CPF Q2 net income $15.8M ($0.58 EPS), up 22% QoQ; NIM expands 14bps to 2.97%

CENTRAL PACIFIC FINANCIAL CORP

2024-Q2 EPS reported $1.06 revenue$23,365,000

Net income $15.8M ($0.58 diluted EPS) vs $12.9M ($0.48) prior quarter and $14.5M ($0.53) year ago.
Net interest margin 2.97%, up 14 bps from 2.83% prior quarter; net interest income $51.9M (+3.5% QoQ).
Core deposits $5.91B (+$16.7M QoQ); total deposits $6.58B (-$36.4M QoQ, including government time deposit runoff of $41.6M).
Net charge-offs $3.8M, down from $4.5M prior quarter; allowance for credit losses 1.16% of loans.
Board declared $0.26/share quarterly dividend payable Sept 16; Arnold Martines appointed Chairman replacing A. Catherine Ngo.

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