HONOLULU, April 26, 2017
/PRNewswire/ --
- Net income of $13.1 million,
or fully diluted EPS of $0.42.
- ROA of 0.96% and ROE of 10.24%.
- Total loans increased by $20.8
million, or 0.6%, sequentially and 7.2%
year-over-year
- Total deposits increased by $169.2
million, or 3.7% sequentially and 6.2%
year-over-year.
Central Pacific Financial Corp. (NYSE: CPF), (the "Company"),
today reported net income in the first quarter of 2017 of
$13.1 million, or diluted earnings
per share ("EPS") of $0.42, compared
to net income in the first quarter of 2016 of $11.2 million, or EPS of $0.35, and net income in the fourth quarter of
2016 of $12.2 million, or EPS of
$0.39.
"We are pleased to report another solid quarter with improved
earnings and continued balance sheet growth," said Catherine Ngo, President and CEO. "The increase
in our quarterly cash dividend, combined with our ongoing share
repurchase program is a reflection of our commitment to creating
value for our shareholders, and our confidence in the financial
strength and long-term outlook of our business."
In April 2017, the Company's Board
of Directors declared a quarterly cash dividend of $0.18 per share on its outstanding common shares.
This represents a 12.5% increase from the $0.16 paid during the quarter. The dividend will
be payable on June 15, 2017 to shareholders of record at the
close of business on May 31, 2017.
In January 2017, the Company's
Board of Directors authorized the repurchase of up to $30 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 "2017
Repurchase Plan").
During the first quarter of 2017, the Company repurchased
113,750 shares of common stock, or approximately 0.4% of its common
stock outstanding as of December 31, 2016. Total cost of the
shares repurchased was $3.5 million,
or an average cost per share of $31.03. The Company's remaining repurchase
authority under the 2017 Repurchase Plan at March 31, 2017 is
$26.5 million.
Earnings Highlights
Net interest income for the first
quarter of 2017 was $41.3 million,
compared to $39.2 million in the
year-ago quarter and $39.7 million in
the previous quarter. Net interest margin was 3.30%, compared
to 3.33% in the year-ago quarter and 3.22% in the previous quarter.
The increase in net interest income from the year-ago quarter was
primarily attributable to the significant year-over-year growth in
our loan portfolio, combined with interest recoveries on nonaccrual
loans totaling $1.0 million in the
current quarter, compared to less than $0.1
million in interest recoveries in the year-ago quarter. This
increase was partially offset by increased funding costs related to
time deposits due to the recent increases in the federal funds
rate. The sequential quarter increases in net interest income and
net interest margin were primarily attributable to the
aforementioned loan interest recoveries, combined with lower
premium amortization on investment securities totaling $0.7 million. These increases were partially
offset by increased funding costs related to time deposits. Total
deposit cost for the quarter ended March 31,
2017 was 0.18%.
Other operating income for the first quarter of 2017 totaled
$10.0 million, compared to
$8.7 million in the year-ago quarter
and $13.8 million in the previous
quarter. The increase from the year-ago quarter was primarily due
to higher mortgage banking income of $0.7
million, combined with higher income from bank-owned life
insurance of $0.5 million. The higher
mortgage banking income was primarily attributable to lower
amortization of mortgage servicing rights of $1.0 million due to slower prepayment activity.
The higher income from bank-owned life insurance was primarily
attributable to death benefit income totaling $0.6 million received in the current quarter. The
sequential quarter decrease was primarily due to a $3.5 million gain on the sale of the Company's
fee interest in a former branch location recognized in the fourth
quarter of 2016, combined with lower mortgage banking income in the
current quarter of $0.9 million
resulting from lower net gain on sales of residential mortgage
loans, partially offset by higher income from bank-owned life
insurance of $0.8 million due to the
aforementioned death benefit income received in the current
quarter.
Other operating expense for the first quarter of 2017 totaled
$31.5 million, which remained
relatively unchanged from $31.4
million in the year-ago quarter but decreased from
$37.5 million in the previous
quarter. During the fourth quarter of 2016, the Company executed a
defined benefit pension plan de-risking strategy whereby the
Company purchased non-participating annuity contracts to settle the
pension obligation for a portion of its plan participants. This
resulted in the immediate recognition of $3.8 million in net actuarial losses (included in
salaries and employee benefits) in the previous quarter. In
addition to the higher salaries and employee benefits expense in
the fourth quarter of 2016, the Company recognized a $0.7 million charge (included in other expenses)
related to the early termination of a lease during the previous
quarter.
The efficiency ratio for the first quarter of 2017 was 61.4%, a
marked improvement from 65.5% in the year-ago quarter and 70.1% in
the previous quarter. The efficiency ratio during the current
quarter was positively impacted by the growth in net interest
income and the death benefit income received during the quarter.
The efficiency ratio during the previous quarter was negatively
impacted by the aforementioned charges related to the pension
obligation settlement and lease termination, partially offset by
the $3.5 million gain on sale of
property completed during the fourth quarter of 2016.
In the first quarter of 2017, the Company recorded income tax
expense of $6.8 million, compared to
$6.1 million in the year-ago quarter
and $6.4 million in the previous
quarter. The effective tax rate for the first quarter of 2017 was
34.2%, compared to 35.2% in the year-ago quarter and 34.5% in the
previous quarter.
Balance Sheet Highlights
Total assets at
March 31, 2017 of $5.44 billion
increased by $201.0 million, or 3.8%
from March 31, 2016, and increased by $58.9 million, or 1.1% from December 31,
2016.
Total loans and leases at March 31, 2017 of $3.55 billion increased by $236.8 million, or 7.2% and $20.8 million, or 0.6% from March 31, 2016
and December 31, 2016, respectively. The increase in
total loans and leases from March 31, 2016 was primarily
attributable to strong organic growth in the Hawaii loan portfolios, offset by reductions
in the U.S. mainland commercial and other consumer loan portfolios.
The increase in total loans and leases from the fourth quarter of
2016 was primarily due to growth in the Hawaii commercial, residential mortgage, home
equity, and commercial mortgage loan portfolios, partially offset
by net decreases in the U.S. mainland commercial and other consumer
loan portfolios.
Total deposits at March 31, 2017 of $4.78 billion increased by $280.8 million, or 6.2% from March 31, 2016,
and increased by $169.2 million, or
3.7% from December 31, 2016. Core deposits, which
include demand deposits, savings and money market deposits, and
time deposits less than $100,000,
totaled $3.81 billion at
March 31, 2017. This represents an increase of
$147.0 million, or 4.0% from
March 31, 2016, and an increase of $97.4 million, or 2.6% from December 31,
2016.
Asset Quality
Nonperforming assets at March 31,
2017 totaled $8.8 million, or 0.16%
of total assets, compared to $15.9
million, or 0.30% of total assets at March 31, 2016,
and $9.2 million, or 0.17% of total
assets at December 31, 2016.
Loans delinquent for 90 days or more still accruing interest
totaled $0.2 million at
March 31, 2017, compared to $0.8
million and $1.4 million at
March 31, 2016 and December 31, 2016, respectively.
Net charge-offs in the first quarter of 2017 totaled
$1.2 million, compared to net
charge-offs of $0.4 million in the
year-ago quarter, and net charge-offs of $0.1 million in the previous quarter. Net
charge-offs increased in the current quarter due to fewer
recoveries. The previous quarter included a $0.9 million recovery from a single commercial
mortgage borrower.
In the first quarter of 2017, the Company recorded a credit to
the provision for loan and lease losses of $0.1 million, compared to a credit of
$0.7 million in the year-ago quarter
and a credit of $2.6 million in the
previous quarter. The allowance for loan and lease losses, as a
percentage of total loans and leases at March 31, 2017 was
1.56%, compared to 1.88% at March 31, 2016 and 1.61% at
December 31, 2016.
Capital
Total shareholders' equity was $511.5 million at March 31, 2017, compared
to $509.4 million and $504.7 million at March 31, 2016 and
December 31, 2016, 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 March 31, 2017, the Company's leverage
capital, tier 1 risk-based capital, total risk-based capital, and
common equity tier 1 ratios were 10.7%, 15.2%, 16.5%, and 13.0%,
respectively, compared to 10.6%, 14.2%, 15.5%, and 12.3%,
respectively, at December 31, 2016.
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.centralpacificbank.com.
Alternatively, investors may participate in the live call by
dialing 1-877-505-7644. A playback of the call will be
available through May 26, 2017 by dialing 1-877-344-7529
(passcode: 10105178) and on the Company's website.
About Central Pacific Financial Corp.
Central Pacific
Financial Corp. is a Hawaii-based
bank holding company with approximately $5.4
billion in assets. Central Pacific Bank, its primary
subsidiary, operates 35 branches and 103 ATMs in the state of
Hawaii, as of March 31,
2017. For additional information, please visit the Company's
website at http://www.centralpacificbank.com.
Forward-Looking Statements
This document may
contain forward-looking statements concerning projections of
revenues, income/loss, earnings/loss per share, capital
expenditures, dividends, capital structure, or other financial
items, plans and objectives of management for future operations,
future economic performance, or any of the assumptions underlying
or relating to any of the foregoing. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts, and may include the words
"believes," "plans," "expects," "anticipates," "forecasts,"
"intends," "hopes," "should," "estimates," or words of similar
meaning. While the Company believes 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
materially differ from projections for a variety of reasons, to
include, but not limited to: the effect of, and our failure
to comply with any regulatory orders we are or may become subject
to; oversupply of inventory and adverse conditions in the
Hawaii and California real estate markets and any
weakness 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; the impact of
local, national, and international economies and events (including
political events, acts of war or terrorism, natural disasters such
as wildfires, tsunamis and earthquakes) 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 economic
conditions, including destabilizing factors in the financial
industry and deterioration of the real estate market, as well as
the impact from any declining levels of consumer and business
confidence in the state of the economy in general and in financial
institutions in particular; the impact of regulatory action
on the Company and Central Pacific Bank and legislation affecting
the financial services industry; 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, other
regulatory reform, and any related rules and regulations on
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, and the results of regulatory examinations
or reviews; 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; inflation,
interest rate, securities market and monetary fluctuations;
negative trends in our market capitalization and adverse changes in
the price of the Company's common shares; changes in consumer
spending, borrowings and savings habits; technological changes and
developments; changes in the competitive environment among
financial holding companies and other financial service providers,
including fintech businesses; 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 and other accounting
standard setters; changes in our capital position; our ability to
attract and retain skilled executives and employees; changes in our
organization, compensation and benefit plans; and our success at
managing the risks involved in any of the foregoing items. For
further information on factors that could cause actual results to
materially differ from projections, 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. The Company does not update any of its forward-looking
statements except as required by law.
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Financial
Highlights
|
(Unaudited)
|
TABLE
1
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands, except for per share
amounts)
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
CONDENSED INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
41,255
|
|
|
$
|
39,704
|
|
|
$
|
39,426
|
|
|
$
|
39,609
|
|
|
$
|
39,211
|
|
Provision (credit)
for loan and lease losses
|
|
(80)
|
|
|
(2,645)
|
|
|
(743)
|
|
|
(1,382)
|
|
|
(747)
|
|
Net interest income
after provision (credit) for loan and lease losses
|
|
41,335
|
|
|
42,349
|
|
|
40,169
|
|
|
40,991
|
|
|
39,958
|
|
Total other operating
income (1)
|
|
10,014
|
|
|
13,769
|
|
|
9,954
|
|
|
9,937
|
|
|
8,656
|
|
Total other operating
expense (1)
|
|
31,460
|
|
|
37,472
|
|
|
32,265
|
|
|
32,460
|
|
|
31,366
|
|
Income before
taxes
|
|
19,889
|
|
|
18,646
|
|
|
17,858
|
|
|
18,468
|
|
|
17,248
|
|
Income tax
expense
|
|
6,810
|
|
|
6,438
|
|
|
6,392
|
|
|
6,331
|
|
|
6,067
|
|
Net income
|
|
13,079
|
|
|
12,208
|
|
|
11,466
|
|
|
12,137
|
|
|
11,181
|
|
Basic earnings per
common share
|
|
$
|
0.43
|
|
|
$
|
0.40
|
|
|
$
|
0.37
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
Diluted earnings per
common share
|
|
0.42
|
|
|
0.39
|
|
|
0.37
|
|
|
0.39
|
|
|
0.35
|
|
Dividends declared
per common share
|
|
0.16
|
|
|
0.16
|
|
|
0.16
|
|
|
0.14
|
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (2)
|
|
0.96
|
%
|
|
0.92
|
%
|
|
0.87
|
%
|
|
0.93
|
%
|
|
0.87
|
%
|
Return on average
shareholders' equity (2)
|
|
10.24
|
|
|
9.46
|
|
|
8.81
|
|
|
9.51
|
|
|
8.85
|
|
Return on average
tangible shareholders' equity (2)
|
|
10.33
|
|
|
9.56
|
|
|
8.91
|
|
|
9.63
|
|
|
8.98
|
|
Average shareholders'
equity to average assets
|
|
9.42
|
|
|
9.67
|
|
|
9.89
|
|
|
9.73
|
|
|
9.81
|
|
Efficiency ratio
(3)
|
|
61.36
|
|
|
70.08
|
|
|
65.34
|
|
|
65.51
|
|
|
65.53
|
|
Net interest margin
(2)
|
|
3.30
|
|
|
3.22
|
|
|
3.25
|
|
|
3.29
|
|
|
3.33
|
|
Dividend payout ratio
(4)
|
|
38.10
|
|
|
41.03
|
|
|
43.24
|
|
|
35.90
|
|
|
40.00
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, including loans held for sale
|
|
$
|
3,547,718
|
|
|
$
|
3,489,757
|
|
|
$
|
3,415,505
|
|
|
$
|
3,377,362
|
|
|
$
|
3,258,872
|
|
Average
interest-earning assets
|
|
5,095,455
|
|
|
4,981,766
|
|
|
4,902,151
|
|
|
4,890,398
|
|
|
4,786,256
|
|
Average
assets
|
|
5,422,529
|
|
|
5,335,909
|
|
|
5,266,588
|
|
|
5,248,088
|
|
|
5,148,744
|
|
Average
deposits
|
|
4,762,874
|
|
|
4,558,589
|
|
|
4,486,064
|
|
|
4,459,019
|
|
|
4,468,070
|
|
Average
interest-bearing liabilities
|
|
3,626,229
|
|
|
3,568,767
|
|
|
3,532,334
|
|
|
3,565,530
|
|
|
3,492,748
|
|
Average shareholders'
equity
|
|
510,804
|
|
|
516,067
|
|
|
520,757
|
|
|
510,753
|
|
|
505,330
|
|
Average tangible
shareholders' equity
|
|
506,366
|
|
|
511,004
|
|
|
515,020
|
|
|
504,366
|
|
|
498,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
(dollars in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
REGULATORY
CAPITAL
|
|
|
|
|
|
|
|
|
|
|
Central Pacific
Financial Corp
|
|
|
|
|
|
|
|
|
|
|
Leverage
capital
|
|
$
|
577,081
|
|
|
$
|
562,460
|
|
|
$
|
567,891
|
|
|
$
|
560,674
|
|
|
$
|
547,195
|
|
Tier 1 risk-based
capital
|
|
577,081
|
|
|
562,460
|
|
|
567,891
|
|
|
560,674
|
|
|
547,195
|
|
Total risk-based
capital
|
|
624,735
|
|
|
612,202
|
|
|
616,858
|
|
|
609,012
|
|
|
594,801
|
|
Common equity tier 1
capital
|
|
491,538
|
|
|
485,268
|
|
|
487,097
|
|
|
481,209
|
|
|
472,171
|
|
Central Pacific
Bank
|
|
|
|
|
|
|
|
|
|
|
Leverage capital
|
|
560,921
|
|
|
541,577
|
|
|
545,578
|
|
|
529,754
|
|
|
533,307
|
|
Tier 1 risk-based
capital
|
|
560,921
|
|
|
541,577
|
|
|
545,578
|
|
|
529,754
|
|
|
533,307
|
|
Total risk-based
capital
|
|
608,450
|
|
|
591,185
|
|
|
594,407
|
|
|
577,966
|
|
|
580,715
|
|
Common equity tier 1
capital
|
|
560,921
|
|
|
541,577
|
|
|
545,578
|
|
|
529,754
|
|
|
533,307
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Central Pacific
Financial Corp
|
|
|
|
|
|
|
|
|
|
|
Leverage capital ratio
|
|
10.7
|
%
|
|
10.6
|
%
|
|
10.9
|
%
|
|
10.8
|
%
|
|
10.8
|
%
|
Tier 1 risk-based capital
ratio
|
|
15.2
|
|
|
14.2
|
|
|
14.6
|
|
|
14.6
|
|
|
14.5
|
|
Total risk-based capital
ratio
|
|
16.5
|
|
|
15.5
|
|
|
15.9
|
|
|
15.9
|
|
|
15.8
|
|
Common equity tier 1 capital
ratio
|
|
13.0
|
|
|
12.3
|
|
|
12.5
|
|
|
12.5
|
|
|
12.5
|
|
Central Pacific
Bank
|
|
|
|
|
|
|
|
|
|
|
Leverage capital ratio
|
|
10.4
|
|
|
10.2
|
|
|
10.6
|
|
|
10.2
|
|
|
10.5
|
|
Tier 1 risk-based capital
ratio
|
|
14.8
|
|
|
13.7
|
|
|
14.1
|
|
|
13.8
|
|
|
14.2
|
|
Total risk-based capital
ratio
|
|
16.1
|
|
|
15.0
|
|
|
15.3
|
|
|
15.1
|
|
|
15.4
|
|
Common equity tier 1 capital
ratio
|
|
14.8
|
|
|
13.7
|
|
|
14.1
|
|
|
13.8
|
|
|
14.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
(dollars in
thousands, except for per share amounts)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
|
$
|
3,545,718
|
|
|
$
|
3,524,890
|
|
|
$
|
3,439,654
|
|
|
$
|
3,403,947
|
|
|
$
|
3,308,968
|
|
Total
assets
|
|
5,443,181
|
|
|
5,384,236
|
|
|
5,319,947
|
|
|
5,282,967
|
|
|
5,242,202
|
|
Total
deposits
|
|
4,777,444
|
|
|
4,608,201
|
|
|
4,518,578
|
|
|
4,405,142
|
|
|
4,496,602
|
|
Long-term
debt
|
|
92,785
|
|
|
92,785
|
|
|
92,785
|
|
|
92,785
|
|
|
92,785
|
|
Total shareholders'
equity
|
|
511,536
|
|
|
504,650
|
|
|
519,466
|
|
|
517,607
|
|
|
509,358
|
|
Total shareholders'
equity to total assets
|
|
9.40
|
%
|
|
9.37
|
%
|
|
9.76
|
%
|
|
9.80
|
%
|
|
9.72
|
%
|
Tangible common
equity to tangible assets (5)
|
|
9.33
|
%
|
|
9.29
|
%
|
|
9.67
|
%
|
|
9.69
|
%
|
|
9.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses
|
|
$
|
55,369
|
|
|
$
|
56,631
|
|
|
$
|
59,384
|
|
|
$
|
60,764
|
|
|
$
|
62,149
|
|
Non-performing
assets
|
|
8,834
|
|
|
9,187
|
|
|
11,666
|
|
|
14,907
|
|
|
15,944
|
|
Allowance to loans
and leases outstanding
|
|
1.56
|
%
|
|
1.61
|
%
|
|
1.73
|
%
|
|
1.79
|
%
|
|
1.88
|
%
|
Allowance to
non-performing assets
|
|
626.77
|
|
|
616.43
|
|
|
509.03
|
|
|
407.62
|
|
|
389.80
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE OF COMMON
STOCK OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
$
|
16.66
|
|
|
$
|
16.39
|
|
|
$
|
16.79
|
|
|
$
|
16.68
|
|
|
$
|
16.34
|
|
Tangible book value
per common share
|
|
16.53
|
|
|
16.23
|
|
|
16.62
|
|
|
16.48
|
|
|
16.13
|
|
Closing market price
per common share
|
|
30.54
|
|
|
31.42
|
|
|
25.19
|
|
|
23.60
|
|
|
21.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Loan servicing
fees, amortization of mortgage servicing rights, net gain on sale
of residential mortgage loans, and unrealized gain (loss) on
interest rate locks have been reclassified into mortgage banking
income in the consolidated statements of income. Prior period
amounts in the consolidated statements of income have been
reclassified to conform to the current period
presentation.
|
(2) Annualized.
|
(3) Efficiency
ratio is defined as total operating expense divided by total
revenue (net interest income and total other operating income).
Prior period amounts have been revised to conform to current period
which reflects reclassifications referred to in note
(1).
|
(4) Dividend
payout ratio is defined as dividends declared per share divided by
diluted earnings per share.
|
(5) The tangible
common equity ratio is a non-GAAP measure which should be read in
conjunction with the Company's GAAP financial information.
Comparison of our ratio with those of other companies may not be
possible because other companies may calculate the ratio
differently. See Reconciliation of Non-GAAP Financial Measures in
Table 2.
|
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Reconciliation of
Non-GAAP Financial Measures
|
(Unaudited)
|
TABLE
2
|
|
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Tangible Common
Equity Ratio:
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
511,536
|
|
|
$
|
504,650
|
|
|
$
|
519,466
|
|
|
$
|
517,607
|
|
|
$
|
509,358
|
|
Less: Other intangible
assets
|
|
(4,012)
|
|
|
(4,680)
|
|
|
(5,349)
|
|
|
(6,018)
|
|
|
(6,686)
|
|
Tangible common
equity
|
|
$
|
507,524
|
|
|
$
|
499,970
|
|
|
$
|
514,117
|
|
|
$
|
511,589
|
|
|
$
|
502,672
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
5,443,181
|
|
|
$
|
5,384,236
|
|
|
$
|
5,319,947
|
|
|
$
|
5,282,967
|
|
|
$
|
5,242,202
|
|
Less: Other intangible
assets
|
|
(4,012)
|
|
|
(4,680)
|
|
|
(5,349)
|
|
|
(6,018)
|
|
|
(6,686)
|
|
Tangible
assets
|
|
$
|
5,439,169
|
|
|
$
|
5,379,556
|
|
|
$
|
5,314,598
|
|
|
$
|
5,276,949
|
|
|
$
|
5,235,516
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
|
9.33
|
%
|
|
9.29
|
%
|
|
9.67
|
%
|
|
9.69
|
%
|
|
9.60
|
%
|
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
(Unaudited)
|
TABLE
3
|
|
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
thousands, except share data)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
83,670
|
|
|
$
|
75,272
|
|
|
$
|
79,647
|
|
|
$
|
76,482
|
|
|
$
|
85,495
|
|
Interest-bearing
deposits in other banks
|
|
22,363
|
|
|
9,069
|
|
|
23,727
|
|
|
14,184
|
|
|
7,180
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
Available for
sale
|
|
1,302,889
|
|
|
1,243,847
|
|
|
1,262,224
|
|
|
1,260,593
|
|
|
1,299,176
|
|
Held to maturity,
fair value of: $208,181 at March 31, 2017, $214,366 at December 31,
2016, $230,529 at September 30, 2016, $238,066 at June 30, 2016,
and $243,072 at March 31, 2016
|
|
211,426
|
|
|
217,668
|
|
|
226,573
|
|
|
234,230
|
|
|
241,597
|
|
Total investment
securities
|
|
1,514,315
|
|
|
1,461,515
|
|
|
1,488,797
|
|
|
1,494,823
|
|
|
1,540,773
|
|
Loans held for
sale
|
|
9,905
|
|
|
31,881
|
|
|
12,755
|
|
|
9,921
|
|
|
11,270
|
|
Loans and
leases
|
|
3,545,718
|
|
|
3,524,890
|
|
|
3,439,654
|
|
|
3,403,947
|
|
|
3,308,968
|
|
Less allowance for
loan and lease losses
|
|
55,369
|
|
|
56,631
|
|
|
59,384
|
|
|
60,764
|
|
|
62,149
|
|
Net loans and
leases
|
|
3,490,349
|
|
|
3,468,259
|
|
|
3,380,270
|
|
|
3,343,183
|
|
|
3,246,819
|
|
Premises and
equipment, net
|
|
48,303
|
|
|
48,258
|
|
|
48,242
|
|
|
48,370
|
|
|
48,322
|
|
Accrued interest
receivable
|
|
14,819
|
|
|
15,675
|
|
|
14,554
|
|
|
15,339
|
|
|
14,818
|
|
Investment in
unconsolidated subsidiaries
|
|
6,279
|
|
|
6,889
|
|
|
7,011
|
|
|
7,204
|
|
|
5,627
|
|
Other real estate
owned
|
|
851
|
|
|
791
|
|
|
791
|
|
|
1,032
|
|
|
1,260
|
|
Mortgage servicing
rights
|
|
15,847
|
|
|
15,779
|
|
|
15,638
|
|
|
15,778
|
|
|
16,800
|
|
Other intangible
assets
|
|
4,012
|
|
|
4,680
|
|
|
5,349
|
|
|
6,018
|
|
|
6,686
|
|
Bank-owned life
insurance
|
|
155,019
|
|
|
155,593
|
|
|
155,233
|
|
|
154,678
|
|
|
154,592
|
|
Federal Home Loan
Bank stock
|
|
7,333
|
|
|
11,572
|
|
|
12,173
|
|
|
15,218
|
|
|
10,420
|
|
Other
assets
|
|
70,116
|
|
|
79,003
|
|
|
75,760
|
|
|
80,737
|
|
|
92,140
|
|
Total
assets
|
|
$
|
5,443,181
|
|
|
$
|
5,384,236
|
|
|
$
|
5,319,947
|
|
|
$
|
5,282,967
|
|
|
$
|
5,242,202
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
|
$
|
1,290,632
|
|
|
$
|
1,265,246
|
|
|
$
|
1,194,557
|
|
|
$
|
1,152,666
|
|
|
$
|
1,140,741
|
|
Interest-bearing
demand
|
|
898,306
|
|
|
862,991
|
|
|
849,128
|
|
|
846,589
|
|
|
849,880
|
|
Savings and money
market
|
|
1,430,399
|
|
|
1,390,600
|
|
|
1,379,484
|
|
|
1,371,163
|
|
|
1,465,524
|
|
Time
|
|
1,158,107
|
|
|
1,089,364
|
|
|
1,095,409
|
|
|
1,034,724
|
|
|
1,040,457
|
|
Total
deposits
|
|
4,777,444
|
|
|
4,608,201
|
|
|
4,518,578
|
|
|
4,405,142
|
|
|
4,496,602
|
|
Short-term
borrowings
|
|
21,000
|
|
|
135,000
|
|
|
150,000
|
|
|
226,000
|
|
|
106,000
|
|
Long-term
debt
|
|
92,785
|
|
|
92,785
|
|
|
92,785
|
|
|
92,785
|
|
|
92,785
|
|
Other
liabilities
|
|
40,391
|
|
|
43,575
|
|
|
39,092
|
|
|
41,424
|
|
|
37,438
|
|
Total
liabilities
|
|
4,931,620
|
|
|
4,879,561
|
|
|
4,800,455
|
|
|
4,765,351
|
|
|
4,732,825
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no
par value, authorized 1,000,000 shares; issued and outstanding none
at: March 31, 2017, December 31, 2016, September 30, 2016,
June 30, 2016, and March 31, 2016
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Common stock, no par
value, authorized 185,000,000 shares; issued and outstanding:
30,701,219 at March 31, 2017, 30,796,243 at December 31, 2016,
30,930,598 at September 30, 2016, 31,036,895 at June 30, 2016, and
31,164,287 at March 31, 2016
|
|
527,403
|
|
|
530,932
|
|
|
534,856
|
|
|
538,434
|
|
|
544,029
|
|
Surplus
|
|
84,678
|
|
|
84,180
|
|
|
84,207
|
|
|
83,482
|
|
|
83,534
|
|
Accumulated
deficit
|
|
(100,784)
|
|
|
(108,941)
|
|
|
(116,225)
|
|
|
(122,730)
|
|
|
(130,511)
|
|
Accumulated other
comprehensive income (loss)
|
|
239
|
|
|
(1,521)
|
|
|
16,628
|
|
|
18,421
|
|
|
12,306
|
|
Total shareholders'
equity
|
|
511,536
|
|
|
504,650
|
|
|
519,466
|
|
|
517,607
|
|
|
509,358
|
|
Non-controlling
interest
|
|
25
|
|
|
25
|
|
|
26
|
|
|
9
|
|
|
19
|
|
Total
equity
|
|
511,561
|
|
|
504,675
|
|
|
519,492
|
|
|
517,616
|
|
|
509,377
|
|
Total liabilities and
equity
|
|
$
|
5,443,181
|
|
|
$
|
5,384,236
|
|
|
$
|
5,319,947
|
|
|
$
|
5,282,967
|
|
|
$
|
5,242,202
|
|
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Consolidated
Statements of Income
|
(Unaudited)
|
TABLE
4
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
(Dollars in thousands, except per share data)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans and leases
|
|
$
|
34,957
|
|
|
$
|
33,973
|
|
|
$
|
33,384
|
|
|
$
|
32,878
|
|
|
$
|
31,793
|
|
Interest and
dividends on investment securities:
|
|
|
|
|
|
|
|
|
|
|
Taxable
interest
|
|
8,135
|
|
|
7,203
|
|
|
7,296
|
|
|
7,953
|
|
|
8,396
|
|
Tax-exempt interest
|
|
979
|
|
|
989
|
|
|
995
|
|
|
995
|
|
|
996
|
|
Dividends
|
|
12
|
|
|
12
|
|
|
10
|
|
|
10
|
|
|
10
|
|
Interest on deposits
in other banks
|
|
74
|
|
|
22
|
|
|
17
|
|
|
11
|
|
|
17
|
|
Dividends on Federal
Home Loan Bank stock
|
|
56
|
|
|
56
|
|
|
63
|
|
|
23
|
|
|
37
|
|
Total interest income
|
|
44,213
|
|
|
42,255
|
|
|
41,765
|
|
|
41,870
|
|
|
41,249
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits:
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
140
|
|
|
129
|
|
|
126
|
|
|
123
|
|
|
111
|
|
Savings and money
market
|
|
257
|
|
|
257
|
|
|
254
|
|
|
269
|
|
|
263
|
|
Time
|
|
1,717
|
|
|
1,175
|
|
|
1,044
|
|
|
957
|
|
|
898
|
|
Interest on
short-term borrowings
|
|
31
|
|
|
191
|
|
|
160
|
|
|
177
|
|
|
50
|
|
Interest on long-term
debt
|
|
813
|
|
|
799
|
|
|
755
|
|
|
735
|
|
|
716
|
|
Total interest expense
|
|
2,958
|
|
|
2,551
|
|
|
2,339
|
|
|
2,261
|
|
|
2,038
|
|
Net interest income
|
|
41,255
|
|
|
39,704
|
|
|
39,426
|
|
|
39,609
|
|
|
39,211
|
|
Provision (credit)
for loan and lease losses
|
|
(80)
|
|
|
(2,645)
|
|
|
(743)
|
|
|
(1,382)
|
|
|
(747)
|
|
Net interest income after
provision for loan and lease losses
|
|
41,335
|
|
|
42,349
|
|
|
40,169
|
|
|
40,991
|
|
|
39,958
|
|
Other operating
income:
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
income (1)
|
|
1,943
|
|
|
2,845
|
|
|
2,561
|
|
|
1,423
|
|
|
1,240
|
|
Service charges on
deposit accounts
|
|
2,036
|
|
|
2,065
|
|
|
1,954
|
|
|
1,908
|
|
|
1,964
|
|
Other service charges
and fees
|
|
2,748
|
|
|
2,833
|
|
|
2,821
|
|
|
3,028
|
|
|
2,767
|
|
Income from fiduciary
activities
|
|
864
|
|
|
858
|
|
|
880
|
|
|
857
|
|
|
840
|
|
Equity in earnings of
unconsolidated subsidiaries
|
|
61
|
|
|
267
|
|
|
182
|
|
|
184
|
|
|
90
|
|
Fees on foreign
exchange
|
|
163
|
|
|
116
|
|
|
129
|
|
|
126
|
|
|
148
|
|
Income from
bank-owned life insurance
|
|
1,117
|
|
|
273
|
|
|
555
|
|
|
1,232
|
|
|
625
|
|
Loan placement
fees
|
|
134
|
|
|
175
|
|
|
140
|
|
|
133
|
|
|
46
|
|
Net gains on sales of
foreclosed assets
|
|
102
|
|
|
1
|
|
|
57
|
|
|
241
|
|
|
308
|
|
Gain on sale of
premises and equipment
|
|
ā
|
|
|
3,537
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Other (refer to Table
5)
|
|
846
|
|
|
799
|
|
|
675
|
|
|
805
|
|
|
628
|
|
Total other operating
income
|
|
10,014
|
|
|
13,769
|
|
|
9,954
|
|
|
9,937
|
|
|
8,656
|
|
Other operating
expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
17,387
|
|
|
21,254
|
|
|
17,459
|
|
|
17,850
|
|
|
16,937
|
|
Net
occupancy
|
|
3,414
|
|
|
3,606
|
|
|
3,588
|
|
|
3,557
|
|
|
3,314
|
|
Equipment
|
|
842
|
|
|
967
|
|
|
852
|
|
|
769
|
|
|
811
|
|
Amortization of core
deposit premium
|
|
668
|
|
|
669
|
|
|
669
|
|
|
668
|
|
|
669
|
|
Communication
expense
|
|
900
|
|
|
868
|
|
|
948
|
|
|
919
|
|
|
959
|
|
Legal and
professional services
|
|
1,792
|
|
|
1,821
|
|
|
1,699
|
|
|
1,723
|
|
|
1,613
|
|
Computer software
expense
|
|
2,252
|
|
|
2,332
|
|
|
2,217
|
|
|
2,222
|
|
|
2,704
|
|
Advertising
expense
|
|
392
|
|
|
562
|
|
|
772
|
|
|
433
|
|
|
634
|
|
Foreclosed asset
expense
|
|
36
|
|
|
16
|
|
|
72
|
|
|
49
|
|
|
15
|
|
Other (refer to Table
5)
|
|
3,777
|
|
|
5,377
|
|
|
3,989
|
|
|
4,270
|
|
|
3,710
|
|
Total other operating
expense
|
|
31,460
|
|
|
37,472
|
|
|
32,265
|
|
|
32,460
|
|
|
31,366
|
|
Income before income
taxes
|
|
19,889
|
|
|
18,646
|
|
|
17,858
|
|
|
18,468
|
|
|
17,248
|
|
Income tax
expense
|
|
6,810
|
|
|
6,438
|
|
|
6,392
|
|
|
6,331
|
|
|
6,067
|
|
Net income
|
|
$
|
13,079
|
|
|
$
|
12,208
|
|
|
$
|
11,466
|
|
|
$
|
12,137
|
|
|
$
|
11,181
|
|
Per common share
data:
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.43
|
|
|
$
|
0.40
|
|
|
$
|
0.37
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
Diluted earnings per
share
|
|
0.42
|
|
|
0.39
|
|
|
0.37
|
|
|
0.39
|
|
|
0.35
|
|
Cash dividends
declared
|
|
0.16
|
|
|
0.16
|
|
|
0.16
|
|
|
0.14
|
|
|
0.14
|
|
Basic weighted
average shares outstanding
|
|
30,714,895
|
|
|
30,770,528
|
|
|
30,943,756
|
|
|
31,060,593
|
|
|
31,263,433
|
|
Diluted weighted
average shares outstanding
|
|
31,001,238
|
|
|
31,001,246
|
|
|
31,142,128
|
|
|
31,262,525
|
|
|
31,506,307
|
|
|
|
(1) Loan servicing
fees, amortization of mortgage servicing rights, net gain on sale
of residential mortgage loans, and unrealized gain (loss) on
interest rate locks have been reclassified into mortgage banking
income in the consolidated statements of income. Prior period
amounts in the consolidated statements of income have been
reclassified to conform to the current period
presentation.
|
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Other Operating
Income and Other Operating Expense - Detail
|
(Unaudited)
|
TABLE
5
|
|
The following table
sets forth the components of mortgage banking income for the
periods indicated:
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
(Dollars in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Mortgage banking
income:
|
|
|
|
|
|
|
|
|
|
|
Loan servicing
fees
|
|
$
|
1,358
|
|
|
$
|
1,340
|
|
|
$
|
1,357
|
|
|
$
|
1,362
|
|
|
$
|
1,362
|
|
Amortization of
mortgage servicing rights
|
|
(520)
|
|
|
(781)
|
|
|
(1,021)
|
|
|
(1,755)
|
|
|
(1,509)
|
|
Net gains on sales of
residential mortgage loans
|
|
1,312
|
|
|
2,108
|
|
|
2,212
|
|
|
1,845
|
|
|
1,466
|
|
Unrealized gains
(losses) on loans-held-for-sale and interest rate locks
|
|
(207)
|
|
|
178
|
|
|
13
|
|
|
(29)
|
|
|
(79)
|
|
Total mortgage banking
income
|
|
$
|
1,943
|
|
|
$
|
2,845
|
|
|
$
|
2,561
|
|
|
$
|
1,423
|
|
|
$
|
1,240
|
|
|
The following table
sets forth the components of other operating income - other for the
periods indicated:
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
(Dollars in thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Other operating
income - other:
|
|
|
|
|
|
|
|
|
|
|
Income recovered on
nonaccrual loans previously charged-off
|
|
$
|
561
|
|
|
$
|
444
|
|
|
$
|
423
|
|
|
$
|
301
|
|
|
$
|
157
|
|
Other
recoveries
|
|
37
|
|
|
19
|
|
|
24
|
|
|
249
|
|
|
21
|
|
Commissions on sale
of checks
|
|
87
|
|
|
84
|
|
|
84
|
|
|
86
|
|
|
86
|
|
Other
|
|
161
|
|
|
252
|
|
|
144
|
|
|
169
|
|
|
364
|
|
Total other operating income -
other
|
|
$
|
846
|
|
|
$
|
799
|
|
|
$
|
675
|
|
|
$
|
805
|
|
|
$
|
628
|
|
|
The following table
sets forth the components of other operating expense - other for
the periods indicated:
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
(Dollars in thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Other operating
expense - other:
|
|
|
|
|
|
|
|
|
|
|
Charitable
contributions
|
|
$
|
151
|
|
|
$
|
102
|
|
|
$
|
156
|
|
|
$
|
184
|
|
|
$
|
218
|
|
FDIC insurance
assessment
|
|
424
|
|
|
420
|
|
|
430
|
|
|
563
|
|
|
639
|
|
Miscellaneous loan
expenses
|
|
261
|
|
|
271
|
|
|
358
|
|
|
306
|
|
|
254
|
|
ATM and debit card
expenses
|
|
450
|
|
|
444
|
|
|
451
|
|
|
448
|
|
|
428
|
|
Amortization of
investments in low-income housing tax credit
partnerships
|
|
233
|
|
|
271
|
|
|
259
|
|
|
258
|
|
|
257
|
|
Armored car
expenses
|
|
258
|
|
|
219
|
|
|
258
|
|
|
201
|
|
|
201
|
|
Entertainment and
promotions
|
|
158
|
|
|
449
|
|
|
198
|
|
|
223
|
|
|
231
|
|
Stationery and
supplies
|
|
178
|
|
|
221
|
|
|
242
|
|
|
172
|
|
|
267
|
|
Directors' fees and
expenses
|
|
207
|
|
|
208
|
|
|
215
|
|
|
199
|
|
|
205
|
|
Provision (credit)
for residential mortgage loan repurchase losses
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
(36)
|
|
|
(351)
|
|
Increase (decrease)
to the reserve for unfunded commitments
|
|
70
|
|
|
40
|
|
|
37
|
|
|
20
|
|
|
44
|
|
Branch consolidation
and relocation costs
|
|
ā
|
|
|
737
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Other
|
|
1,387
|
|
|
1,995
|
|
|
1,385
|
|
|
1,732
|
|
|
1,317
|
|
Total other operating expense -
other
|
|
$
|
3,777
|
|
|
$
|
5,377
|
|
|
$
|
3,989
|
|
|
$
|
4,270
|
|
|
$
|
3,710
|
|
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Average
Balances, Interest Income & Expense, Yields and Rates
(Taxable Equivalent)
|
(Unaudited)
|
TABLE
6
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
March 31,
2016
|
|
|
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 banks
|
|
$
|
39,910
|
|
|
0.75
|
%
|
|
$
|
74
|
|
|
$
|
15,458
|
|
|
0.57
|
%
|
|
$
|
22
|
|
|
$
|
13,990
|
|
|
0.49
|
%
|
|
$
|
17
|
|
Investment
securities, excluding valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
1,329,915
|
|
|
2.45
|
|
|
8,147
|
|
|
1,293,291
|
|
|
2.23
|
|
|
7,215
|
|
|
1,331,717
|
|
|
2.52
|
|
|
8,406
|
|
Tax-exempt
|
|
171,139
|
|
|
3.52
|
|
|
1,506
|
|
|
172,081
|
|
|
3.54
|
|
|
1,522
|
|
|
174,044
|
|
|
3.52
|
|
|
1,532
|
|
Total investment
securities
|
|
1,501,054
|
|
|
2.57
|
|
|
9,653
|
|
|
1,465,372
|
|
|
2.39
|
|
|
8,737
|
|
|
1,505,761
|
|
|
2.64
|
|
|
9,938
|
|
Loans and leases,
incl. loans held for sale
|
|
3,547,718
|
|
|
3.98
|
|
|
34,957
|
|
|
3,489,757
|
|
|
3.88
|
|
|
33,973
|
|
|
3,258,872
|
|
|
3.92
|
|
|
31,793
|
|
Federal Home Loan
Bank stock
|
|
6,773
|
|
|
3.31
|
|
|
56
|
|
|
11,179
|
|
|
2.02
|
|
|
56
|
|
|
7,633
|
|
|
1.92
|
|
|
37
|
|
Total interest-earning
assets
|
|
5,095,455
|
|
|
3.54
|
|
|
44,740
|
|
|
4,981,766
|
|
|
3.43
|
|
|
42,788
|
|
|
4,786,256
|
|
|
3.50
|
|
|
41,785
|
|
Noninterest-earning
assets
|
|
327,074
|
|
|
|
|
|
|
354,143
|
|
|
|
|
|
|
362,488
|
|
|
|
|
|
Total assets
|
|
$
|
5,422,529
|
|
|
|
|
|
|
$
|
5,335,909
|
|
|
|
|
|
|
$
|
5,148,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
$
|
879,428
|
|
|
0.06
|
%
|
|
$
|
140
|
|
|
$
|
854,946
|
|
|
0.06
|
%
|
|
$
|
129
|
|
|
$
|
827,502
|
|
|
0.05
|
%
|
|
$
|
111
|
|
Savings and money
market deposits
|
|
1,419,420
|
|
|
0.07
|
|
|
257
|
|
|
1,396,615
|
|
|
0.07
|
|
|
257
|
|
|
1,427,733
|
|
|
0.07
|
|
|
263
|
|
Time deposits under
$100,000
|
|
193,638
|
|
|
0.38
|
|
|
180
|
|
|
198,145
|
|
|
0.38
|
|
|
188
|
|
|
211,622
|
|
|
0.37
|
|
|
197
|
|
Time deposits
$100,000 and over
|
|
1,026,181
|
|
|
0.61
|
|
|
1,537
|
|
|
901,102
|
|
|
0.44
|
|
|
987
|
|
|
888,683
|
|
|
0.32
|
|
|
701
|
|
Total interest-bearing
deposits
|
|
3,518,667
|
|
|
0.24
|
|
|
2,114
|
|
|
3,350,808
|
|
|
0.19
|
|
|
1,561
|
|
|
3,355,540
|
|
|
0.15
|
|
|
1,272
|
|
Short-term
borrowings
|
|
14,777
|
|
|
0.84
|
|
|
31
|
|
|
125,174
|
|
|
0.61
|
|
|
191
|
|
|
44,423
|
|
|
0.45
|
|
|
50
|
|
Long-term
debt
|
|
92,785
|
|
|
3.55
|
|
|
813
|
|
|
92,785
|
|
|
3.43
|
|
|
799
|
|
|
92,785
|
|
|
3.10
|
|
|
716
|
|
Total interest-bearing
liabilities
|
|
3,626,229
|
|
|
0.33
|
|
|
2,958
|
|
|
3,568,767
|
|
|
0.28
|
|
|
2,551
|
|
|
3,492,748
|
|
|
0.23
|
|
|
2,038
|
|
Noninterest-bearing
deposits
|
|
1,244,207
|
|
|
|
|
|
|
1,207,781
|
|
|
|
|
|
|
1,112,530
|
|
|
|
|
|
Other
liabilities
|
|
41,264
|
|
|
|
|
|
|
43,268
|
|
|
|
|
|
|
38,111
|
|
|
|
|
|
Total liabilities
|
|
4,911,700
|
|
|
|
|
|
|
4,819,816
|
|
|
|
|
|
|
4,643,389
|
|
|
|
|
|
Shareholders'
equity
|
|
510,804
|
|
|
|
|
|
|
516,067
|
|
|
|
|
|
|
505,330
|
|
|
|
|
|
Non-controlling
interest
|
|
25
|
|
|
|
|
|
|
26
|
|
|
|
|
|
|
25
|
|
|
|
|
|
Total equity
|
|
510,829
|
|
|
|
|
|
|
516,093
|
|
|
|
|
|
|
505,355
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
5,422,529
|
|
|
|
|
|
|
$
|
5,335,909
|
|
|
|
|
|
|
$
|
5,148,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
|
$
|
41,782
|
|
|
|
|
|
|
$
|
40,237
|
|
|
|
|
|
|
$
|
39,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
spread
|
|
|
|
3.21
|
%
|
|
|
|
|
|
3.15
|
%
|
|
|
|
|
|
3.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
3.30
|
%
|
|
|
|
|
|
3.22
|
%
|
|
|
|
|
|
3.33
|
%
|
|
|
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Loans and Leases
by Geographic Distribution
|
(Unaudited)
|
TABLE
7
|
|
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
HAWAII:
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
|
$
|
395,915
|
|
|
$
|
373,006
|
|
|
$
|
367,527
|
|
|
$
|
360,102
|
|
|
$
|
358,432
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
89,970
|
|
|
97,873
|
|
|
105,234
|
|
|
95,355
|
|
|
98,203
|
|
Residential mortgage
|
|
1,237,150
|
|
|
1,217,234
|
|
|
1,160,741
|
|
|
1,167,428
|
|
|
1,147,446
|
|
Home equity
|
|
370,856
|
|
|
361,209
|
|
|
351,256
|
|
|
334,347
|
|
|
311,756
|
|
Commercial mortgage
|
|
776,098
|
|
|
767,586
|
|
|
742,584
|
|
|
716,452
|
|
|
646,013
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
Automobiles
|
|
137,252
|
|
|
131,037
|
|
|
125,556
|
|
|
116,809
|
|
|
112,106
|
|
Other consumer
|
|
162,987
|
|
|
177,122
|
|
|
163,703
|
|
|
161,065
|
|
|
155,749
|
|
Leases
|
|
598
|
|
|
677
|
|
|
756
|
|
|
843
|
|
|
936
|
|
Total loans and
leases
|
|
3,170,826
|
|
|
3,125,744
|
|
|
3,017,357
|
|
|
2,952,401
|
|
|
2,830,641
|
|
Allowance for loan
and lease losses
|
|
(49,146)
|
|
|
(49,350)
|
|
|
(50,948)
|
|
|
(52,375)
|
|
|
(52,068)
|
|
Net loans and
leases
|
|
$
|
3,121,680
|
|
|
$
|
3,076,394
|
|
|
$
|
2,966,409
|
|
|
$
|
2,900,026
|
|
|
$
|
2,778,573
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
MAINLAND:
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
|
$
|
107,133
|
|
|
$
|
137,434
|
|
|
$
|
140,457
|
|
|
$
|
143,965
|
|
|
$
|
176,659
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
4,137
|
|
|
3,665
|
|
|
2,994
|
|
|
3,073
|
|
|
3,151
|
|
Residential mortgage
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Home equity
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Commercial mortgage
|
|
117,690
|
|
|
117,853
|
|
|
120,133
|
|
|
126,132
|
|
|
127,023
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
Automobiles
|
|
96,663
|
|
|
81,889
|
|
|
91,970
|
|
|
103,098
|
|
|
95,124
|
|
Other consumer
|
|
49,269
|
|
|
58,305
|
|
|
66,743
|
|
|
75,278
|
|
|
76,370
|
|
Leases
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Total loans and
leases
|
|
374,892
|
|
|
399,146
|
|
|
422,297
|
|
|
451,546
|
|
|
478,327
|
|
Allowance for loan
and lease losses
|
|
(6,223)
|
|
|
(7,281)
|
|
|
(8,436)
|
|
|
(8,389)
|
|
|
(10,081)
|
|
Net loans and
leases
|
|
$
|
368,669
|
|
|
$
|
391,865
|
|
|
$
|
413,861
|
|
|
$
|
443,157
|
|
|
$
|
468,246
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL:
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
|
$
|
503,048
|
|
|
$
|
510,440
|
|
|
$
|
507,984
|
|
|
$
|
504,067
|
|
|
$
|
535,091
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
94,107
|
|
|
101,538
|
|
|
108,228
|
|
|
98,428
|
|
|
101,354
|
|
Residential mortgage
|
|
1,237,150
|
|
|
1,217,234
|
|
|
1,160,741
|
|
|
1,167,428
|
|
|
1,147,446
|
|
Home equity
|
|
370,856
|
|
|
361,209
|
|
|
351,256
|
|
|
334,347
|
|
|
311,756
|
|
Commercial
mortgage
|
|
893,788
|
|
|
885,439
|
|
|
862,717
|
|
|
842,584
|
|
|
773,036
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
Automobiles
|
|
233,915
|
|
|
212,926
|
|
|
217,526
|
|
|
219,907
|
|
|
207,230
|
|
Other consumer
|
|
212,256
|
|
|
235,427
|
|
|
230,446
|
|
|
236,343
|
|
|
232,119
|
|
Leases
|
|
598
|
|
|
677
|
|
|
756
|
|
|
843
|
|
|
936
|
|
Total loans and
leases
|
|
3,545,718
|
|
|
3,524,890
|
|
|
3,439,654
|
|
|
3,403,947
|
|
|
3,308,968
|
|
Allowance for loan
and lease losses
|
|
(55,369)
|
|
|
(56,631)
|
|
|
(59,384)
|
|
|
(60,764)
|
|
|
(62,149)
|
|
Net loans and
leases
|
|
$
|
3,490,349
|
|
|
$
|
3,468,259
|
|
|
$
|
3,380,270
|
|
|
$
|
3,343,183
|
|
|
$
|
3,246,819
|
|
CENTRAL PACIFIC
FINANCIAL CORP. AND SUBSIDIARIES
|
Deposits
|
(Unaudited)
|
TABLE
8
|
|
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Noninterest-bearing
demand
|
|
$
|
1,290,632
|
|
|
$
|
1,265,246
|
|
|
$
|
1,194,557
|
|
|
$
|
1,152,666
|
|
|
$
|
1,140,741
|
|
Interest-bearing
demand
|
|
898,306
|
|
|
862,991
|
|
|
849,128
|
|
|
846,589
|
|
|
849,880
|
|
Savings and money
market
|
|
1,430,399
|
|
|
1,390,600
|
|
|
1,379,484
|
|
|
1,371,163
|
|
|
1,465,524
|
|
Time deposits less
than $100,000
|
|
191,611
|
|
|
194,730
|
|
|
198,055
|
|
|
202,733
|
|
|
207,757
|
|
Core
deposits
|
|
3,810,948
|
|
|
3,713,567
|
|
|
3,621,224
|
|
|
3,573,151
|
|
|
3,663,902
|
|
|
|
|
|
|
|
|
|
|
|
|
Government time
deposits
|
|
720,333
|
|
|
701,417
|
|
|
708,034
|
|
|
645,134
|
|
|
644,877
|
|
Other time deposits
$100,000 and over
|
|
246,163
|
|
|
193,217
|
|
|
189,320
|
|
|
186,857
|
|
|
187,823
|
|
Total time deposits
$100,000 and over
|
|
966,496
|
|
|
894,634
|
|
|
897,354
|
|
|
831,991
|
|
|
832,700
|
|
Total deposits
|
|
$
|
4,777,444
|
|
|
$
|
4,608,201
|
|
|
$
|
4,518,578
|
|
|
$
|
4,405,142
|
|
|
$
|
4,496,602
|
|
CENTRAL PACIFIC
FINANCIAL CORP AND SUBSIDIARIES
|
Nonperforming
Assets, Past Due and Restructured Loans
|
(Unaudited)
|
TABLE
9
|
|
|
|
March 31,
|
|
December
31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Nonaccrual loans
(including loans held for sale):
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
|
$
|
1,030
|
|
|
$
|
1,877
|
|
|
$
|
2,005
|
|
|
$
|
2,132
|
|
|
$
|
2,244
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
|
4,621
|
|
|
5,322
|
|
|
5,424
|
|
|
8,059
|
|
|
5,227
|
|
Home equity
|
|
1,490
|
|
|
333
|
|
|
479
|
|
|
611
|
|
|
300
|
|
Commercial mortgage
|
|
842
|
|
|
864
|
|
|
2,967
|
|
|
3,073
|
|
|
6,913
|
|
Total nonaccrual loans
|
|
7,983
|
|
|
8,396
|
|
|
10,875
|
|
|
13,875
|
|
|
14,684
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned ("OREO"):
|
|
|
|
|
|
|
|
|
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
|
851
|
|
|
791
|
|
|
791
|
|
|
1,032
|
|
|
1,260
|
|
Total OREO
|
|
851
|
|
|
791
|
|
|
791
|
|
|
1,032
|
|
|
1,260
|
|
Total nonperforming assets
("NPAs")
|
|
8,834
|
|
|
9,187
|
|
|
11,666
|
|
|
14,907
|
|
|
15,944
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent for
90 days or more:
|
|
|
|
|
|
|
|
|
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
|
ā
|
|
|
ā
|
|
|
200
|
|
|
ā
|
|
|
ā
|
|
Home equity
|
|
ā
|
|
|
1,120
|
|
|
ā
|
|
|
135
|
|
|
656
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
Automobiles
|
|
133
|
|
|
208
|
|
|
131
|
|
|
78
|
|
|
125
|
|
Other consumer
|
|
107
|
|
|
63
|
|
|
106
|
|
|
56
|
|
|
ā
|
|
Total loans delinquent for 90
days or more
|
|
240
|
|
|
1,391
|
|
|
437
|
|
|
269
|
|
|
781
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans
still accruing interest:
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
|
306
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
ā
|
|
|
21
|
|
|
51
|
|
|
745
|
|
|
776
|
|
Residential mortgage
|
|
13,292
|
|
|
14,292
|
|
|
15,818
|
|
|
15,729
|
|
|
16,197
|
|
Commercial mortgage
|
|
1,777
|
|
|
1,879
|
|
|
1,979
|
|
|
3,020
|
|
|
3,128
|
|
Total restructured loans still
accruing interest
|
|
15,375
|
|
|
16,192
|
|
|
17,848
|
|
|
19,494
|
|
|
20,101
|
|
Total NPAs, loans delinquent for
90 days or more and restructured loans still accruing
interest
|
|
$
|
24,449
|
|
|
$
|
26,770
|
|
|
$
|
29,951
|
|
|
$
|
34,670
|
|
|
$
|
36,826
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans as a percentage of loans and leases
|
|
0.23
|
%
|
|
0.24
|
%
|
|
0.32
|
%
|
|
0.41
|
%
|
|
0.44
|
%
|
Total NPAs as a
percentage of loans and leases and OREO
|
|
0.25
|
%
|
|
0.26
|
%
|
|
0.34
|
%
|
|
0.44
|
%
|
|
0.48
|
%
|
Total NPAs and loans
delinquent for 90 days or more as a percentage of loans and leases
and OREO
|
|
0.26
|
%
|
|
0.30
|
%
|
|
0.35
|
%
|
|
0.45
|
%
|
|
0.51
|
%
|
Total NPAs, loans
delinquent for 90 days or more, and restructured loans still
accruing interest as a percentage of loans and leases and
OREO
|
|
0.69
|
%
|
|
0.76
|
%
|
|
0.87
|
%
|
|
1.02
|
%
|
|
1.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-quarter
changes in NPAs:
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of quarter
|
|
$
|
9,187
|
|
|
$
|
11,666
|
|
|
$
|
14,907
|
|
|
$
|
15,944
|
|
|
$
|
16,230
|
|
Additions
|
|
1,881
|
|
|
39
|
|
|
650
|
|
|
4,334
|
|
|
1,303
|
|
Reductions:
|
|
|
|
|
|
|
|
|
|
|
Payments
|
|
(447)
|
|
|
(2,400)
|
|
|
(2,309)
|
|
|
(927)
|
|
|
(754)
|
|
Return to accrual
status
|
|
(1,787)
|
|
|
(118)
|
|
|
(578)
|
|
|
(3,717)
|
|
|
(133)
|
|
Sales of
NPAs
|
|
ā
|
|
|
ā
|
|
|
(1,032)
|
|
|
(865)
|
|
|
(702)
|
|
Charge-offs/valuation
adjustments
|
|
ā
|
|
|
ā
|
|
|
28
|
|
|
138
|
|
|
ā
|
|
Total
reductions
|
|
(2,234)
|
|
|
(2,518)
|
|
|
(3,891)
|
|
|
(5,371)
|
|
|
(1,589)
|
|
Balance at end of
quarter
|
|
$
|
8,834
|
|
|
$
|
9,187
|
|
|
$
|
11,666
|
|
|
$
|
14,907
|
|
|
$
|
15,944
|
|
CENTRAL PACIFIC
FINANCIAL CORP AND SUBSIDIARIES
|
Allowance for Loan
and Lease Losses
|
(Unaudited)
|
TABLE
10
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
(Dollars in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Allowance for loan
and lease losses:
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
|
$
|
56,631
|
|
|
$
|
59,384
|
|
|
$
|
60,764
|
|
|
$
|
62,149
|
|
|
$
|
63,314
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit)
for loan and lease losses
|
|
(80)
|
|
|
(2,645)
|
|
|
(743)
|
|
|
(1,382)
|
|
|
(747)
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
|
500
|
|
|
510
|
|
|
465
|
|
|
272
|
|
|
352
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Commercial mortgage
|
|
ā
|
|
|
209
|
|
|
ā
|
|
|
ā
|
|
|
ā
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
Automobiles
|
|
520
|
|
|
381
|
|
|
409
|
|
|
392
|
|
|
381
|
|
Other consumer
|
|
977
|
|
|
1,077
|
|
|
940
|
|
|
743
|
|
|
731
|
|
Total charge-offs
|
|
1,997
|
|
|
2,177
|
|
|
1,814
|
|
|
1,407
|
|
|
1,464
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
|
275
|
|
|
490
|
|
|
555
|
|
|
720
|
|
|
349
|
|
Real
estate:
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
21
|
|
|
24
|
|
|
91
|
|
|
9
|
|
|
9
|
|
Residential mortgage
|
|
96
|
|
|
315
|
|
|
173
|
|
|
173
|
|
|
34
|
|
Home equity
|
|
2
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
3
|
|
Commercial mortgage
|
|
11
|
|
|
869
|
|
|
128
|
|
|
14
|
|
|
13
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
Automobiles
|
|
194
|
|
|
214
|
|
|
115
|
|
|
365
|
|
|
194
|
|
Other consumer
|
|
216
|
|
|
153
|
|
|
111
|
|
|
119
|
|
|
444
|
|
Total
recoveries
|
|
815
|
|
|
2,069
|
|
|
1,177
|
|
|
1,404
|
|
|
1,046
|
|
Net charge-offs
(recoveries)
|
|
1,182
|
|
|
108
|
|
|
637
|
|
|
3
|
|
|
418
|
|
Balance at end of
period
|
|
$
|
55,369
|
|
|
$
|
56,631
|
|
|
$
|
59,384
|
|
|
$
|
60,764
|
|
|
$
|
62,149
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned
|
|
$
|
3,547,718
|
|
|
$
|
3,489,757
|
|
|
$
|
3,415,505
|
|
|
$
|
3,377,362
|
|
|
$
|
3,258,872
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized ratio of
net charge-offs (recoveries) to average loans and leases
|
|
0.13
|
%
|
|
0.01
|
%
|
|
0.07
|
%
|
|
ā
|
%
|
|
0.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of allowance
for loan and lease losses to loans and leases
|
|
1.56
|
%
|
|
1.61
|
%
|
|
1.73
|
%
|
|
1.79
|
%
|
|
1.88
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/central-pacific-financial-corp-reports-131-million-first-quarter-earnings-and-increases-quarterly-cash-dividend-300445795.html
SOURCE Central Pacific Financial Corp.