Central Pacific Financial Q3 Profit Down

(RTTNews) - Central Pacific Financial Corp. (CPF) reported third-quarter net income of $6.9 million or $0.24 per share, down from $14.6 million or $0.51 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

The company said its operating results continue to be impacted by a higher provision for credit loss expense that was driven by the economic forecast under the current COVID-19 pandemic.

During the third quarter of 2020, the company recorded a provision for credit loss expense of $14.7 million, compared to $1.5 million in the third quarter of 2019.

Net interest income for the third quarter of 2020 was $49.1 million, compared to $45.6 million in the year-ago quarter.

On October 27, the company declared a quarterly cash dividend of $0.23 per share on its outstanding common shares. The dividend will be payable on December 15, 2020 to shareholders of record at the close of business on November 30, 2020.