On Wednesday, Central Pacific Financial Corp. (CPF) reported a decrease in earnings for the fourth quarter compared to the same time last year. Despite this, the figures surpassed what analysts had predicted.
In addition, the bank has approved a buyback of up to $20 million of its own common stock.
The recent quarterly earnings declined to $14.87 million, or $0.55 per share, down from $20.18 million or $0.74 per share from the previous year.
On average, two analysts surveyed by Thomson Reuters anticipated earnings of $0.48 per share for the quarter. These estimates often exclude misinterpreted items.
Net interest income also fell 9.1 percent to $51.14 million, down from $56.29 million in the prior year.
The bank also announced a quarterly dividend of $0.26 per share, which will be paid on March 15 to shareholders on record as of February 29.
As of Tuesday, shares of Central Pacific Financial Corp. were valued at $19.82 on the New York Stock Exchange.
