Central Pacific Financial Corp. reports recurring developments for a Hawaii-based bank holding company whose primary subsidiary, Central Pacific Bank, provides commercial banking services in the state. Company updates center on quarterly and annual earnings, net interest and fee income, loan and deposit activity, asset quality, liquidity, regulatory capital ratios, and operating expenses.
News also covers capital actions such as common-stock repurchases, earnings-call scheduling, branch and ATM network references, and recognition tied to small-business lending. The company’s disclosures place its banking operations within a single operating segment focused on deposits, commercial and residential lending, construction lending, consumer loans, investment securities, and related service fees.
Central Pacific Financial Corp. (NYSE: CPF) announced the completion of a private placement of $55.0 million in ten-year subordinated notes, offering a fixed interest rate of 4.75% for the first five years, resetting quarterly thereafter. The proceeds will be used for general corporate purposes and to enhance capital flexibility. CEO Paul Yonamine stated that this issuance strengthens the Bank's capital position, supporting customers and the community. Notes are redeemable starting November 1, 2025, and the maturity date is set for November 1, 2030.
Central Pacific Financial Corp. (NYSE: CPF) is set to announce its third quarter 2020 earnings on October 28, 2020, before the NYSE opens. A conference call and live audio webcast will follow at 1:00 PM ET (7:00 AM HT) the same day. Interested parties can join via phone at 1-877-505-7644 or through the company's investor relations website. Central Pacific Financial Corp. has about $6.6 billion in assets, with Central Pacific Bank operating 32 branches in Hawaii, four of which are temporarily closed due to COVID-19.
Central Pacific Financial Corp. (NYSE: CPF) reported a Q2 2020 net income of $9.9 million, down from $13.5 million a year prior, impacted by a $10.6 million provision for credit losses amid COVID-19 challenges. The company’s net interest income rose to $49.3 million, boosted by Paycheck Protection Program loans, though net interest margin fell to 3.26%. Total assets reached $6.63 billion, a 12% increase YoY, with total loans growing 17.8% driven by PPP loans. A quarterly dividend of $0.23 per share was declared, payable on September 15, 2020.
Central Pacific Financial Corp. (NYSE: CPF) will release its second quarter 2020 earnings on July 29, 2020, before the NYSE opens. A live conference call and webcast will take place at 1:00 p.m. Eastern Time on the same day. Central Pacific Bank, the primary subsidiary, has $6.1 billion in assets and operates 35 branches and 75 ATMs in Hawaii. However, due to COVID-19, 9 branches are temporarily closed to ensure employee and customer safety. Interested parties can access the conference via phone or the company's investor relations website.