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
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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 exhibit311q1202133121.htm
EX-31.2 exhibit312q1202133121.htm
EX-32.1 exhibit321q1202133121.htm
EX-32.2 exhibit322q1202133121.htm

Central Pacific Financial Earnings 2021-03-31

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-20210331
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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 March 31, 2021
 
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 April 19, 2021 was 28,292,530 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 impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; 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 regulations or 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)March 31,
2021
December 31,
2020
Assets  
Cash and due from banks$93,358 $97,546 
Interest-bearing deposits in other banks166,533 6,521 
Investment securities:
Available-for-sale debt securities, at fair value1,216,341 1,182,609 
Equity securities, at fair value1,435 1,351 
Total investment securities1,217,776 1,183,960 
Loans held for sale5,234 16,687 
Loans5,137,849 4,964,113 
Allowance for credit losses(81,553)(83,269)
Loans, net of allowance for credit losses5,056,296 4,880,844 
Premises and equipment, net72,599 65,278 
Accrued interest receivable19,440 20,224 
Investment in unconsolidated subsidiaries31,487 29,968 
Mortgage servicing rights11,094 11,865 
Bank-owned life insurance167,110 163,161 
Federal Home Loan Bank stock8,155 8,237 
Right-of-use lease asset44,727 45,857 
Other assets85,456 64,435 
Total assets$6,979,265 $6,594,583 
Liabilities  
Deposits:  
Noninterest-bearing demand$2,070,428 $1,790,269 
Interest-bearing demand1,237,574 1,174,888 
Savings and money market2,004,368 1,932,043 
Time896,580 898,918 
Total deposits6,208,950 5,796,118 
Short-term borrowings 22,000 
Long-term debt105,436 105,385 
Lease liability46,033 47,191 
Other liabilities75,933 77,156 
Total liabilities6,436,352 6,047,850 
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 March 31, 2021 and December 31, 2020
  
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 28,282,530 at March 31, 2021 and 28,183,340 at December 31, 2020
443,505 442,635 
Additional paid-in capital95,721 94,842 
Retained earnings (Accumulated deficit)628 (10,920)
Accumulated other comprehensive income 3,011 20,128 
Total shareholders' equity542,865 546,685 
Non-controlling interest48 48 
Total equity542,913 546,733 
Total liabilities and equity$6,979,265 $6,594,583 
See accompanying notes to consolidated financial statements.
4


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 
Three Months Ended
March 31,
(dollars in thousands, except per share data)20212020
Interest income:  
Interest and fees on loans$46,074 $46,204 
Interest and dividends on investment securities:
Taxable interest5,106 6,757 
Tax-exempt interest514 668 
Dividends18 17 
Interest on deposits in other banks10 36 
Dividends on Federal Home Loan Bank stock59 132 
Total interest income51,781 53,814 
Interest expense:  
Interest on deposits:  
Demand86 176 
Savings and money market274 1,118 
Time588 3,268 
Interest on short-term borrowings2 508 
Interest on long-term debt1,027 914 
Total interest expense1,977 5,984 
Net interest income49,804 47,830 
Provision for credit losses (821)11,127 
Net interest income after provision for credit losses50,625 36,703 
Other operating income:  
Mortgage banking income2,970 337 
Service charges on deposit accounts1,478 2,050 
Other service charges and fees3,790 4,897 
Income from fiduciary activities1,231 1,297 
Income from bank-owned life insurance797 (19)
Other445 324 
Total other operating income10,711 8,886 
Other operating expense:  
Salaries and employee benefits19,827 20,054 
Net occupancy3,764 3,672 
Equipment1,000 1,097 
Communication expense769 837 
Legal and professional services2,377 2,028 
Computer software expense3,783 2,943 
Advertising expense1,658 1,092 
Other4,668 2,719 
Total other operating expense37,846 34,442 
Income before income taxes23,490 11,147 
Income tax expense5,452 2,821 
Net income$18,038 $8,326 
Per common share data:  
Basic earnings per common share$0.64 $0.30 
Diluted earnings per common share$0.64 $0.29 
Cash dividends declared$0.23 $0.23 
Weighted average common shares outstanding used in computation:
Basic shares28,108,648 28,126,400 
Diluted shares28,313,014 28,277,753 
 See accompanying notes to consolidated financial statements.
5


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months Ended
March 31,
(dollars in thousands)20212020
Net income$18,038 $8,326 
Other comprehensive (loss) income, net of tax:
Net change in unrealized (loss) gain on investment securities(17,301)10,147 
Defined benefit plans184 516 
Total other comprehensive (loss) income, net of tax(17,117)10,663 
Comprehensive income$921 $18,989 
 
See accompanying notes to consolidated financial statements.
6


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) 

Common
Shares
Outstanding
Preferred
Stock
Common
Stock
Additional Paid-In CapitalRetained Earnings (Accum.
Deficit)
Accum.
Other
Comp.
Income
(Loss)
Non-
Controlling
Interest
Total
 (dollars in thousands, except per share data)
Balance at December 31, 202028,183,340 $— $442,635 $94,842 $(10,920)$20,128 $48 $546,733 
Net income— — — — 18,038 — — 18,038 
Other comprehensive loss— — — — — (17,117)— (17,117)
Cash dividends declared ($0.23 per share)
— — — — (6,490)— — (6,490)
Share-based compensation 99,190 — 870 879 — — — 1,749 
Balance at March 31, 202128,282,530 $— $443,505 $95,721 $628 $3,011 $48 $542,913 

Common
Shares
Outstanding
Preferred
Stock
Common
Stock
Additional Paid-In CapitalAccum.
Deficit
Accum.
Other
Comp.
Income
(Loss)
Non-
Controlling
Interest
Total
 (dollars in thousands, except per share data)
Balance at December 31, 201928,289,257 $— $447,602 $91,611 $(19,102)$8,409 $ $528,520 
Impact of the adoption of new accounting standards (1)— — — — (3,156)— — (3,156)
Adjusted balance at January 1, 202028,289,257 — 447,602 91,611 (22,258)8,409  525,364 
Net income— — — — 8,326 — — 8,326 
Other comprehensive income— — — — — 10,663 — 10,663 
Cash dividends declared ($0.23 per share)
— — — — (6,496)— — (6,496)
Common stock repurchased and retired and other related costs(206,802)— (4,749)— — — — (4,749)
Share-based compensation32,898 — — 673 — — — 673 
Noncontrolling interest— — — — — — 49 49 
Balance at March 31, 202028,115,353 $— $442,853 $92,284 $(20,428)$19,072 $49 $533,830 
(1) Represents the impact of the adoption of Accounting Standards Update ("ASU") ASU 2016-13.
 See accompanying notes to consolidated financial statements.
7


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
March 31,
(dollars in thousands)20212020
Cash flows from operating activities:  
Net income$18,038 $8,326 
Adjustments to reconcile net income to net cash provided by operating activities: 
Provision for credit losses(821)11,127 
Depreciation and amortization of premises and equipment1,608 1,504 
Non-cash lease (benefit) expense(28)59 
Cash flows from operating leases(1,599)(1,594)
Loss on disposal of fixed assets32  
Loss on sale of other real estate, net of write-downs 64 
Amortization of mortgage servicing rights1,232 1,547 
Net amortization and accretion of premium/discounts on investment securities2,391 1,982 
Share-based compensation expense879 673 
Net gain on sales of residential mortgage loans(2,439)(727)
Proceeds from sales of loans held for sale57,439 31,498 
Originations of loans held for sale(43,547)(25,598)
Equity in earnings of unconsolidated subsidiaries(107)(26)
Distributions from unconsolidated subsidiaries181 73 
Net (increase) decrease in cash surrender value of bank-owned life insurance(898)19 
Deferred income taxes(6,687)(406)
Net tax benefit (expense) from share-based compensation131 (48)
Net change in other assets and liabilities(6,126)2,772 
Net cash provided by operating activities19,679 31,245 
Cash flows from investing activities:  
Proceeds from maturities of and calls on investment securities available-for-sale80,015 50,878 
Purchases of investment securities available-for-sale(139,785)(96,068)
Net loan originations(138,572)(41,339)
Purchases of loan portfolios(36,059)(22,340)
Purchases of bank-owned life insurance(3,550) 
Proceeds from bank-owned life insurance499  
Net purchases of premises, equipment and land(8,961)(5,608)
Contributions to unconsolidated subsidiaries(2,736)(422)
Net proceeds from redemption of (purchases of) FHLB stock82 (3,126)
Net cash used in investing activities(249,067)(118,025)
Cash flows from financing activities:  
Net increase in deposits412,832 16,046 
Net (decrease) increase in short-term borrowings(22,000)72,000 
Cash dividends paid on common stock(6,490)(6,496)
Repurchases of common stock and other related costs (4,749)
Net proceeds from issuance of common stock and stock option exercises870  
Net cash provided by financing activities385,212