Central Pacific Financial Q3 profit rises on higher interest income
CPF•Central Pacific Financial reported Q3 net income of $22.78 million and earnings of $0.88 per share as net interest income reached $64.47 million. It repurchased shares and raised its quarterly dividend to $0.31 per share for the fourth quarter.
1. Quarterly results
Central Pacific Financial said higher loan yields and improved returns on investment securities drove growth in net interest income and margin. Q3 net interest income was $64.47 million, net income was $22.78 million and return on equity was 15.28%.
2. Dividend and expenses
The company raised its quarterly cash dividend to $0.31 per share for the fourth quarter and repurchased shares. It attributed an improved efficiency ratio to lower salaries, employee benefits and deferred compensation expenses, while lower bank-owned life insurance income reflected equity market volatility.
