Central Pacific benefiting from strong Hawai'i economy
Advertiser Staff
Central Pacific Financial Corp. reported a 12.2 percent surge in its first quarter 2006 net income as it benefited from a healthy rise in assets, deposits and loans.
THE NUMBERS
Net income: $19.3 million, up 12.2 percent from a year ago.
Earnings per share: 63 cents, up 6.8 percent.
Net interest income: $52.2 million, up 12.7 percent.
Total assets: $5.3 billion, up 9.8 percent.
Total loans and leases: $3.6 billion, up 12 percent.
Total deposits: $3.7 billion, up 8.8 percent.
REASONS
WHAT THEY ARE SAYING
"We believe we are well-positioned to achieve our strategic goals and to continue our strong financial performance."
Clint ArnoldusCentral Pacific's president and chief executive officer
WHAT'S NEXT
Central Pacific said it expects its 2006 per-share earnings to grow between 7 percent and 10 percent, reflecting the current economic and business conditions.
The bank said its revenues and expenses continue to benefit from synergies brought about by its merger with City Bank.
Analysts expect Central Pacific's stock to trade between $38 and $42 per share over the next year. The company's stock rose 79 cents to $34.21.
