Central Pacific earnings up on growth of loans, deposits
Advertiser Staff
Central Pacific Financial Corp. reported a 2.9 percent increase in its second quarter 2007 earnings thanks to strong loan and deposit growth.
BY THE NUMBERS
Net income: $21 million, up 2.9 percent from a year ago.
Earnings per share: 68 cents, up 2 cents from a year ago.
Net interest income: $52.9 million, up 1.4 percent from a year ago.
Deposits: $3.9 billion, up 6.8 percent from a year ago.
Loans: $3.9 billion, up 6.7 percent from a year ago.
Total assets: $5.6 billion, up 5.2 percent from a year ago.
REASONS
WHAT THEY ARE SAYING
"Our strong quarter was the result of solid loan and deposit growth, strong asset quality and our ability to control expenses."
"We believe we are well positioned to achieve our strategic goals ... "Clint Arnoldus
Central Pacific Financial Corp. CEO
WHAT'S NEXT
The company said it expects to earn between $2.75 and $2.85 per share in 2007.
Central Pacific's board recently authorized the repurchase of up to 1.5 million shares, or 4.5 percent of its outstanding common stock.
The bank also increased its third-quarter cash dividend to 25 cents a share payable on Sept. 21 for shareholders of record on Aug. 17.
