Central Pacific Financial Reports $11.3M Q4 Net Income

By Bobby Samwell • Wednesday, January 29 10:30 • Permanent Link

Central Pacific Financial Corp., the parent company of Central Pacific Bank, has reported its fourth-quarter and full-year 2024 earnings. Here are the highlights:

Net income for the fourth quarter of 2024 was $11.3 million, or $0.42 per diluted share, compared to $13.3 million, or $0.49 per diluted share in the previous quarter.
Full-year 2024 net income was $53.4 million, or $1.97 per diluted share, compared to $58.7 million, or $2.17 per diluted share in 2023.
Adjusted net income (non-GAAP) for the fourth quarter of 2024 was $19.0 million, or $0.70 per diluted share, and $63.4 million, or $2.34 per diluted share for the full year 2024.
Net interest margin increased by 10 basis points to 3.17% from the previous quarter.
Total risk-based capital and common equity tier 1 ratios stood at 15.4% and 12.3%, respectively.
The company's board of directors approved a 3.8% increase in the quarterly cash dividend to $0.27 per share and authorized a new share repurchase program of up to $30.0 million for 2025.

In terms of the balance sheet:

Total assets increased to $7.47 billion at December 31, 2024, from $7.42 billion at September 30, 2024.
Total loans, net of deferred fees and costs, decreased to $5.33 billion at December 31, 2024, from $5.34 billion at September 30, 2024.
Total deposits increased to $6.64 billion at December 31, 2024, from $6.58 billion at September 30, 2024.

Regarding asset quality:

Nonperforming assets totaled $11.0 million, or 0.15% of total assets at December 31, 2024, compared to $11.6 million, or 0.16% of total assets at September 30, 2024.
Net charge-offs totaled $3.8 million in the fourth quarter of 2024, compared to net charge-offs of $3.6 million in the previous quarter.

On the regulatory front:

The bank received final approval from the Federal Reserve to become a member of the Federal Reserve System, effective January 24, 2025.

As a result of these announcements, the company's shares have moved -0.9% on the market, and are now trading at a price of $28.3. Check out the company's full 8-K submission here.

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