Overview

* Central Pacific Q3 net income rises to $18.6 mln, adjusted EPS misses analyst expectations

* Company expands Japan presence through partnership with Kyoto Shinkin Bank

* Central Pacific to redeem $55 mln subordinated notes in Q4

Outlook

* Central Pacific to redeem $55 mln in subordinated notes in Q4

* Company increases quarterly cash dividend to $0.28 per share

* Partnership with Kyoto Shinkin Bank to expand Hawaii-Japan business ties

Result Drivers

* NET INTEREST MARGIN - Increase to 3.49% driven by disciplined balance sheet management and improved asset yields

* LOAN AND DEPOSIT GROWTH - Loans increased by $77.4 mln and deposits by $32.7 mln from the prior quarter

* INTERNATIONAL EXPANSION - Partnership with Kyoto Shinkin Bank to expand presence in Japan

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $0.73 $0.74 (3

Adjusted Analysts

EPS )

Q3 EPS $0.69

Q3 Net $18.57

Income mln

Q3 Net $61.30

Interest mln

Income

Q3 $4.15

Provisio mln

n For

Credit

losses

Q3 ROE 12.89%

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy."

* Wall Street's median 12-month price target for Central Pacific Financial Corp ( CPF ) is $34.50, about 12.3% above its October 28 closing price of $30.27

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)