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Jun 30, 2022
Central Pacific Financial Q2 2022 Earnings Report
Reported strong financial results driven by solid double-digit annualized loan growth, continued inflow of core deposits, net interest margin expansion, and excellent asset quality.
Key Takeaways
Central Pacific Financial Corp. reported a net income of $17.6 million, or $0.64 per diluted share, for the second quarter of 2022. The results included an $8.5 million gain on the sale of Visa, Inc. stock, partially offset by a $4.9 million non-cash settlement charge related to the termination of the company's defined benefit pension plan.
Net income of $17.6 million, or $0.64 per diluted share for the quarter.
ROA of 0.96% and ROE of 14.93% for the quarter.
Total loans of $5.30 billion increased by $126.8 million, or 2.5% in the second quarter.
Total deposits of $6.62 billion increased by $23.0 million, or 0.3% in the second quarter.
Revenue by Geographic Location
Forward Guidance
Central Pacific Financial expects to drive further growth in earnings throughout the rest of 2022 and beyond due to favorable trends, and statewide Hawaii visitor arrivals are expected to exceed 90% of pre-pandemic levels.
Positive Outlook
- Solid double-digit annualized loan growth
- Continued inflow of core deposits
- Net interest margin expansion
- Excellent asset quality
- Statewide Hawaii visitor arrivals are expected to exceed 90% of pre-pandemic levels
Historical Earnings Impact
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Avg. Return Before/After Earnings
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