Central Pacific Financial Corp. reported a net income of $19.4 million, or $0.70 per diluted share, for the first quarter of 2022. The company saw an increase in core loans and improvements in asset quality. They also completed an equity investment and are on track to serve as a bank sponsor for Swell Financial.
Net income of $19.4 million, or $0.70 per diluted share for the quarter.
ROA of 1.06% and ROE of 14.44% for the quarter.
Core loans increased by $120.3 million, or 2.4% (9.6% annualized), in the first quarter.
Ratio of nonperforming assets to total assets improved to 0.07% in the first quarter.
Central Pacific anticipates that its ongoing digital transformation and Banking-as-a-Service strategy will contribute to future earnings growth. The company has an optimistic outlook due to Hawaii's stronger than anticipated economic recovery.
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