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Central Pacific Financial Q2 Profit Declines, But Meets Estimates
(RTTNews) - Central Pacific Financial Corp. (CPF) the parent company of Central Pacific Bank, on Wednesday reported that net income for the second quarter declined to $14.48 million or $0.53 per share from $17.59 million or $0.64 per share in the prior-year quarter.
The company recorded a provision for credit loss of $4.32 million, compared to $989 million last year.
Net interest income edged down to $52.73 million from $52.98 million in the year-ago quarter. Other operating income declined to $10.44 million from $17.14 million a year ago.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share on revenues of $53.49 million for the quarter. Analysts' estimates typically exclude special items.
On Tuesday, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares, payable on September 15, 2023 to shareholders of record at the close of business on August 31, 2023.
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