Central Pacific Financial Corp. Reports Fourth Quarter 2020 Quarterly And Annual Results
01/27/2021 - 06:30 AM
HONOLULU , Jan. 27, 2021 /PRNewswire/ -- Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank"), today reported net income in the fourth quarter of 2020 of $12.2 million $0.43 $14.2 million $0.50 $6.9 million $0.24 $37 $1.32 $58 $2.03 $4 $2 $14 $39 $6
"The Company ended the 2020 year strong and with great positive momentum, despite the challenges of the operating environment. We are optimistic for improvements to the local economy in 2021 and are actively pushing forward with our strategies to position the Company for the future," said Paul Yonamine , Chairman and Chief Executive Officer.
"We are proud of the accomplishments of all of our employees this year in supporting our clients and the community, as well as moving us significantly forward with the completion of our RISE2020 initiative," said Catherine Ngo , President.
On October 20, 2020 , the Company completed a $55 million 4.75% for the first five years and will reset quarterly thereafter for the remaining five years to the then current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York , plus 456 basis points.
On January 26, 2021 , the Company's Board of Directors declared a quarterly cash dividend of $0.23 March 15, 2021 to shareholders of record at the close of business on February 26, 2021 . The Company's Board of Directors also approved a new share repurchase authorization of up to $25 million
Earnings Highlights Net interest income for the fourth quarter of 2020 was $51.5 million $47.9 million $49.1 million 3.32% , compared to 3.43% in the year-ago quarter and 3.19% in the previous quarter. The increase in net interest income from the year-ago quarter was primarily due to growth in the loan portfolio, including loans originated under the PPP program, combined with lower rates paid on interest-bearing liabilities. These increases were partially offset by lower yields earned on the loan and investment securities portfolios which were primarily due to the historically low interest rate environment we are currently operating in and led to the year-over-year decline in net interest margin. The sequential quarter increase in net interest income and net interest margin is primarily due to an increase in PPP net loan fees. Net interest income for the fourth quarter of 2020 included $6.3 million $3.4 million $118.9 million $3.0 million
Other operating income for the fourth quarter of 2020 totaled $14.1 million $9.8 million $11.6 million $4 $1.1 million $0 $0 $0 $0 $0 $0
Other operating expense for the fourth quarter of 2020 totaled $45.1 million $36.2 million $37.0 million $5.9 million $2.0 million $1 $0 $0 $0 $0.5 million $0 $0 $0 $0 $0 $0
The efficiency ratio for the fourth quarter of 2020 was 68.81% , compared to 62.81% in the year-ago quarter and 60.93% in the previous quarter. The increase in the efficiency ratio was primarily due to the aforementioned nonrecurring items in other operating expense.
In the fourth quarter of 2020, the Company recorded income tax expense of $3.8 million $5.2 million $2.2 million 23.7% , compared to 26.7% in the year-ago quarter and 24.3% in the previous quarter.
Balance Sheet Highlights Total assets at December 31, 2020 of $6.59 billion $581.9 million 9.7% from December 31, 2019, and decreased by $53.6 million 0.8% from September 30, 2020.
Total loans at December 31, 2020 of $4.96 billion $514.6 million 11.6% from December 31, 2019, and decreased by $66.5 million 1.3% from September 30, 2020. The year-over-year increase in total loans was driven by the origination of PPP loans, totaling $416 $90 $60 $32 $29 $90 $25 $112 $20 $17 $17 $15 $10 $7
Total deposits at December 31, 2020 of $5.80 billion $676.1 million 13.2% from December 31, 2019, and increased by $117.2 million 2.1% from September 30, 2020. The sequential quarter increase in total deposits was primarily attributable to the increases in noninterest-bearing demand deposits of $27.8 million $60.8 million $50.9 million $22 $100,000 $5.05 billion $786.9 million 18.5% from December 31, 2019, and an increase of $131.5 million 2.7% from September 30, 2020. The Company's loan-to-deposit ratio was 85.7% at December 31, 2020, compared to 86.9% at December 31, 2019 and 88.6% at September 30, 2020.
During the fourth quarter of 2020, $25 million $25 million $0 3.25% and a maturity date of November 2021 .
Asset Quality Nonperforming assets at December 31, 2020 totaled $6.2 million 0.09% of total assets, compared to $1.7 million 0.03% of total assets at December 31, 2019, and $13.2 million 0.20% of total assets at September 30, 2020. The decline in nonperforming assets of $7 $4.2 million $2.9 million
Loans delinquent for 90 days or more still accruing interest totaled $0.8 million $1.0 million $0.9 million
Loans on payment forbearance or deferrals granted to borrowers impacted by the COVID-19 pandemic declined significantly to $120 2.4% of the total loan portfolio (or 2.6% excluding PPP loans), as of December 31, 2020, compared to $290 5.8% of the total loan portfolio (or 6.5% excluding PPP loans), as of September 30, 2020.
Net charge-offs in the fourth quarter of 2020 totaled $1.8 million $2.3 million $1.3 million
In the fourth quarter of 2020, the Company recorded a provision for credit losses on loans of $4.5 million $2.1 million $14.7 million 1.68% , compared to 1.08% at December 31, 2019 and 1.60% at September 30, 2020. Excluding the PPP loans, the allowance for credit losses, as a percentage of total loans at December 31, 2020 was 1.83% , compared to 1.79% at September 30, 2020.
Capital Total shareholders' equity was $546.7 million $528.5 million $543.9 million
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 December 31, 2020, the Company's leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ratios were 8.8% , 12.9% , 15.2% , and 11.8% , respectively, compared to 8.8% , 12.8% , 13.9% , and 11.6% , respectively, at September 30, 2020.
On October 20, 2020 , the Company completed a $55 million $46.8 million
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 (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 1-877-505-7644. A playback of the call will be available through February 27, 2021 by dialing 1-877-344-7529 (passcode: 10151516) 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 $6.6 billion Hawaii , as of December 31, 2020. For additional information, please visit the Company's website at http://www.cpb.bank .
Forward-Looking Statements This document may contain forward-looking statements concerning: projections of revenues, xpenses, 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. 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 RISE2020 initiative; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
While we believe 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 differ materially from those statements or projections for a variety of reasons, including, but not limited to: the adverse effects of the COVID-19 pandemic virus 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 as well as the effects of government programs and initiatives in response to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; 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 our RISE2020 initiative; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic virus and disease, including COVID-19) 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 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 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"); inflation, interest rate, securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that 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; pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; 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, 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 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 forward-looking statements, 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. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 8-K. Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements 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.
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES (Unaudited)
TABLE 1
Three Months Ended
Year Ended
(Dollars in thousands,
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
Dec 31,
except for per share amounts)
2020
2019
CONDENSED INCOME STATEMENT
Net interest income
$
51,474
$
49,120
$
49,259
$
47,830
$
47,934
$
197,683
$
184,074
Provision for credit losses [1]
4,496
14,652
10,640
9,329
2,098
39,117
6,317
Net interest income after provision for credit losses [1]
46,978
34,468
38,619
38,501
45,836
158,566
177,757
Total other operating income
14,057
11,563
10,692
8,886
9,768
45,198
41,801
Total other operating expense
45,092
36,972
36,427
36,240
36,242
154,731
141,631
Income before taxes
15,943
9,059
12,884
11,147
19,362
49,033
77,927
Income tax expense
3,772
2,200
2,967
2,821
5,165
11,760
19,605
Net income
12,171
6,859
9,917
8,326
14,197
37,273
58,322
Basic earnings per common share
$
0.43
$
0.24
$
0.35
$
0.30
$
0.50
$
1.33
$
2.05
Diluted earnings per common share
0.43
0.24
0.35
0.29
0.50
1.32
2.03
Dividends declared per common share
0.23
0.23
0.23
0.23
0.23
0.92
0.90
PERFORMANCE RATIOS
Return on average assets (ROA) [2]
0.74
%
0.42
%
0.61
%
0.55
%
0.95
%
0.58
%
0.99
%
Return on average shareholders' equity (ROE) [2]
8.87
4.99
7.34
6.21
10.70
6.85
11.36
Average shareholders' equity to average assets
8.29
8.36
8.36
8.93
8.87
8.47
8.72
Efficiency ratio [1] [3]
68.81
60.93
60.76
63.90
62.81
63.71
62.70
Net interest margin (NIM) [2]
3.32
3.19
3.26
3.43
3.43
3.30
3.35
Dividend payout ratio [4]
53.49
95.83
65.71
79.31
46.00
69.70
44.33
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale
$
5,034,717
$
5,016,955
$
4,902,905
$
4,462,347
$
4,412,247
$
4,855,169
$
4,241,308
Average interest-earning assets
6,202,228
6,160,381
6,073,361
5,621,043
5,595,142
6,015,166
5,518,641
Average assets
6,621,127
6,574,492
6,468,129
6,007,237
5,978,797
6,418,661
5,888,615
Average deposits
5,755,257
5,728,147
5,614,595
5,121,696
4,998,897
5,555,877
4,985,701
Average interest-bearing liabilities
4,163,396
4,118,726
4,082,699
3,917,332
3,947,924
4,070,923
3,897,254
Average shareholders' equity
548,663
549,378
540,802
536,721
530,464
543,919
513,610
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
TABLE 1 (CONTINUED)
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
(dollars in thousands)
2020
2020
2020
2020
2019
REGULATORY CAPITAL
Central Pacific Financial Corp
Leverage capital
$
581,358
$
573,636
$
571,976
$
567,947
$
568,529
Tier 1 risk-based capital
581,358
573,636
571,976
567,947
568,529
Total risk-based capital
686,130
623,157
622,393
618,504
617,772
Common equity tier 1 capital
531,358
523,636
521,976
517,947
518,529
Central Pacific Bank
Leverage capital
620,372
559,750
559,461
556,895
556,077
Tier 1 risk-based capital
620,372
559,750
559,461
556,895
556,077
Total risk-based capital
670,087
609,203
609,811
607,402
605,320
Common equity tier 1 capital
620,372
559,750
559,461
556,895
556,077
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp
Leverage capital ratio
8.8
%
8.8
%
8.9
%
9.5
%
9.5
%
Tier 1 risk-based capital ratio
12.9
12.8
12.5
12.3
12.6
Total risk-based capital ratio
15.2
13.9
13.6
13.4
13.6
Common equity tier 1 capital ratio
11.8
11.6
11.4
11.3
11.5
Central Pacific Bank
Leverage capital ratio
9.4
8.6
8.7
9.3
9.3
Tier 1 risk-based capital ratio
13.7
12.5
12.2
12.1
12.3
Total risk-based capital ratio
14.9
13.6
13.3
13.2
13.4
Common equity tier 1 capital ratio
13.7
12.5
12.2
12.1
12.3
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
(dollars in thousands, except for per share amounts)
2020
2020
2020
2020
2019
BALANCE SHEET
Total loans, net of deferred fees and costs
$
4,964,113
$
5,030,626
$
5,003,438
$
4,511,998
$
4,449,540
Total assets
6,594,583
6,648,142
6,632,972
6,108,548
6,012,672
Total deposits
5,796,118
5,678,929
5,794,685
5,136,069
5,120,023
Long-term debt
105,385
101,547
167,491
101,547
101,547
Total shareholders' equity
546,685
543,903
544,271
533,781
528,520
Total shareholders' equity to total assets
8.29
%
8.18
%
8.21
%
8.74
%
8.79
%
Tangible common equity to tangible assets [5]
8.29
%
8.18
%
8.21
%
8.74
%
8.79
%
ASSET QUALITY
Allowance for credit losses ("ACL") [1]
$
83,269
$
80,542
$
67,339
$
59,645
$
47,971
Non-performing assets ("NPA")
6,192
13,187
4,741
3,647
1,719
ACL to total loans [1]
1.68
%
1.60
%
1.35
%
1.32
%
1.08
%
ACL to total loans, excluding PPP loans [1]
1.83
%
1.79
%
1.50
%
1.32
%
1.08
%
ACL to non-performing assets [1]
1,344.78
%
610.77
%
1,420.35
%
1,635.45
%
2,790.63
%
NPA to total assets
0.09
%
0.20
%
0.07
%
0.06
%
0.03
%
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share
$
19.40
$
19.30
$
19.33
$
18.99
$
18.68
Tangible book value per common share
19.40
19.30
19.33
18.99
18.68
Closing market price per common share
19.01
13.57
16.03
15.90
29.58
[1] The Company adopted ASU 2016-13, "Financial Instruments-Credit Losses" ("CECL"), effective January 1, 2020 using the modified retrospective approach. Results for the reporting periods beginning after January 1, 2020 are presented under CECL, while prior period amounts continue to be reported under previous GAAP
[2] ROA, ROE and ROTE 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)
[3] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income)
[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
TABLE 2
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
(Dollars in thousands, except share data)
2020
2020
2020
2020
2019
ASSETS
Cash and due from financial institutions
$
97,546
$
89,665
$
102,132
$
81,972
$
78,418
Interest-bearing deposits in other financial institutions
6,521
5,489
41,201
11,021
24,554
Investment securities:
Available-for-sale debt securities, at fair value
1,182,609
1,166,319
1,168,594
1,184,023
1,126,983
Equity securities, at fair value
1,351
1,204
1,209
1,002
1,127
Total investment securities
1,183,960
1,167,523
1,169,803
1,185,025
1,128,110
Loans held for sale
16,687
23,962
10,443
3,910
9,083
Loans, net of deferred fees and costs
4,964,113
5,030,626
5,003,438
4,511,998
4,449,540
Less allowance for credit losses [1]
83,269
80,542
67,339
59,645
47,971
Loans, net of allowance for credit losses
4,880,844
4,950,084
4,936,099
4,452,353
4,401,569
Premises and equipment, net
65,278
61,095
55,032
50,447
46,343
Accrued interest receivable
20,224
21,478
19,590
16,851
16,500
Investment in unconsolidated subsidiaries
29,968
30,239
16,428
16,721
17,115
Other real estate owned
—
128
—
100
164
Mortgage servicing rights
11,865
12,429
12,771
13,345
14,718
Bank-owned life insurance
163,161
161,743
161,758
159,637
159,656
Federal Home Loan Bank ("FHLB") stock
8,237
17,468
9,229
18,109
14,983
Right of use lease asset
45,857
44,896
50,039
51,198
52,348
Other assets
64,435
61,943
48,447
47,859
49,111
Total assets
$
6,594,583
$
6,648,142
$
6,632,972
$
6,108,548
$
6,012,672
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand
$
1,790,269
$
1,762,476
$
1,851,012
$
1,430,540
$
1,450,532
Interest-bearing demand
1,174,888
1,114,123
1,067,483
1,018,508
1,043,010
Savings and money market
1,932,043
1,881,104
1,945,744
1,693,280
1,600,028
Time
898,918
921,226
930,446
993,741
1,026,453
Total deposits
5,796,118
5,678,929
5,794,685
5,136,069
5,120,023
FHLB advances and other short-term borrowings
22,000
206,000
—
222,000
150,000
Long-term debt
105,385
101,547
167,491
101,547
101,547
Lease liability
47,191
45,355
50,440
51,541
52,632
Other liabilities
77,156
72,369
76,050
63,561
59,950
Total liabilities
6,047,850
6,104,200
6,088,666
5,574,718
5,484,152
Shareholders' equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019
—
—
—
—
—
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 28,183,340 at December 31, 2020, 28,179,798 at September 30, 2020, 28,154,159 at June 30, 2020, 28,115,353 at March 31, 2020, and 28,289,257 at December 31, 2019
442,635
442,635
442,699
442,853
447,602
Additional paid-in capital
94,842
94,336
93,007
92,284
91,611
Accumulated deficit [1]
(10,920)
(16,609)
(16,986)
(20,428)
(19,102)
Accumulated other comprehensive income
20,128
23,541
25,551
19,072
8,409
Total shareholders' equity
546,685
543,903
544,271
533,781
528,520
Non-controlling interest
48
39
35
49
—
Total equity
546,733
543,942
544,306
533,830
528,520
Total liabilities and shareholders' equity
$
6,594,583
$
6,648,142
$
6,632,972
$
6,108,548
$
6,012,672
[1] The Company adopted ASU 2016-13, "Financial Instruments-Credit Losses" ("CECL"), effective January 1, 2020 using the modified retrospective approach. Results for the reporting periods beginning after January 1, 2020 are presented under CECL, while prior period amounts continue to be reported under previous GAAP
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
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)
2020
2020
2020
2020
2019
2020
2019
Interest income:
Interest and fees on loans
$
48,259
$
45,751
$
45,915
$
46,204
$
47,488
$
186,129
$
182,657
Interest and dividends on investment securities:
Taxable investment securities
5,002
5,233
6,310
6,757
6,486
23,302
29,454
Tax-exempt investment securities
504
621
599
668
656
2,392
3,044
Dividend income on investment securities
18
17
17
17
17
69
63
Interest on deposits in other financial institutions
4
3
3
36
54
46
201
Dividend income on FHLB stock
114
128
106
132
456
480
964
Total interest income
53,901
51,753
52,950
53,814
55,157
212,418
216,383
Interest expense:
Interest on deposits:
Demand
105
115
114
176
202
510
800
Savings and money market
314
417
567
1,118
1,253
2,416
5,100
Time
813
1,284
2,124
3,268
3,653
7,489
18,044
Interest on short-term borrowings
65
71
74
508
1,139
718
4,285
Interest on long-term debt
1,130
746
812
914
976
3,602
4,080
Total interest expense
2,427
2,633
3,691
5,984
7,223
14,735
32,309
Net interest income
51,474
49,120
49,259
47,830
47,934
197,683
184,074
Provision for credit losses
4,496
14,652
10,640
9,329
2,098
39,117
6,317
Net interest income after provision for credit losses
46,978
34,468
38,619
38,501
45,836
158,566
177,757
Other operating income:
Mortgage banking income
5,434
4,345
3,566
337
1,410
13,682
6,685
Service charges on deposit accounts
1,560
1,475
1,149
2,050
2,159
6,234
8,406
Other service charges and fees
3,709
3,345
2,916
4,897
4,095
14,867
15,113
Income from fiduciary activities
1,113
1,149
1,270
1,297
1,175
4,829
4,395
Equity in earnings of unconsolidated subsidiaries
181
104
104
26
92
415
257
Net gain (loss) on sales of investment securities
151
(352)
—
—
—
(201)
36
Income from bank-owned life insurance
1,219
1,179
1,424
(19)
594
3,803
3,105
Net gain (loss) on sales of foreclosed assets
(9)
—
(6)
—
(162)
(15)
(145)
Other (refer to Table 4)
699
318
269
298
405
1,584
3,949
Total other operating income
14,057
11,563
10,692
8,886
9,768
45,198
41,801
Other operating expense:
Salaries and employee benefits
23,403
20,729
20,622
20,347
21,207
85,101
82,290
Net occupancy
4,011
3,834
3,645
3,672
3,619
15,162
14,299
Equipment
1,157
1,234
1,043
1,097
1,142
4,531
4,353
Communication expense
758
856
774
837
906
3,225
3,551
Legal and professional services
2,507
2,262
2,238
2,028
2,123
9,035
7,354
Computer software expense
3,625
3,114
3,035
2,943
2,942
12,717
10,812
Advertising expense
756
1,020
923
1,092
527
3,791
2,661
Foreclosed asset expense
(2)
6
—
67
28
71
251
Other (refer to Table 4)
8,877
3,917
4,147
4,157
3,748
21,098
16,060
Total other operating expense
45,092
36,972
36,427
36,240
36,242
154,731
141,631
Income before income taxes
15,943
9,059
12,884
11,147
19,362
49,033
77,927
Income tax expense
3,772
2,200
2,967
2,821
5,165
11,760
19,605
Net income
$
12,171
$
6,859
$
9,917
$
8,326
$
14,197
$
37,273
$
58,322
Per common share data:
Basic earnings per share
$
0.43
$
0.24
$
0.35
$
0.30
$
0.50
$
1.33
$
2.05
Diluted earnings per share
0.43
0.24
0.35
0.29
0.50
1.32
2.03
Cash dividends declared
0.23
0.23
0.23
0.23
0.23
0.92
0.90
Basic weighted average shares outstanding
28,071,151
28,060,020
28,040,802
28,126,400
28,259,294
28,074,543
28,495,699
Diluted weighted average shares outstanding
28,177,366
28,111,664
28,095,230
28,277,753
28,448,243
28,180,576
28,677,100
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Other Operating Income and Other Operating Expense - Detail
(Unaudited)
TABLE 4
The following table sets forth the components of other operating income - other for the periods indicated:
Three Months Ended
Year Ended
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Dec 31,
(Dollars in thousands)
2020
2020
2020
2020
2019
2020
2019
Other operating income - other:
Income recovered on nonaccrual loans previously charged-off
$
73
$
47
$
37
$
23
$
80
$
180
$
320
Other recoveries
38
22
26
40
36
126
130
Commissions on sale of checks
69
73
56
81
75
279
309
Gain on sale of MasterCard stock
—
—
—
—
—
—
2,555
Other
519
176
150
154
214
999
635
Total other operating income - other
$
699
$
318
$
269
$
298
$
405
$
1,584
$
3,949
The following table sets forth the components of other operating expense - other for the periods indicated:
Three Months Ended
Year Ended
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Dec 31,
(Dollars in thousands)
2020
2020
2020
2020
2019
2020
2019
Other operating expense - other:
Charitable contributions
$
63
$
12
$
10
$
187
$
122
$
272
$
681
FDIC insurance assessment
733
649
475
—
—
1,857
868
Miscellaneous loan expenses
512
497
399
300
361
1,708
1,246
ATM and debit card expenses
498
573
584
634
672
2,289
2,602
Armored car expenses
251
192
229
294
186
966
815
Entertainment and promotions
220
132
165
280
495
797
2,071
Stationery and supplies
196
226
220
248
305
890
1,049
Directors' fees and expenses
213
213
196
241
246
863
968
Directors' deferred compensation plan expense
706
(237)
103
(1,483)
148
(911)
561
Provision (credit) for residential mortgage loan repurchase losses
—
—
—
—
—
—
(403)
Provision for off-balance sheet credit exposures
402
221
573
1,798
(160)
2,994
29
Branch consolidation costs
1,310
321
—
—
—
1,631
—
Litigation settlement
750
—
—
—
—
750
—
FHLB advance prepayment fee
747
—
—
—
—
747
—
Loss on disposal of fixed assets
552
—
—
—
—
552
(3)
Other
1,724
1,118
1,193
1,658
1,373
5,693
5,576
Total other operating expense - other
$
8,877
$
3,917
$
4,147
$
4,157
$
3,748
$
21,098
$
16,060
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES (Unaudited)
TABLE 5
Three Months Ended
Three Months Ended
Three Months Ended
December 31, 2020
September 30, 2020
December 31, 2019
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
$
16,786
0.10
%
$
4
$
12,262
0.09
%
$
3
$
13,704
1.57
%
$
54
Investment securities, excluding valuation allowance:
Taxable
1,048,665
1.91
5,020
1,029,987
2.04
5,250
1,042,057
2.50
6,503
Tax-exempt
90,452
2.83
638
88,749
3.54
786
108,630
3.06
830
Total investment securities
1,139,117
1.99
5,658
1,118,736
2.16
6,036
1,150,687
2.55
7,333
Loans, including loans held for sale
5,034,717
3.82
48,259
5,016,955
3.64
45,751
4,412,247
4.28
47,488
Federal Home Loan Bank stock
11,608
3.91
114
12,428
4.12
128
18,504
9.85
456
Total interest-earning assets
6,202,228
3.48
54,035
6,160,381
3.36
51,918
5,595,142
3.94
55,331
Noninterest-earning assets
418,899
414,111
383,655
Total assets
$
6,621,127
$
6,574,492
$
5,978,797
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits
$
1,149,759
0.04
%
$
105
$
1,092,976
0.04
%
$
115
$
1,019,854
0.08
%
$
202
Savings and money market deposits
1,902,876
0.07
314
1,910,971
0.09
417
1,592,398
0.31
1,253
Time deposits under $100,000
153,611
0.47
181
160,634
0.57
232
167,675
0.71
299
Time deposits $100,000 and over
755,352
0.33
632
769,030
0.54
1,052
828,434
1.61
3,354
Total interest-bearing deposits
3,961,598
0.12
1,232
3,933,611
0.18
1,816
3,608,361
0.56
5,108
Federal Home Loan Bank advances and other short-term borrowings
76,968
0.33
65
79,984
0.35
71
238,016
1.90
1,139
Long-term debt
124,830
3.60
1,130
105,131
2.82
746
101,547
3.81
976
Total interest-bearing liabilities
4,163,396
0.23
2,427
4,118,726
0.25
2,633
3,947,924
0.73
7,223
Noninterest-bearing deposits
1,793,659
1,794,536
1,390,536
Other liabilities
115,407
111,851
109,873
Total liabilities
6,072,462
6,025,113
5,448,333
Shareholders' equity
548,663
549,378
530,464
Non-controlling interest
2
1
—
Total equity
548,665
549,379
530,464
Total liabilities and equity
$
6,621,127
$
6,574,492
$
5,978,797
Net interest income
$
51,608
$
49,285
$
48,108
Interest rate spread
3.25
%
3.11
%
3.21
%
Net interest margin
3.32
%
3.19
%
3.43
%
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES (Unaudited)
TABLE 6
Year Ended
Year Ended
December 31, 2020
December 31, 2019
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
$
13,980
0.33
%
$
46
$
9,842
2.04
%
$
201
Investment securities, excluding valuation allowance:
Taxable
1,037,209
2.25
23,371
1,120,711
2.63
29,517
Tax-exempt
96,217
3.15
3,028
130,411
2.95
3,853
Total investment securities
1,133,426
2.33
26,399
1,251,122
2.67
33,370
Loans, including loans held for sale
4,855,169
3.83
186,129
4,241,308
4.31
182,657
Federal Home Loan Bank stock
12,591
3.81
480
16,369
5.89
964
Total interest-earning assets
6,015,166
3.54
213,054
5,518,641
3.94
217,192
Noninterest-earning assets
403,495
369,974
Total assets
$
6,418,661
$
5,888,615
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits
$
1,078,589
0.05
%
$
510
$
984,298
0.08
%
$
800
Savings and money market deposits
1,830,972
0.13
2,416
1,556,766
0.33
5,100
Time deposits under $100,000
160,082
0.60
958
171,064
0.69
1,183
Time deposits $100,000 and over
794,276
0.82
6,531
897,670
1.88
16,861
Total interest-bearing deposits
3,863,919
0.27
10,415
3,609,798
0.66
23,944
Federal Home Loan Bank advances and other short-term borrowings
89,904
0.80
718
185,909
2.31
4,285
Long-term debt
117,100
3.08
3,602
101,547
4.02
4,080
Total interest-bearing liabilities
4,070,923
0.36
14,735
3,897,254
0.83
32,309
Noninterest-bearing deposits
1,691,958
1,375,903
Other liabilities
111,859
101,848
Total liabilities
5,874,740
5,375,005
Shareholders' equity
543,919
513,610
Non-controlling interest
2
—
Total equity
543,921
513,610
Total liabilities and equity
$
6,418,661
$
5,888,615
Net interest income
$
198,319
$
184,883
Interest rate spread
3.18
%
3.11
%
Net interest margin
3.30
%
3.35
%
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
TABLE 7
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
(Dollars in thousands)
2020
2020
2020
2020
2019
HAWAII:
Commercial, financial and agricultural:
SBA Paycheck Protection Program
$
375,879
$
485,286
$
483,827
$
—
$
—
Other
426,670
414,754
431,887
454,817
454,582
Real estate:
Construction
125,407
118,247
103,518
100,617
95,854
Residential mortgage
1,690,212
1,680,060
1,657,558
1,632,536
1,599,801
Home equity
551,266
534,056
510,962
504,686
490,734
Commercial mortgage
898,055
914,144
912,422
917,886
909,798
Consumer
332,430
342,203
350,414
367,960
373,451
Total loans, net of deferred fees and costs
4,399,919
4,488,750
4,450,588
3,978,502
3,924,220
Allowance for credit losses
(73,152)
(71,575)
(59,765)
(51,646)
(42,592)
Loans, net of allowance for credit losses
$
4,326,767
$
4,417,175
$
4,390,823
$
3,926,856
$
3,881,628
U.S. MAINLAND: [1]
Commercial, financial and agricultural:
SBA Paycheck Protection Program
$
40,496
$
43,295
$
42,581
$
—
$
—
Other
118,421
113,316
115,971
120,507
115,722
Real estate:
Commercial mortgage
258,273
227,121
217,747
221,251
213,617
Consumer
147,004
158,144
176,551
191,738
195,981
Total loans, net of deferred fees and costs
564,194
541,876
552,850
533,496
525,320
Allowance for credit losses
(10,117)
(8,967)
(7,574)
(7,999)
(5,379)
Loans, net of allowance for credit losses
$
554,077
$
532,909
$
545,276
$
525,497
$
519,941
TOTAL:
Commercial, financial and agricultural:
SBA Paycheck Protection Program
$
416,375
$
528,581
$
526,408
$
—
$
—
Other
545,091
528,070
547,858
575,324
570,304
Real estate:
Construction
125,407
118,247
103,518
100,617
95,854
Residential mortgage
1,690,212
1,680,060
1,657,558
1,632,536
1,599,801
Home equity
551,266
534,056
510,962
504,686
490,734
Commercial mortgage
1,156,328
1,141,265
1,130,169
1,139,137
1,123,415
Consumer
479,434
500,347
526,965
559,698
569,432
Total loans, net of deferred fees and costs
4,964,113
5,030,626
5,003,438
4,511,998
4,449,540
Allowance for credit losses
(83,269)
(80,542)
(67,339)
(59,645)
(47,971)
Loans, net of allowance for credit losses
$
4,880,844
$
4,950,084
$
4,936,099
$
4,452,353
$
4,401,569
[1] U.S. Mainland includes territories of the United States
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
TABLE 8
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
(Dollars in thousands)
2020
2020
2020
2020
2019
Noninterest-bearing demand
$
1,790,269
$
1,762,476
$
1,851,012
$
1,430,540
$
1,450,532
Interest-bearing demand
1,174,888
1,114,123
1,067,483
1,018,508
1,043,010
Savings and money market
1,932,043
1,881,104
1,945,744
1,693,280
1,600,028
Time deposits less than $100,000
149,063
157,051
159,739
162,399
165,755
Core deposits
5,046,263
4,914,754
5,023,978
4,304,727
4,259,325
Government time deposits
500,344
500,762
509,927
523,343
533,088
Other time deposits $100,000 t o $250,000
90,149
95,918
96,633
100,047
107,550
Other time deposits greater than $250,000
159,362
167,495
164,147
207,952
220,060
Total time deposits $100,000 and over
749,855
764,175
770,707
831,342
860,698
Total deposits
$
5,796,118
$
5,678,929
$
5,794,685
$
5,136,069
$
5,120,023
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES (Unaudited)
TABLE 9
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
(Dollars in thousands)
2020
2020
2020
2020
2019
Nonaccrual loans: [1]
Commercial, financial and agricultural
$
1,461
$
1,536
$
934
$
667
$
467
Real estate:
Residential mortgage
4,115
4,032
3,215
2,287
979
Home equity
524
533
538
545
92
Commercial mortgage
—
6,889
—
—
—
Consumer
92
69
54
48
17
Total nonaccrual loans
6,192
13,059
4,741
3,547
1,555
Other real estate owned ("OREO"):
Real estate:
Residential mortgage
—
128
—
—
—
Home equity
—
—
—
100
164
Total OREO
—
128
—
100
164
Total nonperforming assets ("NPAs")
6,192
13,187
4,741
3,647
1,719
Loans delinquent for 90 days or more still accruing interest: [1]
Real estate:
Residential mortgage
567
588
726
1,221
724
Consumer
240
321
444
352
286
Total loans delinquent for 90 days or more still accruing interest
807
909
1,170
1,573
1,010
Restructured loans still accruing interest: [1]
Commercial, financial and agricultural
100
137
172
113
135
Real estate:
Residential mortgage
5,718
5,178
5,290
5,431
5,502
Commercial mortgage
1,761
1,825
1,888
1,709
1,839
Consumer
207
214
145
—
—
Total restructured loans still accruing interest
7,786
7,354
7,495
7,253
7,476
Total NPAs and loans delinquent for 90 days or more and restructured loans still accruing interest
$
14,785
$
21,450
$
13,406
$
12,473
$
10,205
Total nonaccrual loans as a percentage of total loans
0.12
%
0.26
%
0.09
%
0.08
%
0.03
%
Total NPAs as a percentage of total loans and OREO
0.12
%
0.26
%
0.09
%
0.08
%
0.04
%
Total NPAs and loans delinquent for 90 days or more still accruing interest as a percentage of total loans and OREO
0.14
%
0.28
%
0.12
%
0.12
%
0.06
%
Total NPAs, loans delinquent for 90 days or more and restructured loans still accruing interest as a percentage of total loans and OREO
0.30
%
0.43
%
0.27
%
0.28
%
0.23
%
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter
$
13,187
$
4,741
$
3,647
$
1,719
$
1,360
Additions
1,370
9,060
1,771
2,056
695
Reductions:
Payments
(3,186)
(393)
(367)
(60)
(34)
Return to accrual status
(548)
—
(123)
—
—
Sales of NPAs
(4,353)
—
(94)
—
(302)
Charge-offs, valuation and other adjustments
(278)
(221)
(93)
(68)
—
Total reductions
(8,365)
(614)
(677)
(128)
(336)
Balance at end of quarter
$
6,192
$
13,187
$
4,741
$
3,647
$
1,719
[1] Section 4013 of the CARES Act and the revised Interagency Statement are being applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. These loan modifications are not included in the delinquent or restructured loan balances presented above
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES (Unaudited)
TABLE 10
Three Months Ended
Year Ended
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
Dec 31,
(Dollars in thousands)
2020
2019
Allowance for credit losses ("ACL"):
ACL at beginning of period
$
80,542
$
67,339
$
59,645
$
47,971
$
48,167
$
47,971
$
47,916
Adoption of ASU 2016-13
—
—
—
3,566
—
3,566
—
Adjusted ACL at beginning of period
80,542
67,339
59,645
51,537
48,167
51,537
47,916
Provision for credit losses on loans [1]
4,496
14,465
10,640
9,329
2,098
38,930
6,317
Charge-offs:
Commercial, financial and agricultural
676
810
1,103
437
379
3,026
2,478
Real estate:
Residential mortgage
—
11
52
—
—
63
—
Home equity
—
—
—
—
—
—
5
Commercial mortgage
—
75
—
—
—
75
—
Consumer
1,856
1,492
2,626
2,217
2,723
8,191
8,265
Leases
—
—
—
—
—
—
—
Total charge-offs
2,532
2,388
3,781
2,654
3,102
11,355
10,748
Recoveries:
Commercial, financial and agricultural
189
321
305
342
264
1,157
1,174
Real estate:
Construction
—
—
—
131
6
131
610
Residential mortgage
15
13
20
181
26
229
524
Home equity
2
—
—
31
—
33
42
Commercial mortgage
1
12
1
2
—
16
25
Consumer
556
780
509
746
512
2,591
2,111
Total recoveries
763
1,126
835
1,433
808
4,157
4,486
Net charge-offs
1,769
1,262
2,946
1,221
2,294
7,198
6,262
ACL at end of period
$
83,269
$
80,542
$
67,339
$
59,645
$
47,971
$
83,269
$
47,971
Average loans, net of deferred fees and costs
$
5,034,717
$
5,016,955
$
4,902,905
$
4,462,347
$
4,412,247
$
4,855,169
$
4,241,308
Annualized ratio of net charge-offs to average loans
0.14
%
0.10
%
0.24
%
0.11
%
0.21
%
0.15
%
0.15
%
[1] The Company recorded a reserve on accrued interest receivable for loans on payment forbearance or deferral, which were granted to borrowers impacted by the COVID-19 pandemic. This reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses. The provision for credit losses presented in this table excludes the provision for credit losses on accrued interest receivable of $0.18 7 million
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
TABLE 11
The Company believes that pre-tax, pre-provision ("PTPP") earnings, 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 PTPP earnings and our PTPP earnings 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)
2020
2020
2020
2020
2019
2020
2019
Net income
$
12,171
$
6,859
$
9,917
$
8,326
$
14,197
$
37,273
$
58,322
Add: Income tax expense
3,772
2,200
2,967
2,821
5,165
11,760
19,605
Income before taxes
15,943
9,059
12,884
11,147
19,362
49,033
77,927
Add: Provision for credit losses
4,496
14,652
10,640
9,329
2,098
39,117
6,317
PTPP earnings
$
20,439
$
23,711
$
23,524
$
20,476
$
21,460
$
88,150
$
84,244
Three Months Ended
Year Ended
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Dec 31,
(Dollars in thousands)
2020
2020
2020
2020
2019
2020
2019
Net income
$
12,171
$
6,859
$
9,917
$
8,326
$
14,197
$
37,273
$
58,322
Net income (annualized)
48,684
27,436
39,668
33,304
56,788
37,273
58,322
PTPP earnings
20,439
23,711
23,524
20,476
21,460
88,150
84,244
PTPP earnings (annualized)
81,756
94,844
94,096
81,904
85,840
88,150
84,244
Average assets
6,621,127
6,574,492
6,468,129
6,007,237
5,978,797
6,418,661
5,888,615
Return on average assets
0.74
%
0.42
%
0.61
%
0.55
%
0.95
%
0.58
%
0.99
%
PTPP earnings to average assets
1.23
%
1.44
%
1.45
%
1.36
%
1.44
%
1.37
%
1.43
%
The following table sets forth a reconciliation of the ratios of our allowance for credit losses ("ACL") to total loans and ACL to total loans, excluding SBA Paycheck Protection Program ("PPP") loans, for each of the periods indicated:
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
(Dollars in thousands)
2020
2020
2020
2020
2019
ACL
$
83,269
$
80,542
$
67,339
$
59,645
$
47,971
Total loans
$
4,964,113
$
5,030,626
$
5,003,438
$
4,511,998
$
4,449,540
PPP loans
416,375
528,581
526,408
—
—
Total loans, excluding PPP loans
$
4,547,738
$
4,502,045
4,477,030
4,511,998
$
4,449,540
Ratio of ACL to total loans
1.68
%
1.60
%
1.35
%
1.32
%
1.08
%
Ratio of ACL to total loans, excluding PPP loans
1.83
%
1.79
%
1.50
%
1.32
%
1.08
%
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
TABLE 11 (CONTINUED)
The following table sets forth a reconciliation of the ratios of our loans on payment forbearance or deferrals to total loans and loans on payment forbearance or deferrals to total loans, excluding PPP loans, for each of the periods indicated:
Dec 31,
Sep 30,
Jun 30,
2020
2020
2020
Loans on payment forbearance or deferrals
$
120,206
$
290,841
$
567,860
Total loans
4,964,113
5,030,626
5,003,438
Total loans, excluding PPP loans
4,547,738
4,502,045
4,477,030
Ratio of loans on payment forbearance or deferrals to total loans
2.42
%
5.78
%
11.35
%
Ratio of loans on payment forbearance or deferrals to total loans, excluding PPP loans
2.64
%
6.46
%
12.68
%
http://www.prnewswire.com/news-releases/central-pacific-financial-corp-reports-fourth-quarter-2020-quarterly-and-annual-results-301215993.html
SOURCE Central Pacific Financial Corp.
