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Central Pacific Financial (CPF)

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
CEO
Paul Yonamine
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CPB INC
SEC CIK
Subsidiaries
Gentry HomeLoans, LLC • Haseko HomeLoans, LLC • Island Pacific HomeLoans, LLC • Oahu HomeLoans, LLC ...
IRS number
990212597

CPF stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Aug 22
19 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
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

Beta Read what these cash burn values mean

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
13F holders Current Prev Q Change
Total holders 155 166 -6.6%
Opened positions 13 13
Closed positions 24 16 +50.0%
Increased positions 55 60 -8.3%
Reduced positions 55 66 -16.7%
13F shares Current Prev Q Change
Total value 522.94M 696.79M -24.9%
Total shares 24.37M 24.97M -2.4%
Total puts 0 0
Total calls 112.4K 140.8K -20.2%
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 4.08M $87.53M -1.1%
Vanguard 3.13M $67.2M +0.2%
STT State Street 1.33M $28.53M -5.3%
BK Bank Of New York Mellon 1.09M $23.32M -9.4%
Cramer Rosenthal MCGLYNN 984.78K $21.12M -16.6%
Dimensional Fund Advisors 960.73K $20.61M -0.9%
JPM JPMorgan Chase & Co. 856.09K $18.36M +4.7%
GS Goldman Sachs 811.63K $17.41M +7.8%
AMP Ameriprise Financial 724.69K $15.54M -2.4%
Renaissance Technologies 571.65K $12.26M +8.1%
Largest transactions Shares Bought/sold Change
Granite Investment Partners 0 -471.42K EXIT
IVZ Invesco 513.45K +248.19K +93.6%
Millennium Management 358.18K +204.28K +132.7%
Parametric Portfolio Associates 0 -202.52K EXIT
NTRS Northern Trust 363.85K -199.41K -35.4%
Cramer Rosenthal MCGLYNN 984.78K -196.43K -16.6%
MS Morgan Stanley 404.24K +139.42K +52.6%
Thrivent Financial For Lutherans 473.3K +125.53K +36.1%
BK Bank Of New York Mellon 1.09M -112.75K -9.4%
Twin Lakes Capital Management 0 -104.12K EXIT

Financial report summary

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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,

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