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Central Pacific Financial Q4 Profit Declines, But Tops Estimates
(RTTNews) - Central Pacific Financial Corp. (CPF) the parent company of Central Pacific Bank, on Wednesday reported that net income for the fourth quarter declined to $20.18 million or $0.74 per share from $22.33 million or $0.80 per share in the prior-year quarter.
The company recorded a provision for credit loss of $0.57 million, compared to a benefit of $7.69 million last year.
Net interest income grew to $56.29 million from $53.10 million in the year-ago quarter. Other operating income also edged up to $11.60 million from $11.57 million a year ago.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share on revenues of $56.77 million for the quarter. Analysts' estimates typically exclude special items.
On Tuesday, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares, payable on March 15, 2023 to shareholders of record at the close of business on February 28, 2023.
The Company's Board of Directors also authorized the repurchase of up to $25 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program.
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