Earnings release
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EX - 99.1 2 exhibit99-1erq12021.htm EX - 99.1 CENTRAL PACIFIC FINANCIAL Investor Contact : Ian Tanaka SVP , Treasurer ( 808 ) 544-3646 ian.tanaka@cpb.bank NEWS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE Media Contact : Dean Kawamura VP , Community Development Manager ( 808 ) 544-3642 dean.kawamura@cpb.bank CENTRAL PACIFIC FINANCIAL CORP . REPORTS $ 18.0 MILLION FIRST QUARTER EARNINGS AND INCREASES CASH DIVIDEND . Net income of $ 18.0 million , or $ 0.64 per diluted share for the first quarter . • ROA of 1.07 % and ROE of 13.07 % for the first quarter . • Total loans of $ 5.14 billion increased by $ 173.7 million , or 3.5 % from the fourth quarter of 2020 , primarily due to an increase in PPP loans of $ 181.4 million . Loans on forbearance or deferral totaled $ 39.5 million , or less than 1 % of total loans at March 31 , 2021 , and declined 67.1 % from the fourth quarter of 2020 . • Nonperforming assets totaled $ 7.2 million or 0.10 % of total assets . • Total deposits of $ 6.21 billion increased by $ 412.8 million , or 7.1 % from the fourth quarter of 2020 . • Cost of average total deposits of 0.06 % in the first quarter declined by 3 basis points from the fourth quarter of 2020 . • Board of Directors increased quarterly cash dividend by 4.3 % to $ 0.24 per share . HONOLULU , HI , April 28 , 2021 - Central Pacific Financial Corp. ( NYSE : CPF ) ( the " Company " ) , parent company of Central Pacific Bank ( the " Bank " ) , today reported net income in the first quarter of 2021 of $ 18.0 million , or fully diluted earnings per share ( " EPS " ) of $ 0.64 , compared to net income in the first quarter of 2020 of $ 8.3 million , or EPS of $ 0.29 , and net income in the fourth quarter of 2020 of $ 12.2 million , or EPS of $ 0.43 . " Central Pacific Financial Corp.'s first quarter 2021 results are the highest quarterly pre - tax income we have reported since 2007. With this strong start to 2021 , combined with the Hawaii economy continuing to recover , we are pleased to announce an increase to our quarterly cash dividend , " said Paul Yonamine , Chairman and Chief Executive Officer . " We believe our RISE2020