Central Pacific Financial Q4 Profit Declines, But Tops Estimates

Central Pacific Financial Corp. (CPF) the parent company of Central Pacific Bank, on Wednesday reported that net income for the fourth quarter declined to $20.18 million or $0.74 per share from $22.33 million or $0.80 per share in the prior-year quarter.

The company recorded a provision for credit loss of $0.57 million, compared to a benefit of $7.69 million last year.

Net interest income grew to $56.29 million from $53.10 million in the year-ago quarter. Other operating income also edged up to $11.60 million from $11.57 million a year ago.