The parent company of Central Pacific Bank recorded a nearly 8% gain in net income in the first quarter, and company executives expressed optimism as Hawaii’s economy bounces back from the coronavirus pandemic.
Central Pacific Financial Corp. reported net income of $19.4 million, or 70 cents per share, for the quarter ending March 31, compared with $18 million, or 64 cents per share, in the same period of 2021.
The banking company’s dividend remained 26 cents per share, according to its quarterly report released Wednesday.
“Central Pacific is pleased with our continued strong earnings in the first quarter of 2022,” said Paul Yonamine, Central Pacific’s chairman and CEO, in a statement. “With Hawaii’s stronger-than-anticipated economic recovery, we continue to have an optimistic outlook, and are committed to supporting the financial needs of our customers and the broader community.”
CPB executives pointed to Hawaii’s recovering tourism industry, improving unemployment rate and gains in the local real estate market as positive signs for future economic growth.
The company said total deposits at the end of the most recent quarter equaled $6.6 billion, up 6% from $6.21 billion on March 31, 2021, while total loans were $5.17 billion, compared with a $5.14 billion at the end of March 2021.
In the most recent quarter, Central Pacific also repurchased 234,981 shares of common stock, at a total cost of $6.7 million, with an average cost per share of $28.65.
At end of trading Thursday, the banking holding company’s stock closed at $26.82 per share, down 49 cents.
CPB, the main subsidiary of Central Pacific Financial, operates 30 branches in Hawaii.
