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Earnings, loans, deposits, assets all up for Central Pacific | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, May 1, 2007

Earnings, loans, deposits, assets all up for Central Pacific

Advertiser Staff

Central Pacific Financial Corp. saw its first-quarter earnings rise 4.2 percent due to healthy growth in loans, deposits and total assets.

FIRST QUARTER

Net income: $20.1 million, up 4.2 percent vs. year ago.

Earnings per share: 65 cents, up 3.2 percent vs. year ago.

Total assets: $5.5 billion, up 4.9 percent vs. year ago.

Loans and leases: $3.9 billion, up 7.8 percent vs. year ago.

Deposits: $3.9 billion, up 4.5 percent vs. year ago.

Shareholders equity: $753.5 million, up 9.8 percent vs. year ago.

REASONS

  • Despite a tougher interest rate environment, Central Pacific's interest income from loans grew 2.9 percent to $53.7 million.

  • The company cut its noninterest expenses by 9.8 percent to $30.5 million.

  • The bank's credit quality continued to improve as nonperforming assets represented just 0.03 percent of total assets. A year ago, nonperforming assets represented 0.12 percent of total assets.

    WHAT THEY ARE SAYING

    "It's rewarding to see continued earnings growth despite an increasingly challenging environment. We are particularly pleased with the growth in our commercial lines as we continue to roll out innovative products for our customers."

    Clint Arnoldus
    President and CEO

    WHAT’S NEXT

    The bank expects fiscal 2007 net income to range from $2.75-$2.85 per share.

    Central Pacific's board recently authorized the repurchase of 600,000 shares. Earnings per share could get a lift.

    Analysts expect shares to trade as much as $41 per share.

    The bank is aggressively courting small-business customers. Last month, it unveiled a remote-deposit service that allows small employers to deposit checks from their offices or home offices.
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