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Jun 30, 2020
Central Pacific Financial Q2 2020 Earnings Report
Reported net income of $9.9 million and EPS of $0.35, driven by strong pre-tax pre-provision earnings and supported by PPP loan originations and core deposit increases.
Key Takeaways
Central Pacific Financial Corp. reported a net income of $9.9 million, or $0.35 per diluted share, for the second quarter of 2020. The results were impacted by a higher provision for credit loss expense due to deteriorating economic conditions from the COVID-19 pandemic. The company supported over 7,200 small businesses with SBA Paycheck Protection Program (PPP) loan originations totaling $556.9 million.
Net income for the second quarter was $9.9 million, or fully diluted EPS of $0.35.
Pre-tax pre-provision earnings were $23.5 million for the second quarter.
Total loans increased by $491.4 million, or 10.9% sequentially, largely contributed by SBA Paycheck Protection Program (“PPP”) loan originations.
Core deposits increased by $719.3 million, or 16.7% sequentially.
Revenue by Geographic Location
Forward Guidance
The document contains forward-looking statements concerning projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items.
Positive Outlook
- Statements of plans, objectives and expectations of Central Pacific Financial Corp. or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions.
- Statements of future economic performance including anticipated performance results from our RISE2020 initiative.
- Any statements of the assumptions underlying or relating to any of the foregoing.
- Words such as "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
- While we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect.
Challenges Ahead
Historical Earnings Impact
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Avg. Return Before/After Earnings
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