CENTRAL PACIFIC FINANCIAL CORP CPF Income Statement

Central pacific financial corp (CPF)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Interest and fees on loans and leases
46,204	47,488	45,861	45,540	43,768	42,836	40,531	38,699	37,390	37,447	36,289	35,531	34,957	33,973	33,384	32,878	31,793	30,565	30,148	29,572	28,602	28,850	28,364	28,040	26,883	27,117	26,414	26,505	24,443	23,387	24,241	24,393	25,008	26,097	25,962	26,464	28,566	33,456	35,788
Interest and dividends on investment securities:
Taxable interest
6,757	6,486	7,178	7,530	8,260	8,451	8,490	8,717	8,843	8,777	8,540	8,481	8,135	7,203	7,296	7,953	8,396	8,282	8,260	8,277	8,150	7,858	7,744	8,476	9,496	8,980	8,114	7,373	7,031	6,959	6,641	7,589	7,614	7,179	7,918	7,241	5,221	3,885	3,653
Tax-exempt interest
668	656	708	814	866	910	920	933	933	955	966	974	979	989	995	995	996	1,006	1,008	1,010	998	1,000	1,002	1,000	994	992	992	1,040	1,027	965	704	446	197	189	186	179	184	184	190
Dividends
17	17	14	14	18	17	26	3	15	13	12	12	12	12	10	10	10	10	9	8	9	13	8	1	1	7	5	6	5	5	4	4	3	4	5	0	3	3	2
Interest on deposits in other banks
36	54	33	46	68	55	109	117	84	58	163	61	74	22	17	11	17	7	6	11	11	9	9	8	7	25	21	68	89	73	84	47	81	104	259	300	389	510	467
Dividends on Federal Home Loan Bank stock
132	456	186	161	161	70	60	40	45	26	23	21	56	56	63	23	37	46	11	18	11	11	12	11	12	-	12	-	-	-	-	-	-	-	-	-	-	-	-
Total interest income
53,814	55,157	53,980	54,105	53,141	52,339	50,136	48,509	47,310	47,276	45,993	45,080	44,213	42,255	41,765	41,870	41,249	39,916	39,442	38,896	37,781	37,741	37,139	37,536	37,393	37,133	35,558	34,992	32,595	31,389	31,674	32,479	32,903	33,573	34,330	34,184	34,363	38,038	40,100
Interest expense:
Interest on deposits:
Demand
176	202	207	199	192	180	181	193	180	170	177	154	140	129	126	123	111	101	104	99	95	96	96	91	90	90	91	87	81	81	83	89	86	94	113	161	132	181	250
Savings and money market
1,118	1,253	1,549	1,507	791	579	593	459	369	302	281	259	257	257	254	269	263	238	230	225	223	229	225	223	224	231	227	219	217	223	232	252	299	353	459	500	732	1,323	1,487
Time
3,268	3,653	4,432	4,867	5,092	4,567	4,744	4,034	3,425	2,967	2,637	2,136	1,717	1,175	1,044	957	898	647	568	549	548	573	629	621	630	651	671	720	759	784	869	962	1,073	1,288	1,499	1,902	2,377	3,666	3,808
Interest on short-term borrowings
508	1,154	1,130	1,123	893	963	146	48	43	114	9	46	31	191	160	177	50	59	73	79	43	10	10	55	17	-	3	-	-	-	-	-	-	0	0	0	204	387	306
Interest on long-term debt
914	976	1,013	1,031	1,060	1,335	1,147	1,103	971	916	894	856	813	799	755	735	716	677	662	650	637	649	647	640	636	662	795	793	869	911	930	917	943	1,026	2,430	2,642	2,717	5,112	5,053
Total interest expense
5,984	7,223	8,331	8,727	8,028	7,660	6,811	5,837	4,988	4,452	3,998	3,451	2,958	2,551	2,339	2,261	2,038	1,722	1,637	1,602	1,546	1,557	1,607	1,630	1,597	1,637	1,787	1,819	1,926	1,999	2,114	2,220	2,401	2,761	4,501	5,205	6,162	10,669	10,904
Net interest income
47,830	47,934	45,649	45,378	45,113	44,679	43,325	42,672	42,322	42,824	41,995	41,629	41,255	39,704	39,426	39,609	39,211	38,194	37,805	37,294	36,235	36,184	35,532	35,906	35,796	35,496	33,771	33,173	30,669	29,390	29,560	30,259	30,502	30,812	29,829	28,979	28,201	27,369	29,196
Provision for credit losses
9,300	2,117	1,500	1,400	1,300	-1,324	-100	500	-200	-186	-126	-2,282	-80	-2,645	-743	-1,382	-747	-1,958	-3,647	-7,319	-2,747	-5,371	-1,722	1,995	-1,316	-1,333	-3,189	-227	-6,561	-2,283	-4,982	-6,630	-4,990	-11,215	-19,116	-8,784	-1,575	79,893	20,412
Net interest income after provision for credit losses
38,501	45,836	44,117	43,974	43,830	46,065	43,384	42,140	42,533	43,010	42,121	43,911	41,335	42,349	40,169	40,991	39,958	40,152	41,452	44,613	38,982	41,555	37,254	33,911	37,112	36,829	36,960	33,400	37,230	31,673	34,542	36,889	35,492	42,027	48,945	37,763	29,776	-52,524	8,784
Other operating income:
Mortgage banking income
337	1,045	1,764	1,601	1,573	1,770	1,923	1,775	1,847	1,531	1,531	1,957	1,943	2,845	2,561	1,423	1,240	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Service charges on deposit accounts
2,050	2,159	2,125	2,041	2,081	2,237	2,189	1,977	2,003	2,130	2,182	2,120	2,036	2,065	1,954	1,908	1,964	1,999	1,947	1,915	1,968	2,061	2,070	1,989	1,993	2,091	1,776	1,583	1,591	1,648	2,130	2,273	2,316	2,460	2,501	2,449	2,614	2,793	2,982
Loan servicing fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,407	1,427	1,423	-	1,446	1,448	1,444	1,479	1,509	1,526	1,543	-	-	-	-	-	-	-	-	-	-
Other service charges and fees
4,897	3,728	3,724	3,691	3,215	3,426	3,286	3,377	3,034	2,532	3,185	3,053	2,748	2,833	2,821	3,028	2,767	2,772	2,803	2,781	3,105	2,842	2,886	3,083	2,943	3,164	3,422	3,117	2,787	-2,032	4,538	4,156	4,421	4,286	4,451	4,444	4,058	4,110	3,850
Net gain on sales of residential mortgage loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,466	-	1,551	1,630	1,594	1,394	1,685	1,227	1,239	1,494	1,476	2,888	4,128	6,011	4,713	3,394	2,977	3,670	1,177	1,005	2,198	2,036	1,332
Net gain (loss) on sales of foreclosed assets
-	-	17	-	-	-	0	-	-	0	19	84	102	1	57	241	308	189	252	94	33	9	218	582	162	56	276	7,694	558	-	1,109	-	-	-	-	-	-	-	-
Income from fiduciary activities
1,297	-	1,126	1,129	965	-	1,159	1,017	956	-	911	964	864	858	880	857	840	825	854	830	834	865	797	828	1,062	748	724	686	697	669	662	642	626	658	636	739	761	751	811
Equity in earnings of unconsolidated subsidiaries
26	92	86	71	8	82	71	37	43	214	176	151	61	267	182	184	90	88	165	229	96	58	11	359	52	57	513	192	28	188	171	169	46	157	136	38	127	197	102
Income (loss) from bank-owned life insurance
-19	594	645	914	952	243	1,055	501	318	614	1,074	583	1,117	273	555	1,232	625	465	434	461	674	676	810	766	670	841	611	317	564	625	741	942	591	1,103	866	980	1,190	1,062	1,890
Fees on foreign exchange
-	-	170	218	-	197	220	277	211	135	101	130	163	116	129	126	148	98	126	98	128	113	118	119	114	160	149	128	71	104	165	192	90	180	198	149	137	171	175
Loan placement fees
-	-	230	107	-	215	115	220	197	170	86	146	134	175	140	133	46	146	202	225	147	81	35	178	143	162	81	178	149	143	114	193	240	193	164	82	102	130	92
Net gains (losses) on sales of investment securities
-	-	36	-	-	-	0	-	-	-	0	-1,640	-	-	0	0	-	-	0	-1,866	-	-	0	240	-	-	-	-	-	-	789	-	-	-	-	261	-	0	0
Other
298	405	343	322	2,879	396	802	449	345	552	304	322	846	799	675	805	628	852	88	300	1,188	359	1,387	1,185	322	1,439	1,393	-497	914	-873	1,906	1,653	1,925	1,483	1,380	790	1,313	400	1,503
Total other operating income
8,886	9,768	10,266	10,094	11,673	9,400	10,820	9,630	8,954	9,043	9,569	7,870	10,014	13,769	9,954	9,937	8,656	5,656	9,829	8,124	11,190	7,555	11,463	12,004	10,144	12,173	11,930	17,812	13,030	16,859	17,038	13,614	13,232	22,056	11,509	10,937	12,500	11,650	12,737
Other operating expense:
Salaries and employee benefits
20,347	21,207	20,631	20,563	19,889	19,053	19,011	18,783	18,505	18,759	18,157	17,983	17,387	21,254	17,459	17,850	16,937	16,895	17,193	15,176	17,165	17,405	16,552	16,550	17,434	20,350	19,167	18,242	18,535	17,833	17,256	17,629	16,626	17,344	15,856	15,442	15,033	14,370	14,408
Net occupancy
3,672	3,619	3,697	3,525	3,458	3,649	3,488	3,360	3,266	3,418	3,404	3,335	3,414	3,606	3,588	3,557	3,314	3,981	3,547	3,403	3,501	3,877	4,051	3,734	3,590	3,672	3,802	3,622	3,227	3,761	3,629	3,264	3,266	3,559	3,466	3,410	3,358	3,196	3,310
Equipment
1,097	1,142	1,067	1,138	1,006	1,079	1,048	1,044	1,068	1,007	969	967	842	967	852	769	811	858	775	933	909	888	953	945	796	888	952	878	958	958	1,030	1,021	957	1,070	1,348	1,154	1,130	1,333	1,305
Amortization of other intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,178	-	1,683	1,559	2,105	-	1,328	1,318	1,240	1,424	1,637	2,109	2,248	2,689	2,698	3,031	1,761	-	1,709	-	-	-	-
Amortization of core deposit premium
-	-	0	0	-	1,859	669	668	669	2,956	669	669	668	5,735	669	668	669	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,629	1,547	2,215	1,581
Communication expense
837	906	1,008	903	734	863	903	746	898	924	944	891	900	868	948	919	959	822	895	942	824	942	925	874	894	796	907	870	950	886	872	816	854	886	828	922	881	1,041	846
Legal and professional services
2,028	2,123	1,933	1,728	1,570	2,212	1,528	1,769	1,821	2,091	1,854	1,987	1,792	1,821	1,699	1,723	1,613	1,671	1,808	1,642	2,219	1,980	1,786	2,228	1,812	1,684	2,155	1,945	2,310	3,189	2,772	3,806	4,057	3,536	3,230	4,023	2,717	3,267	5,416
Computer software expense
2,943	2,942	2,713	2,560	2,597	2,597	2,672	2,305	2,267	2,404	2,346	2,190	2,252	2,332	2,217	2,222	2,704	2,067	2,286	2,382	2,096	1,735	1,659	1,575	1,358	1,397	1,056	1,193	933	1,109	959	958	935	923	894	929	883	856	873
Advertising expense
1,092	527	711	712	711	834	612	617	612	1,000	626	390	392	562	772	433	634	964	502	449	635	305	673	678	686	525	601	728	812	884	906	857	869	453	842	830	836	574	764
Foreclosed asset expense
67	28	15	49	159	37	212	31	294	28	24	63	36	16	72	49	15	154	3	257	72	267	1,355	-17	105	43	-12	705	300	420	3,972	2,602	-107	9,780	835	-1,222	1,985	-1,017	403
Write down of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	827	0	1,759	0	-31	3,090	1,565	0	166
Loss on early extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,234	-	-	0	-
Goodwill impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other
4,157	3,748	3,159	4,929	4,224	3,318	3,882	4,288	4,004	3,468	4,518	3,860	3,777	4,332	3,989	4,270	3,710	3,652	3,483	5,715	4,492	3,904	5,964	5,003	4,015	4,492	6,247	4,708	2,480	4,393	5,938	5,707	4,269	12,289	13,617	10,282	7,702	5,835	8,554
Total other operating expense
36,240	36,242	34,934	36,107	34,348	33,642	34,025	33,611	33,404	33,767	33,511	32,335	31,460	36,427	32,265	32,460	31,366	28,391	32,175	32,458	34,018	30,092	35,246	32,888	31,930	35,271	36,512	35,000	32,753	36,122	40,859	39,691	35,246	51,988	48,828	40,489	37,637	31,670	37,626
Income before income taxes
11,147	19,362	19,449	17,961	21,155	21,823	20,179	18,159	18,083	18,286	18,179	19,446	19,889	19,691	17,858	18,468	17,248	17,417	19,106	20,279	16,154	19,018	13,471	13,027	15,326	13,731	12,378	16,212	17,507	12,410	10,721	10,812	13,478	12,095	11,626	8,211	4,639	-72,544	-16,105
Income tax expense
2,821	5,165	4,895	4,427	5,118	6,031	4,986	3,935	3,806	13,998	6,367	7,421	6,810	7,483	6,392	6,331	6,067	6,485	6,900	7,944	5,759	5,753	5,241	3,877	5,518	3,436	2,174	1,945	-119,802	-	-	-	-	-	-	-	0	0	0
Net income
8,326	14,197	14,554	13,534	16,037	15,792	15,193	14,224	14,277	4,288	11,812	12,025	13,079	12,208	11,466	12,137	11,181	10,932	12,206	12,335	10,395	13,265	8,230	9,150	9,808	10,295	10,204	14,267	137,309	12,410	10,721	10,812	13,478	12,095	11,626	8,211	4,639	-72,544	-16,105
Preferred stock dividends, accretion of discount and conversion of preferred stock to common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-83,897	2,119	2,096
Net income available to common shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,095	11,626	8,211	88,536	-74,663	-18,201
Per common share data:
Basic earnings per common share (in dollars per share)
0.30	0.51	0.51	0.47	0.56	0.54	0.52	0.48	0.48	0.15	0.39	0.39	0.43	0.40	0.37	0.39	0.36	0.34	0.39	0.39	0.30	0.37	0.23	0.25	0.23	0.24	0.24	0.34	3.28	0.30	0.26	0.26	0.32	-1.71	0.28	0.20	4.59	-49.27	-12.01
Diluted earnings per common share (in dollars per share)
0.29	0.50	0.51	0.47	0.55	0.53	0.52	0.48	0.48	0.14	0.39	0.39	0.42	0.39	0.37	0.39	0.35	0.34	0.38	0.39	0.29	0.36	0.23	0.25	0.23	0.24	0.24	0.34	3.25	0.29	0.26	0.26	0.32	-1.75	0.28	0.20	4.58	-49.27	-12.01
Cash dividends declared (in dollars per share)
0.23	0.23	0.23	0.23	0.21	0.21	0.21	0.21	0.19	0.18	0.18	0.18	0.16	0.16	0.16	0.14	0.14	0.46	0.12	0.12	0.12	0.10	0.10	0.08	0.08	-	0.08	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average common shares outstanding used in computation:
Basic shares (in shares)
28,126	-	28,424	28,546	28,758	-	29,297	29,510	29,807	-	30,300	30,568	30,714	-	30,943	31,060	31,263	-	31,330	31,525	34,827	-	35,863	36,117	41,915	-	42,028	41,957	41,816	-	41,764	41,717	41,631	-	41,625	40,700	19,301	1	1
Diluted shares (in shares)
28,277	-	28,602	28,729	28,979	-	29,479	29,714	30,041	-	30,514	30,803	31,001	-	31,142	31,262	31,506	-	31,749	31,953	35,478	-	36,353	36,656	42,477	-	42,421	42,320	42,297	-	42,016	41,959	41,839	-	41,672	41,078	19,321	1	1