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Dec 31, 2021
Central Pacific Financial Q4 2021 Earnings Report
Announced record earnings and launched a new Banking-as-a-Service initiative to drive mainland expansion.
Key Takeaways
Central Pacific Financial Corp. reported record net income for the fourth quarter of 2021, with net income of $22.3 million, or $0.80 per diluted share. The company also launched a new Banking-as-a-Service initiative to expand both in and beyond Hawaii.
Net income of $22.3 million, or $0.80 per diluted share for the quarter.
ROA of 1.22% and ROE of 16.05% for the quarter.
Board of Directors increased quarterly cash dividend by 4.0% to $0.26 per share.
Core loans increased by $183.2 million, or 3.8%, in the fourth quarter.
Revenue by Geographic Location
Forward Guidance
The Company will continue its BaaS initiatives with an equity investment in Swell, a new fintech company. Swell plans to launch a consumer banking app that combines checking, credit and more into one integrated account, and Central Pacific Bank will serve as the bank sponsor. There will also be a collaboration between the Company, Swell and Elevate Credit (NYSE:ELVT), a leading provider of digital lending solutions. Swell is scheduled to launch its first product in mid-2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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