Central Pacific Financial Corp New · NYSE:CPF
Central Pacific Financial Corp New — Central Pacific Financial — Q1 2022 Earnings Presentation
14 slides from Central Pacific Financial Corp New's earnings presentation, Apr 20, 2022
Slide 1: 1st Quarter 2022 Earnings Supplement
1st Quarter 2022 Earnings Supplement April 20, 2022
Slide 2: Forward-Looking Statements
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 finan
Slide 3: Hawaii Economy Trending Favorably
Hawaii Economy Trending Favorably RECENT REBOUND IN VISITORS TO OVER 100% OF PRE-PANDEMIC LEVELS STRENGTHS AND RECOVERY FACTORS DAILY PASSENGER COUNTS TO HAWAII* • Hawaii Safe Travels and Safe Access programs which required proof of vaccination or a negative COVID test to avoid quarantine and enter
Slide 4: 1st Quarter 2022 Financial Highlights
1st Quarter 2022 1Q 2022 4Q 2021 Financial Highlights NET INCOME / $19.4 Million / $22.3 Million / DILUTED EPS $0.70 $0.80 PRE-TAX, PRE- • Stable pre-tax, pre-provision income in the PROVISION INCOME $22.3 Million $22.2 Million 1Q compared to the 4Q (PTPP) CORE LOAN • Strong core loan growth, and mo
Slide 5: Consistent Loan Growth
Consistent Loan Growth 1Q 2022 Core Loan Growth by Type Loan Balances Outstanding-Excluding PPP Quarterly Loan Growth in $ Millions 5,500 $5.1B 5,000 Consumer, $45.1 +7% Home Equity, $39.1 +6% 4,500 $ Millions Coml Mtge, $23.3 +2% 4,000 C&I, $14.3 +3% 3,500 Construction, $0.4 Resi Mtge, $(2.0) 3,000
Slide 6: Net Interest Margin & Rate Sensitivity
Net Interest Margin & Rate Sensitivity 4.00% • NIM impacted by low interest rate 3.75% environment and excess liquidity 3.50% • Cost of total deposits currently just 0.06% 3.25% • Balance sheet is slightly asset sensitive 3.00% 2.97% 2.85% (+100 bps shock estimated to increase 2.75% NII by 5%) and d
Slide 7: Strong Asset Quality
Strong Asset Quality Loans 90+ Days Past Due / Total Loans Nonperforming Loans / Total Loans 1.00% 1.00% 0.80% 0.80% 0.60% 0.60% 0.40% 0.40% 0.20% 0.20% 0.10% 0.03% 0.00% 0.00% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Classified Assets + OREO/ Tier 1
Slide 8: Allowance for Credit Losses on Loans
Allowance for Credit Losses on Loans • $2.9 million Provision release in 1Q22 driven by continued improvements in the loan portfolio and economic forecast • ACL coverage ratio (excluding PPP) at 1.26% for 1Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Beginning Balance 80.5 83.3 81.6 77.8 74.6 68.1 Less: Net ch
Slide 9: Solid Capital Position
Solid Capital Position Capital Ratios TOTAL RISK BASED 16.0% CAPITAL STRONG CAPITAL 14.2% 14.0% • Maintained quarterly cash dividend at $0.26 per share which 2.3% will be payable on June 15, 2022 12.0% 1.0% • $220 million capital cushion to the well-capitalized Total 10.0% TIER 1 LEVERAGE* TANGIBLE
Slide 10: Mahalo
Mahalo
Slide 11: Appendix
Appendix Central Pacific Financial Corp. 11
Slide 12: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) 2021 ESG report can be viewed here: https://www.cpb.bank/esg Central Pacific Financial Corp. 12
Slide 13: SBA Paycheck Protection Program (PPP)
SBA Paycheck Protection Program (PPP) IN $ MILLIONS (except for loan ROUND 1 & 2 ROUND 3 count) (2020) (2021) As of 3/31/22 $558.9 $320.9 FUNDED $/COUNT ~7,200 LOANS ~4,600 LOANS FORGIVENESS/ $556.0 $277.8 PAYDOWNS TO DATE EARNED NET FEES $19.1 $15.7 TO DATE UNEARNED NET $0 $1.7 FEES 3/31/22 NET BAL
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company believes the following non-GAAP financial measures provides useful information about our operating results and enhances the overall understanding of our past performance and future performance. Investors should consider our performance and financial condition
Central Pacific Financial — Q1 2022 Earnings Presentation on 6ix