Central Pacific Financial Q3 Profit Down

(RTTNews) - Central Pacific Financial Corp. (CPF) reported third-quarter net income of $6.9 million or $0.24 per share, down from $14.6 million or $0.51 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

The company said its operating results continue to be impacted by a higher provision for credit loss expense that was driven by the economic forecast under the current COVID-19 pandemic.

During the third quarter of 2020, the company recorded a provision for credit loss expense of $14.7 million, compared to $1.5 million in the third quarter of 2019.

Net interest income for the third quarter of 2020 was $49.1 million, compared to $45.6 million in the year-ago quarter.

On October 27, the company declared a quarterly cash dividend of $0.23 per share on its outstanding common shares. The dividend will be payable on December 15, 2020 to shareholders of record at the close of business on November 30, 2020.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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