CENTRAL PACIFIC FINANCIAL CORP CPF Income Statement

Central pacific financial corp (CPF)

Income statement / TTM

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
185,093	182,657	178,005	172,675	165,834	159,456	154,067	149,825	146,657	144,224	140,750	137,845	135,192	132,028	128,620	125,384	122,078	118,887	117,172	115,388	113,856	112,137	110,404	108,454	106,919	104,479	100,749	98,576	96,464	97,029	99,739	101,460	103,531	107,089	114,448	124,274	0	0	0
Interest and dividends on investment securities:
Taxable interest
27,951	29,454	31,419	32,731	33,918	34,501	34,827	34,877	34,641	33,933	32,359	31,115	30,587	30,848	31,927	32,891	33,215	32,969	32,545	32,029	32,228	33,574	34,696	35,066	33,963	31,498	29,477	28,004	28,220	28,803	29,023	30,300	29,952	27,559	24,265	20,000	0	0	0
Tax-exempt interest
2,846	3,044	3,298	3,510	3,629	3,696	3,741	3,787	3,828	3,874	3,908	3,937	3,958	3,975	3,992	4,005	4,020	4,022	4,016	4,010	4,000	3,996	3,988	3,978	4,018	4,051	4,024	3,736	3,142	2,312	1,536	1,018	751	738	733	737	0	0	0
Dividends
62	63	63	75	64	61	57	43	52	49	48	46	44	42	40	39	37	36	39	38	31	23	17	14	19	23	21	20	18	16	15	16	12	12	11	8	0	0	0
Interest on deposits in other banks
169	201	202	278	349	365	368	422	366	356	320	174	124	67	52	41	41	35	37	40	37	33	49	61	121	203	251	314	293	285	316	491	744	1,052	1,458	1,666	0	0	0
Dividends on Federal Home Loan Bank stock
935	964	578	452	331	215	171	134	115	126	156	196	198	179	169	117	112	86	51	52	45	46	47	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Total interest income
217,056	216,383	213,565	209,721	204,125	198,294	193,231	189,088	185,659	182,562	177,541	173,313	170,103	167,139	164,800	162,477	159,503	156,035	153,860	151,557	150,197	149,809	149,201	147,620	145,076	140,278	134,534	130,650	128,137	128,445	130,629	133,285	134,990	136,450	140,915	146,685	0	0	0
Interest expense:
Interest on deposits:
Demand
784	800	778	752	746	734	724	720	681	641	600	549	518	489	461	439	415	399	394	386	378	373	367	362	358	349	340	332	334	339	352	382	454	500	587	724	0	0	0
Savings and money market
5,427	5,100	4,426	3,470	2,422	2,000	1,723	1,411	1,211	1,099	1,054	1,027	1,037	1,043	1,024	1,000	956	916	907	902	900	901	903	905	901	894	886	891	924	1,006	1,136	1,363	1,611	2,044	3,014	4,042	0	0	0
Time
16,220	18,044	18,958	19,270	18,437	16,770	15,170	13,063	11,165	9,457	7,665	6,072	4,893	4,074	3,546	3,070	2,662	2,312	2,238	2,299	2,371	2,453	2,531	2,573	2,672	2,801	2,934	3,132	3,374	3,688	4,192	4,822	5,762	7,066	9,444	11,753	0	0	0
Interest on short-term borrowings
3,915	4,300	4,109	3,125	2,050	1,200	351	214	212	200	277	428	559	578	446	359	261	254	205	142	118	92	85	0	0	-	0	-	-	-	-	-	-	204	591	897	0	0	0
Interest on long-term debt
3,934	4,080	4,439	4,573	4,645	4,556	4,137	3,884	3,637	3,479	3,362	3,223	3,102	3,005	2,883	2,790	2,705	2,626	2,598	2,583	2,573	2,572	2,585	2,733	2,886	3,119	3,368	3,503	3,627	3,701	3,816	5,316	7,041	8,815	12,901	15,524	0	0	0
Total interest expense
30,265	32,309	32,746	31,226	28,336	25,296	22,088	19,275	16,889	14,859	12,958	11,299	10,109	9,189	8,360	7,658	6,999	6,507	6,342	6,312	6,340	6,391	6,471	6,651	6,840	7,169	7,531	7,858	8,259	8,734	9,496	11,883	14,868	18,629	26,537	32,940	0	0	0
Net interest income
186,791	184,074	180,819	178,495	175,789	172,998	171,143	169,813	168,770	167,703	164,583	162,014	159,994	157,950	156,440	154,819	152,504	149,528	147,518	145,245	143,857	143,418	142,730	140,969	138,236	133,109	127,003	122,792	119,878	119,711	121,133	121,402	120,122	117,821	114,378	113,745	0	0	0
Provision for credit losses
14,317	6,317	2,876	1,276	376	-1,124	14	-12	-2,794	-2,674	-5,133	-5,750	-4,850	-5,517	-4,830	-7,734	-13,671	-15,671	-19,084	-17,159	-7,845	-6,414	-2,376	-3,843	-6,065	-11,310	-12,260	-14,053	-20,456	-18,885	-27,817	-41,951	-44,105	-40,690	50,418	89,946	0	0	0
Net interest income after provision for credit losses
172,428	177,757	177,986	177,253	175,419	174,122	171,067	169,804	171,575	170,377	169,716	167,764	164,844	163,467	161,270	162,553	166,175	165,199	166,602	162,404	151,702	149,832	145,106	144,812	144,301	144,419	139,263	136,845	140,334	138,596	148,950	163,353	164,227	158,511	63,960	23,799	0	0	0
Other operating income:
Mortgage banking income
4,747	5,983	6,708	6,867	7,041	7,315	7,076	6,684	6,866	6,962	8,276	9,306	8,772	8,069	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Service charges on deposit accounts
8,375	8,406	8,484	8,548	8,484	8,406	8,299	8,292	8,435	8,468	8,403	8,175	7,963	7,891	7,825	7,818	7,825	7,829	7,891	8,014	8,088	8,113	8,143	7,849	7,443	7,041	6,598	6,952	7,642	8,367	9,179	9,550	9,726	10,024	10,357	10,838	0	0	0
Loan servicing fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	5,817	5,880	5,958	6,057	0	0	0	-	-	-	-	-	-	-	-	-	-
Other service charges and fees
16,040	14,358	14,056	13,618	13,304	13,123	12,229	12,128	11,804	11,518	11,819	11,455	11,430	11,449	11,388	11,370	11,123	11,461	11,531	11,614	11,916	11,754	12,076	12,612	12,646	12,490	7,294	8,410	9,449	11,083	17,401	17,314	17,602	17,239	17,063	16,462	0	0	0
Net gain on sales of residential mortgage loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,979	-	6,169	6,303	5,900	5,545	5,645	5,436	7,097	9,986	14,503	17,740	18,246	17,095	14,754	11,218	8,829	8,050	6,416	6,571	0	0	0
Net gain (loss) on sales of foreclosed assets
-	-	0	-	-	-	0	-	-	205	206	244	401	607	795	990	843	568	388	354	842	971	1,018	1,076	8,188	8,584	9,637	0	0	-	0	-	-	-	-	-	-	-	-
Income from fiduciary activities
0	-	4,333	4,366	0	-	4,067	3,819	3,766	-	3,597	3,566	3,459	3,435	3,402	3,376	3,349	3,343	3,383	3,326	3,324	3,552	3,435	3,362	3,220	2,855	2,776	2,714	2,670	2,599	2,588	2,562	2,659	2,794	2,887	3,062	0	0	0
Equity in earnings of unconsolidated subsidiaries
275	257	247	232	198	233	365	470	584	602	655	661	694	723	544	527	572	578	548	394	524	480	479	981	814	790	921	579	556	574	543	508	377	458	498	464	0	0	0
Income (loss) from bank-owned life insurance
2,134	3,105	2,754	3,164	2,751	2,117	2,488	2,507	2,589	3,388	3,047	2,528	3,177	2,685	2,877	2,756	1,985	2,034	2,245	2,621	2,926	2,922	3,087	2,888	2,439	2,333	2,117	2,247	2,872	2,899	3,377	3,502	3,540	4,139	4,098	5,122	0	0	0
Fees on foreign exchange
-	-	736	786	-	905	843	724	577	529	510	538	534	519	501	498	470	450	465	457	478	464	511	542	551	508	452	468	532	551	627	660	617	664	655	632	0	0	0
Loan placement fees
-	-	701	586	-	747	702	673	599	536	541	595	582	494	465	527	619	720	655	488	441	437	518	564	564	570	551	584	599	690	740	790	679	541	478	406	0	0	0
Net gains (losses) on sales of investment securities
-	-	0	-	-	-	0	-	-	-	0	0	-	-	0	0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	0	-	-	-	-	0	-	0	0
Other
1,368	3,949	3,940	4,399	4,526	1,992	2,148	1,650	1,523	2,024	2,271	2,642	3,125	2,907	2,960	2,373	1,868	2,428	1,935	3,234	4,119	3,253	4,333	4,339	2,657	3,249	937	1,450	3,600	4,611	6,967	6,441	5,578	4,966	3,883	4,006	0	0	0
Total other operating income
39,014	41,801	41,433	41,987	41,523	38,804	38,447	37,196	35,436	36,496	41,222	41,607	43,674	42,316	34,203	34,078	32,265	34,799	36,698	38,332	42,212	41,166	45,784	46,251	52,059	54,945	59,631	64,739	60,541	60,743	65,940	60,411	57,734	57,002	46,596	47,824	0	0	0
Other operating expense:
Salaries and employee benefits
82,748	82,290	80,136	78,516	76,736	75,352	75,058	74,204	73,404	72,286	74,781	74,083	73,950	73,500	69,141	68,875	66,201	66,429	66,939	66,298	67,672	67,941	70,886	73,501	75,193	76,294	73,777	71,866	71,253	69,344	68,855	67,455	65,268	63,675	60,701	59,253	0	0	0
Net occupancy
14,513	14,299	14,329	14,120	13,955	13,763	13,532	13,448	13,423	13,571	13,759	13,943	14,165	14,065	14,440	14,399	14,245	14,432	14,328	14,832	15,163	15,252	15,047	14,798	14,686	14,323	14,412	14,239	13,881	13,920	13,718	13,555	13,701	13,793	13,430	13,274	0	0	0
Equipment
4,444	4,353	4,290	4,271	4,177	4,239	4,167	4,088	4,011	3,785	3,745	3,628	3,430	3,399	3,290	3,213	3,377	3,475	3,505	3,683	3,695	3,582	3,582	3,581	3,514	3,676	3,746	3,824	3,967	3,966	4,078	4,396	4,529	4,702	4,965	4,922	0	0	0
Amortization of other intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	5,310	5,619	6,410	7,418	8,683	9,744	10,666	10,179	9,199	0	0	-	0	-	-	-	-
Amortization of core deposit premium
-	-	1,859	2,528	-	3,865	4,962	4,962	4,963	4,962	7,741	7,741	7,740	7,741	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0
Communication expense
3,654	3,551	3,508	3,403	3,246	3,410	3,471	3,512	3,657	3,659	3,603	3,607	3,635	3,694	3,648	3,595	3,618	3,483	3,603	3,633	3,565	3,635	3,489	3,471	3,467	3,523	3,613	3,578	3,524	3,428	3,428	3,384	3,490	3,517	3,672	3,690	0	0	0
Legal and professional services
7,812	7,354	7,443	7,038	7,079	7,330	7,209	7,535	7,753	7,724	7,454	7,299	7,035	6,856	6,706	6,815	6,734	7,340	7,649	7,627	8,213	7,806	7,510	7,879	7,596	8,094	9,599	10,216	12,077	13,824	14,171	14,629	14,846	13,506	13,237	15,423	0	0	0
Computer software expense
11,158	10,812	10,467	10,426	10,171	9,841	9,648	9,322	9,207	9,192	9,120	8,991	9,023	9,475	9,210	9,279	9,439	8,831	8,499	7,872	7,065	6,327	5,989	5,386	5,004	4,579	4,291	4,194	3,959	3,961	3,775	3,710	3,681	3,629	3,562	3,541	0	0	0
Advertising expense
3,042	2,661	2,968	2,869	2,774	2,675	2,841	2,855	2,628	2,408	1,970	2,116	2,159	2,401	2,803	2,533	2,549	2,550	1,891	2,062	2,291	2,342	2,562	2,490	2,540	2,666	3,025	3,330	3,459	3,516	3,085	3,021	2,994	2,961	3,082	3,004	0	0	0
Foreclosed asset expense
159	251	260	457	439	574	565	377	409	151	139	187	173	152	290	221	429	486	599	1,951	1,677	1,710	1,486	119	841	1,036	1,413	5,397	7,294	6,887	16,247	13,110	9,286	11,378	581	149	0	0	0
Write down of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,586	2,586	1,728	4,818	4,624	4,624	4,821	0	0	0
Loss on early extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	-
Goodwill impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other
15,993	16,060	15,630	16,353	15,712	15,492	15,642	16,278	15,850	15,623	16,487	15,958	16,368	16,301	15,621	15,115	16,560	17,342	17,594	20,075	19,363	18,886	19,474	19,757	19,462	17,927	17,828	17,519	18,518	20,307	28,203	35,882	40,457	43,890	37,436	32,373	0	0	0
Total other operating expense
143,523	141,631	139,031	138,122	135,626	134,682	134,807	134,293	133,017	131,073	133,733	132,487	132,612	132,518	124,482	124,392	124,390	127,042	128,743	131,814	132,244	130,156	135,335	136,601	138,713	139,536	140,387	144,734	149,425	151,918	167,784	175,753	176,551	178,942	158,624	147,422	0	0	0
Income before income taxes
67,919	77,927	80,388	81,118	81,316	78,244	74,707	72,707	73,994	75,800	77,205	76,884	75,906	73,265	70,991	72,239	74,050	72,956	74,557	68,922	61,670	60,842	55,555	54,462	57,647	59,828	58,507	56,850	51,450	47,421	47,106	48,011	45,410	36,571	-48,068	-75,799	0	0	0
Income tax expense
17,308	19,605	20,471	20,562	20,070	18,758	26,725	28,106	31,592	34,596	28,081	28,106	27,016	26,273	25,275	25,783	27,396	27,088	26,356	24,697	20,630	20,389	18,072	15,005	13,073	-112,247	0	0	0	-	-	-	-	-	-	-	0	0	0
Net income
50,611	58,322	59,917	60,556	61,246	59,486	47,982	44,601	42,402	41,204	49,124	48,778	48,890	46,992	45,716	46,456	46,654	45,868	48,201	44,225	41,040	40,453	37,483	39,457	44,574	172,075	174,190	174,707	171,252	47,421	47,106	48,011	45,410	36,571	-48,068	-75,799	0	0	0
Preferred stock dividends, accretion of discount and conversion of preferred stock to common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-83,897	-81,778	-79,682	0	0	0
Net income available to common shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	120,468	33,710	3,883	0	0	0
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