Maui Business

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

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Central Pacific Bank on Oʻahu

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.”

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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.

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