Central Pacific earnings fall 3 percent for fourth quarter
Central Pacific earnings fall 3 percent for fourth quarter
Despite healthy loan and deposit growth, Central Pacific Financial Corp. said its earnings in the fourth quarter of 2006 fell 3 percent from the same period a year earlier. Expenses for things such as salaries and office space rose 7.2 percent from a year earlier.
THE NUMBERS
Net income: $18.8 million, down 3 percent from year ago
Earnings per share: 61 cents, down 3.2 percent from year ago
Total Assets: $5.5 billion, up 4.9 percent from year ago
Deposits: $3.9 billion, up 5.6 percent from year ago
Loans: $3.9 billion, up 8.3 percent from year ago
Shareholders' equity: $738.2 million, up 9.2 percent from year ago
REASONS
WHAT THEY ARE SAYING
"We are pleased that we have achieved solid growth in loans and deposits over the past year while at the same time maintaining a strong credit discipline. Central Pacific closed 2006 with another strong quarter ... "
Clint ArnoldusCentral Pacific Financial Corp. president and CEO
WHAT'S NEXT
The bank expects earnings for 2007 to range between $2.80 per share to $2.90 per share.
Central Pacific exchanged $109 million in bonds for higher interest rate-bearing bonds in December. The new investment will eventually add $2.2 million in interest income later this year.
Analysts expect shares to trade between $38 per share and $42 per share this year.
