Central Pacific Financial Board Approves Dividend, $30 Mln Share Buyback

(RTTNews) - While reporting its fourth-quarter financial results, Central Pacific Financial Corp. (CPF) said its board of directors declared a quarterly dividend and also authorized the repurchase of up to $30 million of the company's common stock.

On January 24, 2017, the company's board of directors declared a quarterly cash dividend of $0.16 per share on its outstanding common shares. The dividend will be payable on March 15, 2017 to shareholders of record at the close of business on February 28, 2017.

The board also authorized the repurchase of up to $30 million of the company's common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program.

The company noted that the 2017 repurchase plan replaces and supersedes in its entirety the share repurchase program previously approved by the board, which had $11.8 million in remaining repurchase authority at December 31, 2016.