Central Pacific Financial Corp (CPF) has reported 11.67 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $12.21 million, or $0.39 a share in the quarter, compared with $10.93 million, or $0.34 a share for the same period last year.
Revenue during the quarter grew 14.18 percent to $56.12 million from $49.15 million in the previous year period. Net interest income for the quarter rose 3.95 percent over the prior year period to $39.70 million. Non-interest income for the quarter rose 53.04 percent over the last year period to $13.77 million.
Central Pacific Financial Corp has made negative provision of $2.64 million for loan losses during the quarter, compared with a negative provision of $1.96 million in the same period last year.
Net interest margin contracted 8 basis points to 3.22 percent in the quarter from 3.30 percent in the last year period. Efficiency ratio for the quarter deteriorated to 70.08 percent from 67.24 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We are pleased to have a very good end to 2016, and are pleased to report strong loan and deposit growth for the year, along with year-over-year improvement in net income and efficiency ratio," said Catherine Ngo, president and chief executive officer of Central Pacific Financial Corp. "With a positive market environment and a continued focus on customer relationships, our consistent financial performance has allowed us to continue stock repurchases and quarterly cash dividends."
Liabilities outpace assets growthTotal assets stood at $5,384.24 million as on Dec. 31, 2016, up 4.93 percent compared with $5,131.29 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,879.56 million as on Dec. 31, 2016, up 5.24 percent from $4,636.65 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $3,468.26 million as on Dec. 31, 2016, up 10.17 percent compared with $3,148.22 million on Dec. 31, 2015. Deposits stood at $4,608.20 million as on Dec. 31, 2016, up 3.94 percent compared with $4,433.44 million on Dec. 31, 2015.
Investments stood at $1,468.40 million as on Dec. 31, 2016, down 3.80 percent or $57.92 million from year-ago. Shareholders equity stood at $504.68 million as on Dec. 31, 2016, up 2.03 percent or $10.04 million from year-ago.
Return on average assets moved up 5 basis points to 0.92 percent in the quarter from 0.87 percent in the last year period. At the same time, return on average equity increased 78 basis points to 9.46 percent in the quarter from 8.68 percent in the last year period.
Nonperforming assets moved down 43.39 percent or $7.04 million to $9.19 million on Dec. 31, 2016 from $16.23 million on Dec. 31, 2015.
Book value per share was $16.39 for the quarter, up 3.93 percent or $0.62 compared to $15.77 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: email@example.com