Central Pacific Financial Corp. Reports $18.0 Million First Quarter Earnings And Increases Cash Dividend
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 targets."
"In the first quarter, we continued to provide significant support for small businesses with the origination of over 3,600 Paycheck Protection Program ("PPP") loans totaling over $290 million," said Catherine Ngo, President. "At the same time, we have maintained solid liquidity, capital and asset quality positions."
On April 27, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.24 per share on its outstanding common shares. This represents a 4.3% increase from the dividend paid of $0.23 per share in the first quarter of 2021 and will be payable on June 15, 2021 to shareholders of record at the close of business on May 28, 2021. On January 26, 2021, the Company's Board of Directors approved a new share repurchase authorization of up to $25 million of its common stock. The Company did not repurchase any shares during the first quarter of 2021.
Earnings Highlights
Net interest income for the first quarter of 2021 was $49.8 million, compared to $47.8 million in the year-ago quarter and $51.5 million in the previous quarter. Net interest margin for the first quarter of 2021 was 3.19%, compared to 3.43% in the year-ago quarter and 3.32% in the previous quarter. The sequential quarter decrease in net interest income and net interest margin is primarily due to a decrease in net interest income and net loan fees on PPP loans, combined with decreases in yields earned on the Company's loan and investment securities portfolios. Net interest income for the first quarter of 2021 included $5.2 million in net interest income and net loan fees on PPP loans, which are accreted into income over the term of the loans and accelerated when the loans are forgiven or paid-off, compared to $6.3 million in the previous quarter. During the first quarter, approximately $100.6 million in PPP loans were forgiven which resulted in the immediate recognition of $2.4 million in net loan fees, compared to approximately $118.9 million in PPP loans which were forgiven in the previous quarter and resulted in the immediate recognition of $3.0 million in net loan fees. Net deferred fees on PPP loans totaled $20.3 million and $9.6 million at March 31, 2021 and December 31, 2020, respectively. Additional information on average balances, interest income and expenses and yields and rates is presented in Table 5.
Other operating income for the first quarter of 2021 totaled $10.7 million, compared to $8.9 million in the year-ago quarter and $14.1 million in the previous quarter. The decrease in other operating income from the previous quarter was primarily due to the lower mortgage banking income of $2.5 million, combined with lower income from bank-owned life insurance of $0.4 million. Additional information on other operating income is presented in Tables 3 and 4.
Other operating expense for the first quarter of 2021 totaled $37.8 million, compared to $34.4 million in the year-ago quarter and $44.7 million in the previous quarter. Other operating expense in the previous quarter was elevated due to $5.9 million in nonrecurring expenses, which included: employee incentives and other benefit programs of $2.0 million, branch consolidation costs of $1.3 million, litigation settlements of $0.8 million, Federal Home Loan Bank ("FHLB") advance prepayment fee $0.7 million, loss on disposal of fixed assets of $0.6 million and other nonrecurring expenses totaling $0.5 million. In addition, in the first quarter of 2021 the Company deferred $0.8 million in salaries and employee benefits related to the origination of PPP loans. These decreases in other operating expense from the previous quarter were partially offset by higher advertising expense of $0.9 million in the first quarter of 2021. Additional information on other operating expense is presented in Tables 3 and 4.
The efficiency ratio for the first quarter of 2021 was 62.54%, compared to 60.73% in the year-ago quarter and 68.20% in the previous quarter. The decrease in the efficiency ratio from the previous quarter was primarily due to the aforementioned nonrecurring items in other operating expense recorded in the previous quarter.
In the first quarter of 2021, the Company recorded income tax expense of $5.5 million, compared to $2.8 million in the year-ago quarter and $3.8 million in the previous quarter. The effective tax rate for the first quarter of 2021 was 23.2%, compared to 25.3% in the year-ago quarter and 23.7% in the previous quarter.
Balance Sheet Highlights
Total assets at March 31, 2021 of $6.98 billion increased by $870.7 million, or 14.3% from March 31, 2020, and increased by $384.7 million, or 5.8% from December 31, 2020.
Total loans at March 31, 2021 of $5.14 billion increased by $625.9 million, or 13.9% from March 31, 2020, and increased by $173.7 million, or 3.5% from December 31, 2020. The sequential quarter increase in total loans was primarily due to increases in PPP loans of $181.4 million, construction loans of $12.6 million, home equity loans of $8.2 million and commercial mortgage loans of $8.0 million, partially offset by decreases in other commercial loans of $30.9 million. Excluding PPP loans, total loans decreased slightly by $7.7 million, or 0.2% from the previous quarter. In the first quarter of 2021, the Company originated $292.7 million in PPP loans, which were offset by paydowns of PPP loans totaling $100.6 million. Loans by geographic distribution are summarized in Table 6.
Total deposits at March 31, 2021 of $6.21 billion increased by $1.07 billion, or 20.9% from March 31, 2020, and increased by $412.8 million, or 7.1% from December 31, 2020. The sequential quarter increase in total deposits was primarily attributable to the deposit of PPP funds and other government stimulus, and included increases in noninterest-bearing demand deposits of $280.2 million, interest-bearing demand deposits of $62.7 million, and savings and money market deposits of $72.3 million. These increases were offset by a decrease in total time deposits of $2.3 million. Core deposits, which include demand deposits, savings and money market deposits, and time deposits up to $250,000, totaled $5.55 billion at March 31, 2021. This represents an increase of $1.14 billion, or 25.9% from March 31, 2020, and an increase of $410.3 million, or 8.0% from December 31, 2020. The Company's loan-to-deposit ratio was 82.8% at March 31, 2021, compared to 87.9% at March 31, 2020 and 85.7% at December 31, 2020. Deposit balances are summarized in Table 7.
Nonperforming assets at March 31, 2021 totaled $7.2 million, or 0.10% of total assets, compared to $3.6 million, or 0.06% of total assets at March 31, 2020, and $6.2 million, or 0.09% of total assets at December 31, 2020.
Loans delinquent for 90 days or more still accruing interest totaled $4.8 million at March 31, 2021, compared to $1.6 million and $0.8 million at March 31, 2020 and December 31, 2020, respectively. Additional information on nonperforming assets, past due and restructured loans is presented in Table 8.
Loans on payment forbearance or deferrals granted to borrowers impacted by the COVID-19 pandemic declined significantly to $39.5 million or 0.8% of the total loan portfolio (or 0.9% excluding PPP loans), as of March 31, 2021, compared to $120.2 million or 2.4% of the total loan portfolio (or 2.6% excluding PPP loans), as of December 31, 2020. Additional information on loans on payment forbearance or deferrals is presented in Table 10.
Net charge-offs in the first quarter of 2021 totaled $0.7 million, compared to net charge-offs of $1.2 million in the year-ago quarter, and net charge-offs of $1.8 million in the previous quarter.
In the first quarter of 2021, the Company recorded a credit to the provision for credit losses on loans of $0.8 million, compared to a provision of $11.1 million in the year-ago quarter and a provision of $4.9 million in the previous quarter. The credit to the provision for credit losses in the first quarter of 2021 included a credit to the provision for credit losses on loans of $1.0 million, offset by a provision for credit losses on off-balance sheet credit exposures of $0.2 million. The credit to the provision for credit losses on loans in the first quarter of 2021 was driven by an improved economic forecast as the State recovers from the COVID-19 pandemic. The allowance for credit losses, as a percentage of total loans at March 31, 2021 was 1.59%, compared to 1.32% at March 31, 2020 and 1.68% at December 31, 2020. Excluding the PPP loans, the allowance for credit losses, as a percentage of total loans at March 31, 2021 was 1.80%, compared to 1.83% at December 31, 2020. Additional information on the allowance for credit losses is presented in Table 9.
Total shareholders' equity was $542.9 million at March 31, 2021, compared to $533.8 million and $546.7 million at March 31, 2020 and December 31, 2020, respectively.
The Company maintained its strong capital position and its capital ratios continue to exceed the levels required to be considered a "well-capitalized" institution for regulatory purposes under Basel III. At March 31, 2021, the Company's leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ratios were 8.9%, 13.1%, 15.4%, and 12.0%, respectively, compared to 8.8%, 12.9%, 15.2%, and 11.8%, respectively, at December 31, 2020.
This press release contains certain references to financial measures that have been adjusted to exclude certain expenses and other specified items. These financial measures differ from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") in that they exclude unusual or non-recurring charges, losses, credits or gains. This press release identifies the specific items excluded from the comparable GAAP financial measure in the calculation of each non-GAAP financial measure. Management believes that financial presentations excluding the impact of these items provide useful supplemental information that is important to a proper understanding of the Company's core business results by investors. These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies.
The Company's management will host a conference call today at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-877-505-7644. A playback of the call will be available through May 28, 2021 by dialing 1-877-344-7529 (passcode: 10155139) and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.0 billion in assets. Central Pacific Bank, its primary subsidiary, operates 31 branches and 69 ATMs in the state of Hawaii, as of March 31, 2021. For additional information, please visit the Company's website at http://www.cpb.bank.
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 other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
While we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the adverse effects of the COVID-19 pandemic virus on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees as well as the effects of government programs and initiatives in response to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; our ability to successfully implement our RISE2020 initiative; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic virus and disease, including COVID-19) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulatory orders or actions we are or may become subject to; ability to successfully implement our initiatives to lower our efficiency ratio; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "FRB" or the "Federal Reserve"); inflation, interest rate, securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism; pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items.
For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the forward-looking statements, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, the discussion of "Risk Factors" set forth therein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 8-K. Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events except as required by law.
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
(Dollars in thousands,
Mar 31,
Dec 31,
Sep 30,
Jun 30,
except for per share amounts)
CONDENSED INCOME STATEMENT
(Credit) provision for credit losses [1]
Net interest income after (credit) provision for credit losses [1]
Total other operating income
Total other operating expense [1]
Income before taxes
Basic earnings per common share
Diluted earnings per common share
Dividends declared per common share
PERFORMANCE RATIOS
Return on average assets (ROA) [2]
Return on average shareholders' equity (ROE) [2]
Average shareholders' equity to average assets
Efficiency ratio [3]
Net interest margin (NIM) [2]
Dividend payout ratio [4]
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale
Average interest-earning assets
Average assets
Average deposits
Average interest-bearing liabilities
Average shareholders' equity
TABLE 1 (CONTINUED)
REGULATORY CAPITAL
Central Pacific Financial Corp
Leverage capital
Tier 1 risk-based capital
Total risk-based capital
Common equity tier 1 capital
Central Pacific Bank
REGULATORY CAPITAL RATIOS
Leverage capital ratio
Tier 1 risk-based capital ratio
Total risk-based capital ratio
Common equity tier 1 capital ratio
(dollars in thousands, except for per share amounts)
Total loans, net of deferred fees and costs
Total shareholders' equity to total assets
Allowance for credit losses ("ACL") [1] [2]
Non-performing assets ("NPA")
ACL to total loans [1]
ACL to total loans, excluding PPP loans [1]
ACL to non-performing assets [1]
NPA to total assets
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share
Closing market price per common share
[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. Prior period amounts have been reclassified to conform to the current period presentation. The allowance for off-balance sheet credit exposures continues to be included in other liabilities
[2] ROA, ROE and ROTE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual)
[3] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income)
[4] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share
(Dollars in thousands, except share data)
Cash and due from financial institutions
Interest-bearing deposits in other financial institutions
Investment securities:
Available-for-sale debt securities, at fair value
Equity securities, at fair value
Total investment securities
Loans held for sale
Loans, net of deferred fees and costs
Less allowance for credit losses
Loans, net of allowance for credit losses
Premises and equipment, net
Accrued interest receivable
Investment in unconsolidated subsidiaries
Other real estate owned
Mortgage servicing rights
Bank-owned life insurance
Federal Home Loan Bank ("FHLB") stock
Right of use lease asset
Noninterest-bearing demand
Interest-bearing demand
Savings and money market
FHLB advances and other short-term borrowings
Lease liability
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 28,282,530 at March 31, 2021, 28,183,340 at December 31, 2020, 28,179,798 at September 30, 2020, 28,154,159 at June 30, 2020, and 28,115,353 at March 31, 2020
Retained earnings (accumulated deficit)
Non-controlling interest
Total liabilities and shareholders' equity
Consolidated Statements of Income
(Dollars in thousands, except per share data)
Interest income:
Interest and fees on loans
Interest and dividends on investment securities:
Taxable investment securities
Tax-exempt investment securities
Dividend income on investment securities
Interest on deposits in other financial institutions
Dividend income on FHLB stock
Total interest income
Interest expense:
Interest on deposits:
Interest on short-term borrowings
Interest on long-term debt
Total interest expense
(Credit) provision for credit losses
Net interest income after (credit) provision for credit losses
Other operating income:
Mortgage banking income
Service charges on deposit accounts
Other service charges and fees
Income from fiduciary activities
Net gain (loss) on sales of investment securities
Income from bank-owned life insurance
Other (refer to Table 4)
Other operating expense:
Salaries and employee benefits
Net occupancy
Communication expense
Legal and professional services
Computer software expense
Advertising expense
Total other operating expense
Per common share data:
Basic earnings per share
Diluted earnings per share
Cash dividends declared
Basic weighted average shares outstanding
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period
Other Operating Income and Other Operating Expense – Detail
The following table sets forth the components of other operating income – other for the periods indicated:
Other operating income – other:
Equity in earnings of unconsolidated subsidiaries
Net loss on sales of foreclosed assets
Income recovered on nonaccrual loans previously charged-off
Other recoveries
Commissions on sale of checks
Total other operating income – other
The following table sets forth the components of other operating expense – other for the periods indicated:
Other operating expense – other:
Pension plan and SERP expense
Foreclosed asset expense
FDIC insurance assessment
Miscellaneous loan expenses
ATM and debit card expenses
Armored car expenses
Entertainment and promotions
Directors' fees and expenses
Directors' deferred compensation plan expense
Branch consolidation costs
Litigation settlement
FHLB advance prepayment fee
Loss on disposal of fixed assets
Total other operating expense – other
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
Yield/Rate
Interest-earning assets:
Investment securities, excluding valuation allowance:
Loans, including loans held for sale
Federal Home Loan Bank stock
Total interest-earning assets
Noninterest-earning assets
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits
Savings and money market deposits
Time deposits up to $250,000
Time deposits over $250,000
Total interest-bearing deposits
Federal Home Loan Bank advances and other short-term borrowings
Total interest-bearing liabilities
Noninterest-bearing deposits
Shareholders' equity
Interest rate spread
Net interest margin
Loans by Geographic Distribution
HAWAII:
Commercial, financial and agricultural:
Residential mortgage
Commercial mortgage
Allowance for credit losses
U.S. MAINLAND: [1]
[1] U.S. Mainland includes territories of the United States
Time deposits less than $100,000
Other time deposits $100,000 to $250,000 [1]
Core deposits
Government time deposits
Other time deposits greater than $250,000
Total time deposits greater than $250,000
[1] As of January 1, 2021, other time deposits $100,000 to $250,000 have been included in core deposits. Prior period amounts have been reclassified to conform to current period presentation
Nonperforming Assets, Past Due and Restructured Loans
Nonaccrual loans: [1]
Commercial, financial and agricultural – Other
Total nonaccrual loans
Other real estate owned ("OREO"):
Total OREO
Total nonperforming assets ("NPAs")
Loans delinquent for 90 days or more still accruing interest: [1]
Total loans delinquent for 90 days or more still accruing interest
Restructured loans still accruing interest: [1]
Total restructured loans still accruing interest
Total NPAs and loans delinquent for 90 days or more and restructured loans still accruing interest
Total nonaccrual loans as a percentage of total loans
Total NPAs as a percentage of total loans and OREO
Total NPAs and loans delinquent for 90 days or more still accruing interest as a percentage of total loans and OREO
Total NPAs, loans delinquent for 90 days or more and restructured loans still accruing interest as a percentage of total loans and OREO
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter
Reductions:
Return to accrual status
Sales of NPAs
Charge-offs, valuation and other adjustments
Total reductions
Balance at end of quarter
[1] Section 4013 of the CARES Act and the revised Interagency Statement are being applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. These loan modifications are not included in the delinquent or restructured loan balances presented above
Allowance for Credit Losses on Loans
Allowance for credit losses ("ACL"):
ACL at beginning of period
Adoption of ASU 2016-13
Adjusted ACL at beginning of period
(Credit) provision for credit losses on loans [1] [2]
Charge-offs:
Total charge-offs
Recoveries:
Total recoveries
Net charge-offs
ACL at end of period
Average loans, net of deferred fees and costs
Annualized ratio of net charge-offs to average loans
[1] The Company recorded a reserve on accrued interest receivable for loans on payment forbearance or deferral, which were granted to borrowers impacted by the COVID-19 pandemic. This reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses. The provision for credit losses presented in this table excludes the provision for credit losses on accrued interest receivable of $0.187 million
[2] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures
Reconciliation of Non-GAAP Financial Measures
The Company believes that pre-tax, pre-provision ("PTPP") earnings, a non-GAAP financial measure, is useful as a tool to help evaluate the ability to provide for credit costs through operations. The following tables set forth a reconciliation of our PTPP earnings and our PTPP earnings to average assets for each of the periods indicated:
Add: Income tax expense
Add: (Credit) provision for credit losses
PTPP earnings
Net income (annualized)
PTPP earnings (annualized)
Return on average assets
PTPP earnings to average assets
The following table sets forth a reconciliation of the ratios of our allowance for credit losses ("ACL") to total loans and ACL to total loans, excluding SBA Paycheck Protection Program ("PPP") loans, for each of the periods indicated:
Total loans
PPP loans
Total loans, excluding PPP loans
Ratio of ACL to total loans
Ratio of ACL to total loans, excluding PPP loans
TABLE 10 (CONTINUED)
The following table sets forth a reconciliation of the ratios of our loans on payment forbearance or deferrals to total loans and loans on payment forbearance or deferrals to total loans, excluding PPP loans, for each of the periods indicated:
Loans on payment forbearance or deferrals
Ratio of loans on payment forbearance or deferrals to total loans
Ratio of loans on payment forbearance or deferrals to total loans, excluding PPP loans
SOURCE Central Pacific Financial Corp.
cpb.bank
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