Latest news with #CentralPacificBank
Business Journals
24-04-2025
- Business
- Business Journals
Central Pacific Bank reports increased net income in Q1 earnings
The bank reported $88.3 million in revenue in the quarter. The parent company of Central Pacific Bank reported an increase in net income and earnings per share for the first quarter of 2025. Honolulu-based Central Pacific Financial Corp. (NYSE: CPF), parent of Central Pacific Bank, released its first quarter earnings report on Wednesday, reporting net income of $17.8 million, or 65 cents per diluted share, compared to net income of $12.9 million, or 48 cents per share, in the first quarter of 2024. The bank reported $88.3 million in revenue in the quarter. "Our first quarter financial results were solid and continue to trend favorably,' Chairman, President and CEO Arnold Martines said in a statement. 'Through our balance sheet optimization and strong focus on meeting the needs of our customers, we were successful in continuing to meaningfully grow net interest income and net interest margin.' CPB reported net interest income of $57.7 million for the first quarter, a 15% increase from the first quarter of 2024. The bank's total assets decreased as of March 31 to $7.41 billion, down from $7.47 billion Dec. 31. 'Our asset quality has improved further with a decline in net charge-offs and continued low levels of non-performing assets,' Martines said. 'With our strong capital, liquidity and credit positions, we believe we are well positioned to navigate the current operating environment.' Central Pacific Bank operates 27 branches and 55 ATMs in Hawaii.
Yahoo
27-03-2025
- Business
- Yahoo
Expert tips for Hawaii residents looking at dream vacation
HONOLULU (KHON2) — It's an exciting time of year when many are mapping out their summer vacation plans, but with that can also come some financial stress. Many people dream of vacations but struggle with the initial savings. Red Shoe 5K is this weekend 'The very first step is to create a budget. Figure out how much your trip will likely cost, including transportation, accommodation, food, and activities. Then, assess your current income and expenses to see how much you can realistically save each month. Consider opening a separate savings account specifically for your vacation to keep those funds separate and easily trackable.' Aaron Fernandez from Central Pacific Bank said. There are many ways to trim your daily spending, which can increase your discretionary income. 'Start by reviewing your subscriptions and canceling any you don't use. Eating out less and cooking at home can also save a significant amount. Look for free or low-cost entertainment options in your area. Consider selling items you no longer need. Even small changes, like brewing your own coffee instead of buying it, can add up and make a positive difference.' Fernandez added. When booking travel, researching the best deals can help you fit everything into your budget.'Flexibility is key,' Fernandez said. 'Be flexible with your travel dates and times, as flying during off-peak seasons or on weekdays can often be cheaper. Use online travel comparison websites to find the best deals on flights and hotels. Consider staying in vacation rentals or hostels to save on accommodation costs. Also, look into travel rewards credit cards that offer cash back or travel points, just make sure to make credit card payments on time.' Overspending is easy to do on vacation. Being outside of your routine can make money seem frivolous. 'Set a daily spending budget and stick to it,' continued Fernandez. 'This is especially true if you're visiting the ninth island, Las Vegas. Never gamble money you can't afford to lose. Also, consider using a travel app or spreadsheet to track your expenses. Pack snacks and prepare some meals yourself to avoid constantly eating out. Look for free activities, such as hiking or visiting local parks and beaches. Prioritize experiences over material things. And if traveling internationally, research exchange rates, especially starting with CPB, as we consistently have competitive rates.' Many local families like to make trips to places like Disneyland or Las Vegas together, which can come together quickly. Fernandez says there are still ways to make it happen without breaking the bank. Download the free KHON2 app for iOS or Android to stay informed on the latest news 'Even if you have limited time, you can still make a difference. Focus on quick wins, such as cutting back on non-essential spending immediately. Look for last-minute travel deals and consider shorter, closer-to-home trips. Increase your income temporarily by picking up a side job or selling unused items. Even small amounts saved consistently can help reduce your overall travel costs. Also look into travel destinations that are more budget friendly. Fortunately, we live in one of the most beautiful places in the world, so a staycation is still a great option,' said Fernandez. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
27-02-2025
- Business
- Yahoo
Expert gives tips on joint finances in Hawaii
HONOLULU (KHON2) — Managing money as a couple can be challenging, but the right plan can also strengthen your relationship and make for a brighter future. So, how can couples navigate their finances smoothly?'When couples decide to manage their money together, a joint account can really simplify your financial lives while helping you reach shared goals,' Central Pacific Bank's Kailua Branch Manager Melissa Ilutiza said. For example, our CPB Joint Checking Account is designed with couples in mind. It's easier to save together for a down payment, a dream vacation, or retirement. With all your income and expenses in one place, managing bills becomes much simpler. Quick access to funds for everyday needs—like groceries or utilities—makes life easier. Sharing an account naturally encourages regular, open discussions about your finances.' Ilutiza adds that choosing the right kind of account is important to remember when signing up. 'Decide if you need a checking, savings, or money market account that fits your lifestyle. Both partners should have valid IDs and Social Security numbers ready. Establish clear guidelines for spending limits, withdrawals, and bill responsibilities.' A weekend of wellness in Waikiki Planning for the future is important to avoid confrontation when there is an emergency, and it's never too early to start thinking about retirement. 'For emergencies aim for 3–6 months of living expenses,' Ilutiza said. 'Automate a portion of each paycheck into an easily accessible savings account. Consider your job stability, health, and dependents when setting your savings target. For retirement, start early. The sooner you begin, the more time your investments have to grow. Remember, the earlier, the better! Take Advantage of Your 401(k). A 401(k) with an employer match is like free money—be sure to maximize that benefit. Diversify Your Portfolio: Don't forget IRAs, stocks, and real estate to build a strong retirement portfolio.' Dividing household expenses is another thing to plan for. Download the free KHON2 app for iOS or Android to stay informed on the latest news 'Consider splitting costs based on each partner's income for fairness,' Ilutiza said. 'If your earnings are similar, an equal division might be the simplest option. Periodically revisit your expense-sharing strategy using our digital budgeting tools. Discuss significant purchases—like buying a car or planning a vacation—together. Compare your options and agree on a decision-making process that works for both of you. Take time to weigh the pros and cons, ensuring every decision aligns with your shared financial goals,' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
