Central Pacific Financial Corp. Revises its Previously Announced Allowance for Loan and Lease Losses
FOURTH QUARTER NET INCOME EXPECTED TO BE REVISED UP TO $10.3 MILLION
HONOLULU, Feb. 6, 2014 /PRNewswire/ -- Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the "Bank"), revised its previously announced results of operations because it has determined that certain third party market data applied in the calculation of its allowance for loan and lease losses ("ALLL") was not updated based on recently available data. As a result of this error, its fourth quarter 2013 net income is expected to be $10.3 million, or $0.24 per diluted share, compared to $9.0 million, or $0.21 per diluted share, previously announced on January 30, 2014. Net income for the year ended December 31, 2013 is expected to increase to $172.1 million, or $4.07 per diluted share.
The Company issued the revision upon further review of the calculation of its ALLL. The failure to update certain third party market data applied in the methodology to reflect the most recently available data resulted in the previously reported provision for loan and lease losses of $0.8 million. Applying the updated third party market data, the provision for loan and lease losses is expected to improve to a credit of $1.3 million in the fourth quarter of 2013. Management is assessing the implications of the identified error on the Company's internal controls over financial reporting. In addition to completing the final items for the year end audit of the Company's consolidated financial statements, the Company's auditor, KPMG LLP, is conducting a further review of the ALLL. The Company anticipates that KPMG's review will be completed by the end of February 2014. There can be no assurance that such review will not result in further revisions to the announced results of operations for the fourth quarter and full year ended December 31, 2013.
Revised financial highlights are included in this release.
Non-GAAP Financial Measures
This press release contains certain references to financial measures that have been adjusted to exclude certain expenses and other specified items. These financial measures differ from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") in that they exclude unusual or non-recurring charges, losses, credits or gains. This press release identifies the specific items excluded from the comparable GAAP financial measure in the calculation of each non-GAAP financial measure. Management believes that financial presentations excluding the impact of these items provide useful supplemental information that is important to a proper understanding of the Company's core business results by investors. These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $4.7 billion in assets. Central Pacific Bank, its primary subsidiary, operates 35 branches and 112 ATMs in the state of Hawaii, as of December 31, 2013. For additional information, please visit the Company's website at http://www.centralpacificbank.com.
Forward-Looking Statements
This document may contain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and may include the words "expects," "believes," "plans," "anticipates," "should," or words of similar meaning. While the Company believes that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from expectations for a variety of reasons. For further information on factors that could cause actual results to materially differ from expectations, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, the discussion of "Risk Factors" set forth therein. The Company does not update any of its forward-looking statements except as required by law.
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
|||||||||||||
| Financial Highlights - December 31, 2013 |
|||||||||||||
| (Unaudited) |
|||||||||||||
| Three Months Ended |
Year Ended |
||||||||||||
| December 31, |
December 31, |
||||||||||||
| (in thousands, except per share data) |
2013 |
2012 |
2013 |
2012 |
|||||||||
| INCOME STATEMENT |
|||||||||||||
| Net income |
$ 10,295 |
$ 12,410 |
$ 172,075 |
$ 47,421 |
|||||||||
| Per common share data: |
|||||||||||||
| Basic earnings per share |
0.24 |
0.30 |
4.10 |
1.14 |
|||||||||
| Diluted earnings per share |
0.24 |
0.29 |
4.07 |
1.13 |
|||||||||
| Cash dividends declared |
0.08 |
- |
0.16 |
- |
|||||||||
| PERFORMANCE RATIOS |
|||||||||||||
| Return on average assets (1) |
0.87 |
% |
1.16 |
% |
3.73 |
% |
1.13 |
% |
|||||
| Return on average shareholders' equity (1) |
6.22 |
9.81 |
27.70 |
9.81 |
|||||||||
| Net income to average tangible shareholders' equity (1) |
6.35 |
10.13 |
28.34 |
10.17 |
|||||||||
| Efficiency ratio (2) |
72.50 |
81.70 |
74.97 |
78.89 |
|||||||||
| Net interest margin (1) |
3.29 |
3.00 |
3.19 |
3.10 |
|||||||||
| December 31, |
|||||||||||||
| REGULATORY CAPITAL RATIOS |
2013 |
2012 |
|||||||||||
| Central Pacific Financial Corp. |
|||||||||||||
| Tier 1 risk-based capital |
20.30 |
% |
22.54 |
% |
|||||||||
| Total risk-based capital |
21.57 |
23.83 |
|||||||||||
| Leverage capital |
13.68 |
14.32 |
|||||||||||
| Central Pacific Bank |
|||||||||||||
| Tier 1 risk-based capital |
19.63 |
% |
21.47 |
% |
|||||||||
| Total risk-based capital |
20.90 |
22.75 |
|||||||||||
| Leverage capital |
13.22 |
13.65 |
|||||||||||
| December 31, |
% |
||||||||||||
| 2013 |
2012 |
Change |
|||||||||||
| BALANCE SHEET |
|||||||||||||
| Total assets |
$ 4,741,198 |
$ 4,370,368 |
8.5 |
% |
|||||||||
| Loans and leases |
2,630,601 |
2,203,944 |
19.4 |
||||||||||
| Net loans and leases |
2,546,781 |
2,107,531 |
20.8 |
||||||||||
| Deposits |
3,936,173 |
3,680,772 |
6.9 |
||||||||||
| Total shareholders' equity |
660,113 |
504,822 |
30.8 |
||||||||||
| Book value per common share |
15.68 |
12.06 |
30.0 |
||||||||||
| Tangible book value per common share |
15.37 |
11.69 |
31.5 |
||||||||||
| Market value per common share |
20.08 |
15.59 |
28.8 |
||||||||||
| Tangible common equity ratio (3) |
13.69 |
% |
11.24 |
% |
21.8 |
||||||||
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
|||||||||||||
| Financial Highlights - December 31, 2013 |
|||||||||||||
| (Unaudited) |
|||||||||||||
| Three Months Ended |
Year Ended |
||||||||||||
| December 31, |
% |
December 31, |
% |
||||||||||
| 2013 |
2012 |
Change |
2013 |
2012 |
Change |
||||||||
| SELECTED AVERAGE BALANCES |
|||||||||||||
| Total assets |
$ 4,746,897 |
$ 4,293,042 |
10.6 |
% |
$ 4,610,822 |
$ 4,207,655 |
9.6 |
% |
|||||
| Interest-earning assets |
4,368,386 |
3,983,983 |
9.6 |
4,235,052 |
3,898,677 |
8.6 |
|||||||
| Loans and leases, including loans held for sale |
2,553,574 |
2,172,818 |
17.5 |
2,394,955 |
2,130,758 |
12.4 |
|||||||
| Other real estate |
5,166 |
28,692 |
(82.0) |
7,767 |
46,913 |
(83.4) |
|||||||
| Deposits |
3,928,031 |
3,596,155 |
9.2 |
3,804,662 |
3,532,318 |
7.7 |
|||||||
| Interest-bearing liabilities |
3,152,826 |
2,879,056 |
9.5 |
3,061,652 |
2,868,352 |
6.7 |
|||||||
| Total shareholders' equity |
662,106 |
505,805 |
30.9 |
621,282 |
483,435 |
28.5 |
|||||||
| (in thousands, except per share data) |
|||||||||||||
| December 31, |
% |
||||||||||||
| 2013 |
2012 |
Change |
|||||||||||
| NONPERFORMING ASSETS |
|||||||||||||
| Nonaccrual loans (including loans held for sale) |
$ 41,588 |
$ 79,332 |
(47.6) |
% |
|||||||||
| Other real estate |
5,163 |
10,686 |
(51.7) |
||||||||||
| Total nonperforming assets |
46,751 |
90,018 |
(48.1) |
||||||||||
| Loans delinquent for 90 days or more (still accruing interest) |
15 |
503 |
(97.0) |
||||||||||
| Restructured loans (still accruing interest) |
23,273 |
31,760 |
(26.7) |
||||||||||
| Total nonperforming assets, loans delinquent for 90 days or more (still accruing interest) |
|||||||||||||
| and restructured loans (still accruing interest) |
$ 70,039 |
$ 122,281 |
(42.7) |
||||||||||
| Three Months Ended |
Year Ended |
||||||||||||
| December 31, |
% |
December 31, |
% |
||||||||||
| 2013 |
2012 |
Change |
2013 |
2012 |
Change |
||||||||
| Loan charge-offs |
$ 4,503 |
$ 4,098 |
9.9 |
% |
$ 12,616 |
$ 17,429 |
(27.6) |
% |
|||||
| Recoveries |
4,428 |
5,866 |
(24.5) |
11,333 |
10,634 |
6.6 |
|||||||
| Net loan charge-offs (recoveries) |
$ 75 |
$ (1,768) |
(104.2) |
$ 1,283 |
$ 6,795 |
(81.1) |
|||||||
| Net loan charge-offs (recoveries) to average loans (1) |
0.01 |
% |
(0.33) |
% |
0.05 |
% |
0.32 |
% |
|||||
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
|||||||||||||
| Financial Highlights - December 31, 2013 |
|||||||||||||
| (Unaudited) |
|||||||||||||
| December 31, |
|||||||||||||
| 2013 |
2012 |
||||||||||||
| ASSET QUALITY RATIOS |
|||||||||||||
| Nonaccrual loans (including loans held for sale) to total loans and leases and loans held for sale |
1.57 |
% |
3.54 |
% |
|||||||||
| Nonperforming assets to total assets |
0.99 |
2.06 |
|||||||||||
| Nonperforming assets, loans delinquent for 90 days or more (still accruing interest) and restructured loans |
|||||||||||||
| (still accruing interest) to total loans and leases, loans held for sale & other real estate |
2.64 |
5.43 |
|||||||||||
| Allowance for loan and lease losses to total loans and leases |
3.19 |
4.37 |
|||||||||||
| Allowance for loan and lease losses to nonaccrual loans (including loans held for sale) |
201.55 |
121.53 |
|||||||||||
| Allowance for loan and lease losses to nonperforming assets |
179.29 |
107.10 |
|||||||||||
| (1) |
Annualized |
||||||||||||
| (2) |
The efficiency ratio is a non-GAAP financial measure which should be read and used in conjunction with the Company's GAAP financial information. Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate the efficiency ratio differently. Our efficiency ratio is derived by dividing other operating expense (excluding amortization, impairment and write-down of intangible assets, goodwill, loans held for sale and foreclosed assets, loss on early extinguishment of debt, loss on investment transaction and loss on sale of commercial real estate loans) by net operating revenue (net interest income on a taxable equivalent basis plus other operating income before securities transactions and gains on sale of foreclosed assets). See Reconciliation of Non-GAAP Financial Measures. |
||||||||||||
| (3) |
The tangible common equity ratio is a non-GAAP financial measure which should be read and used in conjunction with the Company's GAAP financial information. Comparison of our tangible common equity ratio with those of other companies may not be possible because other companies may calculate the tangible common equity ratio differently. Our tangible common equity ratio is derived by dividing common shareholders' equity, less intangible assets (excluding mortgage servicing rights (MSRs)) by total assets, less intangible assets (excluding MSRs). |
||||||||||||
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||
| Reconciliation of Non-GAAP Financial Measures |
||||||
| (Unaudited) |
||||||
| Quarter Ended |
Quarter Ended |
Quarter Ended |
||||
| (Dollars in thousands, except per share data) |
December 31, 2013 |
September 30, 2013 |
December 31, 2012 |
|||
| Efficiency Ratio |
||||||
| Total other operating expenses |
$ 35,271 |
$ 36,512 |
$ 36,066 |
|||
| Less: |
||||||
| Amortization of other intangible assets |
668 |
669 |
669 |
|||
| Foreclosed asset expense |
43 |
(12) |
364 |
|||
| Write down of assets |
- |
- |
- |
|||
| Adjusted other operating expenses |
$ 34,560 |
$ 35,855 |
$ 35,033 |
|||
| Net interest income (tax equivalent) |
$ 36,031 |
$ 34,305 |
$ 29,910 |
|||
| Total other operating income |
12,173 |
11,930 |
16,803 |
|||
| Less: |
||||||
| Net gains on sales of foreclosed assets |
56 |
276 |
3,834 |
|||
| Net gains on sales of investment securities |
482 |
- |
- |
|||
| Adjusted other operating income |
$ 47,666 |
$ 45,959 |
$ 42,879 |
|||
| Efficiency ratio |
72.50 |
% |
78.02 |
% |
81.70 |
% |
| Tangible Common Equity Ratio |
December 31, 2013 |
December 31, 2012 |
||||
| Total shareholders' equity |
$ 660,113 |
$ 504,822 |
||||
| Less: Other intangible assets |
(12,704) |
(15,378) |
||||
| Tangible common equity |
647,409 |
489,444 |
||||
| Total assets |
4,741,198 |
4,370,368 |
||||
| Less: Other intangible assets |
(12,704) |
(15,378) |
||||
| Tangible assets |
4,728,494 |
4,354,990 |
||||
| Tangible common equity / Tangible assets |
13.69 |
% |
11.24 |
% |
||
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
|||||||||||
| CONSOLIDATED BALANCE SHEETS |
|||||||||||
| (Unaudited) |
|||||||||||
| December 31, |
September 30, |
December 31, |
|||||||||
| (In thousands, except share data) |
2013 |
2013 |
2012 |
||||||||
| ASSETS |
|||||||||||
| Cash and due from banks |
$ |
45,092 |
$ |
59,400 |
$ |
56,473 |
|||||
| Interest-bearing deposits in other banks |
4,256 |
37,499 |
120,902 |
||||||||
| Investment securities: |
|||||||||||
| Trading |
- |
- |
- |
||||||||
| Available for sale |
1,407,999 |
1,501,948 |
1,536,745 |
||||||||
| Held to maturity (fair value of $238,705 at December 31, 2013, |
|||||||||||
| $245,519 at September 30, 2013 and $162,528 at December 31, 2012) |
252,047 |
255,663 |
161,848 |
||||||||
| Total investment securities |
1,660,046 |
1,757,611 |
1,698,593 |
||||||||
| Loans held for sale |
12,370 |
12,437 |
38,283 |
||||||||
| Loans and leases |
2,630,601 |
2,484,318 |
2,203,944 |
||||||||
| Less allowance for loan and lease losses |
83,820 |
85,228 |
96,413 |
||||||||
| Net loans and leases |
2,546,781 |
2,399,090 |
2,107,531 |
||||||||
| Premises and equipment, net |
49,039 |
48,151 |
48,759 |
||||||||
| Accrued interest receivable |
14,072 |
13,765 |
13,896 |
||||||||
| Investment in unconsolidated subsidiaries |
9,127 |
18,558 |
10,975 |
||||||||
| Other real estate |
5,163 |
5,761 |
10,686 |
||||||||
| Mortgage servicing rights |
20,079 |
20,249 |
22,121 |
||||||||
| Other intangible assets |
12,704 |
13,372 |
15,378 |
||||||||
| Bank-owned life insurance |
149,604 |
148,903 |
147,411 |
||||||||
| Federal Home Loan Bank stock |
46,193 |
46,626 |
47,928 |
||||||||
| Other assets |
166,672 |
163,061 |
31,432 |
||||||||
| Total assets |
$ |
4,741,198 |
$ |
4,744,483 |
$ |
4,370,368 |
|||||
| LIABILITIES AND EQUITY |
|||||||||||
| Deposits: |
|||||||||||
| Noninterest-bearing demand |
$ |
891,017 |
$ |
878,262 |
$ |
843,292 |
|||||
| Interest-bearing demand |
728,619 |
739,421 |
672,838 |
||||||||
| Savings and money market |
1,207,016 |
1,212,488 |
1,186,011 |
||||||||
| Time |
1,109,521 |
1,076,093 |
978,631 |
||||||||
| Total deposits |
3,936,173 |
3,906,264 |
3,680,772 |
||||||||
| Short-term borrowings |
8,015 |
28,000 |
- |
||||||||
| Long-term debt |
92,799 |
108,268 |
108,281 |
||||||||
| Other liabilities |
44,037 |
48,415 |
66,536 |
||||||||
| Total liabilities |
4,081,024 |
4,090,947 |
3,855,589 |
||||||||
| Equity: |
|||||||||||
| Preferred stock, no par value, authorized 1,100,000 shares; |
|||||||||||
| issued and outstanding none at December 31, 2013, September 30, 2013, |
|||||||||||
| and December 31, 2012 |
- |
- |
- |
||||||||
| Common stock, no par value, authorized 185,000,000 shares; |
|||||||||||
| issued and outstanding 42,107,633 shares at December 31, 2013, 42,091,180 |
|||||||||||
| shares at September 30, 2013 and 41,867,046 shares at December 31, 2012 |
784,547 |
784,473 |
784,512 |
||||||||
| Surplus |
75,498 |
73,735 |
70,567 |
||||||||
| Accumulated deficit |
(184,087) |
(191,014) |
(349,427) |
||||||||
| Accumulated other comprehensive loss |
(15,845) |
(13,718) |
(830) |
||||||||
| Total shareholders' equity |
660,113 |
653,476 |
504,822 |
||||||||
| Non-controlling interest |
61 |
60 |
9,957 |
||||||||
| Total equity |
660,174 |
653,536 |
514,779 |
||||||||
| Total liabilities and equity |
$ |
4,741,198 |
$ |
4,744,483 |
$ |
4,370,368 |
|||||
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
|||||||||||
| CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
| (Unaudited) |
|||||||||||
| Three Months Ended |
Year Ended |
||||||||||
| December 31, |
September 30, |
December 31, |
December 31, |
||||||||
| (In thousands, except per share data) |
2013 |
2013 |
2012 |
2013 |
2012 |
||||||
| Interest income: |
|||||||||||
| Interest and fees on loans and leases |
$ |
27,117 |
$ |
26,414 |
$ |
23,387 |
$ |
104,479 |
$ |
97,029 |
|
| Interest and dividends on investment |
|||||||||||
| securities: |
|||||||||||
| Taxable interest |
8,980 |
8,114 |
6,959 |
31,498 |
28,803 |
||||||
| Tax-exempt interest |
992 |
992 |
965 |
4,051 |
2,312 |
||||||
| Dividends |
7 |
5 |
5 |
23 |
16 |
||||||
| Interest on deposits in other banks |
25 |
21 |
73 |
203 |
285 |
||||||
| Dividends on Federal Home Loan Bank stock |
12 |
12 |
- |
24 |
- |
||||||
| Total interest income |
37,133 |
35,558 |
31,389 |
140,278 |
128,445 |
||||||
| Interest expense: |
|||||||||||
| Interest on deposits: |
|||||||||||
| Demand |
90 |
91 |
81 |
349 |
339 |
||||||
| Savings and money market |
231 |
227 |
223 |
894 |
1,006 |
||||||
| Time |
651 |
671 |
784 |
2,801 |
3,688 |
||||||
| Interest on short-term borrowings |
3 |
3 |
- |
6 |
- |
||||||
| Interest on long-term debt |
662 |
795 |
911 |
3,119 |
3,701 |
||||||
| Total interest expense |
1,637 |
1,787 |
1,999 |
7,169 |
8,734 |
||||||
| Net interest income |
35,496 |
33,771 |
29,390 |
133,109 |
119,711 |
||||||
| Provision (credit) for loan and lease losses |
(1,333) |
(3,189) |
(2,283) |
(11,310) |
(18,885) |
||||||
| Net interest income after provision |
|||||||||||
| for loan and lease losses |
36,829 |
36,960 |
31,673 |
144,419 |
138,596 |
||||||
| Other operating income: |
|||||||||||
| Service charges on deposit accounts |
2,091 |
1,776 |
1,648 |
7,041 |
8,367 |
||||||
| Other service charges and fees |
4,643 |
4,931 |
4,454 |
18,547 |
17,569 |
||||||
| Income from fiduciary activities |
748 |
724 |
669 |
2,855 |
2,599 |
||||||
| Equity in earnings of unconsolidated subsidiaries |
57 |
513 |
188 |
790 |
574 |
||||||
| Fees on foreign exchange |
160 |
149 |
104 |
508 |
551 |
||||||
| Investment securities gains |
482 |
- |
- |
482 |
789 |
||||||
| Income from bank-owned life insurance |
841 |
611 |
625 |
2,333 |
2,899 |
||||||
| Loan placement fees |
162 |
81 |
143 |
570 |
690 |
||||||
| Net gains on sales of residential loans |
1,494 |
1,476 |
6,011 |
9,986 |
17,095 |
||||||
| Net gains on sales of foreclosed assets |
56 |
276 |
3,890 |
8,584 |
4,999 |
||||||
| Other |
1,439 |
1,393 |
(873) |
3,249 |
4,611 |
||||||
| Total other operating income |
12,173 |
11,930 |
16,859 |
54,945 |
60,743 |
||||||
| Other operating expense: |
|||||||||||
| Salaries and employee benefits |
20,350 |
19,167 |
17,833 |
76,294 |
69,344 |
||||||
| Net occupancy |
3,672 |
3,802 |
3,761 |
14,323 |
13,920 |
||||||
| Equipment |
888 |
952 |
958 |
3,676 |
3,966 |
||||||
| Amortization of other intangible assets |
1,424 |
1,637 |
2,689 |
7,418 |
10,179 |
||||||
| Communication expense |
796 |
907 |
886 |
3,523 |
3,428 |
||||||
| Legal and professional services |
1,684 |
2,155 |
3,189 |
8,094 |
13,824 |
||||||
| Computer software expense |
1,397 |
1,056 |
1,109 |
4,579 |
3,961 |
||||||
| Advertising expense |
525 |
601 |
884 |
2,666 |
3,516 |
||||||
| Foreclosed asset expense |
43 |
(12) |
420 |
1,036 |
6,887 |
||||||
| Write down of assets |
- |
- |
- |
- |
2,586 |
||||||
| Other |
4,492 |
6,247 |
4,393 |
17,927 |
20,307 |
||||||
| Total other operating expense |
35,271 |
36,512 |
36,122 |
139,536 |
151,918 |
||||||
| Income before income taxes |
13,731 |
12,378 |
12,410 |
59,828 |
47,421 |
||||||
| Income tax expense (benefit) |
3,436 |
2,174 |
- |
(112,247) |
- |
||||||
| Net income |
$ |
10,295 |
$ |
10,204 |
$ |
12,410 |
$ |
172,075 |
$ |
47,421 |
|
| Per common share data: |
|||||||||||
| Basic earnings per share |
$ |
0.24 |
$ |
0.24 |
$ |
0.30 |
$ |
4.10 |
$ |
1.14 |
|
| Diluted earnings per share |
0.24 |
0.24 |
0.29 |
4.07 |
1.13 |
||||||
| Cash dividends declared |
0.08 |
0.08 |
- |
0.16 |
- |
||||||
| Basic weighted average shares outstanding |
42,040 |
42,028 |
41,766 |
41,961 |
41,720 |
||||||
| Diluted weighted average shares outstanding |
42,536 |
42,421 |
42,183 |
42,317 |
42,084 |
||||||
| CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES |
||||||||||||||||||||||
| Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent) |
||||||||||||||||||||||
| Three Months Ended |
Three Months Ended |
Year Ended |
Year Ended |
|||||||||||||||||||
| (Dollars in thousands) |
December 31, 2013 |
December 31, 2012 |
December 31, 2013 |
December 31, 2012 |
||||||||||||||||||
| Average |
Average |
Average |
Average |
Average |
Average |
Average |
Average |
|||||||||||||||
| Balance |
Yield/Rate |
Interest |
Balance |
Yield/Rate |
Interest |
Balance |
Yield/Rate |
Interest |
Balance |
Yield/Rate |
Interest |
|||||||||||
| Assets: |
||||||||||||||||||||||
| Interest earning assets: |
||||||||||||||||||||||
| Interest-bearing deposits in other banks |
$ 39,316 |
0.25 |
% |
$ 25 |
$ 115,841 |
0.25 |
% |
$ 73 |
$ 81,249 |
0.25 |
% |
$ 203 |
$ 114,438 |
0.25 |
% |
$ 285 |
||||||
| Taxable investment securities, excluding |
||||||||||||||||||||||
| valuation allowance |
1,551,844 |
2.32 |
8,987 |
1,489,529 |
1.87 |
6,964 |
1,534,136 |
2.05 |
31,521 |
1,521,164 |
1.89 |
28,819 |
||||||||||
| Tax-exempt investment securities, |
||||||||||||||||||||||
| excluding valuation allowance |
177,135 |
3.44 |
1,526 |
157,536 |
3.77 |
1,485 |
177,510 |
3.51 |
6,232 |
83,663 |
4.25 |
3,557 |
||||||||||
| Loans and leases, including loans held for sale |
2,553,574 |
4.23 |
27,117 |
2,172,818 |
4.29 |
23,387 |
2,394,955 |
4.36 |
104,479 |
2,130,758 |
4.55 |
97,029 |
||||||||||
| Federal Home Loan Bank stock |
46,517 |
0.10 |
12 |
48,259 |
- |
- |
47,202 |
0.05 |
24 |
48,654 |
- |
- |
||||||||||
| Total interest earning assets |
4,368,386 |
3.44 |
37,667 |
3,983,983 |
3.20 |
31,909 |
4,235,052 |
3.36 |
142,459 |
3,898,677 |
3.33 |
129,690 |
||||||||||
| Nonearning assets |
378,511 |
309,059 |
375,770 |
308,978 |
||||||||||||||||||
| Total assets |
$ 4,746,897 |
$ 4,293,042 |
$ 4,610,822 |
$ 4,207,655 |
||||||||||||||||||
| Liabilities & Equity: |
||||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||
| Interest-bearing demand deposits |
$ 726,449 |
0.05 |
% |
$ 90 |
$ 648,630 |
0.05 |
% |
81 |
$ 708,658 |
0.05 |
% |
$ 349 |
$ 615,960 |
0.05 |
% |
$ 339 |
||||||
| Savings and money market deposits |
1,218,088 |
0.08 |
231 |
1,178,745 |
0.08 |
223 |
1,191,919 |
0.07 |
894 |
1,163,963 |
0.09 |
1,006 |
||||||||||
| Time deposits under $100,000 |
272,051 |
0.42 |
285 |
308,619 |
0.52 |
405 |
285,042 |
0.46 |
1,301 |
326,288 |
0.59 |
1,937 |
||||||||||
| Time deposits $100,000 and over |
839,198 |
0.17 |
366 |
634,748 |
0.24 |
379 |
769,672 |
0.19 |
1,500 |
652,339 |
0.27 |
1,751 |
||||||||||
| Short-term borrowings |
4,239 |
0.32 |
3 |
32 |
0.63 |
- |
1,988 |
0.32 |
6 |
11 |
0.67 |
- |
||||||||||
| Long-term debt |
92,801 |
2.83 |
662 |
108,282 |
3.34 |
911 |
104,373 |
2.99 |
3,119 |
109,791 |
3.37 |
3,701 |
||||||||||
| Total interest-bearing liabilities |
3,152,826 |
0.21 |
1,637 |
2,879,056 |
0.28 |
1,999 |
3,061,652 |
0.23 |
7,169 |
2,868,352 |
0.30 |
8,734 |
||||||||||
| Noninterest-bearing deposits |
872,245 |
825,413 |
849,371 |
773,768 |
||||||||||||||||||
| Other liabilities |
59,659 |
72,807 |
73,040 |
72,131 |
||||||||||||||||||
| Total liabilities |
4,084,730 |
3,777,276 |
3,984,063 |
3,714,251 |
||||||||||||||||||
| Shareholders' equity |
662,106 |
505,805 |
621,282 |
483,435 |
||||||||||||||||||
| Non-controlling interest |
61 |
9,961 |
5,477 |
9,969 |
||||||||||||||||||
| Total equity |
662,167 |
515,766 |
626,759 |
493,404 |
||||||||||||||||||
| Total liabilities & equity |
$ 4,746,897 |
$ 4,293,042 |
$ 4,610,822 |
$ 4,207,655 |
||||||||||||||||||
| Net interest income |
$ 36,030 |
$ 29,910 |
$ 135,290 |
$120,956 |
||||||||||||||||||
| Net interest margin |
3.29 |
% |
3.00 |
% |
3.19 |
% |
3.10 |
% |
||||||||||||||
SOURCE Central Pacific Financial Corp.
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