Central Pacific Financial Corp (CPF) stock surged 5.14% in the pre-market session on Thursday, following its impressive fourth-quarter 2024 earnings results and an optimistic outlook for 2025.
In the fourth quarter, CPF reported net income of $11.3 million, or $0.42 per diluted share. Excluding one-time items, the bank's adjusted net income stood at $19 million, or $0.70 per share. The strong performance was driven by growth in loans and core deposits, as well as an expansion in net interest margin.
CPF's net interest margin improved by 10 basis points to 3.17% in Q4, benefiting from lower deposit costs. The bank's asset quality remained robust, with low levels of nonperforming assets and criticized loans, reflecting its disciplined risk management.
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