Central Pacific Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 29, 2015 at 08:02 am EST
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Central Pacific Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $13.3 million, or $0.37 per basic and diluted share, compared to net income of $10.3 million, or $0.24 per basic and diluted share a year ago. Net interest income was $36.2 million compared to $35.5 million a year ago. Return on average assets was 1.11% compared to 0.87% reported a year ago. Return on average shareholder's equity was 9.28% compared to 6.22% reported a year ago. Return on average tangible shareholder's equity was 9.46% compared to 6.35% reported a year ago. Total interest income was $37.74 million, compared to $37.13 million a year ago. Income before income taxes was $19.02 million, compared to $13.73 million a year ago.
For the year, the company reported net income of $40.5 million, or $1.07 per diluted share, compared to net income of $172.1 million, or $4.07 per diluted share a year ago. Net interest income was $143.42 million compared to $133.11 million a year ago. Return on average assets was 0.85% compared to 3.73% reported a year ago. Return on average shareholder's equity was 6.80% compared to 27.70% reported a year ago. Return on average tangible shareholder's equity was 6.93% compared to 28.34% reported a year ago. Book value per common share was $16.12 as on December 31, 2014 compared to $15.68 as on December 31, 2013. Tangible book value per common share was $15.84 as on December 31, 2014 compared to $15.37 as on December 31, 2013. Total interest income was $149.81 million, compared to $140.28 million a year ago. Income before income taxes was $60.84 million, compared to $59.83 million a year ago.
Net charge-offs in the fourth quarter of 2014 totaled $3.4 million, compared to net charge-offs of $0.1 million in the fourth quarter of 2013. Net charge-offs during the fourth quarter of 2014 included charge-offs of two U.S. Mainland commercial and industrial loans to a single borrower on nonaccrual status totaling $2.5 million.
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Bank is engaged in offering traditional deposit and lending products and services to consumer and business customers, such as accepting demand, money market, savings and time deposits, originating loans, including commercial loans, construction loans, commercial real estate loans, residential mortgage loans, and consumer loans and fiduciary and investment management services. Its investment securities portfolio includes mortgage-backed securities (MBS), other debt securities and equity securities. Its MBS portfolio comprises residential MBS issued by United States government entities and agencies. It offers wealth management products and services, such as non-deposit investment products, annuities, investment management, asset custody and general consultation and planning services. The Bank has over 27 bank branches and 58 ATMs located throughout the State of Hawaii.
Central Pacific Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
CENTRAL PACIFIC FINANCIAL CORP. 
