Central Pacific Financial Corp New · NYSE:CPF
Central Pacific Financial Corp New — Central Pacific Financial — Q1 2021 Earnings Presentation
17 slides from Central Pacific Financial Corp New's earnings presentation, Apr 28, 2021
Slide 1: 1st Quarter 2021 Earnings Supplement
1st Quarter 2021 Earnings Supplement April 28, 2021
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: 1st Quarter 2021 Highlights
1st Quarter 2021 Highlights 1Q 2021 • Highest quarterly pre-tax income reported NET INCOME / DILUTED $18.0 Million / $0.64 EPS since 2007 +$174 Million (+3.5%) LOAN GROWTH -$8 Million (excluding PPP) • Significant PPP round 3 funding CORE DEPOSIT GROWTH +$410 Million (+8.0%) • Solid liquidity, asset
Slide 4: 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 3/31/21 FUNDED $/COUNT $558.9 $292.7 • Committed to supporting local small businesses; CPB ~7,200 LOANS ~3,600 LOANS continues to be a PPP leader in the Hawaii market with the current
Slide 5: Strong Credit Metrics
Strong Credit Metrics CLASSIFIED ASSETS ALLOWANCE FOR CREDIT LOSSES (ACL) 15.00% $100 1.90% $100 13.00% $80 1.70% $80 11.00% $60 1.50% $60 9.00% $40 1.30% $40 7.00% $20 1.10% $20 5.00% 3.00% $0 0.90% $0 1Q20 2Q20 3Q20 4Q20 1Q21 1Q20 2Q20* 3Q20* 4Q20* 1Q21* Classified Assets + OREO (right) ACL in $ M
Slide 6: Innovation & Digital Banking Accomplishments
Innovation & Digital Banking Accomplishments Chat & Appointments Online Account Opening Online chat and appointment Consumer platform to open scheduler to enhance CX deposit accounts and term loans launched January 2021 ATMs RPA Full ATM network upgrade Robotic Process Automation to Concept Branch e
Slide 7: Resilient Hawaii Market
DAILY PASSENGER COUNTS TO HAWAII* Resilient Hawaii Market STRENGTHS AND RECOVERY FACTORS • Hawaii has the lowest per capita COVID-19 case rate in the nation1 • Over 30% of Hawaii residents are fully vaccinated, the 8th highest in the nation2 • Visitor arrivals have recently rebounded to nearly 2/3 o
Slide 8: Solid Liquidity & Capital Position
Solid Liquidity & Capital Position REGULATORY CAPITAL RATIOS AS OF MARCH 31, 2021 18.0% STRONG CAPITAL 15.4% Total RBC 16.0% • $240 million capital cushion to the well-capitalized Total RBC minimum of 10% at 3/31/21 14.0% 2.3% 1.1% • $55 million subordinated note offering completed in October Tier 2
Slide 9: Total Loan Portfolio
Total Loan Portfolio TOTAL LOAN PORTFOLIO OF $5,138MM OUTSTANDING BALANCE AS OF 3/31/2021 $ IN MILLIONS Commercial & Consumer Industrial $476 / 9% LOAN PORTFOLIO HIGHLIGHTS $514 / 10% • Conservative and Diversified Loan Portfolio Paycheck Protection – 47% Commercial CRE - Investor Program $598 / 11%
Slide 10: Paycheck Protection Program [PPP]
Paycheck Protection Program [PPP] OUTSTANDING BALANCE AS OF 3/31/2021 $ IN MILLIONS LOAN PORTFOLIO HIGHLIGHTS Manufacturing Wholesale Trade $26 / 4% $24 / 4% • 1st/2nd Round: Over 7,200 loans made Real Estate and Rental & Leasing – Average outstanding loan amount of $87,000 $27 / 4% Foodservice $149
Slide 11: High Risk Industries
High Risk Industries OUTSTANDING BALANCE AS OF 3/31/2021 $ IN MILLIONS % OF CRITICIZED OUTSTANDING TOTAL LOAN TOTAL AS % OF CRITICIZED INDUSTRY BALANCE C&I CRE PORTFOLIO CRITICIZED TOTAL LOANS W/PPP (EXCL PPP) (EXCL PPP) (EXCL PPP) FOODSERVICE $61 1.3% $34 0.7% $22 $12 $19 ACCOMMODATION 60 1.3% 18 0
Slide 12: Loan Payment Deferrals Winding Down
Loan Payment Deferrals Winding Down • $39.5 million total deferrals (<1% of total loans) as of March 31, 2021 – $38.6 million residential mortgage with WA LTV of ~60% – $0.9 million consumer • There are no longer any Commercial Real Estate and Commercial & Industrial loans on deferral as of March 31
Slide 13: Loans Rated Special Mention
Loans Rated Special Mention OUTSTANDING BALANCE AS OF 3/31/2021 $ IN MILLIONS Other Industries $16 / 13% LOAN PORTFOLIO DETAILS Construction $2 / 2% Real Estate and • $128MM Special Mention Loans Manufacturing $4 / 3% Rental & Leasing $51 / 40% • 2.8% of Total Loan Portfolio (excl PPP) Accommodation
Slide 14: Loans Rated Classified
Loans Rated Classified OUTSTANDING BALANCE AS OF 3/31/2021 $ IN MILLIONS LOAN PORTFOLIO HIGHLIGHTS Residential/HELOC $10 / 18% • $54MM Classified Loans • 1.2% of Total Loan Portfolio (excl PPP) Real Estate and Other Industries Rental & Leasing • Real Estate and Rental & Leasing exposure totals 5 $2
Slide 15: Mahalo
Mahalo
Slide 16: Appendix
Appendix Central Pacific Financial Corp. 16
Slide 17: Non-GAAP Financial Measures - Excluding PPP
Non-GAAP Financial Measures - Excluding PPP 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 fina
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