Central Pacific Financial Corp. reported a net income of $18.3 million, or $0.67 per diluted share, for the second quarter of 2025, marking a 15.5% increase from the $15.8 million, or $0.58 per diluted share, recorded in the same period last year. For the first half of 2025, net income reached $36.0 million, up from $28.8 million in the prior year. The company’s net interest income for the second quarter was $59.8 million, a 15.2% increase from $51.9 million in the previous year, driven by higher average yields on loans and investment securities, despite a decline in average loan balances.
The company’s total assets decreased to $7.37 billion as of June 30, 2025, down from $7.47 billion at the end of 2024. This decline was primarily attributed to reductions in loans, interest-bearing deposits, and long-term borrowings, partially offset by increases in investment securities. Total loans amounted to $5.29 billion, a slight decrease of 0.8% from $5.33 billion at the end of 2024, with notable declines in home equity and residential mortgage loans. However, commercial and industrial loans saw a marginal increase.
In terms of operational metrics, Central Pacific Financial Corp. reported a provision for credit losses of $5.0 million for the second quarter, up from $2.2 million in the same quarter of 2024. The increase was attributed to macroeconomic forecasts and higher off-balance sheet credit exposure related to new unfunded construction loan commitments. The allowance for credit losses stood at $59.6 million, representing 1.13% of total loans, consistent with the previous quarter.
The company also experienced a decrease in total deposits, which fell to $6.54 billion, down 1.5% from $6.64 billion at the end of 2024. This decline was driven by reductions in savings and money market deposits, as well as time deposits, although noninterest-bearing demand deposits increased. The company’s capital position improved, with total shareholders' equity rising to $568.9 million, up from $538.4 million at the end of 2024, reflecting strong earnings and comprehensive income.
Looking ahead, Central Pacific Financial Corp. remains focused on maintaining its capital adequacy and managing interest rate risk amid changing economic conditions. The company anticipates continued challenges in the real estate market and broader economic environment, particularly in Hawaii, which could impact its loan portfolio and overall financial performance.
About CENTRAL PACIFIC FINANCIAL CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.