Central Pacific Financial Q4 Profit Beats View; Board Approves Up To $25 Mln Share Buyback

(RTTNews) - Central Pacific Financial Corp. (CPF) the parent company of Central Pacific Bank, on Wednesday reported net income for the fourth quarter of $12.2 million or $0.43 per share, down from $14.2 million or $0.50 per share in the year-ago period.

The company recorded a provision for credit loss expense of $4.5 million in the quarter, compared to $2.1 million in the prior-year quarter.

However, net interest income rose to $51.5 million from $47.9 million in the year-ago quarter. Other operating income increased to $14.1 million from $9.8 million in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter on revenues of $49.31 million. Analysts' estimates typically exclude special items.

On January 26, 2021, the company's board of directors declared a quarterly cash dividend of $0.23 per share on its outstanding common shares. The dividend will be payable on March 15, 2021 to shareholders of record at the close of business on February 26, 2021.

The company's board also approved a new share repurchase authorization of up to $25 million of its common stock.