Central Pacific Financial Corp. (CPF) reported a decrease in its fourth-quarter earnings compared to the same period the previous year. The company's net income totaled $11.345 million, or $0.42 per share, down from $14.866 million, or $0.55 per share, recorded last year. Excluding certain items, CPF's adjusted earnings for the quarter were $19 million, equating to $0.70 per share.
Revenue for this period saw an 11.9% decline, falling to $58.398 million from last year's $66.314 million.
Here is a snapshot of Central Pacific Financial Corp.'s earnings based on GAAP standards:
- Net Income: $11.345 million, compared to $14.866 million last year.
- Earnings Per Share (EPS): $0.42, compared to $0.55 last year.
- Revenue: $58.398 million, compared to $66.314 million last year.
On January 28, CPF's Board sanctioned a new share repurchase program, enabling the buyback of up to $30 million worth of shares. Additionally, the company declared a quarterly cash dividend of $0.27 per share. This marks a 3.8% increase from the previous rate of $0.26 per share in the fourth quarter of 2024. The dividend is scheduled for distribution on March 17 to shareholders recorded as of February 28.
