Central Pacific Beats Prior Quarter With $0.88 EPS, Raises Dividend 3.3%
CPF sits 35% above its 52-week low of $28.095.
Summary
Q3 net income came in at $22.8 million, or $0.88 per diluted share, up from $0.80 last quarter and $0.69 a year ago. Net interest margin widened 5 bps to 3.62% on higher loan yields and better securities yields, pushing net interest income to $64.5 million, up 2.6% sequentially. Credit costs fell sharply — the provision dropped to $1.9 million from $4.4 million — and the efficiency ratio improved to 58.27% from 59.62%. The board raised the quarterly dividend 3.3% to $0.31 per share, payable December 15 to holders of record November 30, and the company bought back 294,110 shares for $11.2 million at an average $38.18, leaving $22.0 million on the authorization. The soft spot is noninterest income, down to $12.4 million from $14.6 million on a $2.4 million hit to bank-owned life insurance from equity market volatility, and deposits slipped 0.5% sequentially. Management hosts a call today at 2:00 p.m. ET.
At the time of this announcement, CPF was trading at $37.82 on NYSE in the Finance sector, with a market capitalization of approximately $973.8M. The 52-week trading range was $28.10 to $40.99. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.