CENTRAL PACIFIC FINANCIAL CORP CPF Income Statement

Central pacific financial corp (CPF)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest income:
Interest and fees on loans and leases
182,657	159,456	144,224	132,028	118,887	112,137	104,479	97,029	107,089	138,114	201,573
Interest and dividends on investment securities:
Taxable interest
29,454	34,501	33,933	30,848	32,969	33,574	31,498	28,803	27,559	19,699	36,392
Tax-exempt interest
3,044	3,696	3,874	3,975	4,022	3,996	4,051	2,312	738	1,068	4,020
Dividends
63	61	49	42	36	23	23	16	12	11	10
Interest on deposits in other banks
201	365	356	67	35	33	203	285	1,052	1,862	233
Dividends on Federal Home Loan Bank stock
964	215	126	179	86	46	24	-	-	-	9
Total interest income
216,383	198,294	182,562	167,139	156,035	149,809	140,278	128,445	136,450	160,754	242,237
Interest expense:
Interest on deposits:
Demand
800	734	641	489	399	373	349	339	500	885	1,351
Savings and money market
5,100	2,000	1,099	1,043	916	901	894	1,006	2,044	5,514	11,928
Time
18,044	16,770	9,457	4,074	2,312	2,453	2,801	3,688	7,066	14,390	29,267
Interest on short-term borrowings
4,300	1,200	200	578	254	92	6	0	204	1,177	548
Interest on long-term debt
4,080	4,556	3,479	3,005	2,626	2,572	3,119	3,701	8,815	20,135	24,621
Total interest expense
32,309	25,296	14,859	9,189	6,507	6,391	7,169	8,734	18,629	42,101	67,715
Net interest income
184,074	172,998	167,703	157,950	149,528	143,418	133,109	119,711	117,821	118,653	174,522
Provision for credit losses
6,317	-1,124	-2,674	-5,517	-15,671	-6,414	-11,310	-18,885	-40,690	159,548	348,801
Net interest income after provision for credit losses
177,757	174,122	170,377	163,467	165,199	149,832	144,419	138,596	158,511	-40,895	-174,279
Other operating income:
Mortgage banking income
5,983	7,315	6,962	8,069	7,254	8,980	-	-	-	-	-
Service charges on deposit accounts
8,406	8,406	8,468	7,891	7,829	8,113	7,041	8,367	10,024	11,831	15,458
Loan servicing fees
-	-	-	-	-	-	6,057	6,486	-	-	-
Other service charges and fees
14,358	13,123	11,518	11,449	11,461	11,754	12,490	11,083	17,239	15,418	14,187
Net gain on sales of residential mortgage loans
-	-	-	-	-	5,545	9,986	17,095	8,050	8,468	13,582
Net gain (loss) on sales of foreclosed assets
-145	0	205	607	568	971	8,584	4,999	6,821	-	-
Income from fiduciary activities
-	-	-	3,435	3,343	3,552	2,855	2,599	2,794	3,204	3,759
Gain (Loss) on Disposition of Property Plant Equipment
-	-	-	3,537	0	0	-	-	-	7,698	3,612
Equity in earnings of unconsolidated subsidiaries
257	233	602	723	578	480	790	574	458	468	759
Revenue from Contract with Customer, Including Assessed Tax
25,894	24,586	-	-	-	-	-	-	-	-	-
Income (loss) from bank-owned life insurance
3,105	2,117	3,388	2,685	2,034	2,922	2,333	2,899	4,139	4,809	5,249
Fees on foreign exchange
755	905	529	519	450	464	508	551	664	659	584
Loan placement fees
702	747	536	494	720	437	570	690	541	391	982
Net gains (losses) on sales of investment securities
36	-279	-1,410	0	-1,866	240	482	789	1,306	831	-74
Other than temporary impairment on securities (net of $5,158 recognized in other comprehensive loss for 2009)
-	-	-	-	-	-	-	-	-	-	2,565
Other
3,949	1,992	2,024	2,907	2,428	3,253	3,249	4,611	4,966	3,259	1,880
Total other operating income
41,801	38,804	36,496	42,316	34,799	41,166	54,945	60,743	57,002	57,036	57,413
Other operating expense:
Salaries and employee benefits
82,290	75,352	72,286	73,500	66,429	67,941	76,294	69,344	63,675	56,613	66,346
Net occupancy
14,299	13,763	13,571	14,065	14,432	15,252	14,323	13,920	13,793	13,650	13,415
Equipment
4,353	4,239	3,785	3,399	3,475	3,582	3,676	3,966	4,702	5,337	6,081
Amortization of other intangible assets
-	-	-	-	-	-	7,418	10,179	7,033	7,061	-
Amortization of core deposit premium
2,460	3,865	4,962	7,741	-	-	-	-	-	-	6,123
Communication expense
3,551	3,410	3,659	3,694	3,483	3,635	3,523	3,428	3,517	3,985	4,317
Legal and professional services
7,354	7,330	7,724	6,856	7,340	7,806	8,094	13,824	13,506	17,840	13,989
Computer software expense
10,812	9,841	9,192	9,475	8,831	6,327	4,579	3,961	3,629	3,625	3,428
Advertising expense
2,661	2,675	2,408	2,401	2,550	2,342	2,666	3,516	2,961	2,531	3,266
Foreclosed asset expense
251	574	151	152	486	1,710	1,036	6,887	11,378	8,982	8,651
Write down of assets
-	-	-	-	-	-	-	2,586	4,624	1,460	4,963
Loss on early extinguishment of debt
-	-	-	-	-	-	-	-	-6,234	-5,685	0
Goodwill impairment
-	-	-	-	-	-	-	-	-	102,689	50,000
Other
16,060	15,492	15,623	16,301	17,342	18,886	17,927	20,307	43,890	37,636	36,297
Total other operating expense
141,631	134,682	131,073	132,518	127,042	130,156	139,536	151,918	178,942	267,094	216,876
Income before income taxes
77,927	78,244	75,800	73,265	72,956	60,842	59,828	47,421	36,571	-250,953	-333,742
Income tax expense
19,605	18,758	34,596	26,273	27,088	20,389	-112,247	-	-	-	-19,995
Net income
58,322	59,486	41,204	46,992	45,868	40,453	172,075	47,421	36,571	-250,953	-313,747
Preferred stock dividends, accretion of discount and conversion of preferred stock to common stock
-	-	-	-	-	-	-	-	-83,897	8,432	7,946
Net income available to common shareholders
-	-	-	-	-	-	-	-	120,468	-259,385	-321,693
Per common share data:
Basic earnings per common share (in dollars per share)
2.05	2.02	1.36	1.52	1.42	1.08	4.10	1.14	3.36	-171.13	-220.56
Diluted earnings per common share (in dollars per share)
2.03	2.01	1.34	1.50	1.40	1.07	4.07	1.13	3.31	-171.13	-220.56
Cash dividends declared (in dollars per share)
0.90	0.82	0.70	0.60	0.82	0.36	0.16	-	-	-	-
Fiduciary and Trust
Revenue from Contract with Customer, Including Assessed Tax
4,395	4,245	3,674	-	-	-	-	-	-	-	-
Core Deposit Premium
Amortization of core deposit premium
0	2,006	2,674	2,675	-	-	-	-	-	-	-