Earnings release
Page 1
EX - 99.1 2 exhibit99-1erq22021.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 INCREASE IN SECOND QUARTER EARNINGS TO $ 18.7 MILLION Net income of $ 18.7 million , or $ 0.66 per diluted share for the second quarter . • ROA of 1.06 % and ROE of 13.56 % for the second quarter . • Core loans increased by $ 102.7 million in the second quarter , while PPP loans decreased by $ 163.2 million for a net decrease in total loans of $ 60.5 million from the first quarter of 2021 . • Total deposits of $ 6.40 billion increased by $ 188.2 million , or 3.0 % from the first quarter of 2021 . • Cost of average total deposits of 0.06 % in the second quarter . • Board of Directors declared a quarterly cash dividend of $ 0.24 per share . Repurchased 156,600 shares of the Company's common stock , at a total cost of $ 4.3 million . HONOLULU , HI , July 28 , 2021 – Central Pacific Financial Corp. ( NYSE : CPF ) ( the " Company " ) , parent company of Central Pacific Bank ( the " Bank " ) , today reported net income in the second quarter of 2021 of $ 18.7 million , or fully diluted earnings per share ( " EPS " ) of $ 0.66 , compared to net income in the second quarter of 2020 of $ 9.9 million , or EPS of $ 0.35 , and net income in the first quarter of 2021 of $ 18.0 million , or EPS of $ 0.64 . " We are pleased to report very strong financial results with quarterly pre - tax income reaching a new high since 2007 , " said Paul Yonamine , Chairman and Chief Executive Officer . " During the second quarter we resumed share repurchases as the Hawaii economy continued to rebound , and our asset quality , liquidity and capital levels remained very strong . " " Our quarterly results are a reflection of the extraordinary work of our teams who continue to diligently manage risks while growing our loans and deposits to meet our customer's needs , " said Catherine Ngo , President .