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Sep 30, 2020
Central Pacific Financial Q3 2020 Earnings Report
Net income decreased due to a higher provision for credit loss expense driven by the economic forecast under the current COVID-19 pandemic.
Key Takeaways
Central Pacific Financial Corp. reported net income of $6.9 million, or $0.24 per share, for the third quarter of 2020. The results were impacted by a higher provision for credit loss expense due to the COVID-19 pandemic.
Net income of $6.9 million, or fully diluted EPS of $0.24 for the third quarter.
Pre-tax pre-provision earnings of $23.7 million for the third quarter increased by 13.0% from the year-ago quarter and 0.8% from the second quarter.
Allowance for credit losses to total loans ratio of 1.60% at September 30, 2020, compared to 1.35% at June 30, 2020.
Loans on forbearance or deferral declined by 48.8% to $290.8 million at September 30, 2020 from $567.9 million at June 30, 2020.
Revenue by Geographic Location
Forward Guidance
The document may contain 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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