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Central Pacific Financial Corp (CPF) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Central Pacific Financial Corp

CIK: 701347 Ticker: CPF

Exhibit 99.1
cpfmidnighta.jpg
 
  FOR IMMEDIATE RELEASE
   
Investor Contact:Ian TanakaMedia Contact:Brandt Farias
 SVP, TreasurerEVP, Chief Marketing Officer
 (808) 544-3646(808) 544-3687
 ian.tanaka@cpb.bankbrandt.farias@cpb.bank
 
NEWS RELEASE

CENTRAL PACIFIC FINANCIAL ANNOUNCES RECORD EARNINGS AND LAUNCHES NEW BANKING-AS-A-SERVICE INITIATIVE TO DRIVE MAINLAND EXPANSION

Net income of $22.3 million, or $0.80 per diluted share for the quarter. Net income of $79.9 million, or $2.83 per diluted share for the year.
ROA of 1.22% and ROE of 16.05% for the quarter. ROA of 1.13% and ROE of 14.38% for the year.
Board of Directors increased quarterly cash dividend by 4.0% to $0.26 per share.
Board of Directors approved new $30 million share repurchase program. Repurchased 305,594 shares of the Company's common stock, at a total cost of $8.4 million in the fourth quarter.
Core loans increased by $183.2 million, or 3.8%, in the fourth quarter, while PPP loans decreased by $127.3 million for a net increase in total loans of $55.9 million, or 1.1%, from the third quarter of 2021.
Core deposits of $6.16 billion increased by $66.0 million, or 1.1%, from the third quarter of 2021. Total deposits of $6.64 billion increased by $123.3 million, or 1.9%, from the third quarter of 2021.
Cost of average total deposits was 0.06% in the fourth quarter.

HONOLULU, HI, January 26, 2022 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank"), today reported record net income for the fourth quarter and the 2021 year. Net income for the quarter was $22.3 million, or fully diluted earnings per share ("EPS") of $0.80, compared to net income in the fourth quarter of 2020 of $12.2 million, or EPS of $0.43, and net income in the third quarter of 2021 of $20.8 million, or EPS of $0.74. For the year, net income was $79.9 million, or EPS of $2.83, compared to net income of $37.3 million, or EPS of $1.32 for all of 2020. Pre-tax net income was $29.9 million and $105.7 million for the fourth quarter and the 2021 year, which represents the best pre-tax quarter and full year results since 2007.

The Company is also announcing the launch of a new Banking-as-a-Service ("BaaS") initiative with the goal of expanding the Company both in and beyond Hawaii by investing in or collaborating with leading fintech companies. The BaaS initiative is being developed based on the successful product development and launch strategies used in the Company's new Shaka digital product. Shaka, Hawaii’s first all-digital checking account, was launched with a VIP waitlist campaign and the largest social media influencer campaign in Hawaii’s history. Since the product launch on November 8, 2021, over 3,300 Shaka accounts have been opened.



The following information was filed by Central Pacific Financial Corp (CPF) on Wednesday, January 26, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Central Pacific Financial Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
(Income Statement) (Details)
401 (K) Retirement Savings Plan (Details)
401(K) Retirement Savings Plan
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Changes In Aoci) (Details)
Accumulated Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) (Reclassified Out Of Aoci) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Allowance For Loan And Lease Losses
Allowance For Loan And Lease Losses (Details)
Allowance For Loan And Lease Losses (Reserve For Off-Balance Sheet Credit Exposure) (Details)
Allowance For Loan And Lease Losses (Tables)
Contingent Liabilities And Other Commitments
Core Deposit Premium And Mortgage Servicing Rights
Core Deposit Premium And Mortgage Servicing Rights (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Derivatives
Derivatives (Balance Sheet) (Details)
Derivatives (Details)
Derivatives (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity
Equity (Details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Of Assets And Liabilities (Carrying Amount And Estimated Fair Value Of Financial Instruments) (Details)
Fair Value Of Assets And Liabilities (Level 3 Assets And Liabilities) (Details)
Fair Value Of Assets And Liabilities (Tables)
Financial Instruments With Off-Balance Sheet Risk
Financial Instruments With Off-Balance Sheet Risk (Details)
Financial Instruments With Off-Balance Sheet Risk (Tables)
Income Taxes
Income Taxes (Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Income Tax Expense (Benefit)) (Details)
Income Taxes (Tables)
Income Taxes (Tax Credit Carryforwards) (Details)
Investment Securities
Investment Securities (Amortization Cost And Fair Value Of Equity Investment Securities) (Details)
Investment Securities (Amortized Cost And Estimated Fair Value Of Investment Securities) (Details)
Investment Securities (Available For Sale And Held To Maturity Investment Securities) (Details)
Investment Securities (Investment Securities At An Unrealized Loss Position) (Details)
Investment Securities (Tables)
Investments In Unconsolidated Subsidiaries
Investments In Unconsolidated Subsidiaries (Details)
Investments In Unconsolidated Subsidiaries (Future Commitments) (Details)
Investments In Unconsolidated Subsidiaries (Narrative) (Details)
Investments In Unconsolidated Subsidiaries (Tables)
Investments In Unconsolidated Subsidiaries Investment In Lhic (Details)
Loans And Leases
Loans And Leases (Aging Of Recorded Investment) (Details)
Loans And Leases (Allowance For Loan And Lease Losses) (Details)
Loans And Leases (Class And Credit Indicator) (Details)
Loans And Leases (Loans And Leases) (Details)
Loans And Leases (Modifications) (Details)
Loans And Leases (Narrative) (Details)
Loans And Leases (Purchases) (Details)
Loans And Leases (Tables)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Future Principal Payments) (Details)
Long-Term Debt (Schedule Of Subordinated Borrowing) (Details)
Long-Term Debt (Subordinated Notes) (Details)
Long-Term Debt (Tables)
Mortgage Banking Income (Details)
Mortgage Banking Income (Tables)
Mortgage Banking Income Mortgage Banking Income
Operating Leases
Operating Leases (Future Minimum Rental Commitments) (Details)
Operating Leases (Future Minimum Rental Income) (Details)
Operating Leases (Narrative) (Details)
Operating Leases (Net Rent Expense) (Details)
Operating Leases (Operating Lease Income) (Details)
Operating Leases (Tables)
Other Intangible Assets (Tables)
Parent Company And Regulatory Restrictions
Parent Company And Regulatory Restrictions (Condensed Balance Sheets) (Details)
Parent Company And Regulatory Restrictions (Condensed Statements Of Cash Flows) (Details)
Parent Company And Regulatory Restrictions (Condensed Statements Of Income) (Details)
Parent Company And Regulatory Restrictions (Required Capital And Capital Ratios) (Details)
Parent Company And Regulatory Restrictions (Tables)
Pension Plans
Pension Plans (Amortization Of Aoci And Estimated Future Benefit Payments) (Details)
Pension Plans (Asset Allocations) (Details)
Pension Plans (Defined Benefit Retirement Plan) (Details)
Pension Plans (Fair Value Of Defined Benefit) (Details)
Pension Plans (Tables)
Premises And Equipment
Premises And Equipment (Depreciation And Amortization) (Details)
Premises And Equipment (Details)
Premises And Equipment (Tables)
Reserve Requirements
Reserve Requirements (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Share-Based Compensation
Share-Based Compensation (Equity Incentive Plans And Stock Option Activity) (Details)
Share-Based Compensation (Restricted Stock Awards And Units) (Details)
Share-Based Compensation (Share-Based Compensation) (Details)
Share-Based Compensation (Tables)
Short-Term Borrowings
Short-Term Borrowings (Details)
Short-Term Borrowings (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Description Of Business) (Details)
Summary Of Significant Accounting Policies (New Accounting Policies And Accounting Standards Adopted) (Details)
Summary Of Significant Accounting Policies (Other Intangible Assets And Non-Controlling Interest) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Premises And Equipment) (Details)
Summary Of Significant Accounting Policies (Principles Of Consolidation, Investment Securities, Loans Held For Sale, Loans And Leases) (Details)
Summary Of Significant Accounting Policies (Tables)
Unaudited Quarterly Financial Information
Unaudited Quarterly Financial Information (Details)
Unaudited Quarterly Financial Information (Tables)
Ticker: CPF
CIK: 701347
Form Type: 10-K Annual Report
Accession Number: 0000701347-22-000013
Submitted to the SEC: Wed Feb 23 2022 2:18:36 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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