CENTRAL PACIFIC FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
CPF$39.11+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (Dollars in thousands, except per share data) | |||
| Interest income: | |||
| Interest and fees on loans | $243,315 | $200,280 | $193,778 |
| Interest and dividends on investment securities: | |||
| Taxable investment securities | 28,789 | 28,041 | 22,430 |
| Tax-exempt investment securities | 2,912 | 3,204 | 1,972 |
| Dividend income on investment securities | — | 21 | 75 |
| Interest on deposits in other financial institutions | 7,163 | 740 | 262 |
| Dividend income on FHLB stock | 478 | 370 | 245 |
| Total interest income | 282,657 | 232,656 | 218,762 |
| Interest expense: | |||
| Interest on deposits: | |||
| Demand | 1,701 | 806 | 384 |
| Savings and money market | 21,979 | 4,188 | 1,240 |
| Time | 39,205 | 6,114 | 1,992 |
| Interest on short-term borrowings | 1,139 | 1,055 | 2 |
| Interest on long-term debt | 8,633 | 4,930 | 4,097 |
| Total interest expense | 72,657 | 17,093 | 7,715 |
| Net interest income | 210,000 | 215,563 | 211,047 |
| Provision (credit) for credit losses | 15,698 | (1,273) | (14,591) |
| Net interest income after provision for credit losses | 194,302 | 216,836 | 225,638 |
| Other operating income: | |||
| Mortgage banking income | 2,592 | 3,810 | 7,732 |
| Service charges on deposit accounts | 8,753 | 8,197 | 6,358 |
| Other service charges and fees | 20,531 | 19,025 | 18,367 |
| Income from fiduciary activities | 4,895 | 4,565 | 5,075 |
| Income from bank-owned life insurance | 4,870 | 1,865 | 3,493 |
| Net (losses) gains on sales of investment securities | (2,074) | 8,506 | 150 |
| Other | 7,096 | 1,951 | 1,885 |
| Total other operating income | 46,663 | 47,919 | 43,060 |
| Other operating expense: | |||
| Salaries and employee benefits | 82,050 | 88,781 | 90,213 |
| Net occupancy | 18,185 | 16,963 | 16,133 |
| Equipment | 3,958 | 4,238 | 4,344 |
| Communication | 3,010 | 2,958 | 3,271 |
| Legal and professional services | 9,959 | 10,792 | 10,452 |
| Computer software | 17,726 | 14,840 | 13,304 |
| Advertising | 3,888 | 4,151 | 5,495 |
| Other | 25,367 | 23,263 | 19,834 |
| Total other operating expense | 164,143 | 165,986 | 163,046 |
| Income before income taxes | 76,822 | 98,769 | 105,652 |
| Income tax expense | 18,153 | 24,841 | 25,758 |
| Net income | $58,669 | $73,928 | $79,894 |
| Per common share data: | |||
| Basic earnings per share | $2.17 | $2.70 | $2.85 |
| Diluted earnings per share | 2.17 | 2.68 | 2.83 |
| Cash dividends declared | 1.04 | 1.04 | 0.96 |
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