Central Pacific Financial Corp. reports second quarter earnings of $17.6 million

Central Pacific Financial Corp., the parent company of Central Pacific Bank, today reported net income for the second quarter of 2022 of $17.6 million, or fully diluted earnings per share of $0.64.

This compares to net income of $18.7 million in the second quarter of 2021 ($0.66 earnings per share) and net income of $19.4 million in the first quarter of 2022 ($0.70 per share).

Net income for the second quarter of 2022 included an $8.5 million gain on the sale of the company’s Class B common stock of Visa, Inc., partially offset by a $4.9 million non-cash settlement charge related to the termination and settlement of the company’s defined benefit pension plan, according to a company news release.

“We are pleased to report strong financial performance for the second quarter, highlighted by solid double-digit annualized loan growth, continued inflow of core deposits, net interest margin expansion, and excellent asset quality,” said Paul Yonamine, Chairman and Chief Executive Officer. ” With these favorable trends, we expect to drive further growth in earnings throughout the rest of 2022 and beyond.”

Arnold Martines, President and Chief Operating Officer, said: “Statewide Hawaiʻi visitor arrivals are expected to exceed 90% of pre-pandemic levels in 2022, thanks in part to the gradual return of higher-spending international travelers. This will bode well for the state, creating additional opportunities for economic growth.”

During the second quarter, Central Pacific Bank was named the top bank in Hawaiʻi in 2022 by Forbes. It finished ahead of the other local banks based on a survey that ranked all local banks on branch and digital services, overall customer service and trust, and financial advice.