of the COVID-19 pandemic virus on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees as well as the effects of government programs and initiatives in response to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; our ability to successfully implement our business initiatives; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic virus and disease, including COVID-19) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulatory orders or actions we are or may become subject to; ability to successfully implement our initiatives to lower our efficiency ratio; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "FRB" or the "Federal Reserve"); inflation, interest rate, securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism; pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items.

For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the forward-looking statements, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, the discussion of "Risk Factors" set forth therein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 8-K. Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events except as required by law.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited) TABLE 1
Three Months Ended Nine Months Ended
(Dollars in thousands, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30,
except for per share amounts) 2021 2021 2021 2020 2020 2021 2020
CONDENSED INCOME STATEMENT
Net interest income $ 56,086 $ 52,061 $ 49,804 $ 51,474 $ 49,120 $ 157,951 $ 146,209
(Credit) provision for credit losses [1] (2,635) (3,443) (821) 4,898 14,873 (6,899) 37,213
Total other operating income 10,253 10,530 10,711 14,057 11,563 31,494 31,141
Total other operating expense [1] 41,345 41,433 37,846 44,690 36,751 120,624 107,047
Income tax expense 6,814 5,887 5,452 3,772 2,200 18,153 7,988
Net income 20,815 18,714 18,038 12,171 6,859 57,567 25,102
Basic earnings per common share $ 0.74 $ 0.66 $ 0.64 $ 0.43 $ 0.24 $ 2.05 $ 0.89
Diluted earnings per common share 0.74 0.66 0.64 0.43 0.24 2.03 0.89
Dividends declared per common share 0.24 0.24 0.23 0.23 0.23 0.71 0.69
PERFORMANCE RATIOS
Return on average assets (ROA) [2] 1.15 % 1.06 % 1.07 % 0.74 % 0.42 % 1.10 % 0.53 %
Return on average shareholders' equity (ROE) [2] 14.83 13.56 13.07 8.87 4.99 13.82 6.17
Average shareholders' equity to average assets 7.79 7.84 8.19 8.29 8.36 7.93 8.54
Efficiency ratio [3] 62.32 66.20 62.54 68.20 60.56 63.67 60.36
Net interest margin (NIM) [2] 3.31 3.16 3.19 3.32 3.19 3.22 3.29
Dividend payout ratio [4] 32.43 36.36 35.94 53.49 95.83 34.98 77.53
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale $ 5,022,909 $ 5,110,820 $ 5,079,874 $ 5,034,717 $ 5,016,955 $ 5,070,993 $ 4,794,883
Average interest-earning assets 6,761,643 6,606,779 6,305,786 6,202,228 6,160,381 6,559,740 5,952,357
Average assets 7,210,210 7,039,928 6,738,825 6,621,127 6,574,492 6,998,034 6,350,696
Average deposits 6,424,768 6,269,516 5,958,742 5,755,257 5,728,147 6,219,372 5,488,947
Average interest-bearing liabilities 4,221,073 4,253,382 4,161,453 4,163,396 4,118,726 4,247,745 4,039,874
Average shareholders' equity 561,606 552,102 551,976 548,663 549,378 555,264 542,326

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited) TABLE 1 (CONTINUED)
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(dollars in thousands) 2021 2021 2021 2020 2020
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage capital ratio 8.5 % 8.6 % 8.9 % 8.8 % 8.8 %
Tier 1 risk-based capital ratio 12.2 12.7 13.1 12.9 12.8
Total risk-based capital ratio 14.6 14.9 15.4 15.2 13.9
Common equity tier 1 capital ratio 11.2 11.6 12.0 11.8 11.6
Central Pacific Bank
Leverage capital ratio 9.0 9.1 9.4 9.4 8.6
Tier 1 risk-based capital ratio 13.0 13.5 13.9 13.7 12.5
Total risk-based capital ratio 14.3 14.6 15.0 14.9 13.6
Common equity tier 1 capital ratio 13.0 13.5 13.9 13.7 12.5

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(dollars in thousands, except for per share amounts) 2021 2021 2021 2020 2020
BALANCE SHEET
Total loans, net of deferred fees and costs $ 5,045,797 $ 5,077,318 $ 5,137,849 $ 4,964,113 $ 5,030,626
Total assets 7,298,231 7,178,481 6,979,265 6,594,583 6,648,142
Total deposits 6,515,863 6,397,159 6,208,950 5,796,118 5,678,929
Long-term debt 105,556 105,495 105,436 105,385 101,547
Total shareholders' equity 555,419 552,793 542,865 546,685 543,903
Total shareholders' equity to total assets 7.61 % 7.70 % 7.78 % 8.29 % 8.18 %
ASSET QUALITY
Allowance for credit losses (ACL) [1] [2] $ 74,587 $ 77,781 $ 81,553 $ 83,269 $ 80,542
Non-performing assets (NPA) 7,237 6,745 7,194 6,192 13,187
ACL to total loans [1] 1.48 % 1.53 % 1.59 % 1.68 % 1.60 %
ACL to core loans (refer to Table 10) [1] 1.55 % 1.68 % 1.80 % 1.83 % 1.79 %
ACL to non-performing assets [1] 1,030.63 % 1,153.17 % 1,133.63 % 1,344.78 % 610.77 %
NPA to total assets 0.10 % 0.09 % 0.10 % 0.09 % 0.20 %
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share $ 19.84 $ 19.59 $ 19.19 $ 19.40 $ 19.30
Closing market price per common share 25.68 26.06 26.68 19.01 13.57
[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. Prior period amounts have been reclassified to conform to the current period presentation. The allowance for off-balance sheet credit exposures continues to be included in other liabilities.
[2] ROA, ROE and ROTE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual).
[3] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).
[4] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited) TABLE 2
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(Dollars in thousands, except share data) 2021 2021 2021 2020 2020
ASSETS
Cash and due from financial institutions $ 108,669 $ 116,009 $ 93,358 $ 97,546 $ 89,665
Interest-bearing deposits in other financial institutions 240,173 224,469 166,533 6,521 5,489
Investment securities:
Available-for-sale debt securities, at fair value 1,535,450 1,407,340 1,216,341 1,182,609 1,166,319
Equity securities, at fair value 1,593 1,578 1,435 1,351 1,204
Total investment securities 1,537,043 1,408,918 1,217,776 1,183,960 1,167,523
Loans held for sale 5,290 5,361 5,234 16,687 23,962
Loans, net of deferred fees and costs 5,045,797 5,077,318 5,137,849 4,964,113 5,030,626
Less allowance for credit losses 74,587 77,781 81,553 83,269 80,542
Loans, net of allowance for credit losses 4,971,210 4,999,537 5,056,296 4,880,844 4,950,084
Premises and equipment, net 80,190 76,740 72,599 65,278 61,095
Accrued interest receivable 17,110 19,014 19,440 20,224 21,478
Investment in unconsolidated subsidiaries 30,397 31,052 31,487 29,968 30,239
Other real estate owned - - - - 128
Mortgage servicing rights 9,976 10,500 11,094 11,865 12,429
Bank-owned life insurance 167,961 167,289 167,110 163,161 161,743
Federal Home Loan Bank ("FHLB") stock 7,952 8,149 8,155 8,237 17,468
Right of use lease asset 40,757 41,890 44,727 45,857 44,896
Other assets 81,503 69,553 85,456 64,435 61,943
Total assets $ 7,298,231 $ 7,178,481 $ 6,979,265 $ 6,594,583 $ 6,648,142
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 2,195,404 $ 2,203,806 $ 2,070,428 $ 1,790,269 $ 1,762,476
Interest-bearing demand 1,372,626 1,341,280 1,237,574 1,174,888 1,114,123
Savings and money market 2,296,968 2,048,945 2,004,368 1,932,043 1,881,104
Time 650,865 803,128 896,580 898,918 921,226
Total deposits 6,515,863 6,397,159 6,208,950 5,796,118 5,678,929
FHLB advances and other short-term borrowings - - - 22,000 206,000
Long-term debt 105,556 105,495 105,436 105,385 101,547
Lease liability 41,933 43,112 46,033 47,191 45,355
Other liabilities 79,412 79,874 75,933 77,156 72,369
Total liabilities 6,742,764 6,625,640 6,436,352 6,047,850 6,104,200
Shareholders' equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020, and September 30, 2020 - - - - -
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,999,588 at September 30, 2021, 28,218,860 at June 30, 2021, 28,282,530 at March 31, 2021, 28,183,340 at December 31, 2020, and 28,179,798 at September 30, 2020 436,957 440,854 443,505 442,635 442,635
Additional paid-in capital 97,279 96,182 95,721 94,842 94,336
Retained earnings (accumulated deficit) 22,916 10,831 628 (10,920) (16,609)
Accumulated other comprehensive (loss) income (1,733) 4,926 3,011 20,128 23,541
Total shareholders' equity 555,419 552,793 542,865 546,685 543,903
Non-controlling interest 48 48 48 48 39
Total equity 555,467 552,841 542,913 546,733 543,942
Total liabilities and shareholders' equity $ 7,298,231 $ 7,178,481 $ 6,979,265 $ 6,594,583 $ 6,648,142



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) TABLE 3
Three Months Ended Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30,
(Dollars in thousands, except per share data) 2021 2021 2021 2020 2020 2021 2020
Interest income:
Interest and fees on loans $ 51,104 $ 49,024 $ 46,074 $ 48,259 $ 45,751 $ 146,202 $ 137,870
Interest and dividends on investment securities:
Taxable investment securities 6,210 4,447 5,106 5,002 5,233 15,763 18,300
Tax-exempt investment securities 470 346 514 504 621 1,330 1,888
Dividend income on investment securities 18 18 18 18 17 54 51
Interest on deposits in other financial institutions 105 61 10 4 3 176 42
Dividend income on FHLB stock 62 63 59 114 128 184 366
Total interest income 57,969 53,959 51,781 53,901 51,753 163,709 158,517
Interest expense:
Interest on deposits:
Demand 101 93 86 105 115 280 405
Savings and money market 332 282 274 314 417 888 2,102
Time 428 498 588 813 1,284 1,514 6,676
Interest on short-term borrowings - - 2 65 71 2 653
Interest on long-term debt 1,022 1,025 1,027 1,130 746 3,074 2,472
Total interest expense 1,883 1,898 1,977 2,427 2,633 5,758 12,308
Net interest income 56,086 52,061 49,804 51,474 49,120 157,951 146,209
(Credit) provision for credit losses (2,635) (3,443) (821) 4,898 14,873 (6,899) 37,213
Net interest income after (credit) provision for credit losses 58,721 55,504 50,625 46,576 34,247 164,850 108,996
Other operating income:
Mortgage banking income 1,327 1,533 2,970 5,434 4,345 5,830 8,248
Service charges on deposit accounts 1,637 1,443 1,478 1,560 1,475 4,558 4,674
Other service charges and fees 4,942 4,619 3,790 3,709 3,345 13,351 11,158
Income from fiduciary activities 1,292 1,269 1,231 1,113 1,149 3,792 3,716
Net gain (loss) on sales of investment securities 100 50 - 151 (352) 150 (352)
Income from bank-owned life insurance 540 1,210 797 1,219 1,179 2,547 2,584
Other 415 406 445 871 422 1,266 1,113
Total other operating income 10,253 10,530 10,711 14,057 11,563 31,494 31,141
Other operating expense:
Salaries and employee benefits 23,566 23,790 19,827 23,090 20,375 67,183 60,758
Net occupancy 4,185 4,055 3,764 4,011 3,834 12,004 11,151
Equipment 1,089 1,048 1,000 1,157 1,234 3,137 3,374
Communication expense 824 756 769 758 856 2,349 2,467
Legal and professional services 2,575 2,572 2,377 2,507 2,262 7,524 6,528
Computer software expense 2,998 3,398 3,783 3,625 3,114 10,179 9,092
Advertising expense 1,329 1,329 1,658 756 1,020 4,316 3,035
Other 4,779 4,485 4,668 8,786 4,056 13,932 10,642
Total other operating expense 41,345 41,433 37,846 44,690 36,751 120,624 107,047
Income before income taxes 27,629 24,601 23,490 15,943 9,059 75,720 33,090
Income tax expense 6,814 5,887 5,452 3,772 2,200 18,153 7,988
Net income $ 20,815 $ 18,714 $ 18,038 $ 12,171 $ 6,859 $ 57,567 $ 25,102
Per common share data:
Basic earnings per share $ 0.74 $ 0.66 $ 0.64 $ 0.43 $ 0.24 $ 2.05 $ 0.89
Diluted earnings per share 0.74 0.66 0.64 0.43 0.24 2.03 0.89
Cash dividends declared 0.24 0.24 0.23 0.23 0.23 0.71 0.69
Basic weighted average shares outstanding 27,967,089 28,173,710 28,108,648 28,071,151 28,060,020 28,082,632 28,075,684
Diluted weighted average shares outstanding 28,175,953 28,456,624 28,313,014 28,177,366 28,111,664 28,316,574 28,172,153
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited) TABLE 4
Three Months Ended Three Months Ended Three Months Ended
September 30, 2021 June 30, 2021 September 30, 2020
Average Average Average Average Average Average
(Dollars in thousands) Balance Yield/Rate Interest Balance Yield/Rate Interest Balance Yield/Rate Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions $ 273,039 0.15 % $ 105 $ 222,934 0.11 % $ 61 $ 12,262 0.09 % $ 3
Investment securities, excluding valuation allowance:
Taxable 1,351,272 1.84 6,228 1,172,183 1.52 4,465 1,029,987 2.04 5,250
Tax-exempt 106,333 2.24 595 92,702 1.89 438 88,749 3.54 786
Total investment securities 1,457,605 1.87 6,823 1,264,885 1.55 4,903 1,118,736 2.16 6,036
Loans, including loans held for sale 5,022,909 4.05 51,104 5,110,820 3.84 49,024 5,016,955 3.64 45,751
Federal Home Loan Bank stock 8,090 3.09 62 8,140 3.11 63 12,428 4.12 128
Total interest-earning assets 6,761,643 3.42 58,094 6,606,779 3.28 54,051 6,160,381 3.36 51,918
Noninterest-earning assets 448,567 433,149 414,111
Total assets $ 7,210,210 $ 7,039,928 $ 6,574,492
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 1,356,967 0.03 % $ 101 $ 1,269,676 0.03 % $ 93 $ 1,092,976 0.04 % $ 115
Savings and money market deposits 2,168,055 0.06 332 2,028,583 0.06 282 1,910,971 0.09 417
Time deposits up to $250,000 228,762 0.31 181 231,922 0.34 196 257,518 0.70 453
Time deposits over $250,000 467,289 0.21 247 617,745 0.20 302 672,146 0.49 831
Total interest-bearing deposits 4,221,073 0.08 861 4,147,926 0.08 873 3,933,611 0.18 1,816
Federal Home Loan Bank advances and other short-term borrowings - - - - - - 79,984 0.35 71
Long-term debt 105,516 3.84 1,022 105,456 3.90 1,025 105,131 2.82 746
Total interest-bearing liabilities 4,326,589 0.17 1,883 4,253,382 0.18 1,898 4,118,726 0.25 2,633
Noninterest-bearing deposits 2,203,695 2,121,590 1,794,536
Other liabilities 118,272 112,852 111,851
Total liabilities 6,648,556 6,487,824 6,025,113
Shareholders' equity 561,606 552,102 549,378
Non-controlling interest 48 2 1
Total equity 561,654 552,104 549,379
Total liabilities and equity $ 7,210,210 $ 7,039,928 $ 6,574,492
Net interest income $ 56,211 $ 52,153 $ 49,285
Interest rate spread 3.25 % 3.10 % 3.11 %
Net interest margin 3.31 % 3.16 % 3.19 %



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited) TABLE 5
Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020
Average Average Average Average
(Dollars in thousands) Balance Yield/Rate Interest Balance Yield/Rate Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions $ 180,646 0.13 % $ 176 $ 13,038 0.43 % $ 42
Investment securities, excluding valuation allowance:
Taxable 1,202,564 1.75 15,817 1,033,362 2.37 18,351
Tax-exempt 97,613 2.30 1,684 98,153 3.25 2,390
Total investment securities 1,300,177 1.79 17,501 1,131,515 2.44 20,741
Loans, including loans held for sale 5,070,993 3.85 146,202 4,794,883 3.84 137,870
Federal Home Loan Bank stock 7,924 3.11 184 12,921 3.78 366
Total interest-earning assets 6,559,740 3.34 164,063 5,952,357 3.57 159,019
Noninterest-earning assets 438,294 398,339
Total assets $ 6,998,034 $ 6,350,696
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 1,271,825 0.03 % $ 280 $ 1,054,692 0.05 % $ 405
Savings and money market deposits 2,057,194 0.06 888 1,806,829 0.16 2,102
Time deposits up to $250,000 232,474 0.36 619 162,255 0.64 777
Time deposits over $250,000 579,984 0.21 895 807,346 0.98 5,899
Total interest-bearing deposits 4,141,477 0.09 2,682 3,831,122 0.32 9,183
Federal Home Loan Bank advances and other short-term borrowings 810 0.30 2 94,248 0.93 653
Long-term debt 105,458 3.90 3,074 114,504 2.88 2,472
Total interest-bearing liabilities 4,247,745 0.18 5,758 4,039,874 0.41 12,308
Noninterest-bearing deposits 2,077,895 1,657,825
Other liabilities 117,113 110,669
Total liabilities 6,442,753 5,808,368
Shareholders' equity 555,264 542,326
Non-controlling interest 17 2
Total equity 555,281 542,328
Total liabilities and equity $ 6,998,034 $ 6,350,696
Net interest income $ 158,305 $ 146,711
Interest rate spread 3.16 % 3.16 %
Net interest margin 3.22 % 3.29 %




CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Loans by Geographic Distribution
(Unaudited) TABLE 6
September 30, June 30, March 31, December 31, September 30,
(Dollars in thousands) 2021 2021 2021 2020 2020
HAWAII:
Commercial, financial and agricultural:
SBA Paycheck Protection Program $ 198,315 $ 395,352 $ 548,880 $ 375,879 $ 485,286
Other 404,751 389,341 399,154 426,670 414,754
Real estate:
Construction 128,908 133,457 137,976 125,407 118,247
Residential mortgage 1,748,729 1,711,801 1,687,513 1,690,212 1,680,060
Home equity 618,951 583,430 559,514 551,266 534,056
Commercial mortgage 915,746 926,006 911,216 898,055 914,144
Consumer 331,987 328,332 319,032 332,430 342,203
Total loans, net of deferred fees and costs 4,347,387 4,467,719 4,563,285 4,399,919 4,488,750
Allowance for credit losses (62,126) (67,773) (70,961) (73,152) (71,575)
Loans, net of allowance for credit losses $ 4,285,261 $ 4,399,946 $ 4,492,324 $ 4,326,767 $ 4,417,175
U.S. MAINLAND: [1]
Commercial, financial and agricultural:
SBA Paycheck Protection Program $ 20,356 $ 39,258 $ 48,939 $ 40,496 $ 43,295
Other 114,122 96,884 115,035 118,421 113,316
Real estate:
Commercial mortgage 292,671 260,424 253,122 258,273 227,121
Consumer 271,261 213,033 157,468 147,004 158,144
Total loans, net of deferred fees and costs 698,410 609,599 574,564 564,194 541,876
Allowance for credit losses (12,461) (10,008) (10,592) (10,117) (8,967)
Loans, net of allowance for credit losses $ 685,949 $ 599,591 $ 563,972 $ 554,077 $ 532,909
TOTAL:
Commercial, financial and agricultural:
SBA Paycheck Protection Program $ 218,671 $ 434,610 $ 597,819 $ 416,375 $ 528,581
Other 518,873 486,225 514,189 545,091 528,070
Real estate:
Construction 128,908 133,457 137,976 125,407 118,247
Residential mortgage 1,748,729 1,711,801 1,687,513 1,690,212 1,680,060
Home equity 618,951 583,430 559,514 551,266 534,056
Commercial mortgage 1,208,417 1,186,430 1,164,338 1,156,328 1,141,265
Consumer 603,248 541,365 476,500 479,434 500,347
Total loans, net of deferred fees and costs 5,045,797 5,077,318 5,137,849 4,964,113 5,030,626
Allowance for credit losses (74,587) (77,781) (81,553) (83,269) (80,542)
Loans, net of allowance for credit losses $ 4,971,210 $ 4,999,537 $ 5,056,296 $ 4,880,844 $ 4,950,084
[1] U.S. Mainland includes territories of the United States.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits
(Unaudited) TABLE 7
September 30, June 30, March 31, December 31, September 30,
(Dollars in thousands) 2021 2021 2021 2020 2020
Noninterest-bearing demand $ 2,195,404 $ 2,203,806 $ 2,070,428 $ 1,790,269 $ 1,762,476
Interest-bearing demand 1,372,626 1,341,280 1,237,574 1,174,888 1,114,123
Savings and money market 2,296,968 2,048,945 2,004,368 1,932,043 1,881,104
Time deposits less than $100,000 139,358 141,498 145,497 149,063 157,051
Other time deposits $100,000 to $250,000 [1] 87,491 89,710 88,814 90,149 95,918
Core deposits 6,091,847 5,825,239 5,546,681 5,136,412 5,010,672
Government time deposits 238,950 403,755 500,194 500,344 500,762
Other time deposits greater than $250,000 185,066 168,165 162,075 159,362 167,495
Total time deposits greater than $250,000 424,016 571,920 662,269 659,706 668,257
Total deposits $ 6,515,863 $ 6,397,159 $ 6,208,950 $ 5,796,118 $ 5,678,929
[1] As of January 1, 2021, other time deposits $100,000 to $250,000 have been included in core deposits. Prior period amounts have been reclassified to conform to current period presentation.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets, Past Due and Restructured Loans
(Unaudited) TABLE 8
September 30, June 30, March 31, December 31, September 30,
(Dollars in thousands) 2021 2021 2021 2020 2020
Nonaccrual loans: [1]
Commercial, financial and agricultural - Other $ 689 $ 699 $ 1,412 $ 1,461 $ 1,536
Real estate:
Residential mortgage 5,351 5,280 4,553 4,115 4,032
Home equity 880 434 439 524 533
Commercial mortgage - - - - 6,889
Consumer 317 332 790 92 69
Total nonaccrual loans 7,237 6,745 7,194 6,192 13,059
Other real estate owned ("OREO"):
Real estate:
Residential mortgage - - - - 128
Total OREO - - - - 128
Total nonperforming assets ("NPAs") 7,237 6,745 7,194 6,192 13,187
Loans delinquent for 90 days or more still accruing interest: [1]
Commercial, financial and agricultural - Other - 29 - - -
Real estate:
Residential mortgage 444 1,438 4,522 567 588
Consumer 166 100 262 240 321
Total loans delinquent for 90 days or more still accruing interest 610 1,567 4,784 807 909
Restructured loans still accruing interest: [1]
Commercial, financial and agricultural - Other 12 26 63 100 137
Real estate:
Residential mortgage 4,458 4,258 5,473 5,718 5,178
Commercial mortgage 1,577 1,636 1,698 1,761 1,825
Consumer 99 132 198 207 214
Total restructured loans still accruing interest 6,146 6,052 7,432 7,786 7,354
Total NPAs and loans delinquent for 90 days or more and restructured loans still accruing interest $ 13,993 $ 14,364 $ 19,410 $ 14,785 $ 21,450
Total nonaccrual loans as a percentage of total loans 0.14 % 0.13 % 0.14 % 0.12 % 0.26 %
Total NPAs as a percentage of total loans and OREO 0.14 % 0.13 % 0.14 % 0.12 % 0.26 %
Total NPAs and loans delinquent for 90 days or more still accruing interest as a percentage of total loans and OREO 0.16 % 0.16 % 0.23 % 0.14 % 0.28 %
Total NPAs, loans delinquent for 90 days or more and restructured loans still accruing interest as a percentage of total loans and OREO 0.28 % 0.28 % 0.38 % 0.30 % 0.43 %
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter $ 6,745 $ 7,194 $ 6,192 $ 13,187 $ 4,741
Additions 1,951 1,879 2,257 1,370 9,060
Reductions:
Payments (767) (1,120) (292) (3,186) (393)
Return to accrual status (141) (84) (99) (548) -
Sales of NPAs - - - (4,353) -
Charge-offs, valuation and other adjustments (551) (1,124) (864) (278) (221)
Total reductions (1,459) (2,328) (1,255) (8,365) (614)
Balance at end of quarter $ 7,237 $ 6,745 $ 7,194 $ 6,192 $ 13,187
[1] Section 4013 of the CARES Act and the revised Interagency Statement are being applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. These loan modifications are not included in the delinquent or restructured loan balances presented above.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited) TABLE 9
Three Months Ended Nine Months Ended
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, September 30,
(Dollars in thousands) 2021 2021 2021 2020 2020 2021 2020
Allowance for credit losses ("ACL"):
ACL at beginning of period $ 77,781 $ 81,553 $ 83,269 $ 80,542 $ 67,339 $ 83,269 $ 47,971
Adoption of ASU 2016-13 - - - - - - 3,566
Adjusted ACL at beginning of period 77,781 81,553 83,269 80,542 67,339 83,269 51,537
(Credit) provision for credit losses on loans [1] [2] (2,969) (2,963) (974) 4,496 14,465 (6,906) 34,434
Charge-offs:
Commercial, financial and agricultural - Other 334 401 609 676 810 1,344 2,350
Real estate:
Residential mortgage - - - - 11 - 63
Commercial mortgage - - - - 75 - 75
Consumer 829 1,523 1,098 1,856 1,492 3,450 6,335
Total charge-offs 1,163 1,924 1,707 2,532 2,388 4,794 8,823
Recoveries:
Commercial, financial and agricultural - Other 281 276 89 189 321 646 968
Real estate:
Construction - - - - - - 131
Residential mortgage 53 186 106 15 13 345 214
Home equity - - 9 2 - 9 31
Commercial mortgage - 65 8 1 12 73 15
Consumer 604 588 753 556 780 1,945 2,035
Total recoveries 938 1,115 965 763 1,126 3,018 3,394
Net charge-offs
225 809 742 1,769 1,262 1,776 5,429
ACL at end of period $ 74,587 $ 77,781 $ 81,553 $ 83,269 $ 80,542 $ 74,587 $ 80,542
Average loans, net of deferred fees and costs $ 5,022,909 $ 5,110,820 $ 5,079,874 $ 5,034,717 $ 5,016,955 $ 5,070,993 $ 4,794,883
Annualized ratio of net charge-offs to average loans 0.02 % 0.06 % 0.06 % 0.14 % 0.10 % 0.05 % 0.15 %
[1] In 2020, the Company recorded a reserve on accrued interest receivable ("AIR") of $0.2 million for loans on payment forbearance or deferral, which were granted to borrowers impacted by the COVID-19 pandemic. This reserve was recorded as a contra-asset against AIR with the offset to the provision for credit losses. During the second quarter of 2021, the Company reversed the entire reserve on AIR. The provision for credit losses presented in this table excludes the provision for credit losses on AIR.
[2] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited) TABLE 10
The following table sets forth a reconciliation of our core loans and the ratios of our allowance for credit losses ("ACL") to total loans and ACL to core loans (or total loans, excluding SBA Paycheck Protection Program ("PPP") loans), for each of the periods indicated:

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(Dollars in thousands) 2021 2021 2021 2020 2020
ACL $ 74,587 $ 77,781 $ 81,553 $ 83,269 $ 80,542
Total loans $ 5,045,797 $ 5,077,318 $ 5,137,849 $ 4,964,113 $ 5,030,626
Less: PPP loans 218,671 434,610 597,819 416,375 528,581
Core loans (or total loans, excluding PPP loans) $ 4,827,126 $ 4,642,708 4,540,030 4,547,738 $ 4,502,045
Ratio of ACL to total loans 1.48 % 1.53 % 1.59 % 1.68 % 1.60 %
Ratio of ACL to core loans 1.55 % 1.68 % 1.80 % 1.83 % 1.79 %


Disclaimer

Central Pacific Financial Corporation published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 16:07:09 UTC.


ę Publicnow 2021
All news about CENTRAL PACIFIC FINANCIAL CORP.
11/29CENTRAL PACIFIC FINANCIAL CORP. : Ex-dividend day for
FA
11/16CENTRAL PACIFIC FINANCIAL : CPF Investor Presentation – November 2021
PU
11/16CENTRAL PACIFIC FINANCIAL CORP : Regulation FD Disclosure, Financial Statements and Exhibi..
AQ
11/08Amendment to Initial Statement of Beneficial Ownership (Form 3/A)
PU
11/01CENTRAL PACIFIC FINANCIAL CORP : Change in Directors or Principal Officers (form 8-K)
AQ
11/01Central Pacific Financial Corp. Appoints Jonathan B. Kindred to Board of Directors
PR
11/01Central Pacific Financial Corp. and Central Pacific Bank Appoints Jonathan B. Kindred t..
CI
10/27CENTRAL PACIFIC FINANCIAL CORP Management's Discussion and Analysis of Financial Condi..
AQ
10/27Central Pacific Financial Corp. Reports Earnings Results for the Third Quarter and Nine..
CI
10/27Tranche Update on Central Pacific Financial Corp.'s Equity Buyback Plan announced on Ja..
CI
More news
Analyst Recommendations on CENTRAL PACIFIC FINANCIAL CORP.
More recommendations
Financials (USD)
Sales 2021 254 M - -
Net income 2021 75,7 M - -
Net Debt 2021 - - -
P/E ratio 2021 9,96x
Yield 2021 3,59%
Capitalization 749 M 749 M -
Capi. / Sales 2021 2,95x
Capi. / Sales 2022 2,94x
Nbr of Employees 793
Free-Float 96,5%
Chart CENTRAL PACIFIC FINANCIAL CORP.
Duration : Period :
Central Pacific Financial Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CENTRAL PACIFIC FINANCIAL CORP.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 26,77 $
Average target price 30,67 $
Spread / Average Target 14,6%
EPS Revisions
Managers and Directors
Paul K. Yonamine Chairman & Chief Executive Officer
Agnes Catherine Ngo President & Director
David S. Morimoto Chief Financial Officer, Treasurer & Executive VP
Paul J. Kosasa Independent Director
Christine H. H. Camp Friedman Independent Director