Attached files
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| 8-K - FORM 8-K - CENTRAL PACIFIC FINANCIAL CORP | form8-k.htm |
| Investor Contact: | David Morimoto | Media Contact: |
Wayne Kirihara
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| SVP & Treasurer | SVP - Corporate Communications | ||
| (808) 544-3627 | (808) 544-3687 | ||
| david.morimoto@centralpacificbank.com | wayne.kirihara@centralpacificbank.com | ||
NEWS RELEASE
CENTRAL PACIFIC FINANCIAL CORP. REPORTS $9.8 MILLION
FIRST QUARTER EARNINGS
HONOLULU, HI, April 24, 2014 – Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the “Bank”), today reported net income for the first quarter of 2014 of $9.8 million, or $0.23 per diluted share, compared to net income in the first quarter of 2013 of $137.3 million, or $3.25 per diluted share, and net income in the fourth quarter of 2013 of $10.3 million, or $0.24 per diluted share. Net income in the first quarter of 2013 included a non-cash income tax benefit of $119.8 million related to the reversal of a significant portion of a valuation allowance established against the Company’s net deferred tax assets during the third quarter of 2009. Excluding this income tax benefit, net income for the first quarter of 2013 was $17.5 million, or $0.41 per diluted share.
“We are pleased to start the new year with continued earnings consistency and strong loan growth,” said John C. Dean, President and CEO of Central Pacific Financial Corp. “Our financial performance and capital position allowed us to repurchase 15% of our outstanding shares for the benefit of our shareholders which was completed on April 7, 2014.”
The Company’s Board of Directors declared a quarterly cash dividend of $0.08 per share on the Company’s outstanding common shares. The dividend will be payable on or about June 16, 2014 to shareholders of record at the close of business on May 30, 2014. This represents the fourth consecutive quarterly cash dividend.
Significant Highlights and First Quarter Results
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Completed a tender offer to purchase 3,405,888 shares of common stock at a purchase price of $20.20 per share for a total cost of $68.8 million, excluding fees and expenses. The tender offer was completed on March 28, 2014. We also entered into repurchase agreements to privately purchase up to $28.1 million in common stock from each of our two largest shareholders at a purchase price of $20.20 per share for an aggregate cost of $56.2 million, excluding fees and expenses. The private repurchases were completed on April 7, 2014, and are not reflected in our first quarter financials.
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Reported net income of $9.8 million, compared to net income in the fourth quarter of 2013 of $10.3 million.
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Increased the loans and leases portfolio by $66.9 million to $2.70 billion at March 31, 2014, compared to $2.63 billion at December 31, 2013.
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Improved our net interest margin from 3.29% in the fourth quarter of 2013 to 3.31% in the first quarter of 2014.
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Increased total deposits by $49.6 million to $3.99 billion at March 31, 2014, compared to $3.94 billion at December 31, 2013.
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Recorded a credit to the provision for loan and lease losses of $1.3 million in the first quarter of 2014 and the fourth quarter of 2013.
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Nonperforming assets increased by $7.3 million to $54.0 million at March 31, 2014 from $46.8 million at December 31, 2013.
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The allowance for loan and lease losses (“ALLL”), as a percentage of total loans and leases, decreased to 3.08% at March 31, 2014, compared to 3.19% at December 31, 2013. The Company’s ALLL, as a percentage of nonperforming assets, decreased to 153.87% at March 31, 2014 from 179.29% at December 31, 2013 and the Company’s ALLL, as a percentage of nonaccrual loans, decreased to 168.97% at March 31, 2014 from 201.55% at December 31, 2013.
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Maintained a strong capital position with Tier 1 risk-based capital, total risk-based capital, and leverage capital ratios of 18.63%, 19.90%, and 12.62%, respectively, as of March 31, 2014, compared to 20.30%, 21.57%, and 13.68%, respectively, as of December 31, 2013. The Company’s capital ratios continue to be well in excess of the minimum levels required for a “well-capitalized” regulatory designation.
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Earnings Highlights
Net interest income for the first quarter of 2014 was $35.8 million, compared to $30.7 million in the year-ago quarter and $35.5 million in the fourth quarter of 2013. Net interest margin was 3.31%, compared to 3.06% in the year-ago quarter and 3.29% in the fourth quarter of 2013. The sequential quarter increase in net interest income and net interest margin was primarily due to an overall increase in the Company’s interest earning assets, including a net increase of $112.3 million in its average loan portfolio, partially offset by a net decrease of $42.8 million in its average investment securities portfolio and an increase in the taxable equivalent yield on the investment securities portfolio to 2.62% in the first quarter of 2014, compared to 2.43% in the fourth quarter of 2013.
The provision for loan and lease losses for the first quarter of 2014 and the fourth quarter of 2013 was a credit of $1.3 million, compared to a credit to the provision for loan and lease losses of $6.6 million in the year-ago quarter.
Other operating income for the first quarter of 2014 totaled $10.1 million, compared to $13.0 million in the year-ago quarter and $12.2 million in the fourth quarter of 2013. The decrease from the year-ago quarter was primarily due to lower net gains on sales of residential mortgage loans of $2.9 million, lower unrealized gains on loans held for sale and interest rate locks of $0.4 million, and lower gains on sales of foreclosed assets of $0.4 million, partially offset by higher service charges on deposit accounts of $0.4 million and higher income from fiduciary activities of $0.4 million. The sequential quarter decrease was primarily due to a gain on the extinguishment of trust preferred debt of $1.0 million recorded last quarter, investment securities gains of $0.5 million recorded last quarter, and lower net gains on sales of residential mortgage loans of $0.3 million, partially offset by higher income from fiduciary activities of $0.3 million.
Other operating expense for the first quarter of 2014 totaled $31.9 million, compared to $32.8 million in the year-ago quarter and $35.3 million in the fourth quarter of 2013. The decrease from the year-ago quarter was primarily due to lower salaries and employee benefits of $1.1 million, lower amortization of intangible assets of $1.0 million, and lower legal and professional services of $0.5 million, partially offset by a lower credit to the reserve for unfunded loan commitments of $1.1 million and a higher provision for losses on residential mortgage loan repurchases of $1.1 million. The sequential quarter decrease was primarily attributable to lower salaries and employee benefits of $2.9 million, lower charitable contributions of $0.4 million, and a higher credit to the reserve for unfunded loan commitments of $0.3 million, partially offset by a higher provision for losses on residential mortgage loan repurchases of $0.6 million. The sequential quarter decrease in salaries and employee benefits was primarily due to severance, early retirement and retention benefits in the prior quarter of $1.8 million, compared to $0.4 million in the current quarter.
The efficiency ratio for the first quarter of 2014 was 69.50%, compared to 74.95% in the year-ago quarter and 73.99% in the fourth quarter of 2013.
In the first quarter of 2014, the Company recorded income tax expense of $5.5 million, compared to an income tax benefit of $119.8 million in the year-ago quarter and income tax expense of $3.4 million in the fourth quarter of 2013. The income tax benefit of $119.8 million in the year-ago quarter related to the reversal of a significant portion of a valuation allowance established against the Company’s net deferred tax assets during the third quarter of 2009. As of March 31, 2014, the Company’s net deferred tax assets totaled $125.3 million.
Balance Sheet Highlights
Total assets at March 31, 2014 of $4.83 billion increased by $246.4 million from March 31, 2013, and increased by $86.2 million from December 31, 2013.
Total loans and leases at March 31, 2014 of $2.70 billion increased by $422.9 million and $66.9 million from March 31, 2013 and December 31, 2013, respectively. The increase in total loans and leases from the fourth quarter of 2013 was due to an increase in the residential mortgage, commercial, and construction and development loan portfolios of $43.5 million, $37.5 million, and $11.0 million, respectively, offset by a decrease in the commercial mortgage loan, consumer loan, and leases portfolios of $19.2 million, $5.1 million, and $0.9 million, respectively.
Total deposits at March 31, 2014 were $3.99 billion, and increased by $221.1 million and $49.6 million from March 31, 2013 and December 31, 2013, respectively. Core deposits, which include demand deposits, savings and money market deposits, and time deposits less than $100,000, totaled $3.17 billion at March 31, 2014. This represents an increase of $160.7 million and $81.4 million from a year ago and from December 31, 2013, respectively. Changes in total deposits during the quarter included an increase in noninterest-bearing demand deposits, savings and money market deposits, and interest-bearing demand deposits of $48.1 million, $23.5 million, and $16.1 million, respectively, offset by a decrease in time deposits of $38.1 million.
Total shareholders’ equity was $608.4 million at March 31, 2014, compared to $650.1 million and $660.1 million at March 31, 2013 and December 31, 2013, respectively. The sequential quarter decrease is due primarily to the completion of the aforementioned tender offer of $68.8 million, partially offset by an increase in unrealized gains on investment securities of $9.6 million and net income of $9.8 million in the current quarter.
Asset Quality
Nonperforming assets at March 31, 2014 totaled $54.0 million, or 1.12% of total assets, compared to $46.8 million, or 0.99% of total assets at December 31, 2013. The sequential-quarter change reflects additions of two Mainland commercial loans to a single borrower totaling $13.6 million, partially offset by net decreases in Hawaii construction and development assets of $3.6 million, and Hawaii residential mortgage assets of $2.4 million.
Loans delinquent for 90 days or more still accruing interest totaled $30,000 at March 31, 2014, compared to $15,000 at December 31, 2013. In addition, loans delinquent for 30 days or more still accruing interest totaled $4.8 million at March 31, 2014, compared to $7.2 million at December 31, 2013.
Net recoveries in the first quarter of 2014 totaled $0.7 million, compared to net charge-offs of $3.0 million in the first quarter of 2013, and net charge-offs of $0.1 million in the fourth quarter of 2013.
The ALLL, as a percentage of total loans and leases, was 3.08% at March 31, 2014, compared to 3.19% at December 31, 2013. The ALLL, as a percentage of nonperforming assets, was 153.87% at March 31, 2014, compared to 179.29% at December 31, 2013. The ALLL, as a percentage of nonaccrual loans, was 168.97% at March 31, 2014, compared to 201.55% at December 31, 2013.
Capital Levels
At March 31, 2014, the Company’s Tier 1 risk-based capital, total risk-based capital, and leverage capital ratios were 18.63%, 19.90%, and 12.62%, respectively, compared to 20.30%, 21.57%, and 13.68%, respectively, at December 31, 2013. The decline in the Company’s capital levels from the sequential quarter was primarily the result of the repurchase of our common stock in the tender offer described above. The Company’s capital ratios continue to exceed the levels required to be considered a “well-capitalized” institution for regulatory purposes.
Non-GAAP Financial Measures
This press release contains certain references to financial measures that have been adjusted to exclude certain expenses and other specified items. These financial measures differ from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in that they exclude unusual or non-recurring charges, losses, credits or gains. This press release identifies the specific items excluded from the comparable GAAP financial measure in the calculation of each non-GAAP financial measure. Management believes that financial presentations excluding the impact of these items provide useful supplemental information that is important to a proper understanding of the Company’s core business results by investors. These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies.
Conference Call
The Company’s management will host a conference call today at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://investor.centralpacificbank.com. Alternatively, investors may participate in the live call by dialing 1-888-317-6016. A playback of the call will be available through May 26, 2014 by dialing 1-877-344-7529 (passcode: 10044611) and on the Company's website.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $4.8 billion in assets. Central Pacific Bank, its primary subsidiary, operates 36 branches and 115 ATMs in the state of Hawaii, as of March 31, 2014. For additional information, please visit the Company’s website at http://www.centralpacificbank.com.
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Forward-Looking Statements
This document may contain forward-looking statements concerning projections of revenues, income/loss, earnings/loss per share, capital expenditures, dividends, capital structure, or other financial items, plans and objectives of management for future operations, future economic performance, or any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and may include the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “hopes,” “should,” “estimates,” or words of similar meaning. While the Company believes that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from projections for a variety of reasons, to include, but not limited to: the effect of, and our failure to comply with any regulatory orders we are or may become subject to; oversupply of inventory and adverse conditions in the Hawaii and California real estate markets and any weakness in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality and further losses in our loan portfolio; the impact of local, national, and international economies and events (including political events, acts of war or terrorism, natural disasters such as wildfires, tsunamis and earthquakes) on the Company’s business and operations and on tourism, the military and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in economic conditions, including destabilizing factors in the financial industry and deterioration of the real estate market, as well as the impact from any declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; our ability to continue making progress on our recovery plan; the impact of regulatory action on the Company and Central Pacific Bank and legislation affecting the banking industry; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, other regulatory reform, and any related rules and regulations on our business operations and competitiveness; the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, securities market and monetary fluctuations; negative trends in our market capitalization and adverse changes in the price of the Company’s common shares; changes in consumer spending, borrowings and savings habits; technological changes; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; our ability to attract and retain skilled executives and employees; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items. For further information on factors that could cause actual results to materially differ from projections, please see the Company’s publicly available Securities and Exchange Commission filings, including the Company’s Form 10-K for the last fiscal year and, in particular, the discussion of “Risk Factors” set forth therein. The Company does not update any of its forward-looking statements except as required by law.
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CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
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Financial Highlights
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(Unaudited)
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Three Months Ended
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March 31,
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December 31,
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March 31,
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(dollars in thousands, except for per share amounts)
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2014
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2013
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2013
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INCOME STATEMENT
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Net interest income
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$ | 35,796 | $ | 35,496 | $ | 30,669 | ||||||
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Provision (credit) for loan and lease losses
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(1,316 | ) | (1,333 | ) | (6,561 | ) | ||||||
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Total other operating income
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10,144 | 12,173 | 13,030 | |||||||||
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Total other operating expense
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31,930 | 35,271 | 32,753 | |||||||||
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Net income
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9,808 | 10,295 | 137,309 | |||||||||
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Basic earnings per common share
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$ | 0.23 | $ | 0.24 | $ | 3.28 | ||||||
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Diluted earnings per common share
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0.23 | 0.24 | 3.25 | |||||||||
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Dividends declared per common share
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0.08 | 0.08 | - | |||||||||
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PERFORMANCE RATIOS
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Return on average assets (1)
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0.82 | % | 0.87 | % | 12.41 | % | ||||||
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Return on average shareholders' equity (1)
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5.79 | 6.22 | 105.33 | |||||||||
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Return on average tangible shareholders' equity (1)
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5.90 | 6.35 | 108.48 | |||||||||
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Efficiency ratio (2)
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69.50 | 73.99 | 74.95 | |||||||||
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Net interest margin (1)
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3.31 | 3.29 | 3.06 | |||||||||
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Dividend payout ratio (3)
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34.78 | 33.33 | - | |||||||||
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Average shareholders' equity to average assets
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14.17 | 13.95 | 11.78 | |||||||||
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SELECTED AVERAGE BALANCES
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Average loans and leases, including loans held for sale
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2,665,825 | 2,553,574 | 2,258,951 | |||||||||
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Average interest-earning assets
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4,409,700 | 4,368,386 | 4,105,321 | |||||||||
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Average assets
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4,781,855 | 4,746,897 | 4,426,048 | |||||||||
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Average deposits
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3,943,459 | 3,928,031 | 3,678,041 | |||||||||
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Average interest-bearing liabilities
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3,175,982 | 3,152,826 | 2,965,106 | |||||||||
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Average shareholders' equity
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677,765 | 662,106 | 521,422 | |||||||||
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March 31,
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December 31,
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March 31,
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REGULATORY CAPITAL RATIOS
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Central Pacific Financial Corp.
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Tier 1 leverage capital ratio
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12.62 | % | 13.68 | % | 14.50 | % | ||||||
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Tier 1 risk-based capital ratio
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18.63 | 20.30 | 22.35 | |||||||||
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Total risk-based capital ratio
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19.90 | 21.57 | 23.63 | |||||||||
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Central Pacific Bank
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Tier 1 leverage capital ratio
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11.10 | 13.22 | 13.64 | |||||||||
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Tier 1 risk-based capital ratio
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16.39 | 19.63 | 21.09 | |||||||||
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Total risk-based capital ratio
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17.66 | 20.90 | 22.36 | |||||||||
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BALANCE SHEET
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Loans and leases
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$ | 2,697,454 | $ | 2,630,601 | $ | 2,274,598 | ||||||
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Total assets
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4,827,437 | 4,741,198 | 4,581,077 | |||||||||
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Total deposits
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3,985,767 | 3,936,173 | 3,764,691 | |||||||||
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Long-term debt
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92,795 | 92,799 | 108,276 | |||||||||
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Total shareholders' equity
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608,403 | 660,113 | 650,101 | |||||||||
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Total shareholders' equity to total assets
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12.60 | % | 13.92 | % | 14.19 | % | ||||||
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Tangible common equity to tangible assets (4)
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12.38 | 13.69 | 13.91 | |||||||||
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ASSET QUALITY
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Allowance for loan and lease losses
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$ | 83,162 | $ | 83,820 | $ | 86,806 | ||||||
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Non-performing assets
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54,046 | 46,751 | 75,308 | |||||||||
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Allowance to loans and leases outstanding
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3.08 | % | 3.19 | % | 3.82 | % | ||||||
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Allowance to non-performing assets
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153.87 | 179.29 | 115.27 | |||||||||
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PER SHARE OF COMMON STOCK
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Book value per common share
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$ | 15.71 | $ | 15.68 | $ | 15.50 | ||||||
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Tangible book value per common share
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15.40 | 15.37 | 15.15 | |||||||||
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Market value per common share
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20.20 | 20.08 | 15.70 | |||||||||
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(1) Annualized
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(2) Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).
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(3) Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.
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(4) The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company's GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures.
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CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
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Reconciliation of Non-GAAP Financial Measures
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(Unaudited)
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Quarter Ended
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Quarter Ended
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Quarter Ended
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(Dollars in thousands, except per share data)
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March 31, 2014
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December 31, 2013
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March 31, 2013
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Adjusted Net Income
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Reported net income
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$ | 9,808 | $ | 10,295 | $ | 137,309 | |||||
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Release of valuation allowance on net deferred tax assets
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- | - | (119,802 | ) | |||||||
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Adjusted net income
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$ | 9,808 | $ | 10,295 | $ | 17,507 | |||||
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Adjusted Diluted Earnings Per Share
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Diluted earnings per share
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$ | 0.23 | $ | 0.24 | $ | 3.25 | |||||
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Release of valuation allowance on net deferred tax assets
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- | - | (2.84 | ) | |||||||
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Adjusted diluted earnings per share
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$ | 0.23 | $ | 0.24 | $ | 0.41 | |||||
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As of
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As of
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As of
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March 31, 2014
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December 31, 2013
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March 31, 2013
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Tangible Common Equity Ratio
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Total shareholders' equity
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$ | 608,403 | $ | 660,113 | $ | 650,101 | |||||
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Less: Other intangible assets
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(12,035 | ) | (12,704 | ) | (14,709 | ) | |||||
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Tangible common equity
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596,368 | 647,409 | 635,392 | ||||||||
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Total assets
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4,827,437 | 4,741,198 | 4,581,077 | ||||||||
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Less: Other intangible assets
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(12,035 | ) | (12,704 | ) | (14,709 | ) | |||||
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Tangible assets
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4,815,402 | 4,728,494 | 4,566,368 | ||||||||
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Tangible common equity / Tangible assets
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12.38 | % | 13.69 | % | 13.91 | % | |||||
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CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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(Unaudited)
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March 31,
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December 31,
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March 31,
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(In thousands, except share data)
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2014
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2013
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2013
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ASSETS
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Cash and due from banks
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$ | 85,347 | $ | 45,092 | $ | 46,877 | |||||
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Interest-bearing deposits in other banks
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5,919 | 4,256 | 167,632 | ||||||||
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Investment securities:
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Available for sale
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1,408,124 | 1,407,999 | 1,537,065 | ||||||||
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Held to maturity (fair value of $238,782 at March 31, 2014,
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$238,705 December 31, 2013 and $159,483 March 31, 2013)
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248,788 | 252,047 | 159,363 | ||||||||
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Total investment securities
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1,656,912 | 1,660,046 | 1,696,428 | ||||||||
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Loans held for sale
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11,247 | 12,370 | 17,293 | ||||||||
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Loans and leases
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2,697,454 | 2,630,601 | 2,274,598 | ||||||||
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Less allowance for loan and lease losses
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83,162 | 83,820 | 86,806 | ||||||||
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Net loans and leases
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2,614,292 | 2,546,781 | 2,187,792 | ||||||||
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Premises and equipment, net
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47,992 | 49,039 | 48,578 | ||||||||
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Accrued interest receivable
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13,507 | 14,072 | 14,148 | ||||||||
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Investment in unconsolidated subsidiaries
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8,478 | 9,127 | 10,078 | ||||||||
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Other real estate
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4,829 | 5,163 | 10,068 | ||||||||
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Mortgage servicing rights
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19,916 | 20,079 | 21,466 | ||||||||
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Other intangible assets
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12,035 | 12,704 | 14,709 | ||||||||
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Bank-owned life insurance
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150,274 | 149,604 | 147,975 | ||||||||
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Federal Home Loan Bank stock
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45,592 | 46,193 | 47,494 | ||||||||
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Other assets
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151,097 | 166,672 | 150,539 | ||||||||
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Total assets
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$ | 4,827,437 | $ | 4,741,198 | $ | 4,581,077 | |||||
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LIABILITIES AND EQUITY
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Deposits:
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Noninterest-bearing demand
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$ | 939,138 | $ | 891,017 | $ | 857,427 | |||||
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Interest-bearing demand
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744,690 | 728,619 | 692,537 | ||||||||
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Savings and money market
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1,230,480 | 1,207,016 | 1,168,989 | ||||||||
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Time
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1,071,459 | 1,109,521 | 1,045,738 | ||||||||
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Total deposits
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3,985,767 | 3,936,173 | 3,764,691 | ||||||||
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Short-term borrowings
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102,000 | 8,015 | - | ||||||||
|
Long-term debt
|
92,795 | 92,799 | 108,276 | ||||||||
|
Other liabilities
|
38,411 | 44,037 | 48,058 | ||||||||
|
Total liabilities
|
4,218,973 | 4,081,024 | 3,921,025 | ||||||||
|
Equity:
|
|||||||||||
|
Preferred stock, no par value, authorized 1,100,000 shares; issued and
|
|||||||||||
|
outstanding none at March 31, 2014, December 31, 2013, and March 31, 2013
|
- | - | - | ||||||||
|
Common stock, no par value, authorized 185,000,000 shares;
|
|||||||||||
|
issued and outstanding 38,723,250 shares at March 31, 2014, 42,107,633
|
|||||||||||
|
shares at December 31, 2013, and 41,938,294 shares at March 31, 2013
|
715,708 | 784,547 | 784,519 | ||||||||
|
Surplus
|
76,426 | 75,498 | 71,735 | ||||||||
|
Accumulated deficit
|
(177,649 | ) | (184,087 | ) | (212,118 | ) | |||||
|
Accumulated other comprehensive income (loss)
|
(6,082 | ) | (15,845 | ) | 5,965 | ||||||
|
Total shareholders' equity
|
608,403 | 660,113 | 650,101 | ||||||||
|
Non-controlling interest
|
61 | 61 | 9,951 | ||||||||
|
Total equity
|
608,464 | 660,174 | 660,052 | ||||||||
|
Total liabilities and equity
|
$ | 4,827,437 | $ | 4,741,198 | $ | 4,581,077 | |||||
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||
|
(Unaudited)
|
||||||||||||
|
Three Months Ended
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
(In thousands, except per share data)
|
2014
|
2013
|
2013
|
|||||||||
|
Interest income:
|
||||||||||||
|
Interest and fees on loans and leases
|
$ | 26,883 | $ | 27,117 | $ | 24,443 | ||||||
|
Interest and dividends on investment securities:
|
||||||||||||
|
Taxable interest
|
9,496 | 8,980 | 7,031 | |||||||||
|
Tax-exempt interest
|
994 | 992 | 1,027 | |||||||||
|
Dividends
|
1 | 7 | 5 | |||||||||
|
Interest on deposits in other banks
|
7 | 25 | 89 | |||||||||
|
Dividends on Federal Home Loan Bank stock
|
12 | 12 | - | |||||||||
|
Total interest income
|
37,393 | 37,133 | 32,595 | |||||||||
|
Interest expense:
|
||||||||||||
|
Interest on deposits:
|
||||||||||||
|
Demand
|
90 | 90 | 81 | |||||||||
|
Savings and money market
|
224 | 231 | 217 | |||||||||
|
Time
|
630 | 651 | 759 | |||||||||
|
Interest on short-term borrowings
|
17 | 3 | - | |||||||||
|
Interest on long-term debt
|
636 | 662 | 869 | |||||||||
|
Total interest expense
|
1,597 | 1,637 | 1,926 | |||||||||
|
Net interest income
|
35,796 | 35,496 | 30,669 | |||||||||
|
Provision (credit) for loan and lease losses
|
(1,316 | ) | (1,333 | ) | (6,561 | ) | ||||||
|
Net interest income after provision for loan and lease losses
|
37,112 | 36,829 | 37,230 | |||||||||
|
Other operating income:
|
||||||||||||
|
Service charges on deposit accounts
|
1,993 | 2,091 | 1,591 | |||||||||
|
Loan servicing fees
|
1,444 | 1,479 | 1,543 | |||||||||
|
Other service charges and fees
|
2,943 | 3,164 | 2,787 | |||||||||
|
Income from fiduciary activities
|
1,062 | 748 | 697 | |||||||||
|
Equity in earnings of unconsolidated subsidiaries
|
52 | 57 | 28 | |||||||||
|
Fees on foreign exchange
|
114 | 160 | 71 | |||||||||
|
Investment securities gains
|
- | 482 | - | |||||||||
|
Income from bank-owned life insurance
|
670 | 841 | 564 | |||||||||
|
Loan placement fees
|
143 | 162 | 149 | |||||||||
|
Net gains on sales of residential loans
|
1,239 | 1,494 | 4,128 | |||||||||
|
Net gains on sales of foreclosed assets
|
162 | 56 | 558 | |||||||||
|
Other
|
322 | 1,439 | 914 | |||||||||
|
Total other operating income
|
10,144 | 12,173 | 13,030 | |||||||||
|
Other operating expense:
|
||||||||||||
|
Salaries and employee benefits
|
17,434 | 20,350 | 18,535 | |||||||||
|
Net occupancy
|
3,590 | 3,672 | 3,227 | |||||||||
|
Equipment
|
796 | 888 | 958 | |||||||||
|
Amortization of other intangible assets
|
1,240 | 1,424 | 2,248 | |||||||||
|
Communication expense
|
894 | 796 | 950 | |||||||||
|
Legal and professional services
|
1,812 | 1,684 | 2,310 | |||||||||
|
Computer software expense
|
1,358 | 1,397 | 933 | |||||||||
|
Advertising expense
|
686 | 525 | 812 | |||||||||
|
Foreclosed asset expense
|
105 | 43 | 300 | |||||||||
|
Other
|
4,015 | 4,492 | 2,480 | |||||||||
|
Total other operating expense
|
31,930 | 35,271 | 32,753 | |||||||||
|
Income before income taxes
|
15,326 | 13,731 | 17,507 | |||||||||
|
Income tax expense (benefit)
|
5,518 | 3,436 | (119,802 | ) | ||||||||
|
Net income
|
$ | 9,808 | $ | 10,295 | $ | 137,309 | ||||||
|
Per common share data:
|
||||||||||||
|
Basic earnings per share
|
$ | 0.23 | $ | 0.24 | $ | 3.28 | ||||||
|
Diluted earnings per share
|
0.23 | 0.24 | 3.25 | |||||||||
|
Cash dividends declared
|
0.08 | 0.08 | - | |||||||||
|
Basic weighted average shares outstanding
|
41,915 | 42,040 | 41,816 | |||||||||
|
Diluted weighted average shares outstanding
|
42,477 | 42,536 | 42,297 | |||||||||
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||||||||||||||||||||
|
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
|
||||||||||||||||||||||||||
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||||||||
|
(Dollars in thousands)
|
March 31, 2014
|
December 31, 2013
|
March 31, 2013
|
|||||||||||||||||||||||
|
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
|
Balance
|
Yield/Rate
|
Interest
|
Balance
|
Yield/Rate
|
Interest
|
Balance
|
Yield/Rate
|
Interest
|
||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||||
|
Interest earning assets:
|
||||||||||||||||||||||||||
|
Interest-bearing deposits in other banks
|
$ | 11,585 | 0.24 | % | $ | 7 | $ | 39,316 | 0.25 | % | $ | 25 | $ | 144,773 | 0.25 | % | $ | 89 | ||||||||
|
Taxable investment securities, excluding
|
||||||||||||||||||||||||||
|
valuation allowance
|
1,508,213 | 2.52 | 9,497 | 1,551,844 | 2.32 | 8,987 | 1,477,887 | 1.90 | 7,036 | |||||||||||||||||
|
Tax-exempt investment securities,
|
||||||||||||||||||||||||||
|
excluding valuation allowance
|
178,005 | 3.44 | 1,529 | 177,135 | 3.44 | 1,526 | 175,850 | 3.59 | 1,580 | |||||||||||||||||
|
Loans and leases, including loans held for sale
|
2,665,825 | 4.07 | 26,883 | 2,553,574 | 4.23 | 27,117 | 2,258,951 | 4.36 | 24,443 | |||||||||||||||||
|
Federal Home Loan Bank stock
|
46,072 | 0.10 | 12 | 46,517 | 0.10 | 12 | 47,860 | - | - | |||||||||||||||||
|
Total interest earning assets
|
4,409,700 | 3.46 | 37,928 | 4,368,386 | 3.44 | 37,667 | 4,105,321 | 3.25 | 33,148 | |||||||||||||||||
|
Nonearning assets
|
372,155 | 378,511 | 320,727 | |||||||||||||||||||||||
|
Total assets
|
$ | 4,781,855 | $ | 4,746,897 | $ | 4,426,048 | ||||||||||||||||||||
|
Liabilities & Equity:
|
||||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||||
|
Interest-bearing demand deposits
|
$ | 735,730 | 0.05 | % | $ | 90 | $ | 726,449 | 0.05 | % | $ | 90 | $ | 673,662 | 0.05 | % | $ | 81 | ||||||||
|
Savings and money market deposits
|
1,218,087 | 0.07 | 224 | 1,218,088 | 0.08 | 231 | 1,171,953 | 0.08 | 217 | |||||||||||||||||
|
Time deposits under $100,000
|
263,479 | 0.41 | 267 | 272,051 | 0.42 | 285 | 300,992 | 0.51 | 375 | |||||||||||||||||
|
Time deposits $100,000 and over
|
840,595 | 0.17 | 363 | 839,198 | 0.17 | 366 | 710,221 | 0.22 | 384 | |||||||||||||||||
|
Short-term borrowings
|
25,295 | 0.28 | 17 | 4,239 | 0.32 | 3 | - | - | - | |||||||||||||||||
|
Long-term debt
|
92,796 | 2.78 | 636 | 92,801 | 2.83 | 662 | 108,278 | 3.25 | 869 | |||||||||||||||||
|
Total interest-bearing liabilities
|
3,175,982 | 0.20 | 1,597 | 3,152,826 | 0.21 | 1,637 | 2,965,106 | 0.26 | 1,926 | |||||||||||||||||
|
Noninterest-bearing deposits
|
885,568 | 872,245 | 821,213 | |||||||||||||||||||||||
|
Other liabilities
|
42,479 | 59,659 | 108,352 | |||||||||||||||||||||||
|
Total liabilities
|
4,104,029 | 4,084,730 | 3,894,671 | |||||||||||||||||||||||
|
Shareholders' equity
|
677,765 | 662,106 | 521,422 | |||||||||||||||||||||||
|
Non-controlling interest
|
61 | 61 | 9,955 | |||||||||||||||||||||||
|
Total equity
|
677,826 | 662,167 | 531,377 | |||||||||||||||||||||||
|
Total liabilities & equity
|
$ | 4,781,855 | $ | 4,746,897 | $ | 4,426,048 | ||||||||||||||||||||
|
Net interest income
|
$ | 36,331 | $ | 36,030 | $ | 31,222 | ||||||||||||||||||||
|
Net interest margin
|
3.31 | % | 3.29 | % | 3.06 | % | ||||||||||||||||||||
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
|||||||||||||||||||
|
Loans and Leases by Geographic Distribution
|
|||||||||||||||||||
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||||||||||
|
(Dollars in thousands)
|
2014
|
2013
|
2013
|
2013
|
2013
|
||||||||||||||
|
Hawaii:
|
|||||||||||||||||||
|
Commercial, financial and agricultural
|
$ | 272,007 | $ | 255,987 | $ | 244,680 | $ | 231,730 | $ | 237,375 | |||||||||
|
Real estate:
|
|||||||||||||||||||
|
Construction
|
82,769 | 71,585 | 57,334 | 63,509 | 60,572 | ||||||||||||||
|
Mortgage:
|
|||||||||||||||||||
|
- residential
|
1,180,092 | 1,136,573 | 1,100,382 | 1,045,670 | 998,851 | ||||||||||||||
|
- commercial
|
554,299 | 555,270 | 560,896 | 546,912 | 522,925 | ||||||||||||||
|
Consumer
|
231,432 | 230,664 | 190,653 | 171,772 | 149,691 | ||||||||||||||
|
Leases
|
5,338 | 6,241 | 6,539 | 7,460 | 8,936 | ||||||||||||||
|
Total loans and leases
|
2,325,937 | 2,256,320 | 2,160,484 | 2,067,053 | 1,978,350 | ||||||||||||||
|
Allowance for loan and lease losses
|
(64,759 | ) | (66,639 | ) | (66,041 | ) | (62,295 | ) | (64,860 | ) | |||||||||
|
Net loans and leases
|
$ | 2,261,178 | $ | 2,189,681 | $ | 2,094,443 | $ | 2,004,758 | $ | 1,913,490 | |||||||||
|
U.S. Mainland:
|
|||||||||||||||||||
|
Commercial, financial and agricultural
|
$ | 164,237 | $ | 142,729 | $ | 123,550 | $ | 84,668 | $ | 79,493 | |||||||||
|
Real estate:
|
|||||||||||||||||||
|
Construction
|
3,886 | 4,031 | 15,869 | 16,018 | 27,479 | ||||||||||||||
|
Mortgage:
|
|||||||||||||||||||
|
- residential
|
- | - | - | - | - | ||||||||||||||
|
- commercial
|
129,254 | 147,497 | 149,480 | 179,170 | 189,014 | ||||||||||||||
|
Consumer
|
74,140 | 80,024 | 34,935 | 26,168 | 262 | ||||||||||||||
|
Leases
|
- | - | - | - | - | ||||||||||||||
|
Total loans and leases
|
371,517 | 374,281 | 323,834 | 306,024 | 296,248 | ||||||||||||||
|
Allowance for loan and lease losses
|
(18,403 | ) | (17,181 | ) | (19,187 | ) | (24,810 | ) | (21,946 | ) | |||||||||
|
Net loans and leases
|
$ | 353,114 | $ | 357,100 | $ | 304,647 | $ | 281,214 | $ | 274,302 | |||||||||
|
Total:
|
|||||||||||||||||||
|
Commercial, financial and agricultural
|
$ | 436,244 | $ | 398,716 | $ | 368,230 | $ | 316,398 | $ | 316,868 | |||||||||
|
Real estate:
|
|||||||||||||||||||
|
Construction
|
86,655 | 75,616 | 73,203 | 79,527 | 88,051 | ||||||||||||||
|
Mortgage:
|
|||||||||||||||||||
|
- residential
|
1,180,092 | 1,136,573 | 1,100,382 | 1,045,670 | 998,851 | ||||||||||||||
|
- commercial
|
683,553 | 702,767 | 710,376 | 726,082 | 711,939 | ||||||||||||||
|
Consumer
|
305,572 | 310,688 | 225,588 | 197,940 | 149,953 | ||||||||||||||
|
Leases
|
5,338 | 6,241 | 6,539 | 7,460 | 8,936 | ||||||||||||||
|
Total loans and leases
|
2,697,454 | 2,630,601 | 2,484,318 | 2,373,077 | 2,274,598 | ||||||||||||||
|
Allowance for loan and lease losses
|
(83,162 | ) | (83,820 | ) | (85,228 | ) | (87,105 | ) | (86,806 | ) | |||||||||
|
Net loans and leases
|
$ | 2,614,292 | $ | 2,546,781 | $ | 2,399,090 | $ | 2,285,972 | $ | 2,187,792 | |||||||||
|
CENTRAL PACIFIC FINANCIAL CORP AND SUBSIDIARIES
|
|||||||||||||||||||
|
Nonperforming Assets, Past Due and Restructured Loans
|
|||||||||||||||||||
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||||||||||
|
(Dollars in thousands)
|
2014
|
2013
|
2013
|
2013
|
2013
|
||||||||||||||
|
Nonaccrual loans (including loans held for sale):
|
|||||||||||||||||||
|
Commercial, financial and agricultural
|
$ | 17,067 | $ | 3,533 | $ | 3,529 | $ | 3,797 | $ | 4,605 | |||||||||
|
Real estate:
|
|||||||||||||||||||
|
Construction
|
379 | 4,015 | 16,497 | 17,086 | 18,272 | ||||||||||||||
|
Mortgage-residential
|
18,161 | 20,271 | 20,703 | 21,287 | 24,842 | ||||||||||||||
|
Mortgage-commercial
|
13,610 | 13,769 | 12,559 | 11,285 | 17,462 | ||||||||||||||
|
Leases
|
- | - | - | - | 59 | ||||||||||||||
|
Total nonaccrual loans
|
49,217 | 41,588 | 53,288 | 53,455 | 65,240 | ||||||||||||||
|
Other real estate
|
|||||||||||||||||||
|
Real estate:
|
|||||||||||||||||||
|
Construction
|
3,770 | 3,770 | 3,769 | 4,200 | 7,791 | ||||||||||||||
|
Mortgage-residential
|
901 | 1,184 | 1,783 | 3,028 | 2,068 | ||||||||||||||
|
Mortgage-commercial
|
158 | 209 | 209 | 209 | 209 | ||||||||||||||
|
Total other real estate
|
4,829 | 5,163 | 5,761 | 7,437 | 10,068 | ||||||||||||||
|
Total nonperforming assets
|
54,046 | 46,751 | 59,049 | 60,892 | 75,308 | ||||||||||||||
|
Loans delinquent for 90 days or more:
|
|||||||||||||||||||
|
Commercial, financial and agricultural
|
7 | - | - | - | - | ||||||||||||||
|
Real estate:
|
|||||||||||||||||||
|
Mortgage-residential
|
- | - | 19 | 17 | - | ||||||||||||||
|
Consumer
|
23 | - | 18 | - | - | ||||||||||||||
|
Leases
|
- | 15 | - | - | - | ||||||||||||||
|
Total loans delinquent for 90 days or more
|
30 | 15 | 37 | 17 | - | ||||||||||||||
|
Restructured loans still accruing interest:
|
|||||||||||||||||||
|
Commercial, financial and agricultural
|
395 | 406 | 416 | 427 | 437 | ||||||||||||||
|
Real estate:
|
|||||||||||||||||||
|
Construction
|
970 | 3,857 | 3,935 | 9,317 | 20,742 | ||||||||||||||
|
Mortgage-residential
|
18,152 | 16,508 | 15,595 | 14,645 | 15,383 | ||||||||||||||
|
Mortgage-commercial
|
2,312 | 2,502 | 7,859 | 2,874 | 6,202 | ||||||||||||||
|
Total restructured loans still accruing interest
|
21,829 | 23,273 | 27,805 | 27,263 | 42,764 | ||||||||||||||
|
Total nonperforming assets, loans delinquent for 90 days
|
|||||||||||||||||||
|
or more and restructured loans still accruing interest
|
$ | 75,905 | $ | 70,039 | $ | 86,891 | $ | 88,172 | $ | 118,072 | |||||||||
|
Total nonaccrual loans as a percentage of loans and
|
|||||||||||||||||||
|
leases and loans held for sale
|
1.82 | % | 1.57 | % | 2.13 | % | 2.24 | % | 2.85 | % | |||||||||
|
Total nonperforming assets as a percentage of loans
|
|||||||||||||||||||
|
and leases, loans held for sale and other real estate
|
1.99 | % | 1.77 | % | 2.36 | % | 2.54 | % | 3.27 | % | |||||||||
|
Total nonperforming assets and loans delinquent for
|
|||||||||||||||||||
| 90 days or more as a percentage of loans and | |||||||||||||||||||
|
leases, loans held for sale and other real estate
|
1.99 | % | 1.77 | % | 2.36 | % | 2.54 | % | 3.27 | % | |||||||||
|
Total nonperforming assets, loans delinquent for
|
|||||||||||||||||||
| 90 days or more and restructured loans still | |||||||||||||||||||
|
accruing interest as a percentage of loans and
|
|||||||||||||||||||
|
leases, loans held for sale and other real estate
|
2.80 | % | 2.64 | % | 3.47 | % | 3.68 | % | 5.13 | % | |||||||||
|
Quarter to quarter changes in nonperforming assets
|
|||||||||||||||||||
|
Balance at beginning of quarter
|
$ | 46,751 | $ | 59,049 | $ | 60,892 | $ | 75,308 | $ | 90,018 | |||||||||
|
Additions
|
15,000 | 7,099 | 4,253 | 3,912 | 12,384 | ||||||||||||||
|
Reductions
|
|||||||||||||||||||
|
Payments
|
(2,282 | ) | (16,654 | ) | (2,202 | ) | (11,198 | ) | (11,863 | ) | |||||||||
|
Return to accrual status
|
(4,749 | ) | (1,145 | ) | (1,761 | ) | (1,325 | ) | (13,016 | ) | |||||||||
|
Sales of foreclosed real estate
|
(623 | ) | (1,496 | ) | (1,919 | ) | (4,596 | ) | (1,357 | ) | |||||||||
|
Charge-offs/writedowns
|
(51 | ) | (102 | ) | (214 | ) | (1,209 | ) | (858 | ) | |||||||||
|
Total reductions
|
(7,705 | ) | (19,397 | ) | (6,096 | ) | (18,328 | ) | (27,094 | ) | |||||||||
|
Balance at end of quarter
|
$ | 54,046 | $ | 46,751 | $ | 59,049 | $ | 60,892 | $ | 75,308 | |||||||||
|
CENTRAL PACIFIC FINANCIAL CORP AND SUBSIDIARIES
|
||||||||||||
|
Allowance for Loan and Lease Losses
|
||||||||||||
|
Three Months Ended
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
(Dollars in thousands)
|
2014
|
2013
|
2013
|
|||||||||
|
Allowance for loan losses:
|
||||||||||||
|
Balance at beginning of period
|
$ | 83,820 | $ | 85,228 | $ | 96,413 | ||||||
|
Provision for loan and lease losses
|
(1,316 | ) | (1,333 | ) | (6,561 | ) | ||||||
|
Loan charge-offs:
|
||||||||||||
|
Commercial, financial and agricultural
|
73 | 611 | 244 | |||||||||
|
Real estate:
|
||||||||||||
|
Construction
|
- | - | 78 | |||||||||
|
Mortgage-residential
|
37 | 226 | 414 | |||||||||
|
Mortgage-commercial
|
- | 3,094 | 3,674 | |||||||||
|
Consumer
|
580 | 572 | 315 | |||||||||
|
Leases
|
8 | - | - | |||||||||
|
Total loan charge-offs
|
698 | 4,503 | 4,725 | |||||||||
|
Recoveries:
|
||||||||||||
|
Commercial, financial and agricultural
|
606 | 466 | 492 | |||||||||
|
Real estate:
|
||||||||||||
|
Construction
|
402 | 795 | 485 | |||||||||
|
Mortgage-residential
|
94 | 542 | 231 | |||||||||
|
Mortgage-commercial
|
13 | 2,146 | 254 | |||||||||
|
Consumer
|
239 | 138 | 216 | |||||||||
|
Leases
|
2 | 341 | 1 | |||||||||
|
Total recoveries
|
1,356 | 4,428 | 1,679 | |||||||||
|
Net loan charge-offs (recoveries)
|
(658 | ) | 75 | 3,046 | ||||||||
|
Balance at end of period
|
$ | 83,162 | $ | 83,820 | $ | 86,806 | ||||||
|
Average loans and leases, net of unearned
|
2,665,825 | 2,553,574 | 2,258,951 | |||||||||
|
Annualized ratio of net loan charge-offs
|
||||||||||||
|
(recoveries) to average loans and leases
|
-0.10 | % | 0.01 | % | 0.54 | % | ||||||
|
Ratio of allowance for loan losses to loans
|
3.08 | % | 3.19 | % | 3.82 | % | ||||||
|
and leases outstanding
|
||||||||||||