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.
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