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Mar 31, 2020
Central Pacific Financial Q1 2020 Earnings Report
Net income decreased due to total credit loss expense under the CECL methodology, impacted by economic forecasts anticipating deterioration from the COVID-19 pandemic.
Key Takeaways
Central Pacific Financial Corp. reported a net income of $8.3 million, or $0.29 fully diluted EPS, for Q1 2020. The results were impacted by a credit loss expense of $11.1 million due to the adoption of the CECL methodology and the economic forecasts due to the COVID-19 pandemic.
Net income of $8.3 million, or fully diluted EPS of $0.29 for the first quarter.
Total loans increased by $62.5 million, or 1.4% sequentially, and $410.4 million, or 10.0% year-over-year.
Core deposits increased by $45.4 million, or 1.1% sequentially, and $244.5 million, or 6.0% year-over-year.
Cost of average total deposits of 0.36% in the first quarter declined by 5 basis points from the fourth quarter.
Revenue by Geographic Location
Forward Guidance
The Company expects an adverse impact to earnings in the near term due to the COVID-19 pandemic.
Positive Outlook
- Company has the right leadership.
- Company has a solid balance sheet.
- Company has strong risk management.
Challenges Ahead
- Company expects to see an adverse impact to earnings in the near term
- Challenges brought on by the COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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