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Central Pacific Financial Reports Q3 2023 Net Income of USD 13.1m.

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Global Banking News-October 26, 2023-Central Pacific Financial Reports Q3 2023 Net Income of USD 13.1m

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Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank has reported USE 13.1m in Q3 2023 net income, or fully diluted earnings per share of USD 0.49, compared to net income of USD 14.5 m, or EPS of USD 0.53 in the previous quarter and net income of USD 16.7 m, or EPS of USD 0.61 in the year-ago quarter, the company said.

Pre-provision net revenue, or net income excluding provision for credit losses and income taxes, totaled USD 22.4 m in the third quarter of 2023, compared to PPNR of USD23.3 m in the previous quarter and USD 23.0 m in the year-ago quarter.

Net interest income was USD 51.9 m for the third quarter of 2023, which decreased by USD 0.8 m, or 1.5% from the previous quarter, and decreased by USD 3.4 m, or 6.2% from the year-ago quarter.

The company recorded a provision for credit losses of USD4.9 m in the third quarter of 2023, compared to a provision of USD4.3 m in the previous quarter and a provision of USD0.4 m in the year-ago quarter.

Other operating income totaled USD10.0 m for the third quarter of 2023, compared to USD10.4 m in the previous quarter and USD9.6 m in the year-ago...

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