0000701347false00007013472024-01-312024-01-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
January 31, 2024
Central Pacific Financial Corp.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| Hawaii | | 001-31567 | | 99-0212597 |
(State or other
jurisdiction of
incorporation) | | (Commission
File Number) | | (I.R.S. Employer
Identification No.) |
220 South King Street, Honolulu, Hawaii
(Address of principal executive offices)
96813
(Zip Code)
(808) 544-0500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common stock, No Par Value | | CPF | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 31, 2024, Central Pacific Financial Corp. (the "Company") issued a press release regarding its results of operations and financial condition for the quarter ended December 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
ITEM 7.01. REGULATION FD DISCLOSURE
On January 31, 2024, Central Pacific Financial Corp. will hold an investor conference call and webcast to discuss financial results for the quarter ended December 31, 2023, including the attached press release and other matters relating to the Company.
The Company has also made available on its website a slide presentation containing certain additional information about the Company's financial results for the quarter ended December 31, 2023 (the "Earnings Supplement"). The Earnings Supplement is furnished herewith as Exhibit 99.2 and is incorporated herein by reference. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided except as required by law.
The Earnings Supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to the Company’s current expectations and are subject to the limitations and qualifications set forth in the attached presentation as well as in the Company’s other documents filed with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements.
The information provided in Items 2.02 and 7.01 of this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information in Exhibits 99.1 and 99.2 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
| | | | | | | | | | | | | | |
| (d) | | Exhibits |
| | 99.1 | | |
| | 99.2 | | |
| | | | |
| | 104 | | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| | | Central Pacific Financial Corp. |
| | | (Registrant) |
| | |
| | | |
| | | |
| Date: | January 31, 2024 | /s/ David S. Morimoto |
| | David S. Morimoto |
| | Senior Executive Vice President and Chief Financial Officer |
| | |
Exhibit 99.1
| | | | | | | | | | | |
| | | | FOR IMMEDIATE RELEASE |
| | | | |
| Investor Contact: | Ian Tanaka | Media Contact: | Tim Sakahara |
| | SVP, Treasury Manager | | AVP, Corporate Communications Manager |
| | (808) 544-3646 | | (808) 544-5125 |
| | ian.tanaka@cpb.bank | | tim.sakahara@cpb.bank |
CENTRAL PACIFIC FINANCIAL REPORTS FOURTH QUARTER EARNINGS OF $14.9 MILLION
AND FULL YEAR 2023 EARNINGS OF $58.7 MILLION
Highlights Included:
•Net income of $14.9 million, or $0.55 per diluted share for the fourth quarter.
•ROA of 0.79%, ROE of 12.55% and NIM of 2.84% for the fourth quarter.
•Net income of $58.7 million, or $2.17 per diluted share for the 2023 year.
•ROA of 0.78%, ROE of 12.38% and NIM of 2.94% for the 2023 year.
•Completed balance sheet repositioning including the sale of an office real estate property, branch lease termination and investment securities portfolio restructuring, resulting in a net $0.9 million pre-tax gain in the fourth quarter, and a total estimated annual positive impact to future pre-tax income of $2.0 million.
•Board of Directors approved quarterly cash dividend of $0.26 per share and authorized a new share repurchase program of up to $20.0 million for 2024.
HONOLULU, HI, January 31, 2024 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $14.9 million, or fully diluted earnings per share ("EPS") of $0.55 for the fourth quarter of 2023, compared to net income of $13.1 million, or EPS of $0.49 in the previous quarter and net income of $20.2 million, or EPS of $0.74 in the year-ago quarter. For the 2023 year, net income was $58.7 million, or EPS of $2.17, compared to net income of $73.9 million, or EPS of $2.68 last year.
Pre-provision net revenue ("PPNR"), or net income excluding provision for credit losses and income taxes, totaled $23.8 million in the fourth quarter of 2023, compared to PPNR of $22.4 million in the previous quarter and $27.5 million in the year-ago quarter.
"Our solid 2023 results reflect our consistent business approach, strong credit culture and commitment to the Hawaii marketplace. We are proud to have been named to Newsweek’s 2024 list of America’s Best Regional Banks, based on our creditworthiness, profitability, net loan activity and public image. This achievement was made possible through our hardworking and committed team of employees and support of our customers and the community." said Arnold Martines, President and Chief Executive Officer. "We believe we are positioned to deliver a strong financial performance in 2024, highlighted by our strategic relationship focused approach and our solid liquidity, capital and asset quality."
Central Pacific Financial Reports Fourth Quarter Earnings of $14.9 Million and Full Year 2023 Earnings of $58.7 Million
Page 2
Earnings Highlights
Net interest income was $51.1 million for the fourth quarter of 2023, which decreased by $0.8 million, or 1.5% from the previous quarter, and decreased by $5.1 million, or 9.1% from the year-ago quarter. Net interest margin ("NIM") was 2.84% for the fourth quarter of 2023, which decreased by 4 basis points ("bps") from the previous quarter and decreased by 33 bps from the year-ago quarter. The sequential quarter decreases in net interest income and NIM was primarily due to increases in average balances and rates paid on interest-bearing deposits, which outpaced the increases in average yields earned on investment securities and loans and the increase in average interest-earning deposits at the Federal Reserve Bank.
During the quarter, the Company completed a $30.0 million investment portfolio restructuring designed to increase prospective earnings and net interest margin. The Company sold available-for-sale debt securities with a book value of $30.0 million, weighted average yield of 3.3%, weighted average duration of 3.4 years, and recognized a loss of $1.9 million. Proceeds from the sale were used to purchase $28.3 million in debt securities with a weighted average yield of 5.7% and a weighted average duration of 2.5 years. The Company estimates the earn-back period to be approximately 2.8 years.
The Company recorded a provision for credit losses of $4.7 million in the fourth quarter of 2023, compared to a provision of $4.9 million in the previous quarter and a provision of $0.6 million in the year-ago quarter. The provision in the fourth quarter consisted of a provision for credit losses on loans of $5.0 million, offset by a credit to the provision for credit losses on off-balance sheet exposures of $0.3 million.
Other operating income totaled $15.2 million for the fourth quarter of 2023, compared to $10.0 million in the previous quarter and $11.6 million in the year-ago quarter. The increase from the previous quarter was primarily due to a non-recurring pre-tax net gain on the sale of a real estate property (included in other) of $5.1 million, combined with higher income from bank-owned life insurance ("BOLI") of $1.6 million, partially offset by the aforementioned losses on sales of investment securities totaling $1.9 million recognized in the current quarter. The Company expects future annual savings from the sale and consolidation of the real estate office space of approximately $0.6 million. The higher BOLI income was primarily attributable to equity market volatility and was offset by higher deferred compensation expense in other operating expenses.
Other operating expense totaled $42.5 million for the fourth quarter of 2023, compared to $39.6 million in the previous quarter and $40.4 million in the year-ago quarter. The increase from the previous quarter was primarily due to a non-recurring branch lease termination expense (included in other) of $2.3 million, combined with higher salaries and employee benefits of $1.1 million, partially offset by lower computer software expense of $0.4 million. The Company expects future annual savings from the branch lease termination and consolidation of approximately $0.7 million.
The efficiency ratio was 64.12% for the fourth quarter of 2023, compared to 63.91% in the previous quarter and 59.56% in the year-ago quarter.
The effective tax rate was 22.3% for the fourth quarter of 2023, compared to 24.9% in the previous quarter and 24.9% in the year-ago quarter. The lower effective tax rate was primarily attributable to higher tax-exempt BOLI income as a percentage of pre-tax income.
Balance Sheet Highlights
Total assets of $7.64 billion at December 31, 2023 remained relatively flat from $7.64 billion at September 30, 2023, and increased by $210.0 million, or 2.8% from $7.43 billion at December 31, 2022. The Company had $522.4 million in cash on its balance sheet and $2.45 billion in total other liquidity sources, including available borrowing capacity and unpledged investment securities at December 31, 2023. Total available sources of liquidity as a percentage of uninsured and uncollateralized deposits was 125% at December 31, 2023.
Total loans, net of deferred fees and costs, of $5.44 billion at December 31, 2023 decreased by $69.7 million, or 1.3% from $5.51 billion at September 30, 2023, and decreased by $116.5 million, or 2.1% from $5.56 billion at December 31, 2022. Average yields earned on loans during the fourth quarter of 2023 was 4.55%, compared to 4.49% in the previous quarter and 4.10% in the year-ago quarter.
Total deposits of $6.85 billion at December 31, 2023 decreased by $27.2 million or 0.4% from $6.87 billion at September 30, 2023, and increased by $111.4 million, or 1.7% from $6.74 billion at December 31, 2022. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $5.99 billion at December 31, 2023, and remained relatively flat from $5.99 billion at September 30, 2023. Average rates paid on total deposits during the fourth quarter of 2023 was
Central Pacific Financial Reports Fourth Quarter Earnings of $14.9 Million and Full Year 2023 Earnings of $58.7 Million
Page 3
1.22%, compared to 1.07% in the previous quarter and 0.41% in the year-ago quarter. At December 31, 2023, approximately 65% of the Company's total deposits were FDIC-insured or fully collateralized.
Asset Quality
Nonperforming assets totaled $7.0 million, or 0.09% of total assets at December 31, 2023, compared to $6.7 million, or 0.09% of total assets at September 30, 2023 and $5.3 million, or 0.07% of total assets at December 31, 2022.
Net charge-offs totaled $5.5 million in the fourth quarter of 2023, compared to net charge-offs of $3.9 million in the previous quarter, and net charge-offs of $1.7 million in the year-ago quarter. The increase in net charge-offs was primarily attributable to the mainland consumer loan portfolio. Annualized net charge-offs as a percentage of average loans was 0.41%, 0.28% and 0.12% during the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
The allowance for credit losses, as a percentage of total loans was 1.18% at December 31, 2023, compared to 1.17% at September 30, 2023, and 1.15% at December 31, 2022.
Capital
Total shareholders' equity was $503.8 million at December 31, 2023, compared to $468.6 million and $452.9 million at September 30, 2023 and December 31, 2022, respectively. The increase from the previous and year-ago quarters is primarily due to net income, combined with the decrease in unrealized losses on investment securities, partially offset by dividends paid.
The Company's leverage, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 capital ratios were 8.8%, 12.4%, 14.6%, and 11.4%, respectively, at December 31, 2023, compared to 8.7%, 11.9%, 14.1%, and 11.0%, respectively, at September 30, 2023.
On January 30, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares. The dividend will be payable on March 15, 2024 to shareholders of record at the close of business on February 29, 2024.
On January 30, 2024, the Company's Board of Directors also authorized the repurchase of up to $20 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program (the "Repurchase Plan"). The Repurchase Plan replaces and supersedes in its entirety the share repurchase program previously approved by the Company's Board of Directors. The Company did not repurchase any shares of common stock during the fourth quarter of 2023. During the year ended December 31, 2023, the Company repurchased 130,010 shares of common stock, at a total cost of $2.6 million, or an average cost per share of $20.24. During the year ended December 31, 2023, the Company returned $30.7 million in capital to its shareholders through cash dividends and share repurchases.
Conference Call
The Company's management will host a conference call today at 1:00 p.m. Eastern Time (8:00 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 1-888-510-2553 (access code: 9816541). A playback of the call will be available through March 1, 2024 by dialing 1-800-770-2030 (access code: 9816541) 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.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.64 billion in assets as of December 31, 2023. Central Pacific Bank, its primary subsidiary, operates 27 branches and 58 ATMs in the State of Hawaii. For additional information, please visit the Company's website at http://www.cpb.bank.
**********
Central Pacific Financial Reports Fourth Quarter Earnings of $14.9 Million and Full Year 2023 Earnings of $58.7 Million
Page 4
Forward-Looking Statements ("FLS")
This document may contain FLS 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. (the "Company") 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 "believe," "plan," "anticipate," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements.
While we believe that our FLS 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 effects of inflation and interest rate fluctuations; the adverse effects of recent bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) 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; supply chain disruptions; 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 and achieve the objectives of our Banking-as-a-Service ("BaaS") initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases) 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 and lawsuits we are or may become subject to, 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 regulations or 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"); securities market and monetary fluctuations, including the impact resulting from the elimination of the London Interbank Offered Rate ("LIBOR") 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; changes in consumer spending, borrowings and savings habits; cybersecurity and data privacy breaches and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; 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 ("PCAOB"), 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 FLS, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Forms 10-Q and 10-K for the current and 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 FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS 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.
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| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Financial Highlights | |
| (Unaudited) | TABLE 1 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended |
| (Dollars in thousands, | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, | | Dec 31, |
| except for per share amounts) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | 2023 | | 2022 |
| CONDENSED INCOME STATEMENT | | | | | | | | | | | | | | |
| Net interest income | | $ | 51,142 | | | $ | 51,928 | | | $ | 52,734 | | | $ | 54,196 | | | $ | 56,285 | | | $ | 210,000 | | | $ | 215,563 | |
| Provision (credit) for credit losses | | 4,653 | | | 4,874 | | | 4,319 | | | 1,852 | | | 571 | | | 15,698 | | | (1,273) | |
| | | | | | | | | | | | | | |
| Total other operating income | | 15,172 | | | 10,047 | | | 10,435 | | | 11,009 | | | 11,601 | | | 46,663 | | | 47,919 | |
| Total other operating expense | | 42,522 | | | 39,611 | | | 39,903 | | | 42,107 | | | 40,434 | | | 164,143 | | | 165,986 | |
| | | | | | | | | | | | | | |
| Income tax expense | | 4,273 | | | 4,349 | | | 4,472 | | | 5,059 | | | 6,700 | | | 18,153 | | | 24,841 | |
| Net income | | 14,866 | | | 13,141 | | | 14,475 | | | 16,187 | | | 20,181 | | | 58,669 | | | 73,928 | |
| Basic earnings per share | | $ | 0.55 | | | $ | 0.49 | | | $ | 0.54 | | | $ | 0.60 | | | $ | 0.74 | | | $ | 2.17 | | | $ | 2.70 | |
| Diluted earnings per share | | 0.55 | | | 0.49 | | | 0.53 | | | 0.60 | | | 0.74 | | | 2.17 | | | 2.68 | |
| Dividends declared per share | | 0.26 | | | 0.26 | | | 0.26 | | | 0.26 | | | 0.26 | | | 1.04 | | | 1.04 | |
| | | | | | | | | | | | | | |
| PERFORMANCE RATIOS | | | | | | | | | | | | | | |
| Return on average assets (ROA) [1] | | 0.79 | % | | 0.70 | % | | 0.78 | % | | 0.87 | % | | 1.09 | % | | 0.78 | % | | 1.01 | % |
| Return on average shareholders’ equity (ROE) [1] | | 12.55 | | | 10.95 | | | 12.12 | | | 13.97 | | | 18.30 | | | 12.38 | | | 15.47 | |
| | | | | | | | | | | | | | |
| Average shareholders’ equity to average assets | | 6.32 | | | 6.39 | | | 6.40 | | | 6.23 | | | 5.97 | | | 6.34 | | | 6.51 | |
| Efficiency ratio [2] | | 64.12 | | | 63.91 | | | 63.17 | | | 64.58 | | | 59.56 | | | 63.95 | | | 63.00 | |
| Net interest margin (NIM) [1] | | 2.84 | | | 2.88 | | | 2.96 | | | 3.08 | | | 3.17 | | | 2.94 | | | 3.09 | |
| Dividend payout ratio [3] | | 47.27 | | | 53.06 | | | 49.06 | | | 43.33 | | | 35.14 | | | 47.93 | | | 38.81 | |
| | | | | | | | | | | | | | |
| SELECTED AVERAGE BALANCES | | | | | | | | | | | | | | |
| Average loans, including loans held for sale | | $ | 5,458,245 | | | $ | 5,507,248 | | | $ | 5,543,398 | | | $ | 5,525,988 | | | $ | 5,498,800 | | | $ | 5,508,530 | | | $ | 5,298,573 | |
| Average interest-earning assets | | 7,208,613 | | | 7,199,866 | | | 7,155,606 | | | 7,112,377 | | | 7,103,841 | | | 7,169,463 | | | 7,003,232 | |
| Average assets | | 7,498,097 | | | 7,510,537 | | | 7,463,629 | | | 7,443,767 | | | 7,389,712 | | | 7,479,243 | | | 7,340,261 | |
| Average deposits | | 6,730,883 | | | 6,738,071 | | | 6,674,650 | | | 6,655,660 | | | 6,673,922 | | | 6,700,127 | | | 6,604,049 | |
| Average interest-bearing liabilities | | 5,023,321 | | | 4,999,820 | | | 4,908,120 | | | 4,820,660 | | | 4,708,045 | | | 4,938,705 | | | 4,530,347 | |
| Average shareholders’ equity | | 473,708 | | | 480,118 | | | 477,711 | | | 463,556 | | | 441,084 | | | 473,819 | | | 477,775 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| [1] ROA and ROE 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). |
| [2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income). |
| [3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share. | | | | |
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| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Financial Highlights | |
| (Unaudited) | TABLE 1 (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
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| | | | | | | | | | |
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| | | | | | | | | | |
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| REGULATORY CAPITAL RATIOS | | | | | | | | | | |
| Central Pacific Financial Corp. | | | | | | | | | | |
| Leverage ratio | | 8.8 | % | | 8.7 | % | | 8.7 | % | | 8.6 | % | | 8.5 | % |
| Tier 1 risk-based capital ratio | | 12.4 | | | 11.9 | | | 11.8 | | | 11.5 | | | 11.3 | |
| Total risk-based capital ratio | | 14.6 | | | 14.1 | | | 13.9 | | | 13.6 | | | 13.5 | |
| Common equity tier 1 capital ratio | | 11.4 | | | 11.0 | | | 10.9 | | | 10.6 | | | 10.5 | |
| Central Pacific Bank | | | | | | | | | | |
| Leverage ratio | | 9.2 | | | 9.1 | | | 9.1 | | | 9.0 | | | 9.0 | |
| Tier 1 risk-based capital ratio | | 12.9 | | | 12.4 | | | 12.3 | | | 12.0 | | | 11.9 | |
| Total risk-based capital ratio | | 14.1 | | | 13.7 | | | 13.5 | | | 13.2 | | | 13.1 | |
| Common equity tier 1 capital ratio | | 12.9 | | | 12.4 | | | 12.3 | | | 12.0 | | | 11.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, |
| (dollars in thousands, except for per share amounts) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| BALANCE SHEET | | | | | | | | | | |
| Total loans, net of deferred fees and costs | | $ | 5,438,982 | | | $ | 5,508,710 | | | $ | 5,520,683 | | | $ | 5,557,397 | | | $ | 5,555,466 | |
| Total assets | | 7,642,796 | | | 7,637,924 | | | 7,567,592 | | | 7,521,247 | | | 7,432,763 | |
| Total deposits | | 6,847,592 | | | 6,874,745 | | | 6,805,737 | | | 6,746,968 | | | 6,736,223 | |
| Long-term debt | | 156,102 | | | 156,041 | | | 155,981 | | | 155,920 | | | 105,859 | |
| Total shareholders’ equity | | 503,815 | | | 468,598 | | | 476,279 | | | 470,926 | | | 452,871 | |
| Total shareholders’ equity to total assets | | 6.59 | % | | 6.14 | % | | 6.29 | % | | 6.26 | % | | 6.09 | % |
| | | | | | | | | | |
| | | | | | | | | | |
| ASSET QUALITY | | | | | | | | | | |
| Allowance for credit losses ("ACL") | | $ | 63,934 | | | $ | 64,517 | | | $ | 63,849 | | | $ | 63,099 | | | $ | 63,738 | |
| Nonaccrual loans | | 7,008 | | | 6,652 | | | 11,061 | | | 5,313 | | | 5,251 | |
| Non-performing assets ("NPA") | | 7,008 | | | 6,652 | | | 11,061 | | | 5,313 | | | 5,251 | |
| Ratio of ACL to total loans | | 1.18 | % | | 1.17 | % | | 1.16 | % | | 1.14 | % | | 1.15 | % |
| | | | | | | | | | |
| | | | | | | | | | |
| Ratio of NPA to total assets | | 0.09 | % | | 0.09 | % | | 0.15 | % | | 0.07 | % | | 0.07 | % |
| | | | | | | | | | |
| PER SHARE OF COMMON STOCK OUTSTANDING | | | | | | | | | | |
| Book value per common share | | $ | 18.63 | | | $ | 17.33 | | | $ | 17.61 | | | $ | 17.44 | | | $ | 16.76 | |
| | | | | | | | | | |
| Closing market price per common share | | 19.68 | | | 16.68 | | | 15.71 | | | 17.90 | | | 20.28 | |
| | | | | | | | | | |
|
|
|
|
|
|
|
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Consolidated Balance Sheets | |
| (Unaudited) | TABLE 2 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, |
| (Dollars in thousands, except share data) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| ASSETS | | | | | | | | | | |
| Cash and due from financial institutions | | $ | 116,181 | | | $ | 108,818 | | | $ | 129,071 | | | $ | 108,535 | | | $ | 97,150 | |
| Interest-bearing deposits in other financial institutions | | 406,256 | | | 329,913 | | | 181,913 | | | 90,247 | | | 14,894 | |
| Investment securities: | | | | | | | | | | |
| Available-for-sale debt securities, at fair value | | 647,210 | | | 625,253 | | | 664,071 | | | 687,188 | | | 671,794 | |
| Held-to-maturity debt securities, at amortized cost; fair value of: $565,178 at December 31, 2023, $531,887 at September 30, 2023, $581,222 at June 30, 2023, $599,300 at March 31, 2023, and $596,780 at December 31, 2022 | | 632,338 | | | 640,053 | | | 649,946 | | | 658,596 | | | 664,883 | |
| | | | | | | | | | |
| Total investment securities | | 1,279,548 | | | 1,265,306 | | | 1,314,017 | | | 1,345,784 | | | 1,336,677 | |
| Loans held for sale, at fair value | | 1,778 | | | — | | | 2,593 | | | — | | | 1,105 | |
| Loans, net of deferred fees and costs | | 5,438,982 | | | 5,508,710 | | | 5,520,683 | | | 5,557,397 | | | 5,555,466 | |
| Less: allowance for credit losses | | 63,934 | | | 64,517 | | | 63,849 | | | 63,099 | | | 63,738 | |
| Loans, net of allowance for credit losses | | 5,375,048 | | | 5,444,193 | | | 5,456,834 | | | 5,494,298 | | | 5,491,728 | |
| Premises and equipment, net | | 96,184 | | | 97,378 | | | 96,479 | | | 93,761 | | | 91,634 | |
| Accrued interest receivable | | 21,511 | | | 21,529 | | | 20,463 | | | 20,473 | | | 20,345 | |
| Investment in unconsolidated entities | | 41,546 | | | 42,523 | | | 45,218 | | | 45,953 | | | 46,641 | |
| | | | | | | | | | |
| Mortgage servicing rights | | 8,696 | | | 8,797 | | | 8,843 | | | 8,943 | | | 9,074 | |
| | | | | | | | | | |
| Bank-owned life insurance | | 170,706 | | | 168,543 | | | 168,136 | | | 168,244 | | | 167,967 | |
| Federal Home Loan Bank of Des Moines ("FHLB") stock | | 6,793 | | | 10,995 | | | 10,960 | | | 11,960 | | | 9,146 | |
| Right-of-use lease assets | | 29,720 | | | 32,294 | | | 33,247 | | | 34,237 | | | 34,985 | |
| Other assets | | 88,829 | | | 107,635 | | | 99,818 | | | 98,812 | | | 111,417 | |
| Total assets | | $ | 7,642,796 | | | $ | 7,637,924 | | | $ | 7,567,592 | | | $ | 7,521,247 | | | $ | 7,432,763 | |
| LIABILITIES | | | | | | | | | | |
| Deposits: | | | | | | | | | | |
| Noninterest-bearing demand | | $ | 1,913,379 | | | $ | 1,969,523 | | | $ | 2,009,387 | | | $ | 2,028,087 | | | $ | 2,092,823 | |
| Interest-bearing demand | | 1,329,189 | | | 1,345,843 | | | 1,359,978 | | | 1,386,913 | | | 1,453,167 | |
| Savings and money market | | 2,209,733 | | | 2,209,550 | | | 2,184,652 | | | 2,184,675 | | | 2,199,028 | |
| Time | | 1,395,291 | | | 1,349,829 | | | 1,251,720 | | | 1,147,293 | | | 991,205 | |
| Total deposits | | 6,847,592 | | | 6,874,745 | | | 6,805,737 | | | 6,746,968 | | | 6,736,223 | |
| FHLB advances and other short-term borrowings | | — | | | — | | | — | | | 25,000 | | | 5,000 | |
| Long-term debt, net of unamortized debt issuance costs of: $445 at December 31, 2023, $506 at September 30, 2023, $566 at June 30, 2023, $627 at March 31, 2023 and $688 at December 31, 2022 | | 156,102 | | | 156,041 | | | 155,981 | | | 155,920 | | | 105,859 | |
| Lease liabilities | | 30,634 | | | 33,186 | | | 34,111 | | | 35,076 | | | 35,889 | |
| | | | | | | | | | |
| Other liabilities | | 104,653 | | | 105,354 | | | 95,484 | | | 87,357 | | | 96,921 | |
| Total liabilities | | 7,138,981 | | | 7,169,326 | | | 7,091,313 | | | 7,050,321 | | | 6,979,892 | |
| EQUITY | | | | | | | | | | |
| Shareholders' equity: | | | | | | | | | | |
| Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022 | | — | | | — | | | — | | | — | | | — | |
| Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,045,033 at December 31, 2023, 27,043,169 at September 30, 2023, 27,045,792 at June 30, 2023, 27,005,545 at March 31, 2023, and 27,025,070 at December 31, 2022 | | 405,439 | | | 405,439 | | | 405,511 | | | 405,866 | | | 408,071 | |
| Additional paid-in capital | | 102,982 | | | 102,550 | | | 101,997 | | | 101,188 | | | 101,346 | |
| Retained earnings | | 117,990 | | | 110,156 | | | 104,046 | | | 96,600 | | | 87,438 | |
| Accumulated other comprehensive loss | | (122,596) | | | (149,547) | | | (135,275) | | | (132,728) | | | (143,984) | |
| Total shareholders' equity | | 503,815 | | | 468,598 | | | 476,279 | | | 470,926 | | | 452,871 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Total liabilities and equity | | $ | 7,642,796 | | | $ | 7,637,924 | | | $ | 7,567,592 | | | $ | 7,521,247 | | | $ | 7,432,763 | |
| | | | | | | | | | |
|
| | | | | | | | | | |
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Consolidated Statements of Income | |
| (Unaudited) | TABLE 3 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended |
| | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, | | Dec 31, |
| (Dollars in thousands, except per share data) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | 2023 | | 2022 |
| Interest income: | | | | | | | | | | | | | | |
| Interest and fees on loans | | $ | 62,429 | | | $ | 62,162 | | | $ | 60,455 | | | $ | 58,269 | | | $ | 56,682 | | | $ | 243,315 | | | $ | 200,280 | |
| Interest and dividends on investment securities: | | | | | | | | | | | | | | |
| Taxable investment securities | | 7,292 | | | 7,016 | | | 7,145 | | | 7,336 | | | 7,104 | | | 28,789 | | | 28,041 | |
| Tax-exempt investment securities | | 686 | | | 709 | | | 727 | | | 790 | | | 776 | | | 2,912 | | | 3,204 | |
| Dividends on investment securities | | — | | | — | | | — | | | — | | | — | | | — | | | 21 | |
| Interest on deposits in other financial institutions | | 3,597 | | | 2,412 | | | 877 | | | 277 | | | 370 | | | 7,163 | | | 740 | |
| Dividend income on FHLB stock | | 109 | | | 113 | | | 120 | | | 136 | | | 105 | | | 478 | | | 370 | |
| Total interest income | | 74,113 | | | 72,412 | | | 69,324 | | | 66,808 | | | 65,037 | | | 282,657 | | | 232,656 | |
| Interest expense: | | | | | | | | | | | | | | |
| Interest on deposits: | | | | | | | | | | | | | | |
| Demand | | 467 | | | 460 | | | 411 | | | 363 | | | 333 | | | 1,701 | | | 806 | |
| Savings and money market | | 7,459 | | | 6,464 | | | 4,670 | | | 3,386 | | | 2,488 | | | 21,979 | | | 4,188 | |
| Time | | 12,741 | | | 11,268 | | | 8,932 | | | 6,264 | | | 4,063 | | | 39,205 | | | 6,114 | |
| Interest on short-term borrowings | | — | | | — | | | 378 | | | 761 | | | 393 | | | 1,139 | | | 1,055 | |
| Interest on long-term debt | | 2,304 | | | 2,292 | | | 2,199 | | | 1,838 | | | 1,475 | | | 8,633 | | | 4,930 | |
| Total interest expense | | 22,971 | | | 20,484 | | | 16,590 | | | 12,612 | | | 8,752 | | | 72,657 | | | 17,093 | |
| Net interest income | | 51,142 | | | 51,928 | | | 52,734 | | | 54,196 | | | 56,285 | | | 210,000 | | | 215,563 | |
| Provision (credit) for credit losses | | 4,653 | | | 4,874 | | | 4,319 | | | 1,852 | | | 571 | | | 15,698 | | | (1,273) | |
| Net interest income after provision (credit) for credit losses | | 46,489 | | | 47,054 | | | 48,415 | | | 52,344 | | | 55,714 | | | 194,302 | | | 216,836 | |
| Other operating income: | | | | | | | | | | | | | | |
| Mortgage banking income | | 611 | | | 765 | | | 690 | | | 526 | | | 667 | | | 2,592 | | | 3,810 | |
| Service charges on deposit accounts | | 2,312 | | | 2,193 | | | 2,137 | | | 2,111 | | | 2,172 | | | 8,753 | | | 8,197 | |
| Other service charges and fees | | 5,349 | | | 5,203 | | | 4,994 | | | 4,985 | | | 4,972 | | | 20,531 | | | 19,025 | |
| Income from fiduciary activities | | 1,272 | | | 1,234 | | | 1,068 | | | 1,321 | | | 1,058 | | | 4,895 | | | 4,565 | |
| Net (loss) gain on sales of investment securities | | (1,939) | | | (135) | | | — | | | — | | | — | | | (2,074) | | | 8,506 | |
| Income from bank-owned life insurance | | 2,015 | | | 379 | | | 1,185 | | | 1,291 | | | 2,187 | | | 4,870 | | | 1,865 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Other | | 5,552 | | | 408 | | | 361 | | | 775 | | | 545 | | | 7,096 | | | 1,951 | |
| Total other operating income | | 15,172 | | | 10,047 | | | 10,435 | | | 11,009 | | | 11,601 | | | 46,663 | | | 47,919 | |
| Other operating expense: | | | | | | | | | | | | | | |
| Salaries and employee benefits | | 20,164 | | | 19,015 | | | 20,848 | | | 22,023 | | | 22,692 | | | 82,050 | | | 88,781 | |
| Net occupancy | | 4,676 | | | 4,725 | | | 4,310 | | | 4,474 | | | 3,998 | | | 18,185 | | | 16,963 | |
| Equipment | | 968 | | | 1,112 | | | 932 | | | 946 | | | 996 | | | 3,958 | | | 4,238 | |
| | | | | | | | | | | | | | |
| Communication | | 632 | | | 809 | | | 791 | | | 778 | | | 696 | | | 3,010 | | | 2,958 | |
| Legal and professional services | | 2,245 | | | 2,359 | | | 2,469 | | | 2,886 | | | 2,677 | | | 9,959 | | | 10,792 | |
| Computer software | | 4,026 | | | 4,473 | | | 4,621 | | | 4,606 | | | 3,996 | | | 17,726 | | | 14,840 | |
| Advertising | | 1,045 | | | 968 | | | 942 | | | 933 | | | 701 | | | 3,888 | | | 4,151 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Other | | 8,766 | | | 6,150 | | | 4,990 | | | 5,461 | | | 4,678 | | | 25,367 | | | 23,263 | |
| Total other operating expense | | 42,522 | | | 39,611 | | | 39,903 | | | 42,107 | | | 40,434 | | | 164,143 | | | 165,986 | |
| Income before income taxes | | 19,139 | | | 17,490 | | | 18,947 | | | 21,246 | | | 26,881 | | | 76,822 | | | 98,769 | |
| Income tax expense | | 4,273 | | | 4,349 | | | 4,472 | | | 5,059 | | | 6,700 | | | 18,153 | | | 24,841 | |
| Net income | | $ | 14,866 | | | $ | 13,141 | | | $ | 14,475 | | | $ | 16,187 | | | $ | 20,181 | | | $ | 58,669 | | | $ | 73,928 | |
| Per common share data: | | | | | | | | | | | | | | |
| Basic earnings per share | | $ | 0.55 | | | $ | 0.49 | | | $ | 0.54 | | | $ | 0.60 | | | $ | 0.74 | | | $ | 2.17 | | | $ | 2.70 | |
| Diluted earnings per share | | 0.55 | | | 0.49 | | | 0.53 | | | 0.60 | | | 0.74 | | | 2.17 | | | 2.68 | |
| Cash dividends declared | | 0.26 | | | 0.26 | | | 0.26 | | | 0.26 | | | 0.26 | | | 1.04 | | | 1.04 | |
| Basic weighted average shares outstanding | | 27,044,121 | | | 27,042,762 | | | 27,024,043 | | | 26,999,138 | | | 27,134,970 | | | 27,027,681 | | | 27,398,445 | |
| Diluted weighted average shares outstanding | | 27,097,285 | | | 27,079,484 | | | 27,071,478 | | | 27,122,012 | | | 27,303,249 | | | 27,080,518 | | | 27,567,780 | |
| | | | | | | | | | | | | | |
|
| | | | | |
| 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 |
| | December 31, 2023 | | September 30, 2023 | | December 31, 2022 |
| | | 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 | | $ | 261,594 | | | 5.45 | % | | $ | 3,597 | | | $ | 177,780 | | | 5.38 | % | | $ | 2,412 | | | $ | 38,610 | | | 3.80 | % | | $ | 370 | |
| Investment securities: | | | | | | | | | | | | | | | | | | |
| Taxable | | 1,331,752 | | | 2.19 | | | 7,292 | | | 1,354,039 | | | 2.07 | | | 7,016 | | | 1,399,627 | | | 2.03 | | | 7,104 | |
| Tax-exempt [1] | | 146,803 | | | 2.36 | | | 868 | | | 149,824 | | | 2.40 | | | 897 | | | 156,079 | | | 2.52 | | | 982 | |
| Total investment securities | | 1,478,555 | | | 2.21 | | | 8,160 | | | 1,503,863 | | | 2.10 | | | 7,913 | | | 1,555,706 | | | 2.08 | | | 8,086 | |
| Loans, including loans held for sale | | 5,458,245 | | | 4.55 | | | 62,429 | | | 5,507,248 | | | 4.49 | | | 62,162 | | | 5,498,800 | | | 4.10 | | | 56,682 | |
| FHLB stock | | 10,219 | | | 4.30 | | | 109 | | | 10,975 | | | 4.09 | | | 113 | | | 10,725 | | | 3.90 | | | 105 | |
| Total interest-earning assets | | 7,208,613 | | | 4.10 | | | 74,295 | | | 7,199,866 | | | 4.01 | | | 72,600 | | | 7,103,841 | | | 3.66 | | | 65,243 | |
| Noninterest-earning assets | | 289,484 | | | | | | | 310,671 | | | | | | | 285,871 | | | | | |
| Total assets | | $ | 7,498,097 | | | | | | | $ | 7,510,537 | | | | | | | $ | 7,389,712 | | | | | |
| | | | | | | | | | | | | | | | | | |
| LIABILITIES AND EQUITY |
| Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | |
| Interest-bearing demand deposits | | $ | 1,315,943 | | | 0.14 | % | | $ | 467 | | | $ | 1,339,294 | | | 0.14 | % | | $ | 460 | | | $ | 1,441,787 | | | 0.09 | % | | $ | 333 | |
| Savings and money market deposits | | 2,217,065 | | | 1.33 | | | 7,459 | | | 2,209,835 | | | 1.16 | | | 6,464 | | | 2,209,166 | | | 0.45 | | | 2,488 | |
| Time deposits up to $250,000 | | 478,085 | | | 2.80 | | | 3,373 | | | 449,844 | | | 2.33 | | | 2,637 | | | 311,639 | | | 1.50 | | | 1,174 | |
| Time deposits over $250,000 | | 856,159 | | | 4.34 | | | 9,368 | | | 844,842 | | | 4.05 | | | 8,631 | | | 595,133 | | | 1.93 | | | 2,889 | |
| Total interest-bearing deposits | | 4,867,252 | | | 1.68 | | | 20,667 | | | 4,843,815 | | | 1.49 | | | 18,192 | | | 4,557,725 | | | 0.60 | | | 6,884 | |
| | | | | | | | | | | | | | | | | | |
| FHLB advances and other short-term borrowings | | — | | | — | | | — | | | — | | | — | | | — | | | 44,491 | | | 3.51 | | | 393 | |
| Long-term debt | | 156,069 | | | 5.86 | | | 2,304 | | | 156,005 | | | 5.83 | | | 2,292 | | | 105,829 | | | 5.53 | | | 1,475 | |
| Total interest-bearing liabilities | | 5,023,321 | | | 1.81 | | | 22,971 | | | 4,999,820 | | | 1.63 | | | 20,484 | | | 4,708,045 | | | 0.74 | | | 8,752 | |
| Noninterest-bearing deposits | | 1,863,631 | | | | | | | 1,894,256 | | | | | | | 2,116,197 | | | | | |
| Other liabilities | | 137,437 | | | | | | | 136,343 | | | | | | | 124,386 | | | | | |
| Total liabilities | | 7,024,389 | | | | | | | 7,030,419 | | | | | | | 6,948,628 | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Total equity | | 473,708 | | | | | | | 480,118 | | | | | | | 441,084 | | | | | |
| Total liabilities and equity | | $ | 7,498,097 | | | | | | | $ | 7,510,537 | | | | | | | $ | 7,389,712 | | | | | |
| | | | | | | | | | | | | | | | | | |
| Net interest income | | | | | | $ | 51,324 | | | | | | | $ | 52,116 | | | | | | | $ | 56,491 | |
| | | | | | | | | | | | | | | | | | |
| Interest rate spread | | | | 2.29 | % | | | | | | 2.38 | % | | | | | | 2.92 | % | | |
| | | | | | | | | | | | | | | | | | |
| Net interest margin | | | | 2.84 | % | | | | | | 2.88 | % | | | | | | 3.17 | % | | |
| | | | | | | | | | | | | | | | | | |
|
| [1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%. |
| Note: Certain prior period information has been reclassified to conform to the current period presentation. |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent) | |
| (Unaudited) | TABLE 5 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended | | Year Ended |
| | December 31, 2023 | | December 31, 2022 |
| | | 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 | | $ | 134,150 | | | 5.34 | % | | $ | 7,163 | | | $ | 80,096 | | | 0.92 | % | | $ | 740 | |
| Investment securities: | | | | | | | | | | | | |
| Taxable | | 1,365,067 | | | 2.11 | | | 28,789 | | | 1,455,246 | | | 1.93 | | | 28,062 | |
| Tax-exempt [1] | | 150,399 | | | 2.45 | | | 3,686 | | | 159,120 | | | 2.55 | | | 4,056 | |
| Total investment securities | | 1,515,466 | | | 2.14 | | | 32,475 | | | 1,614,366 | | | 1.99 | | | 32,118 | |
| Loans, including loans held for sale | | 5,508,530 | | | 4.42 | | | 243,315 | | | 5,298,573 | | | 3.78 | | | 200,280 | |
| FHLB stock | | 11,317 | | | 4.23 | | | 478 | | | 10,197 | | | 3.63 | | | 370 | |
| Total interest-earning assets | | 7,169,463 | | | 3.95 | | | 283,431 | | | 7,003,232 | | | 3.33 | | | 233,508 | |
| Noninterest-earning assets | | 309,780 | | | | | | | 337,029 | | | | | |
| Total assets | | $ | 7,479,243 | | | | | | | $ | 7,340,261 | | | | | |
| | | | | | | | | | | | |
| LIABILITIES AND EQUITY |
| Interest-bearing liabilities: | | | | | | | | | | | | |
| Interest-bearing demand deposits | | $ | 1,359,240 | | | 0.13 | % | | $ | 1,701 | | | $ | 1,438,232 | | | 0.06 | % | | $ | 806 | |
| Savings and money market deposits | | 2,195,763 | | | 1.00 | | | 21,979 | | | 2,208,630 | | | 0.19 | | | 4,188 | |
| Time deposits up to $250,000 | | 415,541 | | | 2.15 | | | 8,917 | | | 245,599 | | | 0.70 | | | 1,723 | |
| Time deposits over $250,000 | | 795,917 | | | 3.81 | | | 30,288 | | | 494,943 | | | 0.89 | | | 4,391 | |
| Total interest-bearing deposits | | 4,766,461 | | | 1.32 | | | 62,885 | | | 4,387,404 | | | 0.25 | | | 11,108 | |
| | | | | | | | | | | | |
| FHLB advances and other short-term borrowings | | 23,322 | | | 4.88 | | | 1,139 | | | 37,211 | | | 2.84 | | | 1,055 | |
| Long-term debt | | 148,922 | | | 5.80 | | | 8,633 | | | 105,732 | | | 4.66 | | | 4,930 | |
| Total interest-bearing liabilities | | 4,938,705 | | | 1.47 | | | 72,657 | | | 4,530,347 | | | 0.38 | | | 17,093 | |
| Noninterest-bearing deposits | | 1,933,666 | | | | | | | 2,216,645 | | | | | |
| Other liabilities | | 133,053 | | | | | | | 115,478 | | | | | |
| Total liabilities | | 7,005,424 | | | | | | | 6,862,470 | | | | | |
| Shareholders’ equity | | 473,819 | | | | | | | 477,775 | | | | | |
| Non-controlling interest | | — | | | | | | | 16 | | | | | |
| Total equity | | 473,819 | | | | | | | 477,791 | | | | | |
| Total liabilities and equity | | $ | 7,479,243 | | | | | | | $ | 7,340,261 | | | | | |
| | | | | | | | | | | | |
| Net interest income | | | | | | $ | 210,774 | | | | | | | $ | 216,415 | |
| | | | | | | | | | | | |
| Interest rate spread | | | | 2.48 | % | | | | | | 2.95 | % | | |
| | | | | | | | | | | | |
| Net interest margin | | | | 2.94 | % | | | | | | 3.09 | % | | |
| | | | | | | | | | | | |
|
| [1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%. |
| Note: Certain prior period information has been reclassified to conform to the current period presentation. |
| | | | | | | | | | | | |
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Loans by Geographic Distribution | |
| (Unaudited) | TABLE 6 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, |
| (Dollars in thousands) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| HAWAII: | | | | | | | | | | |
| Commercial and industrial: | | | | | | | | | | |
| Small Business Administration Paycheck Protection Program ("SBA PPP") | | $ | 1,284 | | | $ | 1,410 | | | $ | 1,565 | | | $ | 1,821 | | | $ | 2,555 | |
| Other | | 420,452 | | | 405,023 | | | 373,036 | | | 375,158 | | | 383,665 | |
| Real estate: | | | | | | | | | | |
| Construction | | 163,337 | | | 174,057 | | | 168,012 | | | 154,303 | | | 150,208 | |
| Residential mortgage | | 1,927,789 | | | 1,930,740 | | | 1,942,906 | | | 1,941,230 | | | 1,940,999 | |
| Home equity | | 736,524 | | | 753,980 | | | 750,760 | | | 743,908 | | | 739,380 | |
| Commercial mortgage | | 1,063,969 | | | 1,045,625 | | | 1,037,826 | | | 1,030,086 | | | 1,029,708 | |
| Consumer | | 322,346 | | | 338,248 | | | 327,790 | | | 342,922 | | | 346,789 | |
| | | | | | | | | | |
| Total loans, net of deferred fees and costs | | 4,635,701 | | | 4,649,083 | | | 4,601,895 | | | 4,589,428 | | | 4,593,304 | |
| Less: Allowance for credit losses | | 48,189 | | | 48,105 | | | 44,828 | | | 44,062 | | | 45,169 | |
| Loans, net of allowance for credit losses | | $ | 4,587,512 | | | $ | 4,600,978 | | | $ | 4,557,067 | | | $ | 4,545,366 | | | $ | 4,548,135 | |
| | | | | | | | | | |
| U.S. MAINLAND: [1] | | | | | | | | | | |
| Commercial and industrial: | | | | | | | | | | |
| | | | | | | | | | |
| Other | | 153,971 | | | 157,373 | | | 170,557 | | | 179,906 | | | 160,282 | |
| Real estate: | | | | | | | | | | |
| Construction | | 22,182 | | | 37,455 | | | 32,807 | | | 27,171 | | | 16,515 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Commercial mortgage | | 318,933 | | | 319,802 | | | 329,736 | | | 331,546 | | | 333,367 | |
| Consumer | | 308,195 | | | 344,997 | | | 385,688 | | | 429,346 | | | 451,998 | |
| | | | | | | | | | |
| Total loans, net of deferred fees and costs | | 803,281 | | | 859,627 | | | 918,788 | | | 967,969 | | | 962,162 | |
| Less: Allowance for credit losses | | 15,745 | | | 16,412 | | | 19,021 | | | 19,037 | | | 18,569 | |
| Loans, net of allowance for credit losses | | $ | 787,536 | | | $ | 843,215 | | | $ | 899,767 | | | $ | 948,932 | | | $ | 943,593 | |
| | | | | | | | | | |
| TOTAL: | | | | | | | | | | |
| Commercial and industrial: | | | | | | | | | | |
| SBA PPP | | $ | 1,284 | | | $ | 1,410 | | | $ | 1,565 | | | $ | 1,821 | | | $ | 2,555 | |
| Other | | 574,423 | | | 562,396 | | | 543,593 | | | 555,064 | | | 543,947 | |
| Real estate: | | | | | | | | | | |
| Construction | | 185,519 | | | 211,512 | | | 200,819 | | | 181,474 | | | 166,723 | |
| Residential mortgage | | 1,927,789 | | | 1,930,740 | | | 1,942,906 | | | 1,941,230 | | | 1,940,999 | |
| Home equity | | 736,524 | | | 753,980 | | | 750,760 | | | 743,908 | | | 739,380 | |
| Commercial mortgage | | 1,382,902 | | | 1,365,427 | | | 1,367,562 | | | 1,361,632 | | | 1,363,075 | |
| Consumer | | 630,541 | | | 683,245 | | | 713,478 | | | 772,268 | | | 798,787 | |
| | | | | | | | | | |
| Total loans, net of deferred fees and costs | | 5,438,982 | | | 5,508,710 | | | 5,520,683 | | | 5,557,397 | | | 5,555,466 | |
| Less: Allowance for credit losses | | 63,934 | | | 64,517 | | | 63,849 | | | 63,099 | | | 63,738 | |
| Loans, net of allowance for credit losses | | $ | 5,375,048 | | | $ | 5,444,193 | | | $ | 5,456,834 | | | $ | 5,494,298 | | | $ | 5,491,728 | |
| | | | | | | | | | |
| [1] U.S. Mainland includes territories of the United States. |
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Deposits | |
| (Unaudited) | TABLE 7 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, |
| (Dollars in thousands) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| Noninterest-bearing demand deposits | | $ | 1,913,379 | | | $ | 1,969,523 | | | $ | 2,009,387 | | | $ | 2,028,087 | | | $ | 2,092,823 | |
| Interest-bearing demand deposits | | 1,329,189 | | | 1,345,843 | | | 1,359,978 | | | 1,386,913 | | | 1,453,167 | |
| Savings and money market deposits | | 2,209,733 | | | 2,209,550 | | | 2,184,652 | | | 2,184,675 | | | 2,199,028 | |
| Time deposits up to $250,000 | | 533,898 | | | 465,543 | | | 427,864 | | | 372,150 | | | 330,148 | |
| Core deposits | | 5,986,199 | | | 5,990,459 | | | 5,981,881 | | | 5,971,825 | | | 6,075,166 | |
| | | | | | | | | | |
| Government time deposits | | 374,581 | | | 400,130 | | | 383,426 | | | 360,501 | | | 290,057 | |
| | | | | | | | | | |
| Other time deposits greater than $250,000 | | 486,812 | | | 484,156 | | | 440,430 | | | 414,642 | | | 371,000 | |
| Total time deposits greater than $250,000 | | 861,393 | | | 884,286 | | | 823,856 | | | 775,143 | | | 661,057 | |
| Total deposits | | $ | 6,847,592 | | | $ | 6,874,745 | | | $ | 6,805,737 | | | $ | 6,746,968 | | | $ | 6,736,223 | |
| | | | | | | | | | |
|
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Nonperforming Assets and Accruing Loans 90+ Days Past Due | |
| (Unaudited) | TABLE 8 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, |
| (Dollars in thousands) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| Nonaccrual loans: | | | | | | | | | | |
| Commercial and industrial: | | | | | | | | | | |
| Other | | $ | 432 | | | $ | 352 | | | $ | 319 | | | $ | 264 | | | $ | 297 | |
| Real estate: | | | | | | | | | | |
| Construction | | — | | | — | | | 4,851 | | | — | | | — | |
| Residential mortgage | | 4,962 | | | 4,949 | | | 4,385 | | | 3,445 | | | 3,808 | |
| Home equity | | 834 | | | 677 | | | 797 | | | 712 | | | 570 | |
| Commercial mortgage | | 77 | | | 77 | | | 77 | | | 77 | | | — | |
| Consumer | | 703 | | | 597 | | | 632 | | | 815 | | | 576 | |
| | | | | | | | | | |
| Total nonaccrual loans | | 7,008 | | | 6,652 | | | 11,061 | | | 5,313 | | | 5,251 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Foreclosed real estate | | — | | | — | | | — | | | — | | | — | |
| Total nonperforming assets ("NPAs") | | 7,008 | | | 6,652 | | | 11,061 | | | 5,313 | | | 5,251 | |
| Accruing loans 90+ days past due: | | | | | | | | | | |
| Commercial and industrial: | | | | | | | | | | |
| SBA PPP | | — | | | — | | | — | | | — | | | 13 | |
| Other | | — | | | — | | | — | | | — | | | 26 | |
| Real estate: | | | | | | | | | | |
| | | | | | | | | | |
| Residential mortgage | | — | | | 794 | | | 959 | | | — | | | 559 | |
| Home equity | | 229 | | | — | | | 133 | | | — | | | — | |
| | | | | | | | | | |
| Consumer | | 1,083 | | | 2,120 | | | 2,207 | | | 1,908 | | | 1,240 | |
| | | | | | | | | | |
| Total accruing loans 90+ days past due | | 1,312 | | | 2,914 | | | 3,299 | | | 1,908 | | | 1,838 | |
| Total NPAs and accruing loans 90+ days past due | | $ | 8,320 | | | $ | 9,566 | | | $ | 14,360 | | | $ | 7,221 | | | $ | 7,089 | |
| | | | | | | | | | |
| Ratio of total nonaccrual loans to total loans | | 0.13 | % | | 0.12 | % | | 0.20 | % | | 0.10 | % | | 0.09 | % |
| Ratio of total NPAs to total loans and foreclosed real estate | | 0.13 | % | | 0.12 | % | | 0.20 | % | | 0.10 | % | | 0.09 | % |
| Ratio of total NPAs and accruing loans 90+ days past due to total loans and foreclosed real estate | | 0.15 | % | | 0.17 | % | | 0.26 | % | | 0.13 | % | | 0.13 | % |
| | | | | | | | | | |
| Quarter-to-quarter changes in NPAs: | | | | | | | | | | |
| Balance at beginning of quarter | | $ | 6,652 | | | $ | 11,061 | | | $ | 5,313 | | | $ | 5,251 | | | $ | 4,220 | |
| Additions | | 1,836 | | | 2,311 | | | 7,105 | | | 1,609 | | | 2,162 | |
| Reductions: | | | | | | | | | | |
| Payments | | (268) | | | (5,718) | | | (290) | | | (505) | | | (198) | |
| Return to accrual status | | (137) | | | (207) | | | (212) | | | (14) | | | (44) | |
| | | | | | | | | | |
| Net charge-offs, valuation and other adjustments | | (1,075) | | | (795) | | | (855) | | | (1,028) | | | (889) | |
| Total reductions | | (1,480) | | | (6,720) | | | (1,357) | | | (1,547) | | | (1,131) | |
| Balance at end of quarter | | $ | 7,008 | | | $ | 6,652 | | | $ | 11,061 | | | $ | 5,313 | | | $ | 5,251 | |
| | | | | | | | | | |
|
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Allowance for Credit Losses on Loans | |
| (Unaudited) | TABLE 9 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended |
| | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, | | Dec 31, |
| (Dollars in thousands) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | 2023 | | 2022 |
| Allowance for credit losses: | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | 64,517 | | | $ | 63,849 | | | $ | 63,099 | | | $ | 63,738 | | | $ | 64,382 | | | $ | 63,738 | | | $ | 68,097 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Provision for credit losses on loans | | 4,959 | | | 4,526 | | | 4,135 | | | 1,615 | | | 1,032 | | | 15,235 | | | 288 | |
| | | | | | | | | | | | | | |
| Charge-offs: | | | | | | | | | | | | | | |
| Commercial and industrial: | | | | | | | | | | | | | | |
| Other | | 419 | | | 402 | | | 362 | | | 779 | | | 678 | | | 1,962 | | | 1,969 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Consumer | | 5,976 | | | 4,710 | | | 3,873 | | | 2,686 | | | 1,881 | | | 17,245 | | | 6,399 | |
| | | | | | | | | | | | | | |
| Total charge-offs | | 6,395 | | | 5,112 | | | 4,235 | | | 3,465 | | | 2,559 | | | 19,207 | | | 8,368 | |
| | | | | | | | | | | | | | |
| Recoveries: | | | | | | | | | | | | | | |
| Commercial and industrial: | | | | | | | | | | | | | | |
| Other | | 84 | | | 261 | | | 125 | | | 250 | | | 210 | | | 720 | | | 995 | |
| Real estate: | | | | | | | | | | | | | | |
| Construction | | — | | | 1 | | | — | | | — | | | — | | | 1 | | | 76 | |
| Residential mortgage | | 7 | | | 10 | | | 7 | | | 53 | | | 133 | | | 77 | | | 295 | |
| Home equity | | 42 | | | — | | | 15 | | | — | | | — | | | 57 | | | 36 | |
| | | | | | | | | | | | | | |
| Consumer | | 720 | | | 982 | | | 703 | | | 908 | | | 540 | | | 3,313 | | | 2,319 | |
| | | | | | | | | | | | | | |
| Total recoveries | | 853 | | | 1,254 | | | 850 | | | 1,211 | | | 883 | | | 4,168 | | | 3,721 | |
Net charge-offs | | 5,542 | | | 3,858 | | | 3,385 | | | 2,254 | | | 1,676 | | | 15,039 | | | 4,647 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Balance at end of period | | $ | 63,934 | | | $ | 64,517 | | | $ | 63,849 | | | $ | 63,099 | | | $ | 63,738 | | | $ | 63,934 | | | $ | 63,738 | |
| | | | | | | | | | | | | | |
| Average loans, net of deferred fees and costs | | $ | 5,458,245 | | | $ | 5,507,248 | | | $ | 5,543,398 | | | $ | 5,525,988 | | | $ | 5,498,800 | | | $ | 5,508,530 | | | $ | 5,298,573 | |
| Ratio of annualized net charge-offs to average loans | | 0.41 | % | | 0.28 | % | | 0.24 | % | | 0.16 | % | | 0.12 | % | | 0.27 | % | | 0.09 | % |
| Ratio of ACL to total loans | | 1.18 | % | | 1.17 | % | | 1.16 | % | | 1.14 | % | | 1.15 | % | | 1.18 | % | | 1.15 | % |
| | | | | | | | | | | | | | |
|
|
| | | | | |
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES | |
| Reconciliation of Non-GAAP Financial Measures | |
| (Unaudited) | TABLE 10 |
The Company uses certain non-GAAP financial measures in addition to our GAAP results to provide useful information for evaluating our cash operating performance, ability to service debt, compliance with debt covenants and measurement against competitors. This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies.
The Company believes that pre-provision net revenue ("PPNR"), a non-GAAP financial measure, is useful as a tool to help evaluate the ability to provide for credit costs through operations. The following tables set forth a reconciliation of our PPNR and our PPNR to average assets for each of the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended |
| | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, | | Dec 31, |
| (Dollars in thousands) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | 2023 | | 2022 |
| Net income | | $ | 14,866 | | | $ | 13,141 | | | $ | 14,475 | | | $ | 16,187 | | | $ | 20,181 | | | $ | 58,669 | | | $ | 73,928 | |
| Add: Income tax expense | | 4,273 | | | 4,349 | | | 4,472 | | | 5,059 | | | 6,700 | | | 18,153 | | | 24,841 | |
| Pre-tax income | | 19,139 | | | 17,490 | | | 18,947 | | | 21,246 | | | 26,881 | | | 76,822 | | | 98,769 | |
| Add: Provision (credit) for credit losses | | 4,653 | | | 4,874 | | | 4,319 | | | 1,852 | | | 571 | | | 15,698 | | | (1,273) | |
| PPNR | | $ | 23,792 | | | $ | 22,364 | | | $ | 23,266 | | | $ | 23,098 | | | $ | 27,452 | | | $ | 92,520 | | | $ | 97,496 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended |
| | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, | | Dec 31, | | Dec 31, |
| (Dollars in thousands) | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | 2023 | | 2022 |
| Net income | | $ | 14,866 | | | $ | 13,141 | | | $ | 14,475 | | | $ | 16,187 | | | $ | 20,181 | | | $ | 58,669 | | | $ | 73,928 | |
| | | | | | | | | | | | | | |
| PPNR | | 23,792 | | | 22,364 | | | 23,266 | | | 23,098 | | | 27,452 | | | 92,520 | | | 97,496 | |
| | | | | | | | | | | | | | |
| Average assets | | 7,498,097 | | | 7,510,537 | | | 7,463,629 | | | 7,443,767 | | | 7,389,712 | | | 7,479,243 | | | 7,340,261 | |
| Return on average assets ("ROA") | | 0.79 | % | | 0.70 | % | | 0.78 | % | | 0.87 | % | | 1.09 | % | | 0.78 | % | | 1.01 | % |
| PPNR to average assets | | 1.27 | % | | 1.19 | % | | 1.25 | % | | 1.24 | % | | 1.49 | % | | 1.24 | % | | 1.33 | % |
4th Quarter 2023 Earnings Supplement January 31, 2024
2Central Pacific Financial Corp. Forward-Looking Statements This document may contain FLS 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. (the "Company") 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 "believe," "plan," "anticipate," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements. While we believe that our FLS 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 effects of inflation and interest rate fluctuations; the adverse effects of recent bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) 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; supply chain disruptions; 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 and achieve the objectives of our Banking-as-a-Service ("BaaS") initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases) 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 and lawsuits we are or may become subject to, 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 regulations or 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"); securities market and monetary fluctuations, including the impact resulting from the elimination of the London Interbank Offered Rate ("LIBOR") 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; changes in consumer spending, borrowings and savings habits; cybersecurity and data privacy breaches and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; 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 ("PCAOB"), 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 FLS, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Forms 10-Q and 10-K for the current and 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 FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS 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.
3Central Pacific Financial Corp. 4th Quarter 2023 Financial Highlights • Growth in net income and PPNR QoQ • Solid liquidity position with sizable cash position, and modest loan and deposit portfolio decline • Strong capital and asset quality • Completed balance sheet repositioning to consolidate properties and restructure a portion of the investment securities portfolio • Quarterly cash dividend maintained at $0.26 4Q23 3Q23 2023Y NET INCOME / DILUTED EPS $14.9MM / $0.55 $13.1MM / $0.49 $58.7MM / $2.17 PPNR $23.8MM $22.4MM $92.5MM RETURN ON ASSETS (ROA) 0.79% 0.70% 0.78% RETURN ON EQUITY (ROE) 12.55% 10.95% 12.38% TOTAL LOAN GROWTH/DECLINE -$69.7MM (-1.3%) -$12.0MM (-0.2%) -$116.5MM (-2.1%) TOTAL DEPOSIT GROWTH/DECLINE -$27.2MM (-0.4%) +$69.0MM (+1.0%) +$111.4MM (+1.7%) NET INTEREST MARGIN (NIM) 2.84% 2.88% 2.94%
4Central Pacific Financial Corp. 4Q Balance Sheet Repositioning Summary2 • Completed investment portfolio restructuring which is expected to add $0.7 million to annual pre-tax income • Sold available-for-sale debt securities with a book value of $30.0 million, weighted average yield of 3.3%, weighted average duration of 3.4 years, and recognized a loss of $1.9 million. • Purchased $28.3 million in debt securities with a weighted average yield of 5.7% and weighted average duration of 2.5 years. • Estimated earn-back period of approximately 2.8 years. • Terminated a lease for a branch that was consolidated, and incurred a one-time expense of $2.3 million • Expected future annual expense savings of approximately $0.7 million. • Consolidated office space by selling an office real estate property and realized a net gain on sale of $5.1 million • Expected future annual expense savings of approximately $0.6 million. 1 Included in Other Operating Income in 4Q23 2 Included in Other Operating Expense in 4Q23 $ Millions One-time Impact Annual Go-Forward Impact Investment Securities Restructuring (1.9) 1 0.7 Branch Lease Termination (2.3) 2 0.7 Sale and Consolidation of Office Real Estate 5.1 1 0.6 Total Income Statement Impact 0.9 2.0
5Central Pacific Financial Corp. Tourism Visitor arrivals compared to pre-pandemic 90% 1 Employment Unemployment Rate December 2023 2.9% 1 FACTORS FOR A FAVORABLE HAWAII OUTLOOK ▪ Maui tourism recovery faster than anticipated ▪ Japanese visitor return increasing, currently at ~49% of pre-pandemic levels ▪ Low unemployment and strong real estate market ▪ Substantial Federal government contracts and military investments ▪ Increase in public and private investments to address housing shortage 1 Source: Hawaii Department of Business, Economic Development & Tourism. Tourism represents total visitor arrivals in December 2023 compared to December 2019. 2 Source: Honolulu Board of Realtors. Resilient Hawaii Economy Housing Oahu Median Single- Family Home Price December 2023 $1.0MM 2 1 Visitors from Japan to Hawaii1
6Central Pacific Financial Corp. Conservative loan growth in the current environment Strong and diverse loan portfolio, with over 75% secured by real estate Diversified Loan Portfolio2 3.53 3.77 4.08 4.45 4.55 5.01 5.55 5.44 3.00 3.50 4.00 4.50 5.00 5.50 6.00 2016 2017 2018 2019 2020 2021 2022 2023 $ B il li o n s Loan Balances Outstanding-Excluding PPP Commercial & Industrial 11% Construction 3% Residential Mortgage 35% Home Equity 14% Commercial Mortgage 25% Consumer 12% Loan Portfolio Composition as of December 31, 2023
7Central Pacific Financial Corp. Lahaina, Maui Loan Exposure Exposure is manageable and with mitigating factors, losses are not anticipated to be material CRE $49MM, 47% Residential $29MM, 28% HELOC $7MM, 7% C&I $14MM, 14% Consumer $4MM, 4% Lahaina, Maui Exposure Composition as of December 31, 2023 Total Outstanding Balance of $103MM (1.9% of Total Loans) • Loan Payment Deferral Programs being offered for all loan types for those impacted by the wildfire. • As of 12/31/23, 3- to 6-month loan payment deferrals processed on 146 loans with outstanding balances totaling $32 million on the island of Maui. • CRE, Residential, and HELOC loans require fire hazard insurance coverage. • C&I loans require business interruption insurance. FEMA/SBA disaster relief assistance is available. • Consumer loans may be supported by State/FEMA unemployment benefits. No Damage/Loss/Impact from Fire $90MM, 87% Damaged - Covered by Insurance and/or Land 1 $11MM, 11% Remaining Balance to be Monitored $2MM, 2% 1 Based on 2023 land tax assessed value
8Central Pacific Financial Corp. • 58% of deposits FDIC insured; 65% including collateralized deposits • 56% Commercial / 44% Consumer • Long-tenured: 52% with CPB 10 years or longer • Average consumer account balance $19,000 • Average commercial account balance $109,000 • No brokered deposits Relationship Deposits – Diversified & Granular Deposit balances increased by $111.4MM in 2023 3 Noninterest Bearing Demand 28% Interest Bearing Demand 20% Savings & Money Market 32% Time 20% Deposit Portfolio Composition All Other Sectors 23% Real Estate and Rental and Leasing 17% Other Services 15% Construction 10% Finance and Insurance 9% Professional, Scientific, and Technical Services 8% Health Care and Social Assistance 6% Accommodation and Food Services 5% Retail Trade 4% Wholesale Trade 3% Commercial Deposits by Industry 4.61 4.96 4.95 5.12 5.80 6.64 6.74 6.85 4.00 4.50 5.00 5.50 6.00 6.50 7.00 2016 2017 2018 2019 2020 2021 2022 2023 $ B il li o n s Total Deposits
9Central Pacific Financial Corp. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 2Q23 3Q23 4Q23 Total Deposit Cost CPF Peer average* Fed Funds CPF Deposit Cost Advantage * Public banks $3-10 billion in total assets as of 3Q23. Source: S&P Global. Cycle-to-date total deposit beta of 23% as of 4Q23 91 bps funding advantage High valued deposit franchise with proven history of funding cost advantage
10Central Pacific Financial Corp. 0.09% 0.10% 0.09% 0.12% 0.13% 0.20% 0.11% 4Q22 1Q23 2Q23 3Q23 4Q23 NPAs/Total Loans 0.06% 0.04% 0.04% 0.05% 0.07% 0.06% 0.12% 0.20% 0.23% 0.34%0.12% 0.16% 0.24% 0.28% 0.41% 4Q22 1Q23 2Q23 3Q23 4Q23 Annualized NCO/Avg Loans All Other NCO/Avg Loans Mainland Consumer NCO/Avg Loans Strong Asset Quality5 * NPA increase relates to 2 Hawaii construction loans to a single borrower that subsequently paid off in full in mid-July 2023. 2Q23 NPAs/Total Loans ratio is 0.11% excluding the 2 Hawaii construction loans mentioned above. * Strong credit risk management continues to drive low levels of problem assets 0.03% 0.03% 0.06% 0.05% 0.02% 4Q22 1Q23 2Q23 3Q23 4Q23 Delinquencies 90+Days/Total Loans 1.39% 1.28% 1.34% 1.09% 0.92% 4Q22 1Q23 2Q23 3Q23 4Q23 Criticized/Total Loans
11Central Pacific Financial Corp. • $5.0MM provision for credit loss on loans in 4Q23 driven by net charge-offs, offset by a credit of $0.3MM to the reserve for unfunded commitments, for a total provision for credit loss of $4.7MM • ACL coverage ratio increased to 1.18% for 4Q23 Note: Totals may not sum due to rounding. Allowance for Credit Losses $ Millions 4Q22 1Q23 2Q23 3Q23 4Q23 Beginning Balance 64.4 63.7 63.1 63.8 64.5 Less: Net Charge-offs (Recoveries) 1.7 2.3 3.4 3.9 5.5 Plus: Provision (Credit) for Credit Losses 1.0 1.6 4.1 4.5 5.0 Ending Balance 63.7 63.1 63.8 64.5 64.0 Coverage Ratio (ACL to Total Loans) 1.15% 1.14% 1.16% 1.17% 1.18%
12Central Pacific Financial Corp. High Quality Securities Portfolio • $1.3B or 17% of total assets • 92% AAA rated • Portfolio mix: AFS 51% / HTM 49% • Portfolio unrealized loss: HTM $67.2MM (down $41.0MM QoQ)/ AFS $107.7MM (down $39.4MM QoQ) • Total portfolio unrealized loss $174.9MM (down $80.4MM QoQ) vs $503.8MM book equity Gov't Agency 80% Municipal 13% Corporate 2% Non-Agency CMBS/RMBS 3% Other 2% Investment Portfolio Composition as of December 31, 2023
13Central Pacific Financial Corp. • Ample alternative sources of liquidity available • Available sources of liquidity total 125% of uninsured/uncollateralized deposits Available Sources of Liquidity * BTFP eligible securities at par, other unpledged securities at market value. $ Millions December 31, 2023 Cash on balance sheet 522 Other Funding Sources: Unpledged securities* 284 FHLB available borrowing capacity 1,807 FRB available borrowing capacity 286 Other funding lines 75 Total 2,452 Total Sources of Liquidity 2,974 Uninsured/uncollateralized Deposits 2,370 % of Uninsured/uncollateralized Deposits 125%
14Central Pacific Financial Corp. Ongoing Initiatives: • Rightsizing salaries and benefits expense • Workflow and automation efficiencies • Vendor contract negotiations • Other efficiency initiatives in progress Expense Management 40.4 42.1 39.9 39.6 42.5 4Q22 1Q23 2Q23 3Q23 4Q23 Total Other Operating Expense ($ Millions) * * One-time expense for branch lease termination of $2.3MM 40.2 2.3
151Central Pacific Financial Corp. 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Tier 1 Leverage CET1 Total Capital Regulatory Capital Ratios As of December 31, 2023 Regulatory Minimum Well-Capitalized CPF Solid Capital Position 8.8% $250MM capital cushion to well capitalized minimum 11.4% 14.6% STRONG CAPITAL AND SHAREHOLDER RETURN • TCE ratio of 6.6% and CET1 ratio of 11.4% • Maintained quarterly cash dividend at $0.26 per share which will be payable on March 15, 2024 • Repurchased 130,010 shares YTD at a total cost of $2.6 million • Board of Directors authorized a new share repurchase program of up to $20.0 million for 2024 • Assuming full realization of all unrealized AFS & HTM securities losses, CET1 ratio remains strong and well-capitalized at 8.8% $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2016 2017 2018 2019 2020 2021 2022 2023 Cash Dividends Declared per Common Share
16Central Pacific Financial Corp. Appendix
17Central Pacific Financial Corp. Commercial Real Estate Portfolio OFFICE RETAIL TOTAL BALANCE $187.7MM $259.6MM % OF TOTAL CRE 14% 19% % OF TOTAL LOANS 4% 5% WA LTV 56% 64% WA MONTHS TO MATURITY 71 61 INVESTOR / OWNER-OCCUPIED $142.0MM / $45.7MM $210.6MM / $49.0MM Diverse CRE portfolio, primarily Hawaii and Investor • Hawaii 77% / Mainland 23% • Investor 77% / Owner-Occupied 23% Industrial/Warehouse 28% Apartment 22% Retail 19% Restaurant 1% Office 14% Hotel 8% Shopping Center 3% Storage 3% Other 2% CRE Portfolio Composition as of December 31, 2023
18Central Pacific Financial Corp. • Total Hawaii Consumer $322MM / Total Mainland Consumer $308MM • Weighted average origination FICO: • 743 for Hawaii Consumer • 738 for Mainland Consumer • YTD NCO %: • HI Auto 0.3% • HI Other 0.9% • Mainland Auto 1.1% • Mainland Home Improvement 3.3% • Mainland Unsecured 5.0% • Mainland Unsecured: Highly granular with average loan amounts of ~$13,000 Consumer Loan Portfolio HI Auto $189 , 30% HI Other $133 , 21% Mainland Auto $94 , 15% Mainland Home Improvement $112 , 18% Mainland Unsecured $102 , 16% Consumer Portfolio Composition as of December 31, 2023 ($ Millions)
19Central Pacific Financial Corp. Central Pacific Bank recognized in Newsweek’s America’s Best Regional Banks for 2024 • Recognized for exceptional customer service, digital banking tools, and financial resources available to the community • Based on our creditworthiness, profitability, net loan activity and public image
20Central Pacific Financial Corp. Environmental, Social & Governance (ESG) Focus * Amounts for 2022Y. Source: 2022 ESG Report can be found here: https://www.cpb.bank/esg. *
21Central Pacific Financial Corp. Mahalo
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