🏦💰 Eh! Central Pacific Stay Makin’ Big Kala Wit’ Mo’ Deposits Even Wit’ Da Oddah Banks Going Pau!
Ho, da Central Pacific Financial Corp., dey went hold strong even tho’ times stay tough, yeah? 🏦💪 Dem guys wen tell us early dat da kala dey holding on to wen go up like $150 million from March 10, right aftah da Silicon Valley Bank an’ den latah da Signature Bank wen go belly up.
Da big corporation behind da numbah four biggest bank in da state, dey was set fo’ share dat da earnings wen drop 16.7% to $16.2 million, or 60 cents a share. But check dis out, dass still easy kine beating da guys who stay guessing, who wen say 55 cents. Last year dis same time, Central Pacific wen pull in $19.4 million, or 70 cents a share. 💸
Inside da first quarter results, had $1.9 million dat da bank wen set aside in case loans no can pay, compare to da $3.2 million dat dey wen take out from da reserve da same time last year. 📉
Da big boss of Central Pacific, Arnold Martines, wen say dis about da first quarter financial results, “We stay stoked wit’ our first quarter financial results, yeah? Had stable deposit balances, still had solid asset quality an’ strong liquidity and capital positions.”
Dem guys at Central Pacific wen say dat da kala dey holding on to wen go up 2.2% to $6.75 billion from da same time last year an’ wen go up small kine, 0.2%, or $10.7 million, from da last quarter. By da end of March, about 66% of da company’s kala was insured by da Federal Deposit Insurance Corp. or fully collateralized. 💵📈
Martines wen talk story ova da phone, an’ he wen say dat da bank no seen any kine weird stuff wit’ da customers, an’ he wen make clear dat da collapse of Silicon Valley Bank an’ Signature Bank was one special kine situation.
“Dem guys had heavy concentration in certain industries an’ had lot of business versus da regular folks,” Martines wen say. “So fo’ Silicon Valley Bank it’s da technology sector, an’ dey basically bank dat space. Had plenny business deposits.”
Da loans of Central Pacific wen go up 7.4% to $5.56 billion from da same time last year an’ wen go up small kine, 0.03%, or $1.9 million, from da last quarter. 📊💰
Central Pacific wen keep da same amount fo’ da quarterly dividend at 26 cents a share. Gonna be payable June 15 to shareholders of record at da close of business May 31. Da bank also wen say dat in da first quarter, dey wen buy back 101,760 shares at one total cost of $2.2 million, or an average cost per share of $21.67. But, da bank wen say dat dey wen stop buying shares in March while dey still checking out da market conditions. 📆💲
Da guy in charge of da money fo’ Central Pacific, David Morimoto, wen say, “It’s da uncertainty of da operating environment and da potential recession. Dass obviously a challenging operating environment. Dis is similar to other mainland banks. But right now, our management team is focused on making sure our balance sheet stay strong so dat Central Pacific Bank is here for our customers and community during what could be a volatile period of time.”
Central Pacific’s net interest income, which is the difference between what the bank makes on loans and what it pays out for deposits, wen go up 6.4% to $54.2 million from the same time last year. The bank’s net interest margin, or the profit margin on its lending activities, wen go up 11 basis points to 3.08% from 2.97% in the same time last year, but wen get little bit worse by 9 basis points from the last quarter. 📊💰
Noninterest income, which includes service charges and fees, wen go up 15.3% to $11 million from the same time last year. 💵👍
So, even with all the ups and downs, and the other banks on the mainland going kaput, looks like Central Pacific is still cruising. They’re making sure they’re ready for whatever comes next and keeping their customers and our community at the center of it all. Now dass the Aloha spirit, yeah? 🤙🌺🌈
So, no need worry, Hawaii. Central Pacific is still here, still strong, and still committed to supporting all of us. They’re showing us all how to weather the storm, no matter how big or scary it might look. 🏦🌊💪
Like they say, “Maika’i ka hele i ka hale o na makamaka” – it’s good to visit the home of a friend. And for many folks in Hawaii, Central Pacific is just like one good friend – always there, always ready to help. Aloha, Central Pacific! Keep up the good work! 🤙🌺🏝️
NOW IN ENGLISH
🏦💰 Central Pacific Thrives Amidst Turmoil: Increases Quarterly Deposits Despite Mainland Bank Failures
Indeed, Central Pacific Financial Corp. has held strong even though times are tough, wouldn’t you agree? 🏦💪 They informed us earlier that the money they’re holding on to increased by about $150 million since March 10, right after Silicon Valley Bank and later Signature Bank went under.
The large corporation behind the fourth largest bank in the state announced that their earnings dropped 16.7% to $16.2 million, or 60 cents a share. However, this still comfortably beat the estimates of those who predicted 55 cents. This time last year, Central Pacific brought in $19.4 million, or 70 cents a share. 💸
In the first quarter results, there was $1.9 million that the bank set aside for potential loan defaults, compared to the $3.2 million they had taken from the reserve the same time last year. 📉
The CEO of Central Pacific, Arnold Martines, had this to say about the first quarter financial results, “We’re very pleased with our first quarter financial results. We had stable deposit balances, maintained solid asset quality and strong liquidity and capital positions.”
The folks at Central Pacific informed us that the money they’re holding onto increased 2.2% to $6.75 billion from the same time last year and increased slightly, 0.2%, or $10.7 million, from the last quarter. By the end of March, about 66% of the company’s money was insured by the Federal Deposit Insurance Corp. or fully collateralized. 💵📈
Martines spoke over the phone, and he said that the bank hasn’t seen any unusual activity with their customers, and he made it clear that the collapse of Silicon Valley Bank and Signature Bank was a unique situation.
“These banks had heavy concentration in certain industries and had a lot of business versus regular folks,” Martines said. “So for Silicon Valley Bank, it’s the technology sector, and they primarily bank that space. They had many business deposits.”
The loans of Central Pacific increased 7.4% to $5.56 billion from the same time last year and increased slightly, 0.03%, or $1.9 million, from the last quarter. 📊💰
Central Pacific maintained the same amount for the quarterly dividend at 26 cents a share. This will be payable June 15 to shareholders of record at the close of business May 31. The bank also said that in the first quarter, they bought back 101,760 shares at a total cost of $2.2 million, or an average cost per share of $21.67. However, the bank stopped buying shares in March while they are still assessing the market conditions. 📆💲
The CFO of Central Pacific, David Morimoto, said, “It’s the uncertainty of the operating environment and the potential recession. This is obviously a challenging operating environment. This is similar to other mainland banks. But right now, our management team is focused on making sure our balance sheet remains strong so that Central Pacific Bank is here for our customers and community during what could be a volatile period of time.”
Central Pacific’s net interest income, which is the difference between what the bank earns on loans and what it pays out for deposits, increased 6.4% to $54.2 million from the same time last year. The bank’s net interest margin, or the profit margin on its lending activities, increased 11 basis points to 3.08% from 2.97% in the same time last year, but slightly worsened by 9 basis points
