Company Quick10K Filing
Central Pacific Financial
Price28.59 EPS2
Shares29 P/E14
MCap822 P/FCF22
Net Debt6 EBIT107
TEV829 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-25
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10-K 2013-12-31 Filed 2014-02-28
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10-K 2012-12-31 Filed 2013-02-28
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10-K 2011-12-31 Filed 2012-02-29
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10-K 2009-12-31 Filed 2010-03-16
8-K 2020-09-08 Regulation FD, Exhibits
8-K 2020-07-29 Earnings, Regulation FD, Exhibits
8-K 2020-06-09
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8-K 2020-04-22
8-K 2020-01-29
8-K 2019-12-02
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8-K 2018-05-17
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8-K 2018-01-23
8-K 2018-01-16
8-K 2017-12-31

CPF 10Q Quarterly Report

Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits
EX-31.1 exhibit311q2202063020.htm
EX-31.2 exhibit312q2202063020.htm
EX-32.1 exhibit321q2202063020.htm
EX-32.2 exhibit322q2202063020.htm

Central Pacific Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

cpf-20200630
000070134712/312020Q2FALSE(1) Represents the impact of the adoption of Accounting Standards Update ("ASU") ASU 2016-13. See Note 2 to the consolidated financial statements for additional information.(2) Represents the impact of the adoption of ASU 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM 10-Q

(Mark One)
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020
 
or

         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from               to              
 
Commission File Number: 001-31567

CENTRAL PACIFIC FINANCIAL CORP.
(Exact name of registrant as specified in its charter) 
Hawaii99-0212597
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
220 South King Street, Honolulu, Hawaii 96813
(Address of principal executive offices) (Zip Code)
 
(808) 544-0500
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, No Par ValueCPFNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer 
Non-accelerated filer 
Smaller reporting company 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

The number of shares outstanding of registrant's common stock, no par value, on July 17, 2020 was 28,154,159 shares.
1


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Form 10-Q
 
Table of Contents
 Page
Item 1.Financial Statements (Unaudited) 
 
 
 
 
 
 

2


PART I.   FINANCIAL INFORMATION
 
Forward-Looking Statements and Factors that Could Affect Future Results
 
This document may contain forward-looking statements concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results in light of the COVID-19 pandemic and from our RISE2020 initiative; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

While we believe 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 differ materially from those statements or projections for a variety of reasons, including, but not limited to: the adverse effects of the COVID-19 pandemic virus on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees as well as the effects of government programs and initiatives in response to COVID-19; the increase in inventory or adverse conditions in the real estate market and deterioration 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 losses in our loan portfolio; our ability to successfully implement our RISE2020 initiative; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic virus and disease, including COVID-19) 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 domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; 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 (the "Dodd-Frank Act"), changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulatory orders or actions we are or may become subject to; ability to successfully implement our initiatives to lower our efficiency ratio; 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 (the "FRB" or the "Federal Reserve"); inflation, interest rate, securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism;
pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; 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 ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items.

For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the forward-looking statements, 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 and herein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 10-Q. Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events except as required by law.

3


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in thousands)June 30,
2020
December 31,
2019
Assets  
Cash and due from banks$102,132  $78,418  
Interest-bearing deposits in other banks41,201  24,554  
Investment securities:
Available-for-sale debt securities, at fair value1,168,594  1,126,983  
Equity securities, at fair value1,209  1,127  
Total investment securities1,169,803  1,128,110  
Loans held for sale10,443  9,083  
Loans5,003,438  4,449,540  
Allowance for credit losses(67,339) (47,971) 
Loans, net of allowance for credit losses4,936,099  4,401,569  
Premises and equipment, net55,032  46,343  
Accrued interest receivable19,590  16,500  
Investment in unconsolidated subsidiaries16,428  17,115  
Other real estate owned  164  
Mortgage servicing rights12,771  14,718  
Bank-owned life insurance161,758  159,656  
Federal Home Loan Bank stock9,229  14,983  
Right-of-use lease asset50,039  52,348  
Other assets48,447  49,111  
Total assets$6,632,972  $6,012,672  
Liabilities  
Deposits:  
Noninterest-bearing demand$1,851,012  $1,450,532  
Interest-bearing demand1,067,483  1,043,010  
Savings and money market1,945,744  1,600,028  
Time930,446  1,026,453  
Total deposits5,794,685  5,120,023  
Short-term borrowings  150,000  
Long-term debt167,491  101,547  
Lease liability50,440  52,632  
Other liabilities76,050  59,950  
Total liabilities6,088,666  5,484,152  
Contingent liabilities and other commitments (see Notes 8, 15 and 16)
Equity  
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at June 30, 2020 and December 31, 2019
    
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 28,154,159 at June 30, 2020 and 28,289,257 at December 31, 2019
442,699  447,602  
Additional paid-in capital93,007  91,611  
Accumulated deficit(16,986) (19,102) 
Accumulated other comprehensive income 25,551  8,409  
Total shareholders' equity544,271  528,520  
Non-controlling interest35    
Total equity544,306  528,520  
Total liabilities and equity$6,632,972  $6,012,672  
See accompanying notes to consolidated financial statements.
4


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands, except per share data)2020201920202019
Interest income:    
Interest and fees on loans and leases$45,915  $45,540  $92,119  $89,308  
Interest and dividends on investment securities:
Taxable interest6,310  7,530  13,067  15,790  
Tax-exempt interest599  814  1,267  1,680  
Dividends17  14  34  32  
Interest on deposits in other banks3  46  39  114  
Dividends on Federal Home Loan Bank stock106  161  238  322  
Total interest income52,950  54,105  106,764  107,246  
Interest expense:    
Interest on deposits:    
Demand114  199  290  391  
Savings and money market567  1,507  1,685  2,298  
Time2,124  4,867  5,392  9,959  
Interest on short-term borrowings74  1,123  582  2,016  
Interest on long-term debt812  1,031  1,726  2,091  
Total interest expense3,691  8,727  9,675  16,755  
Net interest income49,259  45,378  97,089  90,491  
Provision for credit losses 10,640  1,404  19,969  2,687  
Net interest income after provision for credit losses38,619  43,974  77,120  87,804  
Other operating income:    
Mortgage banking income3,566  1,708  3,903  3,281  
Service charges on deposit accounts1,149  2,041  3,199  4,122  
Other service charges and fees2,916  3,909  7,813  7,124  
Income from fiduciary activities1,270  1,129  2,567  2,094  
Equity in earnings of unconsolidated subsidiaries104  71  130  79  
Income from bank-owned life insurance1,424  914  1,405  1,866  
Net loss on sales of foreclosed assets(6)   (6)   
Other269  322  567  3,201  
Total other operating income10,692  10,094  19,578  21,767  
Other operating expense:    
Salaries and employee benefits20,622  20,563  40,969  40,452  
Net occupancy3,645  3,525  7,317  6,983  
Equipment1,043  1,138  2,140  2,144  
Communication expense774  903  1,611  1,637  
Legal and professional services2,238  1,728  4,266  3,298  
Computer software expense3,035  2,560  5,978  5,157  
Advertising expense923  712  2,015  1,423  
Foreclosed asset expense  49  67  208  
Other4,147  4,929  8,304  9,153  
Total other operating expense36,427  36,107  72,667  70,455  
Income before income taxes12,884  17,961  24,031  39,116  
Income tax expense2,967  4,427  5,788  9,545  
Net income$9,917  $13,534  $18,243  $29,571  
Per common share data:    
Basic earnings per common share$0.35  $0.47  $0.65  $1.03  
Diluted earnings per common share$0.35  $0.47  $0.65  $1.03  
Cash dividends declared$0.23  $0.23  $0.46  $0.44  
Weighted average common shares outstanding used in computation:
Basic shares28,040,802  28,546,564  28,083,602  28,651,852  
Diluted shares28,095,230  28,729,510  28,190,132  28,847,786  
 See accompanying notes to consolidated financial statements.
5


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands)2020201920202019