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.
