Central Pacific Financial Q2 Net Income Rises to $20.8M, NIM Expands to 3.57%
CPF sits 51% above its 52-week low of $25.62.
Summary
Central Pacific Financial posted Q2 net income of $20.8 million, or $0.80 per share, driven by higher loan yields and lower deposit costs that pushed net interest margin to 3.57%. Net interest income rose to $62.8 million. The bank also raised its quarterly dividend and bought back $11.3 million in shares during the quarter. This follows a mixed Q1 and the recent adoption of executive change-in-control agreements. The results show improving profitability and capital return, with the stock trading near its 52-week high.
At the time of this announcement, CPF was trading at $38.68 on NYSE in the Finance sector, with a market capitalization of approximately $1B. The 52-week trading range was $25.62 to $40.06. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.