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Central Pacific Financial posts record quarterly earnings | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Wednesday, October 25, 2006

Central Pacific Financial posts record quarterly earnings

Advertiser Staff

Central Pacific Financial Corp.'s third-quarter earnings rose 14.4 percent to a record $20.6 million, helped by growth in loans and deposits.

THE NUMBERS

Net income: $20.6 million, up 14.4 percent from year ago.

Earnings per share: 67 cents, up 15.5 percent from year ago.

Assets: $5.4 billion, up 6.7 percent from year ago.

Loans: $3.8 billion, up 11.8 percent from year ago.

Deposits: $3.8 billion, up 9 percent from a year ago.

Shareholders equity: $722.9 million, up 8.7 percent from year ago.

REASONS

  • The bank continues to benefit from a healthy local economy.

  • Central Pacific's interest income was up 7.1 percent during the quarter ending Sept. 30.

  • The company continued to focus on improving its asset quality as the value of nonperforming loans fell $42.9 percent to $8 million.

  • Central Pacific reduced its operating expenses during the latest quarter by $1.1 million to $31.2 million.

    WHAT THEY ARE SAYING

    "Central Pacific posted another quarter of record earnings. ... We are pleased that we have achieved solid growth in loans and deposits over the past year, while at the same time maintaining a strong credit discipline and a stable net interest margin."

    Clint Arnoldus
    president and CEO

    WHAT'S NEXT

    Central Pacific said it expects its 2006 per-share earnings will range between $2.62 and $2.67, which is up from 2005's $2.38.

    Analysts believe the company's stock will trade between $38 and $42 per share.

    Central Pacific said it is still assessing the impact of the Oct. 15 earthquakes, but that there are no indications its customers suffered any significant damage.
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