HONOLULU, April 28, 2021 /PRNewswire/ Central Pacific Financial Corp. , parent company of Central Pacific Bank , today reported net income in the first quarter of 2021 of $18.0 million, or. | April 28, 2021
Apr 28, 2021 21:21 GMTFXStreet News
Following the Federal Open Market Committee’s (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.
Key quotes
“Capital in the banking system is in a good place.”
“We are looking at ways to make money market funds and corporate bond funds more resilient.”
“There are some questions about treasury market structure, work being done to see if there’s something we can do about it.”
“We need it to function well for the good of our economy.”
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HONOLULU, April 28, 2021 /PRNewswire/ Central Pacific Financial Corp. (NYSE: CPF) (the Company ), parent company of Central Pacific Bank (the Bank ), today reported net income in the first quarter of 2021 of $18.0 million, or fully diluted earnings per share ( EPS ) of $0.64, compared to net income in the first quarter of 2020 of $8.3 million, or EPS of $0.29, and net income in the fourth quarter of 2020 of $12.2 million, or EPS of $0.43. Central Pacific Financial Corp. s first quarter 2021 results are the highest quarterly pre-tax income we have reported since 2007. With this strong start to 2021, combined with the Hawaii economy continuing to recover, we are pleased to announce an increase to our quarterly cash dividend, said Paul Yonamine, Chairman and Chief Executive Officer. We believe our RISE2020 investments have positioned us well, and we remain highly committed to continuing to deliver results and achievement of our financial
April 28, 2021 Forward-Looking Statements This document may contain forward-looking statements concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our RISE2020 initiative; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as believes, plans, anticipates, expects, intends, forecasts, hopes, targeting, continue, remain, will, should, estimates, may and othe
In what may be the first step in a move away from the Secured Overnight Financing Rate (SOFR) as the replacement rate for LIBOR, the Loan Syndications & Trading Association (LSTA).