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Central Pacific Financial Corp (CPF)
NYSE:CPF
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Earnings Data
Report Date
Jan 29, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.62Last Year’s EPS
$0.55Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 30, 2024
|% Change Since: -2.16%
|Next Earnings Date:Jan 29, 2025
Earnings Call Sentiment|Positive
Central Pacific Financial Corp. reported strong financial performance with net income and margin expansion, supported by Hawaii's economic resilience. However, challenges such as a decrease in the loan portfolio and strategic opportunity expenses were also noted. Despite these challenges, the company's strong asset quality and economic conditions in Hawaii are positive indicators for future growth.Company Guidance
During the third quarter of 2024, Central Pacific Financial Corp. reported net income of $13.3 million, or $0.49 per diluted share, with an adjusted net income of $15.7 million and $0.58 per share when excluding $3.1 million in pretax expenses related to a strategic opportunity. The company saw a net interest margin expansion to 3.07%, up by 10 basis points sequentially, driven by increased yields on investment securities and loan portfolios while maintaining relatively stable cost of funds. Although the total loan portfolio decreased by $41 million or 0.8% from the previous quarter, there was growth in commercial real estate and C&I portfolios. Total deposits remained flat, with a favorable shift towards core deposits. The Hawaii construction industry showed robust growth, with private building permits up 19% in the first seven months of 2024, despite a slight decrease in statewide visitor arrivals. The state's real estate values remained strong, with Oahu's median single-family home price increasing to $1.1 million, a 6% year-over-year rise. The company's effective tax rate was 22%, benefiting from tax-exempt BOLI income and low-income housing tax credits.Net Income and EPS Growth
Net income for the third quarter was $13.3 million or $0.49 per diluted share. Excluding strategic opportunity expenses, net income and diluted EPS were $15.7 million and $0.58, respectively.
Net Interest Income and Margin Expansion
Net interest income for the third quarter was $53.9 million, an increase by $1.9 million from the prior quarter. The net interest margin was 3.07%, up 10 basis points sequential quarter.
Strong Asset Quality
Nonperforming assets were $11.6 million or 16 basis points of total assets at quarter end. Past due loans 90 days plus fell to just 1 basis point.
Hawaii Economic Resilience
Hawaii's statewide seasonally adjusted unemployment rate remained very low at 2.9% and construction industry generated $11.8 billion in 2023, a 10% increase from the prior year.
New Branch Opening in Maui
A new state-of-the-art branch was opened in Kahului, Maui, to serve the consumer and business needs of the community.
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CPF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CPF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 30, 2024 | $28.92 | $26.54 | -8.23% |
| Jul 31, 2024 | $25.54 | $25.64 | +0.39% |
| Apr 24, 2024 | $19.37 | $19.36 | -0.05% |
| Jan 31, 2024 | $18.96 | $18.44 | -2.74% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Central Pacific Financial Corp (CPF) report earnings?
Central Pacific Financial Corp (CPF) is schdueled to report earning on Jan 29, 2025, TBA Not Confirmed.
What is Central Pacific Financial Corp (CPF) earnings time?
Central Pacific Financial Corp (CPF) earnings time is at Jan 29, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CPF EPS forecast?
CPF EPS forecast for the fiscal quarter 2024 (Q4) is $0.62.
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