Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $6.6 billion in assets. Central Pacific Bank, its primary subsidiary, operates 32 branches (four of which remain temporarily closed to protect the health and wellbeing of the Company's employees and customers from COVID-19) and 75 ATMs in the state of Hawaii, as of September 30, 2020.

Company profile
Ticker
CPF
Exchange
Website
CEO
Paul Yonamine
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
CPB INC
SEC CIK
Corporate docs
Subsidiaries
Gentry HomeLoans, LLC • Haseko HomeLoans, LLC • Island Pacific HomeLoans, LLC • Oahu HomeLoans, LLC ...
IRS number
990212597
CPF stock data
News

Central Pacific Financial: Q2 Earnings Insights
27 Jul 22
Central Pacific Financial Q2 EPS $0.64 Beats $0.54 Estimate
27 Jul 22
Earnings Scheduled For July 27, 2022
27 Jul 22
Raymond James Maintains Outperform on Central Pacific Financial, Lowers Price Target to $26
7 Jul 22
Stocks That Hit 52-Week Lows On Thursday
30 Jun 22
Analyst ratings and price targets
Investment data
Securities sold
Number of investors
Calendar
8 Aug 22
19 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Operating margin | |||||
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Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 131.13M | 131.13M | 131.13M | 131.13M | 131.13M | 131.13M |
Cash burn (monthly) | 23.67M | 17.45M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 39.78M | 29.32M | n/a | n/a | n/a | n/a |
Cash remaining | 91.35M | 101.81M | n/a | n/a | n/a | n/a |
Runway (months of cash) | 3.9 | 5.8 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
3 Aug 22 | Colbert M Matsumoto | Common Stock | Grant | Acquire A | Yes | No | 23.34 | 3,641 | 84.98K | 14,138 |
3 Aug 22 | Duane K Kurisu | Common Stock | Grant | Acquire A | No | No | 23.34 | 2,677 | 62.48K | 26,191 |
3 Aug 22 | Paul Kosasa | Common Stock | Grant | Acquire A | No | No | 23.34 | 2,999 | 70K | 62,139 |
3 Aug 22 | Jonathan B Kindred | Common Stock | Grant | Acquire A | No | No | 23.34 | 2,677 | 62.48K | 3,469 |
3 Aug 22 | Lutes Christopher | Common Stock | Grant | Acquire A | No | No | 23.34 | 2,999 | 70K | 11,303 |
Institutional ownership, Q2 2022
13F holders | Current |
---|---|
Total holders | 155 |
Opened positions | 13 |
Closed positions | 24 |
Increased positions | 55 |
Reduced positions | 55 |
13F shares | Current |
---|---|
Total value | 522.94M |
Total shares | 24.37M |
Total puts | 0 |
Total calls | 112.4K |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 4.08M | $87.53M |
Vanguard | 3.13M | $67.2M |
STT State Street | 1.33M | $28.53M |
BK Bank Of New York Mellon | 1.09M | $23.32M |
Cramer Rosenthal MCGLYNN | 984.78K | $21.12M |
Dimensional Fund Advisors | 960.73K | $20.61M |
JPM JPMorgan Chase & Co. | 856.09K | $18.36M |
GS Goldman Sachs | 811.63K | $17.41M |
AMP Ameriprise Financial | 724.69K | $15.54M |
Renaissance Technologies | 571.65K | $12.26M |
Financial report summary
?Risks
- The COVID-19 pandemic has significantly impacted the State of Hawaii and our business. The ultimate impact on our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic.
- Difficult economic and market conditions in Hawaii would result in significant adverse effects on us because of the geographic concentration of our business.
- Our real estate loan operations have a considerable effect on our results of operations.
- Our ability to maintain adequate sources of funding and liquidity and required capital levels may be negatively impacted by uncertainty in the economic environment which may, among other things, impact our ability to satisfy our obligations.
- Our Banking-as-a-Service ("BaaS") collaboration agreements may expose us to credit risk.
- A large percentage of our loans are collateralized by real estate and any deterioration in the real estate market may result in additional losses and adversely affect our financial results.
- Our allowance for credit loss methodology resulted in a credit to our provision for credit losses but the credit provision may not continue.
- Our allowance for credit losses may not be sufficient to cover actual credit losses, which could adversely affect our results of operations. Additional credit losses may occur in the future and may occur at a rate greater than we have experienced to date.
- Our commercial, financial and agricultural loan and commercial real estate loan portfolios expose us to risks that may be greater than the risks related to our other loans.
- We may incur future losses in connection with certain representations and warranties we have made with respect to mortgages that we have sold in the secondary market.
- Our business is subject to interest rate risk and fluctuations in interest rates may adversely affect our earnings.
- If we are unable to effectively manage the composition and risk of our investment securities portfolio, which we expect will continue to comprise a significant portion of our earning assets, our net interest income and net interest margin could be adversely affected.
- We may be adversely impacted by the transition from LIBOR as a reference rate
- Our RISE2020 initiative may not be successful.
- Our agreements with BaaS partners may produce limited revenue and may expose us to liability for compliance violations by BaaS partners.
- Our strategy of offering BaaS has been adopted by other institutions with which we compete.
- Managing reputational risk is important to attracting and maintaining customers, investors and employees
- The ongoing design and maintenance of data and related internal controls over financial reporting related to Current Expected Credit Losses ("CECL") will require a significant amount of time and resources which may have a material impact on our results of operations.
- Consumer protection initiatives related to the foreclosure process could materially affect our ability as a creditor to obtain remedies.
- Our deposit customers may pursue alternatives to deposits at our bank or seek higher yielding deposits causing us to incur increased funding costs.
- Failure to maintain effective internal control over financial reporting or disclosure controls and procedures could adversely affect our ability to report our financial condition and results of operations accurately and on a timely basis.
- Changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition.
- Financial services companies depend on the accuracy and completeness of information about customers and counterparties.
- We operate in a highly competitive industry and market area.
- We are subject to environmental liability risk associated with our bank branches and any real estate collateral we acquire upon foreclosure.
- Our business could be adversely affected by unfavorable actions from rating agencies.
- Governmental regulation and regulatory actions against us may impair our operations or restrict our growth.
- We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
- Regulatory capital standards impose enhanced capital adequacy requirements on us.
- We are subject to various legal claims and litigation.
- The market price of our common stock could decline.
- Anti-takeover provisions in our restated articles of incorporation and bylaws and applicable federal and state law may limit the ability of another party to acquire us or a significant block of common stock, which could cause our stock price to decline.
- Our common stock is equity and therefore is subordinate to our subsidiaries' indebtedness and preferred stock.
- There is a limited trading market for our common stock and as a result, you may not be able to resell your shares at or above the price you pay for them at the time you otherwise may desire.
- The soundness of other financial institutions could adversely affect us.
- Our common stock is not insured and you could lose the value of your entire investment.
- We continually encounter technological change.
- We are dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects.
- Natural disasters and other external events (including pandemic viruses or disease) could have a material adverse affect on our financial condition and results of operations.
Management Discussion
- Net interest income, when annualized and expressed as a percentage of average interest earning assets, is referred to as "net interest margin." Interest income, which includes loan fees and resultant yield information, is expressed on a taxable equivalent basis using a federal statutory tax rate of 21% for the three and six months ended June 30, 2022 and 2021. A comparison of net interest income on a taxable-equivalent basis for the three and six months ended June 30, 2022 and 2021 is set forth below.
- Net interest income (expressed on a taxable-equivalent basis) was $53.1 million for the second quarter of 2022, representing an increase of $1.0 million, or 1.9% from $52.2 million in the year-ago quarter. The increase from the year-ago quarter was primarily due to higher average investment securities and loan balances, combined with higher average yields earned on investment securities, partially offset by lower recognition of net interest income and loan fees related to loans originated and forgiven under the SBA Paycheck Protection Program ("PPP").
- Net interest income for the second quarter of 2022 included $0.9 million in PPP net interest income and net loan fees, which are accreted into income over the term of the loans and accelerated when the loans are forgiven or paid-off, compared to $7.9 million in the year-ago quarter. During the second quarter of 2022, the Company received $24.9 million in PPP loan forgiveness and repayments, compared to $195.8 million in the year-ago quarter. During the second quarters of 2022 and 2021,
Content analysis
?Positive | ||
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Constraining | ||
Legalese | ||
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Readability |
H.S. sophomore Avg
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New words:
begun, BOLI, CCB, chose, discretionary, employed, entitled, hike, hiked, illustrative, isolation, join, lack, largest, noncash, optimize, prohibit, pronouncement, reactivated, reactivation, replenishment, SERP, similarly, trend, unrecognized, VIE
Removed:
advertising, ATM, card, collaboration, computer, diversified, professional, software, stemming, thousand, travel
Financial reports
Current reports
8-K
Central Pacific Financial Reports Second Quarter Earnings of $17.6 Million
27 Jul 22
8-K
Submission of Matters to a Vote of Security Holders
25 Apr 22
8-K
Central Pacific Financial Reports First Quarter Earnings of $19.4 Million
20 Apr 22
8-K
Other Events
15 Mar 22
8-K
Investor Presentation March 2022
7 Mar 22
8-K/A
Departure of Directors or Certain Officers
28 Jan 22
8-K
Regulation FD Disclosure
28 Jan 22
8-K
Central Pacific Financial Announces Record Earnings and Launches New Banking-as-a-service Initiative to Drive Mainland Expansion
26 Jan 22
8-K
Central Pacific Financial Corp. Announces Planned Executive Changes Related to Its Upcoming Banking-as-a-service Launch
4 Jan 22
8-K
Investor Presentation December 2021
15 Dec 21
Registration and prospectus
424B3
Prospectus supplement
20 Nov 20
S-4/A
Registration of securities issued in business combination transactions (amended)
16 Nov 20
S-4
Registration of securities issued in business combination transactions
9 Nov 20
D
$55M in debt, sold $55M, 27 investors
26 Oct 20
S-8
Registration of securities for employees
4 May 16
15-12B
Securities registration termination
25 Feb 16
25-NSE
Exchange delisting
24 Feb 16
424B3
Prospectus supplement
4 Aug 15
424B3
Prospectus supplement
3 Aug 15
424B3
Prospectus supplement
7 Jun 15
Proxies
DEFA14A
Additional proxy soliciting materials
5 Apr 22
DEFA14A
Additional proxy soliciting materials
28 Feb 22
DEFA14A
Additional proxy soliciting materials
10 Mar 21
DEFA14A
Additional proxy soliciting materials
25 Mar 20
DEFA14A
Additional proxy soliciting materials
9 Mar 20
DEF 14A
Definitive proxy
9 Mar 20
DEFR14A
Revised proxy
8 Mar 19
DEFA14A
Additional proxy soliciting materials
8 Mar 19
Other
EFFECT
Notice of effectiveness
23 Nov 20
CORRESP
Correspondence with SEC
17 Nov 20
UPLOAD
Letter from SEC
12 Nov 20
CORRESP
Correspondence with SEC
8 Nov 20
UPLOAD
Letter from SEC
23 Oct 14
CORRESP
Correspondence with SEC
5 Oct 14
CORRESP
Correspondence with SEC
10 Jul 14
CORRESP
Correspondence with SEC
1 Jul 14
UPLOAD
Letter from SEC
18 Jun 14
CORRESP
Correspondence with SEC
21 May 14
Ownership
4
CENTRAL PACIFIC FINANCIAL / Saedene K Ota ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / EARL E FRY ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / Crystal Rose ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / CHRISTINE H H CAMP ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / Christopher Lutes ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / Jonathan B Kindred ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / PAUL KOSASA ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / DUANE K KURISU ownership change
5 Aug 22
4
CENTRAL PACIFIC FINANCIAL / COLBERT M MATSUMOTO ownership change
5 Aug 22
11-K
Annual report of employee stock purchases
28 Jun 22
Transcripts
2022 Q2
Earnings call transcript
27 Jul 22
2022 Q1
Earnings call transcript
20 Apr 22
2021 Q4
Earnings call transcript
26 Jan 22
2021 Q3
Earnings call transcript
28 Oct 21
2021 Q2
Earnings call transcript
29 Jul 21
2021 Q1
Earnings call transcript
29 Apr 21
2020 Q4
Earnings call transcript
27 Jan 21
2020 Q3
Earnings call transcript
28 Oct 20
2020 Q2
Earnings call transcript
1 Aug 20
2020 Q1
Earnings call transcript
22 Apr 20
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