Central Pacific Financial ( (CPF) ) has released its Q4 earnings. Here is a breakdown of the information Central Pacific Financial presented to its investors.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Central Pacific Financial Corp. is a Hawaii-based bank holding company operating within the financial sector, and is the parent company of Central Pacific Bank, which manages 27 branches and 55 ATMs across Hawaii.
In the fourth quarter of 2024, Central Pacific Financial reported a net income of $11.3 million, translating to $0.42 per diluted share, while for the entire year, the company recorded a net income of $53.4 million or $1.97 per diluted share. Notably, the company completed a strategic repositioning of its investment securities portfolio, incurring a pre-tax loss of $9.9 million which is expected to boost future net interest income.
Key financial metrics include a net interest margin increase to 3.17% and an adjusted net income of $19.0 million for Q4. The company approved a 3.8% increase in its quarterly cash dividend and announced a new $30 million share repurchase program for 2025. Total risk-based capital and common equity tier 1 ratios stood at 15.4% and 12.3%, respectively.
Looking ahead, Central Pacific Financial aims to leverage its strategic initiatives from 2024, focusing on expanding net interest margins and core deposit growth. The company is also proud of its recognition as one of America’s Best Regional Banks, which underscores its strong customer service and community commitment.
