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Dec 31, 2020
Central Pacific Financial Q4 2020 Earnings Report
Reported net income of $12.2 million, or $0.43 per diluted share, and mortgage banking income increased by 285.4% from the year-ago quarter.
Key Takeaways
Central Pacific Financial Corp. reported a strong finish to 2020 with a net income of $12.2 million, or $0.43 per diluted share, for the fourth quarter. The company's results were impacted by a higher provision for credit loss expense due to the economic forecast under the COVID-19 pandemic. The company completed its RISE2020 initiative and launched a new brand design.
Net income was $12.2 million, or $0.43 per diluted share, for the fourth quarter.
The fourth quarter included nonrecurring expenses totaling $5.9 million primarily related to employee incentives and benefits, branch consolidation, and other settlements.
Loans on forbearance or deferral declined by 58.7% to $120.2 million, or 2.4% of the total loan portfolio at December 31, 2020.
Mortgage banking income of $5.4 million in the fourth quarter increased by 285.4% from the year-ago quarter.
Revenue by Geographic Location
Forward Guidance
The Company is optimistic for improvements to the local economy in 2021 and are actively pushing forward with strategies to position the Company for the future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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