Central Pacific Financial Q4 Earnings Drop, But Beat View; To Buy Back Up To $20 Mln Of Shares

(RTTNews) - Central Pacific Financial Corp. (CPF) Wednesday reported lower earnings for the fourth quarter compared to the same period last year. However, earnings beat analysts' estimates.

Further, the bank authorized a share repurchase of up to $20 million of its common stock.

Quarterly earnings decreased to $14.87 million or $0.55 per share from $20.18 million or $0.74 per share of last year.

On average, two analysts polled by Thomson Reuters had expected earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income declined 9.1 percent to $51.14 million from $56.29 million in the previous year.

Additionally, the bank declared a quarterly dividend of $0.26 per share payable on March 15, to shareholders of record as of February 29.

On Tuesday, Central Pacific Financial Corp. shares closed at $19.82 on the New York Stock Exchange.