Central Pacific Financial Q1 Profit Down - Quick Facts

(RTTNews) - Central Pacific Financial Corp. (CPF) reported that its net income for the first quarter of 2020 declined to $8.3 million or $0.29 per share, from $16.0 million or $0.55 per share in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the first-quarter. Analysts' estimates typically exclude special items. During the first quarter of 2020, the company recorded total credit loss expense under CECL or current expected credit losses, which includes the provisions for credit losses and off-balance sheet credit exposures, of $11.1 million which impacted our first quarter operating results.

Net interest income for the quarter was $47.83 million up from $45.11 million in the prior year.

On April 21, 2020, the Company's Board declared a quarterly cash dividend of $0.23 per share on its outstanding common shares. The dividend will be payable on June 15, 2020 to shareholders of record at the close of business on May 29, 2020.