Central Pacific Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 25, 2017 at 01:00 pm
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Central Pacific Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $42.255 million against $39.916 million a year ago. Net interest income was $39.704 million against $38.194 million a year ago. Income before income taxes was $18.646 million against $17.417 million a year ago. Net income was $12.208 million against $10.932 million a year ago. Diluted earnings per share were $0.39 against $0.34 a year ago. Return on average assets was 0.92% against 0.87% a year ago. Return on average shareholders' equity was 9.46% against 8.68% a year ago. Return on average tangible shareholders' equity was 8.82% against 9.46% a year ago. The effective tax rate for the fourth quarter of 2016 was 34.5%, compared to 37.2% in the year-ago quarter and 35.8% in the previous quarter.
For the year, the company reported total interest income of $167.139 million against $156.035 million a year ago. Net interest income was $157.95 million against $149.528 million a year ago. Income before income taxes was $72.220 million against $72.956 million a year ago. Net income was $46.992 million against $45.868 million a year ago. Diluted earnings per share were $1.50 against $1.40 a year ago. Return on average assets was 0.90% against 0.92% a year ago. Return on average shareholders' equity was 9.16% against 8.91% a year ago. Return on average tangible shareholders' equity was 9.06% against 6.93% a year ago. Book value per common share was $16.39 as on December 31, 2016 $15.77 as on December 31, 2015. Tangible book value per common share was $16.23 as on December 31, 2016 against $15.54 as on December 31, 2015.
For the fourth quarter of 2016, the company reported net charge-offs was $0.108 million against $1.372 million a year ago.
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Bank is engaged in offering traditional deposit and lending products and services to consumer and business customers, such as accepting demand, money market, savings and time deposits, originating loans, including commercial loans, construction loans, commercial real estate loans, residential mortgage loans, and consumer loans and fiduciary and investment management services. Its investment securities portfolio includes mortgage-backed securities (MBS), other debt securities and equity securities. Its MBS portfolio comprises residential MBS issued by United States government entities and agencies. It offers wealth management products and services, such as non-deposit investment products, annuities, investment management, asset custody and general consultation and planning services. The Bank has over 27 bank branches and 58 ATMs located throughout the State of Hawaii.
Central Pacific Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016