Central Pacific Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 31, 2013 at 07:01 am
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Central Pacific Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, interest and fees on loans and leases was $23,387,000 against $26,097,000 a year ago. Net interest income was $29,390,000 against $30,812,000 a year ago. Net interest income after provision for loan and lease losses was $31,673,000 against $42,027,000 a year ago. Income before income taxes was $12,410,000 against $12,095,000 a year ago. Net income was $12,410,000 or $0.30 per diluted share against $12,095,000 or $0.29 per basic and diluted share a year ago.
For the full year, interest and fees on loans and leases was $97,029,000 against $107,089,000 a year ago. Net interest income was $119,711,000 against $117,821,000 a year ago. Net interest income after provision for loan and lease losses was $138,596,000 against $158,511,000 a year ago. Income before income taxes was $47,421,000 against $36,571,000 a year ago. Net income was $47,421,000 or $1.13 per diluted share against $36,571,000 or $3.31 per diluted share a year ago.
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Bank is engaged in offering traditional deposit and lending products and services to consumer and business customers, such as accepting demand, money market, savings and time deposits, originating loans, including commercial loans, construction loans, commercial real estate loans, residential mortgage loans, and consumer loans and fiduciary and investment management services. Its investment securities portfolio includes mortgage-backed securities (MBS), other debt securities and equity securities. Its MBS portfolio comprises residential MBS issued by United States government entities and agencies. It offers wealth management products and services, such as non-deposit investment products, annuities, investment management, asset custody and general consultation and planning services. The Bank has over 27 bank branches and 58 ATMs located throughout the State of Hawaii.