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Central Pacific Financial Reports First Quarter 2024 Earnings of $12.9 Million
"Our financial results for the first quarter reflect our continued focus on optimizing the balance sheet, while maintaining strong liquidity, asset quality and capital," said Arnold Martines, President and Chief Executive Officer. "The first quarter was also significant as we celebrated our 70th year in business serving Hawaii. We are extremely proud to continue the legacy of our founders as a champion of local small businesses in Hawaii and we are pleased to be recognized by the SBA Hawaii District as the 2023 Lender of the Year for mid-sized banks in Hawaii."
Earnings Highlights
Net interest income was $50.2 million for the first quarter of 2024, which decreased by $1.0 million, or 1.9% from the previous quarter, and decreased by $4.0 million, or 7.4% from the year-ago quarter. Net interest margin ("NIM") was 2.83% for the first quarter of 2024, which decreased by 1 basis point ("bp" or "bps") from the previous quarter and decreased by 25 bps from the year-ago quarter. The sequential quarter decrease in net interest income was primarily due to higher average rates paid on interest-bearing deposits, combined with lower average loan balances, which was partially offset by higher average yields earned on loans.
The Company recorded a provision for credit losses of $3.9 million in the first quarter of 2024, compared to a provision of $4.7 million in the previous quarter and a provision of $1.9 million in the year-ago quarter. The provision in the first quarter consisted of a provision for credit losses on loans of $4.1 million and a credit to the provision for off-balance sheet exposures of $0.2 million.
Other operating income totaled $11.2 million for the first quarter of 2024, compared to $15.2 million in the previous quarter and $11.0 million in the year-ago quarter. The previous quarter included a non-recurring pre-tax net gain on the sale of a real estate property (included in other) of $5.1 million and losses on the sales of investment securities of $1.9 million.
Other operating expense totaled $40.6 million for the first quarter of 2024, compared to $42.5 million in the previous quarter and $42.1 million in the year-ago quarter. The previous quarter included a non-recurring branch lease termination expense (included in other) of $2.3 million.
The efficiency ratio was 66.05% for the first quarter of 2024, compared to 64.12% in the previous quarter and 64.58% in the year-ago quarter.
The effective tax rate was 23.5% for the first quarter of 2024, compared to 22.3% in the previous quarter and 23.8% in the year-ago quarter.
Balance Sheet Highlights
Total assets of $7.41 billion at March 31, 2024 decreased by $232.8 million, or 3.0% from $7.64 billion at December 31, 2023, and decreased by $111.2 million, or 1.5% from $7.52 billion at March 31, 2023. The Company had $312.9 million in cash on its balance sheet and $2.42 billion in total other liquidity sources, including available borrowing capacity and unpledged investment securities at March 31, 2024. Total available sources of liquidity as a percentage of uninsured and uncollateralized deposits was 118% at March 31, 2024. During the first quarter of 2024, excess balance sheet liquidity was used to pay off $139.1 million in higher cost government time deposits.
Total loans, net of deferred fees and costs, of $5.40 billion at March 31, 2024 decreased by $37.6 million, or 0.7% from $5.44 billion at December 31, 2023, and decreased by $156.0 million, or 2.8% from $5.56 billion at March 31, 2023. Average yields earned on loans during the first quarter of 2024 was 4.67%, compared to 4.55% in the previous quarter and 4.26% in the year-ago quarter.
Total deposits of $6.62 billion at March 31, 2024 decreased by $228.7 million or 3.3% from $6.85 billion at December 31, 2023, and decreased by $128.1 million, or 1.9% from $6.75 billion at March 31, 2023. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $5.90 billion at March 31, 2024, and decreased by $90.8 million, or 1.5% from $5.99 billion at December 31, 2023. Average rates paid on total deposits during the first quarter of 2024 was 1.32%, compared to 1.23% in the previous quarter and 0.60% in the year-ago quarter. At March 31, 2024, approximately 65% of the Company's total deposits were FDIC-insured or fully collateralized.
Asset Quality
Nonperforming assets totaled $10.1 million, or 0.14% of total assets at March 31, 2024, compared to $7.0 million, or 0.09% of total assets at December 31, 2023 and $5.3 million, or 0.07% of total assets at March 31, 2023.
Net charge-offs totaled $4.5 million in the first quarter of 2024, compared to net charge-offs of $5.5 million in the previous quarter, and net charge-offs of $2.3 million in the year-ago quarter. Annualized net charge-offs as a percentage of average loans was 0.34%, 0.41% and 0.16% during the three months ended March 31, 2024, December 31, 2023 and March 31, 2023, respectively.
The allowance for credit losses, as a percentage of total loans was 1.18% at March 31, 2024, compared to 1.18% at December 31, 2023, and 1.14% at March 31, 2023.
Capital
Total shareholders' equity was $507.2 million at March 31, 2024, compared to $503.8 million and $470.9 million at December 31, 2023 and March 31, 2023, respectively.
During the first quarter of 2024, the Company repurchased 49,960 shares of common stock, at a total cost of $0.9 million, or an average cost per share of $18.92. As of March 31, 2024, $19.1 million in share repurchase authorization remained available under the Company's share repurchase program.
The Company's leverage, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 capital ratios were 9.0%, 12.6%, 14.8%, and 11.6%, respectively, at March 31, 2024, compared to 8.8%, 12.4%, 14.6%, and 11.4%, respectively, at December 31, 2023.
On April 23, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares. The dividend will be payable on June 17, 2024 to shareholders of record at the close of business on May 31, 2024.
Conference Call
The Company's management will host a conference call today at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-800-715-9871 (access code: 1551295). A playback of the call will be available through May 24, 2024 by dialing 1-800-770-2030 (access code: 1551295) and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.41 billion in assets as of March 31, 2024. Central Pacific Bank, its primary subsidiary, operates 27 branches and 55 ATMs in the State of Hawaii. For additional information, please visit the Company's website at http://www.cpb.bank.
Equal Housing Lender Member FDIC NYSE Listed: CPF
Forward-Looking Statements
This document may contain forward-looking statements ("FLS") concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. (the "Company") or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements.
While we believe that our FLS 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 differ materially from those statements or projections for a variety of reasons, including, but not limited to: the effects of inflation and interest rate fluctuations; the adverse effects of recent bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and its variants) and other pandemic viruses on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees, as well as the effects of government programs and initiatives in response thereto; supply chain disruptions; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, and earthquakes) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau, government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to, or regulatory or other governmental inquiries and proceedings and the resolution thereof; the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to, and the effect of any recurring or special FDIC assessments; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters and the cost and resources required to implement such changes; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; securities market and monetary fluctuations, including the impact resulting from the elimination of the London Interbank Offered Rate Index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; the effects of any acquisitions or dispositions we may make; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; technological changes and developments; cybersecurity and data privacy breaches and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; our ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; changes in the competitive environment among financial holding companies and other financial service providers; our ability to successfully implement our initiatives to lower our efficiency ratio; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; and our success at managing the risks involved in the foregoing items.
For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the FLS, 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. We urge investors to consider all of these factors carefully in evaluating the FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events except as required by law.
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited) TABLE 1 TABLE 1
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- ----------------------------------------------------------------------------------------------------------------------
Three Months Ended Three Months Ended
-------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands, Mar 31, Mar 31, Dec 31, Dec 31, Sep 30, Sep 30, Jun 30, Jun 30, Mar 31, Mar 31,
except for per share amounts) 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
-------------------- ------------------------------------------------- -------------------- ------------------------------------------------- -------------------- ------------------------------------------------- -------------------- ------------------------------------------------- -------------------- -------------------------------------------------
CONDENSED INCOME STATEMENT
$ $ 50,187 $ $ 51,142 $ $ 51,928 $ $ 52,734 $ $ 54,196
Net interest income
3,936 4,653 4,874 4,319 1,852
Provision for credit losses
11,244 15,172 10,047 10,435 11,009
Total other operating income
40,576 42,522 39,611 39,903 42,107
Total other operating expense
3,974 4,273 4,349 4,472 5,059
Income tax expense
12,945 14,866 13,141 14,475 16,187
Net income
$ $ 0.48 $ $ 0.55 $ $ 0.49 $ $ 0.54 $ $ 0.60
Basic earnings per share
0.48 0.55 0.49 0.53 0.60
Diluted earnings per share
0.26 0.26 0.26 0.26 0.26
Dividends declared per share
PERFORMANCE RATIOS
0.70 % 0.79 % 0.70 % 0.78 % 0.87 %
Return on average assets (ROA) [1]
10.33 12.55 10.95 12.12 13.97
Return on average shareholders' equity (ROE) [1]
6.73 6.32 6.39 6.40 6.23
Average shareholders' equity to average assets
66.05 64.12 63.91 63.17 64.58
Efficiency ratio [2]
2.83 2.84 2.88 2.96 3.08
Net interest margin (NIM) [1]
54.17 47.27 53.06 49.06 43.33
Dividend payout ratio [3]
SELECTED AVERAGE BALANCES
$ $ 5,400,558 $ $ 5,458,245 $ $ 5,507,248 $ $ 5,543,398 $ $ 5,525,988
Average loans, including loans held for sale
7,140,264 7,208,613 7,199,866 7,155,606 7,112,377
Average interest-earning assets
7,449,661 7,498,097 7,510,537 7,463,629 7,443,767
Average assets
6,659,812 6,730,883 6,738,071 6,674,650 6,655,660
Average deposits
5,009,542 5,023,321 4,999,820 4,908,120 4,820,660
Average interest-bearing liabilities
[1] ROA and ROE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual). ROA and ROE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual). [2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income). Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income). [3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share. Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited) TABLE 1 (CONTINUED) TABLE 1 (CONTINUED)
------------------------------------------------------------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Mar 31, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2024 2024 2023 2023 2023 2023
-------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
9.0 % 8.8 % 8.7 % 8.7 % 8.6 %
Leverage ratio
12.6 12.4 11.9 11.8 11.5
Tier 1 risk-based capital ratio
14.8 14.6 14.1 13.9 13.6
Total risk-based capital ratio
11.6 11.4 11.0 10.9 10.6
Common equity tier 1 capital ratio
Central Pacific Bank
9.4 9.2 9.1 9.1 9.0
Leverage ratio
13.1 12.9 12.4 12.3 12.0
Tier 1 risk-based capital ratio
14.3 14.1 13.7 13.5 13.2
Total risk-based capital ratio
13.1 12.9 12.4 12.3 12.0
Common equity tier 1 capital ratio
Mar 31, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(dollars in thousands, except for per share amounts) 2024 2024 2023 2023 2023 2023
-------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
BALANCE SHEET
$ $ 5,401,417 $ $ 5,438,982 $ $ 5,508,710 $ $ 5,520,683 $ $ 5,557,397
Total loans, net of deferred fees and costs
7,409,999 7,642,796 7,637,924 7,567,592 7,521,247
Total assets
6,618,854 6,847,592 6,874,745 6,805,737 6,746,968
Total deposits
156,163 156,102 156,041 155,981 155,920
Long-term debt
507,203 503,815 468,598 476,279 470,926
Total shareholders' equity
6.84 % 6.59 % 6.14 % 6.29 % 6.26 %
Total shareholders' equity to total assets
ASSET QUALITY
$ $ 63,532 $ $ 63,934 $ $ 64,517 $ $ 63,849 $ $ 63,099
Allowance for credit losses (ACL)
10,132 7,008 6,652 11,061 5,313
Nonaccrual loans
10,132 7,008 6,652 11,061 5,313
Non-performing assets (NPA)
1.18 % 1.18 % 1.17 % 1.16 % 1.14 %
Ratio of ACL to total loans
0.14 % 0.09 % 0.09 % 0.15 % 0.07 %
Ratio of NPA to total assets
PER SHARE OF COMMON STOCK OUTSTANDING
$ $ 18.76 $ $ 18.63 $ $ 17.33 $ $ 17.61 $ $ 17.44
Book value per common share
19.75 19.68 16.68 15.71 17.90
Closing market price per common share
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited) TABLE 2 TABLE 2
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Mar 31, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(Dollars in thousands, except share data) 2024 2024 2023 2023 2023 2023
-------------------- ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
ASSETS
Cash and due from financial institutions $ $ 98,410 $ $ 116,181 $ $ 108,818 $ $ 129,071 $ $ 108,535
Interest-bearing deposits in other financial institutions 214,472 406,256 329,913 181,913 90,247
Investment securities:
660,833 647,210 625,253 664,071 687,188
Available-for-sale debt securities, at fair value
624,948 632,338 640,053 649,946 658,596
Held-to-maturity debt securities, at amortized cost; fair value of: $541,685 at March 31, 2024, $565,178 at December 31, 2023, $531,887 at September 30, 2023, $581,222 at June 30, 2023, and $599,300 at March 31, 2023
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
1,285,781 1,279,548 1,265,306 1,314,017 1,345,784
Total investment securities
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Loans held for sale 755 1,778 -- 2,593 --
Loans, net of deferred fees and costs 5,401,417 5,438,982 5,508,710 5,520,683 5,557,397
(63,532 ) (63,934 ) (64,517 ) (63,849 ) (63,099 )
Less: allowance for credit losses
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
5,337,885 5,375,048 5,444,193 5,456,834 5,494,298
Loans, net of allowance for credit losses
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Premises and equipment, net 97,688 96,184 97,378 96,479 93,761
Accrued interest receivable 21,957 21,511 21,529 20,463 20,473
Investment in unconsolidated entities 40,780 41,546 42,523 45,218 45,953
Mortgage servicing rights 8,599 8,696 8,797 8,843 8,943
Bank-owned life insurance 172,228 170,706 168,543 168,136 168,244
Federal Home Loan Bank of Des Moines ("FHLB") stock 6,921 6,793 10,995 10,960 11,960
Right-of-use lease assets 32,079 29,720 32,294 33,247 34,237
Other assets 92,444 88,829 107,635 99,818 98,812
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
$ $ 7,409,999 $ $ 7,642,796 $ $ 7,637,924 $ $ 7,567,592 $ $ 7,521,247
Total assets
==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
LIABILITIES
Deposits:
$ $ 1,848,554 $ $ 1,913,379 $ $ 1,969,523 $ $ 2,009,387 $ $ 2,028,087
Noninterest-bearing demand
1,290,321 1,329,189 1,345,843 1,359,978 1,386,913
Interest-bearing demand
2,211,966 2,209,733 2,209,550 2,184,652 2,184,675
Savings and money market
1,268,013 1,395,291 1,349,829 1,251,720 1,147,293
Time
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
6,618,854 6,847,592 6,874,745 6,805,737 6,746,968
Total deposits
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
FHLB advances and other short-term borrowings -- -- -- -- 25,000
Long-term debt, net of unamortized debt issuance costs of: $384 at March 31, 2024, $445 at December 31, 2023, $506 at September 30, 2023, $566 at June 30, 2023 and $627 at March 31, 2023 156,163 156,102 156,041 155,981 155,920
Lease liabilities 33,169 30,634 33,186 34,111 35,076
Accrued interest payable 16,654 18,948 16,752 11,402 7,688
Other liabilities 77,956 85,705 88,602 84,082 79,669
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
6,902,796 7,138,981 7,169,326 7,091,313 7,050,321
Total liabilities
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
EQUITY
Shareholders' equity:
-- -- -- -- --
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023
404,494 405,439 405,439 405,511 405,866
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,042,326 at March 31, 2024, 27,045,033 at December 31, 2023, 27,043,169 at September 30, 2023, 27,045,792 at June 30, 2023, and 27,005,545 at March 31, 2023
103,130 102,982 102,550 101,997 101,188
Additional paid-in capital
123,902 117,990 110,156 104,046 96,600
Retained earnings
(124,323 ) (122,596 ) (149,547 ) (135,275 ) (132,728 )
Accumulated other comprehensive loss
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
507,203 503,815 468,598 476,279 470,926
Total shareholders' equity
-------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
$ $ 7,409,999 $ $ 7,642,796 $ $ 7,637,924 $ $ 7,567,592 $ $ 7,521,247
Total liabilities and equity
==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) TABLE 3 TABLE 3
----------------------------------------------------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Three Months Ended Three Months Ended
-------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Mar 31, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(Dollars in thousands, except per share data) 2024 2024 2023 2023 2023 2023
-------------------- ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
Interest income: