Maui Business

Central Pacific reports 4Q earnings of $20.2M and 2022 earnings of $73.9M

Play
Listen to this Article
3 minutes
Loading Audio... Article will play after ad...
Playing in :00
A
A
A

Central Pacific Bank on Oʻahu

Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank, recently reported net income for the fourth quarter of 2022 of $20.2 million, compared to $16.7 million in the previous quarter and $22.3 million in the year-ago quarter.

Fully diluted earnings per share of $0.74 for the fourth quarter of 2022 reflected a 21% increase from $0.61 in the previous quarter and an 8% decrease from $0.80 in the year-ago quarter. For the 2022 year, net income was $73.9 million, or EPS of $2.68, compared to net income of $79.9 million, or EPS of $2.83 last year.

“We ended the 2022 year successfully with strong loan, deposit and net interest income growth,” Arnold Martines, president and chief executive officer, said in a news release. “At the same time, we continued to have solid asset quality, liquidity and capital positions. We believe the Hawai’i economy will be resilient and fare better than the rest of the country because of our strong housing and tourism markets, as well as the large military presence in our state. I would like to thank our hard-working and committed team of employees, as well as our customers for their ongoing support of our bank.”

Highlights include the following:

ARTICLE CONTINUES BELOW AD
ARTICLE CONTINUES BELOW AD

• Net income of $20.2 million, or $0.74 per diluted share for the fourth quarter. Net income of $73.9 million, or $2.68 per diluted share for the 2022 year.

• ROA of 1.09% and ROE of 18.30% for the fourth quarter. ROA of 1.01% and ROE of 15.47% for the 2022 year.

• Total loans of $5.56 billion increased by $133.3 million, or 2.5% (10.0% annualized) in the fourth quarter. Total loans increased by $453.8 million, or 8.9% for the 2022 year.

• Total deposits of $6.74 billion increased by $179.8 million, or 2.7% (10.8% annualized) in the fourth quarter. Total deposits increased by $97.1 million, or 1.5% for the 2022 year.

ARTICLE CONTINUES BELOW AD

• Net interest income increased by $0.9 million, or 1.7% from the previous quarter. Net interest margin of 3.17% was consistent with the previous quarter. Net interest margin, excluding PPP loans, of 3.16% increased by 3 bps from the previous quarter.

• Board of Directors approved quarterly cash dividend of $0.26 per share and new $25 million share repurchase program.

Key business during the fourth quarter include the following:

• Arnold Martines, a veteran of the local banking industry and Central Pacific Bank, was promoted to President & CEO of Central Pacific Bank and Central Pacific Financial.

ARTICLE CONTINUES BELOW AD

• Newsweek named Central Pacific Bank one of the Best Banks in Hawaii.

• Jason Fujimoto, President & CEO of HPM Building Supply on the island of Hawaiʻi, was named to the boards of CPB and CPF.

• The Central Pacific Bank Foundation again contributed generously to the local community with total donations in 2022 of $1.3 million.

• In the community, the bank launched a major small business marketing campaign aimed at a key customer segment and area of strategic focus for the bank.

ADVERTISEMENT

Sponsored Content

Subscribe to our Newsletter

Stay in-the-know with daily or weekly
headlines delivered straight to your inbox.
Cancel
×

Comments

This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments