Overview
Central Pacific Q3 net income rises to $18.6 mln, adjusted EPS misses analyst expectations
Company expands Japan presence through partnership with Kyoto Shinkin Bank
Central Pacific to redeem $55 mln subordinated notes in Q4
Outlook
Central Pacific to redeem $55 mln in subordinated notes in Q4
Company increases quarterly cash dividend to $0.28 per share
Partnership with Kyoto Shinkin Bank to expand Hawaii-Japan business ties
Result Drivers
NET INTEREST MARGIN - Increase to 3.49% driven by disciplined balance sheet management and improved asset yields
LOAN AND DEPOSIT GROWTH - Loans increased by $77.4 mln and deposits by $32.7 mln from the prior quarter
INTERNATIONAL EXPANSION - Partnership with Kyoto Shinkin Bank to expand presence in Japan
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Miss | $0.73 | $0.74 (3 Analysts) |
Q3 EPS | $0.69 | ||
Q3 Net Income | $18.57 mln | ||
Q3 Net Interest Income | $61.30 mln | ||
Q3 Provision For Credit losses | $4.15 mln | ||
Q3 ROE | 12.89% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Central Pacific Financial Corp is $34.50, about 12.3% above its October 28 closing price of $30.27
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nBw5xNTcSa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)