Central Pacific Financial Reports First Quarter Earnings of $16.2 Million

  • Net income of $16.2 million, or $0.60 per diluted share for the quarter.
  • ROA of 0.87% and ROE of 13.97% for the quarter.
  • Total loans of $5.56 billion increased by $1.9 million in the first quarter.
  • Total deposits of $6.75 billion increased by $10.7 million in the first quarter. 66% of total deposits are FDIC-insured or fully collateralized as of March 31, 2023.
  • Asset quality remains strong as nonperforming assets totaled $5.3 million, or 0.07% of total assets.
  • Solid liquidity position with $198.8 million in cash on balance sheet and $2.83 billion in total other liquidity sources, including available borrowing capacity plus unpledged investment securities as of March 31, 2023.
  • Board of Directors approved quarterly cash dividend of $0.26 per share.

Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income for the first quarter of 2023 of $16.2 million, or fully diluted earnings per share ("EPS") of $0.60, compared to net income of $20.2 million, or EPS of $0.74 in the previous quarter and net income of $19.4 million, or EPS of $0.70 in the year-ago quarter.

"We are pleased with our first quarter financial results, highlighted by stable deposit balances, continued solid asset quality and strong liquidity and capital positions," said Arnold Martines, President and Chief Executive Officer. "Despite the recent events affecting the national banking industry, Central Pacific Bank remains financially strong and committed to supporting our customers and community."

Earnings Highlights

Net interest income for the first quarter of 2023 was $54.2 million, which decreased by $2.1 million, or 3.7% from the previous quarter, and increased by $3.3 million, or 6.4% from the year-ago quarter. The sequential quarter decrease in net interest income is primarily due to increases in average balances and rates paid on interest-bearing deposits and borrowings, which outpaced the increases in average loan balances and asset yields.

Net interest margin ("NIM") for the first quarter of 2023 was 3.08%, which decreased by 9 basis points ("bps") from the previous quarter and increased by 11 bps from the year-ago quarter. The sequential quarter decrease in NIM is primarily due to higher rates paid on deposits and borrowings, which outpaced the increase in asset yields. Additional information on average balances, interest income and expenses and yields and rates is presented in Table 4.

In the first quarter of 2023, the Company recorded a provision for credit losses of $1.9 million, compared to a provision of $0.6 million in the previous quarter and a release of credit loss reserves of $3.2 million in the year-ago quarter.

Other operating income for the first quarter of 2023 totaled $11.0 million, compared to $11.6 million in the previous quarter and $9.6 million in the year-ago quarter. The decrease from the previous quarter was primarily due to lower income from bank-owned life insurance of $0.9 million, partially offset by higher income from fiduciary activities of $0.3 million. Additional information on other operating income is presented in Table 3.

Other operating expense for the first quarter of 2023 totaled $42.1 million, compared to $40.4 million in the previous quarter and $38.2 million in the year-ago quarter. The increase in other operating expense was primarily due to higher computer software expense of $0.6 million, higher net occupancy expense of $0.5 million and a higher FDIC insurance assessment of $0.5 million (included in other), partially offset by lower salaries and employee benefits expense of $0.7 million. Additional information on other operating expense is presented in Table 3.

The efficiency ratio for the first quarter of 2023 was 64.58%, compared to 59.56% in the previous quarter and 63.16% in the year-ago quarter.

The effective tax rate for the first quarter of 2023 was 23.8%, compared to 24.9% in the previous quarter and 23.7% in the year-ago quarter.

Balance Sheet Highlights

Total assets at March 31, 2023 of $7.52 billion increased by $88.5 million, or 1.2% from $7.43 billion at December 31, 2022, and increased by $222.4 million, or 3.0% from $7.30 billion at March 31, 2022.

Total loans, net of deferred fees and costs, at March 31, 2023 of $5.56 billion increased by $1.9 million from $5.56 billion at December 31, 2022, and increased by $382.6 million, or 7.4% from $5.17 billion at March 31, 2022. Loans by type and geographic distribution are summarized in Table 5.

Total deposits at March 31, 2023 of $6.75 billion increased by $10.7 million or 0.2% from $6.74 billion at December 31, 2022, and increased by $147.9 million, or 2.2% from $6.60 billion at March 31, 2022. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $5.97 billion at March 31, 2023, and decreased by $103.3 million, or 1.7% from December 31, 2022. Average rates paid on total deposits during the first quarter of 2023 was 0.61%, compared to 0.41% in the previous quarter and 0.06% in the year-ago quarter. At March 31, 2023, approximately 66% of the Company's total deposits were FDIC-insured or fully collateralized. Core deposit and total deposit balances are summarized in Table 6.

At March 31, 2023, the Company had $198.8 million in cash on balance sheet and $2.83 billion in total other liquidity sources, including available borrowing capacity plus unpledged investment securities.

Asset Quality

Nonperforming assets at March 31, 2023 totaled $5.3 million, or 0.07% of total assets, and remained relatively unchanged from December 31, 2022 and March 31, 2022. Additional information on nonperforming assets, past due and restructured loans is presented in Table 7.

Net charge-offs in the first quarter of 2023 totaled $2.3 million, compared to net charge-offs of $1.7 million in the previous quarter, and net charge-offs of $0.4 million in the year-ago quarter. Annualized net charge-offs as a percentage of average loans was 0.16%, 0.12% and 0.03% during the three months ended March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

The allowance for credit losses, as a percentage of total loans at March 31, 2023 was 1.14%, compared to 1.15% at December 31, 2022, and 1.25% at March 31, 2022. Additional information on net charge-offs and recoveries and the allowance for credit losses is presented in Table 8.

Capital

Total shareholders' equity was $470.9 million at March 31, 2023, compared to $452.9 million and $486.3 million at December 31, 2022 and March 31, 2022, respectively. The increase in shareholders' equity from the previous quarter was primarily due to net income of $16.2 million and a decline in unrealized losses on our available-for-sale investment securities portfolio which flow through accumulated other comprehensive loss.

During the first quarter of 2023, the Company repurchased 101,760 shares of common stock, at a total cost of $2.2 million, or an average cost per share of $21.67. As of March 31, 2023, $23.8 million remained available for repurchase under the Company's share repurchase program. In March 2023, the Company temporarily suspended share repurchases while market conditions continue to be evaluated.

At March 31, 2023, the Company's leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ratios were 8.6%, 11.5%, 13.6%, and 10.6%, respectively, compared to 8.5%, 11.3%, 13.5%, and 10.5%, respectively, at December 31, 2022.

On April 25, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares. The dividend will be payable on June 15, 2023 to shareholders of record at the close of business on May 31, 2023.

During the quarter, CPB was named Lender of the Year (Category 2), by the Small Business Administration. In January 2023, the Bank also launched its unique Friendship Floor, a newly-remodeled co-working hub on the third floor of Central Pacific Plaza, with eight conference rooms and 80 hybrid workspaces and other conveniences to promote employee engagement.

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://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-833-470-1428 (access code: 500446). A playback of the call will be available through May 26, 2023 by dialing 1-866-813-9403 (access code: 402781) and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.

About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.52 billion in assets as of March 31, 2023. Central Pacific Bank, its primary subsidiary, operates 27 branches and 61 ATMs in the state of Hawaii. For additional information, please visit the Company's website at http://www.cpb.bank.

Equal Housing Lender

Member FDIC

NYSE Listed: CPF

Forward-Looking Statements ("FLS")

This document may contain FLS concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, credit losses, 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 from our business initiatives; 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 FLS but are not the exclusive means of identifying such statements.

While we believe that our FLS 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 effects of inflation and rising interest rates; the adverse effects of recent bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) 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; supply chain disruptions; 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 achieve the objectives of our RISE2020 initiative; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service ("BaaS") initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases) 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"); securities market and monetary fluctuations, including the replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index and uncertainties regarding potential alternative reference rates, including the Secured Overnight Financing Rate ("SOFR"); 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; 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 ("PCAOB"), 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 personnel, 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 FLS, 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. We urge investors to consider all of these factors carefully in evaluating the FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events except as required by law.

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Financial Highlights

(Unaudited)

TABLE 1

 

 

Three Months Ended

(Dollars in thousands,

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

except for per share amounts)

2023

 

2022

 

2022

 

2022

 

2022

CONDENSED INCOME STATEMENT

 

 

 

 

 

Net interest income

$

54,196

 

$

56,285

 

$

55,365

 

$

52,978

 

$

50,935

 

Provision (credit) for credit losses

 

1,852

 

 

571

 

 

362

 

 

989

 

 

(3,195

)

Total other operating income

 

11,009

 

 

11,601

 

 

9,629

 

 

17,138

 

 

9,551

 

Total other operating expense

 

42,107

 

 

40,434

 

 

41,998

 

 

45,349

 

 

38,205

 

Income tax expense

 

5,059

 

 

6,700

 

 

5,919

 

 

6,184

 

 

6,038

 

Net income

 

16,187

 

 

20,181

 

 

16,715

 

 

17,594

 

 

19,438

 

Basic earnings per common share

$

0.60

 

$

0.74

 

$

0.61

 

$

0.64

 

$

0.70

 

Diluted earnings per common share

 

0.60

 

 

0.74

 

 

0.61

 

 

0.64

 

 

0.70

 

Dividends declared per common share

 

0.26

 

 

0.26

 

 

0.26

 

 

0.26

 

 

0.26

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

Return on average assets (ROA) [1]

 

0.87

%

 

1.09

%

 

0.91

%

 

0.96

%

 

1.06

%

Return on average shareholders’ equity (ROE) [1]

 

13.97

 

 

18.30

 

 

14.49

 

 

14.93

 

 

14.44

 

Average shareholders’ equity to average assets

 

6.23

 

 

5.97

 

 

6.30

 

 

6.45

 

 

7.34

 

Efficiency ratio [2]

 

64.58

 

 

59.56

 

 

64.62

 

 

64.68

 

 

63.16

 

Net interest margin (NIM) [1]

 

3.08

 

 

3.17

 

 

3.17

 

 

3.05

 

 

2.97

 

Dividend payout ratio [3]

 

43.33

 

 

35.14

 

 

42.62

 

 

40.63

 

 

37.14

 

 

 

 

 

 

 

SELECTED AVERAGE BALANCES

 

 

 

 

 

Average loans, including loans held for sale

$

5,525,988

 

$

5,498,800

 

$

5,355,088

 

$

5,221,300

 

$

5,114,260

 

Average interest-earning assets

 

7,112,377

 

 

7,103,841

 

 

6,991,773

 

 

6,982,556

 

 

6,933,007

 

Average assets

 

7,443,767

 

 

7,389,712

 

 

7,320,751

 

 

7,309,939

 

 

7,341,850

 

Average deposits

 

6,655,660

 

 

6,673,922

 

 

6,535,321

 

 

6,626,462

 

 

6,581,593

 

Average interest-bearing liabilities

 

4,820,660

 

 

4,708,045

 

 

4,538,893

 

 

4,442,172

 

 

4,429,114

 

Average shareholders’ equity

 

463,556

 

 

441,084

 

 

461,328

 

 

471,420

 

 

538,601

 

[1]

ROA and ROE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual).

[2]

Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).

[3]

Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Financial Highlights

(Unaudited)

TABLE 1 (CONTINUED)

 

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

 

2023

 

2022

 

2022

 

2022

 

2022

REGULATORY CAPITAL RATIOS

 

 

 

 

 

Central Pacific Financial Corp.

 

 

 

 

 

Leverage capital ratio

 

8.6

%

 

8.5

%

 

8.7

%

 

8.6

%

 

8.5

%

Tier 1 risk-based capital ratio

 

11.5

 

 

11.3

 

 

11.5

 

 

11.6

 

 

11.9

 

Total risk-based capital ratio

 

13.6

 

 

13.5

 

 

13.7

 

 

13.9

 

 

14.2

 

Common equity tier 1 capital ratio

 

10.6

 

 

10.5

 

 

10.6

 

 

10.7

 

 

10.9

 

Central Pacific Bank

 

 

 

 

 

Leverage capital ratio

 

9.0

 

 

9.0

 

 

9.1

 

 

9.0

 

 

9.0

 

Tier 1 risk-based capital ratio

 

12.0

 

 

11.9

 

 

12.2

 

 

12.2

 

 

12.6

 

Total risk-based capital ratio

 

13.2

 

 

13.1

 

 

13.4

 

 

13.5

 

 

13.8

 

Common equity tier 1 capital ratio

 

12.0

 

 

11.9

 

 

12.2

 

 

12.2

 

 

12.6

 

 

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

(dollars in thousands, except for per share amounts)

2023

 

2022

 

2022

 

2022

 

2022

BALANCE SHEET

 

 

 

 

 

Total loans, net of deferred fees and costs

$

5,557,397

 

$

5,555,466

 

$

5,422,212

 

$

5,301,633

 

$

5,174,837

 

Total assets

 

7,521,247

 

 

7,432,763

 

 

7,337,631

 

 

7,299,178

 

 

7,298,819

 

Total deposits

 

6,746,968

 

 

6,736,223

 

 

6,556,434

 

 

6,622,061

 

 

6,599,031

 

Long-term debt

 

155,920

 

 

105,859

 

 

105,799

 

 

105,738

 

 

105,677

 

Total shareholders’ equity

 

470,926

 

 

452,871

 

 

438,468

 

 

455,100

 

 

486,328

 

Total shareholders’ equity to total assets

 

6.26

%

 

6.09

%

 

5.98

%

 

6.23

%

 

6.66

%

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

Allowance for credit losses (ACL)

$

63,099

 

$

63,738

 

$

64,382

 

$

65,211

 

$

64,754

 

Nonaccrual loans

 

5,313

 

 

5,251

 

 

4,220

 

 

4,983

 

 

5,336

 

Non-performing assets (NPA)

 

5,313

 

 

5,251

 

 

4,220

 

 

4,983

 

 

5,336

 

ACL to total loans

 

1.14

%

 

1.15

%

 

1.19

%

 

1.23

%

 

1.25

%

ACL to nonaccrual loans

 

1,187.63

%

 

1,213.83

%

 

1,525.64

%

 

1,308.67

%

 

1,213.53

%

NPA to total assets

 

0.07

%

 

0.07

%

 

0.06

%

 

0.07

%

 

0.07

%

 

 

 

 

 

 

PER SHARE OF COMMON STOCK OUTSTANDING

 

 

 

 

 

Book value per common share

$

17.44

 

$

16.76

 

$

16.08

 

$

16.57

 

$

17.63

 

Closing market price per common share

 

17.90

 

 

20.28

 

 

20.69

 

 

21.45

 

 

27.90

 

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

TABLE 2

 

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

(Dollars in thousands, except share data)

2023

 

2022

 

2022

 

2022

 

2022

ASSETS

 

 

 

 

 

Cash and due from financial institutions

$

108,535

 

$

97,150

 

$

116,365

 

$

108,389

 

$

83,947

 

Interest-bearing deposits in other financial institutions

 

90,247

 

 

14,894

 

 

22,332

 

 

22,741

 

 

118,183

 

Investment securities:

 

 

 

 

 

Available-for-sale debt securities, at fair value

 

687,188

 

 

671,794

 

 

686,681

 

 

787,373

 

 

1,199,482

 

Held-to-maturity debt securities, at amortized cost; fair value of: $599,300 at March 31, 2023, $596,780 at December 31, 2022, $590,880 at September 30, 2022, $635,565 at June 30, 2022, and $329,503 at March 31, 2022

 

658,596

 

 

664,883

 

 

662,827

 

 

663,365

 

 

329,507

 

Total investment securities

 

1,345,784

 

 

1,336,677

 

 

1,349,508

 

 

1,450,738

 

 

1,528,989

 

Loans held for sale

 

 

 

1,105

 

 

1,701

 

 

535

 

 

4,677

 

Loans, net of deferred fees and costs

 

5,557,397

 

 

5,555,466

 

 

5,422,212

 

 

5,301,633

 

 

5,174,837

 

Less: allowance for credit losses

 

63,099

 

 

63,738

 

 

64,382

 

 

65,211

 

 

64,754

 

Loans, net of allowance for credit losses

 

5,494,298

 

 

5,491,728

 

 

5,357,830

 

 

5,236,422

 

 

5,110,083

 

Premises and equipment, net

 

93,761

 

 

91,634

 

 

89,979

 

 

88,664

 

 

79,455

 

Accrued interest receivable

 

20,473

 

 

20,345

 

 

18,134

 

 

17,146

 

 

16,423

 

Investment in unconsolidated entities

 

45,953

 

 

46,641

 

 

36,769

 

 

37,341

 

 

31,092

 

Mortgage servicing rights

 

8,943

 

 

9,074

 

 

9,216

 

 

9,369

 

 

9,480

 

Bank-owned life insurance

 

168,244

 

 

167,967

 

 

167,761

 

 

167,202

 

 

167,407

 

Federal Home Loan Bank ("FHLB") stock

 

11,960

 

 

9,146

 

 

13,546

 

 

8,943

 

 

8,943

 

Right of use lease asset

 

34,237

 

 

34,985

 

 

35,978

 

 

36,978

 

 

38,435

 

Other assets

 

98,812

 

 

111,417

 

 

118,512

 

 

114,710

 

 

101,705

 

Total assets

$

7,521,247

 

$

7,432,763

 

$

7,337,631

 

$

7,299,178

 

$

7,298,819

 

LIABILITIES

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand

$

2,028,087

 

$

2,092,823

 

$

2,138,083

 

$

2,282,967

 

$

2,269,562

 

Interest-bearing demand

 

1,386,913

 

 

1,453,167

 

 

1,441,302

 

 

1,444,566

 

 

1,433,284

 

Savings and money market

 

2,184,675

 

 

2,199,028

 

 

2,194,991

 

 

2,214,146

 

 

2,197,647

 

Time

 

1,147,293

 

 

991,205

 

 

782,058

 

 

680,382

 

 

698,538

 

Total deposits

 

6,746,968

 

 

6,736,223

 

 

6,556,434

 

 

6,622,061

 

 

6,599,031

 

FHLB advances and other short-term borrowings

 

25,000

 

 

5,000

 

 

115,000

 

 

 

 

 

Long-term debt, net of unamortized debt issuance costs of: $627 at March 31, 2023, $688 at December 31, 2022, $748 at September 30, 2022, $809 at June 30, 2022 and $870 at March 31, 2022

 

155,920

 

 

105,859

 

 

105,799

 

 

105,738

 

 

105,677

 

Lease liability

 

35,076

 

 

35,889

 

 

36,941

 

 

38,037

 

 

39,610

 

Other liabilities

 

87,357

 

 

96,921

 

 

84,989

 

 

78,242

 

 

68,123

 

Total liabilities

 

7,050,321

 

 

6,979,892

 

 

6,899,163

 

 

6,844,078

 

 

6,812,441

 

EQUITY

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022

 

 

 

 

 

 

 

 

 

 

Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,005,545 at March 31, 2023, 27,025,070 at December 31, 2022, 27,262,879 at September 30, 2022, 27,463,562 at June 30, 2022, and 27,584,929 at March 31, 2022

 

405,866

 

 

408,071

 

 

412,994

 

 

417,862

 

 

421,153

 

Additional paid-in capital

 

101,188

 

 

101,346

 

 

100,426

 

 

98,977

 

 

98,270

 

Retained earnings

 

96,600

 

 

87,438

 

 

74,301

 

 

64,693

 

 

54,252

 

Accumulated other comprehensive loss

 

(132,728

)

 

(143,984

)

 

(149,253

)

 

(126,432

)

 

(87,347

)

Total shareholders' equity

 

470,926

 

 

452,871

 

 

438,468

 

 

455,100

 

 

486,328

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

50

 

Total equity

 

470,926

 

 

452,871

 

 

438,468

 

 

455,100

 

 

486,378

 

Total liabilities and equity

$

7,521,247

 

$

7,432,763

 

$

7,337,631

 

$

7,299,178

 

$

7,298,819

 

 

 

 

 

 

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

TABLE 3

 

 

Three Months Ended

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

(Dollars in thousands, except per share data)

2023

 

2022

 

2022

 

2022

 

2022

Interest income:

 

 

 

 

 

Interest and fees on loans

$

58,269

 

$

56,682

 

$

51,686

 

$

46,963

 

$

44,949

 

Interest and dividends on investment securities:

 

 

 

 

 

Taxable investment securities

 

7,336

 

 

7,104

 

 

6,933

 

 

7,035

 

 

6,969

 

Tax-exempt investment securities

 

790

 

 

776

 

 

805

 

 

807

 

 

816

 

Dividend income on investment securities

 

 

 

 

 

 

 

 

 

21

 

Interest on deposits in other financial institutions

 

277

 

 

370

 

 

107

 

 

191

 

 

72

 

Dividend income on FHLB stock

 

136

 

 

105

 

 

138

 

 

68

 

 

59

 

Total interest income

 

66,808

 

 

65,037

 

 

59,669

 

 

55,064

 

 

52,886

 

Interest expense:

 

 

 

 

 

Interest on deposits:

 

 

 

 

 

Demand

 

363

 

 

333

 

 

217

 

 

144

 

 

112

 

Savings and money market

 

3,386

 

 

2,488

 

 

1,054

 

 

317

 

 

329

 

Time

 

6,264

 

 

4,063

 

 

1,092

 

 

490

 

 

469

 

Interest on short-term borrowings

 

761

 

 

393

 

 

660

 

 

2

 

 

 

Interest on long-term debt

 

1,838

 

 

1,475

 

 

1,281

 

 

1,133

 

 

1,041

 

Total interest expense

 

12,612

 

 

8,752

 

 

4,304

 

 

2,086

 

 

1,951

 

Net interest income

 

54,196

 

 

56,285

 

 

55,365

 

 

52,978

 

 

50,935

 

Provision (credit) for credit losses

 

1,852

 

 

571

 

 

362

 

 

989

 

 

(3,195

)

Net interest income after provision (credit) for credit losses

 

52,344

 

 

55,714

 

 

55,003

 

 

51,989

 

 

54,130

 

Other operating income:

 

 

 

 

 

Mortgage banking income

 

526

 

 

667

 

 

831

 

 

1,140

 

 

1,172

 

Service charges on deposit accounts

 

2,111

 

 

2,172

 

 

2,138

 

 

2,026

 

 

1,861

 

Other service charges and fees

 

4,985

 

 

4,972

 

 

4,955

 

 

4,610

 

 

4,488

 

Income from fiduciary activities

 

1,321

 

 

1,058

 

 

1,165

 

 

1,188

 

 

1,154

 

Net gain on sales of investment securities

 

 

 

 

 

 

 

8,506

 

 

 

Income from bank-owned life insurance

 

1,291

 

 

2,187

 

 

167

 

 

(1,028

)

 

539

 

Other

 

775

 

 

545

 

 

373

 

 

696

 

 

337

 

Total other operating income

 

11,009

 

 

11,601

 

 

9,629

 

 

17,138

 

 

9,551

 

Other operating expense:

 

 

 

 

 

Salaries and employee benefits

 

22,023

 

 

22,692

 

 

22,778

 

 

22,369

 

 

20,942

 

Net occupancy

 

4,474

 

 

3,998

 

 

4,743

 

 

4,448

 

 

3,774

 

Equipment

 

946

 

 

996

 

 

1,085

 

 

1,075

 

 

1,082

 

Communication

 

778

 

 

696

 

 

712

 

 

744

 

 

806

 

Legal and professional services

 

2,886

 

 

2,677

 

 

2,573

 

 

2,916

 

 

2,626

 

Computer software

 

4,606

 

 

3,996

 

 

4,138

 

 

3,624

 

 

3,082

 

Advertising

 

933

 

 

701

 

 

1,150

 

 

1,150

 

 

1,150

 

Other

 

5,461

 

 

4,678

 

 

4,819

 

 

9,023

 

 

4,743

 

Total other operating expense

 

42,107

 

 

40,434

 

 

41,998

 

 

45,349

 

 

38,205

 

Income before income taxes

 

21,246

 

 

26,881

 

 

22,634

 

 

23,778

 

 

25,476

 

Income tax expense

 

5,059

 

 

6,700

 

 

5,919

 

 

6,184

 

 

6,038

 

Net income

$

16,187

 

$

20,181

 

$

16,715

 

$

17,594

 

$

19,438

 

Per common share data:

 

 

 

 

 

Basic earnings per share

$

0.60

 

$

0.74

 

$

0.61

 

$

0.64

 

$

0.70

 

Diluted earnings per share

 

0.60

 

 

0.74

 

 

0.61

 

 

0.64

 

 

0.70

 

Cash dividends declared

 

0.26

 

 

0.26

 

 

0.26

 

 

0.26

 

 

0.26

 

Basic weighted average shares outstanding

 

26,999,138

 

 

27,134,970

 

 

27,356,614

 

 

27,516,284

 

 

27,591,390

 

Diluted weighted average shares outstanding

 

27,122,012

 

 

27,303,249

 

 

27,501,212

 

 

27,676,619

 

 

27,874,924

 

 

 

 

 

 

 

Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)

(Unaudited)

TABLE 4

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

 

Average

 

Average

 

 

 

Average

 

Average

 

 

 

Average

 

Average

 

 

(Dollars in thousands)

Balance

 

Yield/Rate

 

Interest

 

Balance

 

Yield/Rate

 

Interest

 

Balance

 

Yield/Rate

 

Interest

ASSETS

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits in other financial institutions

$

24,957

 

4.51

%

$

277

 

$

38,610

 

3.80

%

$

370

 

$

157,861

 

0.18

%

$

72

 

Investment securities, excluding valuation allowance:

 

 

 

 

 

 

 

 

 

Taxable

 

1,395,985

 

2.10

 

 

7,336

 

 

1,399,627

 

2.03

 

 

7,104

 

 

1,489,538

 

1.88

 

 

6,990

 

Tax-exempt [1]

 

153,067

 

2.61

 

 

1,000

 

 

156,079

 

2.52

 

 

982

 

 

163,352

 

2.53

 

 

1,033

 

Total investment securities

 

1,549,052

 

2.15

 

 

8,336

 

 

1,555,706

 

2.08

 

 

8,086

 

 

1,652,890

 

1.94

 

 

8,023

 

Loans, including loans held for sale

 

5,525,988

 

4.26

 

 

58,269

 

 

5,498,800

 

4.10

 

 

56,682

 

 

5,114,260

 

3.54

 

 

44,949

 

Federal Home Loan Bank stock

 

12,380

 

4.40

 

 

136

 

 

10,725

 

3.90

 

 

105

 

 

7,996

 

2.98

 

 

59

 

Total interest-earning assets

 

7,112,377

 

3.80

 

 

67,018

 

 

7,103,841

 

3.66

 

 

65,243

 

 

6,933,007

 

3.09

 

 

53,103

 

Noninterest-earning assets

 

331,390

 

 

 

 

285,871

 

 

 

 

408,843

 

 

 

Total assets

$

7,443,767

 

 

 

$

7,389,712

 

 

 

$

7,341,850

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

1,415,155

 

0.10

%

$

363

 

$

1,441,787

 

0.09

%

$

333

 

$

1,425,303

 

0.03

%

$

112

 

Savings and money market deposits

 

2,182,942

 

0.63

 

 

3,386

 

 

2,209,166

 

0.45

 

 

2,488

 

 

2,212,426

 

0.06

 

 

329

 

Time deposits up to $250,000

 

341,396

 

2.22

 

 

1,870

 

 

311,639

 

1.50

 

 

1,174

 

 

223,661

 

0.28

 

 

156

 

Time deposits over $250,000

 

689,432

 

2.58

 

 

4,394

 

 

595,133

 

1.93

 

 

2,889

 

 

462,087

 

0.28

 

 

313

 

Total interest-bearing deposits

 

4,628,925

 

0.88

 

 

10,013

 

 

4,557,725

 

0.60

 

 

6,884

 

 

4,323,477

 

0.09

 

 

910

 

Federal Home Loan Bank advances and other short-term borrowings

 

64,462

 

4.79

 

 

761

 

 

44,491

 

3.51

 

 

393

 

 

 

 

 

 

Long-term debt

 

127,273

 

5.86

 

 

1,838

 

 

105,829

 

5.53

 

 

1,475

 

 

105,637

 

4.00

 

 

1,041

 

Total interest-bearing liabilities

 

4,820,660

 

1.06

 

 

12,612

 

 

4,708,045

 

0.74

 

 

8,752

 

 

4,429,114

 

0.18

 

 

1,951

 

Noninterest-bearing deposits

 

2,026,735

 

 

 

 

2,116,197

 

 

 

 

2,258,116

 

 

 

Other liabilities

 

132,816

 

 

 

 

124,386

 

 

 

 

115,971

 

 

 

Total liabilities

 

6,980,211

 

 

 

 

6,948,628

 

 

 

 

6,803,201

 

 

 

Shareholders’ equity

 

463,556

 

 

 

 

441,084

 

 

 

 

538,601

 

 

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

48

 

 

 

Total equity

 

463,556

 

 

 

 

441,084

 

 

 

 

538,649

 

 

 

Total liabilities and equity

$

7,443,767

 

 

 

$

7,389,712

 

 

 

$

7,341,850

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

54,406

 

 

 

$

56,491

 

 

 

$

51,152

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

2.74

%

 

 

2.92

%

 

 

2.91

%

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

3.08

%

 

 

3.17

%

 

 

2.97

%

 

[1]

Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Loans by Geographic Distribution

(Unaudited)

TABLE 5

 

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

(Dollars in thousands)

2023

 

2022

 

2022

 

2022

 

2022

HAWAII:

 

 

 

 

 

Commercial, financial and agricultural:

 

 

 

 

 

SBA Paycheck Protection Program

$

1,821

 

$

2,555

 

$

5,208

 

$

19,469

 

$

43,380

 

Other

 

375,158

 

 

383,665

 

 

358,805

 

 

367,676

 

 

407,559

 

Real estate:

 

 

 

 

 

Construction

 

154,303

 

 

150,208

 

 

138,724

 

 

134,103

 

 

122,329

 

Residential mortgage

 

1,941,230

 

 

1,940,999

 

 

1,923,068

 

 

1,890,783

 

 

1,874,048

 

Home equity

 

743,908

 

 

739,380

 

 

719,399

 

 

698,209

 

 

676,326

 

Commercial mortgage

 

1,030,086

 

 

1,029,708

 

 

1,002,874

 

 

994,405

 

 

927,241

 

Consumer

 

342,922

 

 

346,789

 

 

347,388

 

 

341,213

 

 

337,188

 

Total loans, net of deferred fees and costs

 

4,589,428

 

 

4,593,304

 

 

4,495,466

 

 

4,445,858

 

 

4,388,071

 

Allowance for credit losses

 

(44,062

)

 

(45,169

)

 

(47,814

)

 

(51,374

)

 

(51,521

)

Loans, net of allowance for credit losses

$

4,545,366

 

$

4,548,135

 

$

4,447,652

 

$

4,394,484

 

$

4,336,550

 

 

 

 

 

 

 

U.S. MAINLAND: [1]

 

 

 

 

 

Commercial, financial and agricultural:

 

 

 

 

 

SBA Paycheck Protection Program

$

 

$

 

$

 

$

712

 

$

851

 

Other

 

179,906

 

 

160,282

 

 

158,474

 

 

156,567

 

 

136,857

 

Real estate:

 

 

 

 

 

Construction

 

27,171

 

 

16,515

 

 

12,872

 

 

10,935

 

 

988

 

Commercial mortgage

 

331,546

 

 

333,367

 

 

332,872

 

 

309,230

 

 

316,258

 

Consumer

 

429,346

 

 

451,998

 

 

422,528

 

 

378,331

 

 

331,812

 

Total loans, net of deferred fees and costs

 

967,969

 

 

962,162

 

 

926,746

 

 

855,775

 

 

786,766

 

Allowance for credit losses

 

(19,037

)

 

(18,569

)

 

(16,568

)

 

(13,837

)

 

(13,233

)

Loans, net of allowance for credit losses

$

948,932

 

$

943,593

 

$

910,178

 

$

841,938

 

$

773,533

 

 

 

 

 

 

 

TOTAL:

 

 

 

 

 

Commercial, financial and agricultural:

 

 

 

 

 

SBA Paycheck Protection Program

$

1,821

 

$

2,555

 

$

5,208

 

$

20,181

 

$

44,231

 

Other

 

555,064

 

 

543,947

 

 

517,279

 

 

524,243

 

 

544,416

 

Real estate:

 

 

 

 

 

Construction

 

181,474

 

 

166,723

 

 

151,596

 

 

145,038

 

 

123,317

 

Residential mortgage

 

1,941,230

 

 

1,940,999

 

 

1,923,068

 

 

1,890,783

 

 

1,874,048

 

Home equity

 

743,908

 

 

739,380

 

 

719,399

 

 

698,209

 

 

676,326

 

Commercial mortgage

 

1,361,632

 

 

1,363,075

 

 

1,335,746

 

 

1,303,635

 

 

1,243,499

 

Consumer

 

772,268

 

 

798,787

 

 

769,916

 

 

719,544

 

 

669,000

 

Total loans, net of deferred fees and costs

 

5,557,397

 

 

5,555,466

 

 

5,422,212

 

 

5,301,633

 

 

5,174,837

 

Allowance for credit losses

 

(63,099

)

 

(63,738

)

 

(64,382

)

 

(65,211

)

 

(64,754

)

Loans, net of allowance for credit losses

$

5,494,298

 

$

5,491,728

 

$

5,357,830

 

$

5,236,422

 

$

5,110,083

 

[1]

U.S. Mainland includes territories of the United States.

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Deposits

(Unaudited)

TABLE 6

 

 

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

(Dollars in thousands)

2023

2022

2022

2022

2022

Noninterest-bearing demand

$

2,028,087

 

$

2,092,823

 

$

2,138,083

 

$

2,282,967

 

$

2,269,562

 

Interest-bearing demand

 

1,386,913

 

 

1,453,167

 

 

1,441,302

 

 

1,444,566

 

 

1,433,284

 

Savings and money market

 

2,184,675

 

 

2,199,028

 

 

2,194,991

 

 

2,214,146

 

 

2,197,647

 

Time deposits less than $100,000

 

188,289

 

 

181,547

 

 

153,238

 

 

129,103

 

 

132,712

 

Other time deposits $100,000 to $250,000

 

183,861

 

 

148,601

 

 

108,723

 

 

84,840

 

 

87,838

 

Core deposits

 

5,971,825

 

 

6,075,166

 

 

6,036,337

 

 

6,155,622

 

 

6,121,043

 

 

 

 

 

 

 

Government time deposits

 

360,501

 

 

290,057

 

 

195,057

 

 

165,000

 

 

188,000

 

Other time deposits greater than $250,000

 

414,642

 

 

371,000

 

 

325,040

 

 

301,439

 

 

289,988

 

Total time deposits greater than $250,000

 

775,143

 

 

661,057

 

 

520,097

 

 

466,439

 

 

477,988

 

Total deposits

$

6,746,968

 

$

6,736,223

 

$

6,556,434

 

$

6,622,061

 

$

6,599,031

 

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Nonperforming Assets, Past Due and Restructured Loans

(Unaudited)

TABLE 7

 

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

(Dollars in thousands)

2023

 

2022

 

2022

 

2022

 

2022

Nonaccrual loans:

 

 

 

 

 

Commercial, financial and agricultural - Other

$

264

 

$

297

 

$

277

 

$

333

 

$

293

 

Real estate:

 

 

 

 

 

Residential mortgage

 

3,445

 

 

3,808

 

 

2,771

 

 

3,490

 

 

3,804

 

Home equity

 

712

 

 

570

 

 

584

 

 

592

 

 

820

 

Commercial mortgage

 

77

 

 

 

 

 

 

 

 

 

Consumer

 

815

 

 

576

 

 

588

 

 

568

 

 

419

 

Total nonaccrual loans

 

5,313

 

 

5,251

 

 

4,220

 

 

4,983

 

 

5,336

 

Other real estate owned ("OREO"):

 

 

 

 

 

Real estate:

 

 

 

 

 

Residential mortgage

 

 

 

 

 

 

 

 

 

 

Total OREO

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets ("NPAs")

 

5,313

 

 

5,251

 

 

4,220

 

 

4,983

 

 

5,336

 

Loans delinquent for 90 days or more still accruing interest:

 

 

 

 

 

Commercial, financial and agricultural:

 

 

 

 

 

SBA PPP

 

 

 

13

 

 

 

 

 

 

 

Other

 

 

 

26

 

 

669

 

 

309

 

 

592

 

Real estate:

 

 

 

 

 

Residential mortgage

 

 

 

559

 

 

503

 

 

 

 

111

 

Consumer

 

1,908

 

 

1,240

 

 

623

 

 

842

 

 

621

 

Total loans delinquent for 90 days or more still accruing interest

 

1,908

 

 

1,838

 

 

1,795

 

 

1,151

 

 

1,324

 

Restructured loans still accruing interest:

 

 

 

 

 

Real estate:

 

 

 

 

 

Residential mortgage

 

1,376

 

 

1,845

 

 

2,030

 

 

2,006

 

 

2,751

 

Commercial mortgage

 

846

 

 

886

 

 

925

 

 

965

 

 

1,004

 

Consumer

 

54

 

 

62

 

 

69

 

 

76

 

 

83

 

Total restructured loans still accruing interest

 

2,276

 

 

2,793

 

 

3,024

 

 

3,047

 

 

3,838

 

Total NPAs and loans delinquent for 90 days or more and restructured loans still accruing interest

$

9,497

 

$

9,882

 

$

9,039

 

$

9,181

 

$

10,498

 

 

 

 

 

 

 

Total nonaccrual loans as a percentage of total loans

 

0.10

%

 

0.09

%

 

0.08

%

 

0.09

%

 

0.10

%

Total NPAs as a percentage of total loans and OREO

 

0.10

%

 

0.09

%

 

0.08

%

 

0.09

%

 

0.10

%

Total NPAs and loans delinquent for 90 days or more still accruing interest as a percentage of total loans and OREO

 

0.13

%

 

0.13

%

 

0.11

%

 

0.12

%

 

0.13

%

Total NPAs, loans delinquent for 90 days or more and restructured loans still accruing interest as a percentage of total loans and OREO

 

0.17

%

 

0.18

%

 

0.17

%

 

0.17

%

 

0.20

%

 

 

 

 

 

 

Quarter-to-quarter changes in NPAs:

 

 

 

 

 

Balance at beginning of quarter

$

5,251

 

$

4,220

 

$

4,983

 

$

5,336

 

$

5,881

 

Additions

 

1,626

 

 

2,162

 

 

1,072

 

 

1,881

 

 

1,659

 

Reductions:

 

 

 

 

 

Payments

 

(857

)

 

(198

)

 

(329

)

 

(285

)

 

(1,598

)

Return to accrual status

 

(15

)

 

(44

)

 

(616

)

 

(979

)

 

(38

)

Charge-offs, valuation and other adjustments

 

(692

)

 

(889

)

 

(890

)

 

(970

)

 

(568

)

Total reductions

 

(1,564

)

 

(1,131

)

 

(1,835

)

 

(2,234

)

 

(2,204

)

Balance at end of quarter

$

5,313

 

$

5,251

 

$

4,220

 

$

4,983

 

$

5,336

 

 

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Allowance for Credit Losses on Loans

(Unaudited)

TABLE 8

 

 

Three Months Ended

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

(Dollars in thousands)

2023

 

2022

 

2022

 

2022

 

2022

Allowance for credit losses ("ACL"):

 

 

 

 

 

ACL at beginning of period

$

63,738

 

$

64,382

 

$

65,211

 

$

64,754

 

$

68,097

 

 

 

 

 

 

 

Provision (credit) for credit losses on loans

 

1,615

 

 

1,032

 

 

731

 

 

1,456

 

 

(2,931

)

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

Commercial, financial and agricultural - Other

 

779

 

 

678

 

 

550

 

 

487

 

 

254

 

Consumer

 

2,686

 

 

1,881

 

 

1,912

 

 

1,390

 

 

1,216

 

Total charge-offs

 

3,465

 

 

2,559

 

 

2,462

 

 

1,877

 

 

1,470

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

Commercial, financial and agricultural - Other

 

250

 

 

210

 

 

220

 

 

215

 

 

350

 

Real estate:

 

 

 

 

 

Construction

 

 

 

 

 

14

 

 

62

 

 

 

Residential mortgage

 

53

 

 

133

 

 

14

 

 

36

 

 

112

 

Home equity

 

 

 

 

 

36

 

 

 

 

 

Consumer

 

908

 

 

540

 

 

618

 

 

565

 

 

596

 

Total recoveries

 

1,211

 

 

883

 

 

902

 

 

878

 

 

1,058

 

Net charge-offs

 

2,254

 

 

1,676

 

 

1,560

 

 

999

 

 

412

 

ACL at end of period

$

63,099

 

$

63,738

 

$

64,382

 

$

65,211

 

$

64,754

 

 

 

 

 

 

 

Average loans, net of deferred fees and costs

$

5,525,988

 

$

5,498,800

 

$

5,355,088

 

$

5,221,300

 

$

5,114,260

 

Annualized ratio of net charge-offs to average loans

 

0.16

%

 

0.12

%

 

0.12

%

 

0.08

%

 

0.03

%

 

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