Central Pacific Financial ( (CPF) ) has realeased its Q3 earnings. Here is a breakdown of the information Central Pacific Financial presented to its investors.
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Central Pacific Financial Corp., a bank holding company based in Hawaii, operates primarily through its subsidiary, Central Pacific Bank, providing a range of financial services across its 27 branches and 56 ATMs in the state.
In its third quarter 2024 earnings report, Central Pacific Financial Corp. announced a net income of $13.3 million, translating to $0.49 per diluted share. The company highlighted an adjusted net income of $15.7 million, or $0.58 per share, when excluding certain strategic-related expenses.
Key financial metrics showed a slight increase in net interest income to $53.9 million, alongside a net interest margin improvement to 3.07%. While total loans decreased by $41 million, core deposits saw a $53.9 million rise. The provision for credit losses stood at $2.8 million, reflecting a lower requirement compared to the previous year’s quarter.
The company continued its expansion efforts by opening a new branch in Kahului, supporting the Maui community. The CPF Board also approved a quarterly dividend of $0.26 per share, maintaining shareholder value.
Looking ahead, Central Pacific Financial Corp. remains focused on executing its growth strategies while navigating the evolving economic landscape. Supported by strong capital ratios, the company aims to enhance operational efficiencies and customer service experiences.
