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Mar 31, 2021
Central Pacific Financial Q1 2021 Earnings Report
Reported net income of $18.0 million and increased cash dividend.
Key Takeaways
Central Pacific Financial Corp. reported a strong first quarter in 2021, with net income reaching $18.0 million, or $0.64 per diluted share. The company's ROA was 1.07% and ROE was 13.07%. Total loans increased by $173.7 million, primarily due to an increase in PPP loans. The Board of Directors increased the quarterly cash dividend by 4.3% to $0.24 per share.
Net income for the first quarter was $18.0 million, or $0.64 per diluted share.
Return on Average Assets (ROA) was 1.07% and Return on Average Equity (ROE) was 13.07% for the first quarter.
Total loans increased by $173.7 million, or 3.5% from the fourth quarter of 2020, primarily due to an increase in PPP loans of $181.4 million.
The Board of Directors increased the quarterly cash dividend by 4.3% to $0.24 per share.
Revenue by Geographic Location
Forward Guidance
Central Pacific Financial Corp.'s first quarter 2021 results are the highest quarterly pre-tax income reported since 2007. The company is pleased to announce an increase to the quarterly cash dividend and believe that RISE2020 investments have positioned the company well. They remain highly committed to continuing to deliver results and achievement of financial targets.
Positive Outlook
- Strong first quarter results with the highest quarterly pre-tax income since 2007.
- Hawaii economy continues to recover.
- Increased quarterly cash dividend.
- RISE2020 investments have positioned the company well.
- Committed to continuing to deliver results and achievement of financial targets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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