Central Pacific Financial Corp (CPF) News

Another profitable quarter...another increase in buyback authorizations..another increase in the dividend.

This is another example of a bank that has turned around will continue to perform for the foreseeable future.

The current announcement of a buyback boosted the price per share.

I cant believe this hasn't gotten more pop. The buyback from 2 of the bigger investors in the company and the increase in the buyback amount to almost a 10 percent buyback at current prices.

That is just 1 reason why I am bullish on this stock.

A couple of other facts/opinions.

1) Rising mortgage rates will help profits in the near future.

2) This company operates in the Hawaiian housing market. This area will always have people willing to buy real estate either from US or foreign investors. This real estate market has rebounded faster than most areas and will continue to do so.

3) This stock has just bounced off historical lows and the company is not in danger of going under.

4) The distrust of banks as good investments is going away. The overall tide is rising this company will rise with tide.

guess what...we got a dividend. Probably will raise it next year. The price has been a bit stagnant of late. Probably a good entry. The P/E is around 4 and with 4 dollar EPS. Dividend growth potential is there and the stock should move to 36 dollars a share with a slight dividend and continued strong EPS.

did any of you all catch that in the FEB report they are no longer required to get permission to pay a dividend? Do a word search of document on dividend....there is one paragraph talking about how they have to get permission to pay a dividend and then the last sentence basically states they are no longer subject to that restriction.

~ Thursday! $CPF ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $CPF ~ Earnings expected on Thursday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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*If the earnings date is in error please ignore error. I do my best.

Amazing insiders' activity.. One of 10 bullish bank canditates:
http://www.fool.com/investing/general/2011/10/26/bank-squeeze-here-are-10-stocks-bucking-the-trend.aspx

3rd consecutive profitable quarter!
Central Pacific Financial Corp. Reports Third Consecutive Profitable Quarter
Last update: 10/28/2011 8:00:00 AM
HONOLULU, Oct. 28, 2011 /PRNewswire via COMTEX/ -- Central Pacific Financial Corp. (CPF), parent company of Central Pacific Bank (the "Bank"), today reported net income for the third quarter of 2011 of $11.6 million, or $0.28 per diluted share, compared to a net loss in the third quarter of 2010 of $72.5 million, or $49.27 per diluted share, and net income in the second quarter of 2011 of $8.2 million, or $0.20 per diluted share.
"We are pleased to report our third consecutive profitable quarter and remain encouraged by the progress we are making in executing our recovery plan," said John C. Dean, President and Chief Executive Officer. "Continued improvement in our credit risk profile and an overall reduction in our nonperforming assets allowed us to significantly reduce our allowance for loan and lease losses. Our quarterly results also included a nonrecurring charge related to the prepayment of long-term borrowings at the Federal Home Loan Bank of Seattle, which will improve our net interest margin going forward."
Significant Highlights and Third Quarter Results
Reported third consecutive profitable quarter with net income of $11.6 million, compared to net income of $8.2 million in the second quarter of 2011.
For the second consecutive quarter, the Company did not incur any credit costs as it reduced its allowance for loan and lease losses (ALLL) by an amount greater than net foreclosed asset expense and write-downs of loans held for sale. The reduction in the ALLL resulted in a credit to the provision for loan and lease losses of $19.1 million, compared to a credit of $8.8 million during the second quarter of 2011.
Reduced nonperforming assets by $26.0 million to $223.3 million at September 30, 2011 from $249.3 million at June 30, 2011.
The ALLL, as a percentage of total loans and leases, decreased to 6.96% at September 30, 2011, compared to 8.16% at June 30, 2011. In addition, the Company had an ALLL, as a percentage of nonperforming assets, of 64.23% at September 30, 2011, compared to 66.95% at June 30, 2011.
Reduced future interest expense by paying down long-term borrowings at the Federal Home Loan Bank of Seattle totaling $120.5 million with a weighted average interest rate of 4.36%. Prepaying these borrowings resulted in the recognition of a one-time loss on the early extinguishment of debt totaling $6.2 million.
Agreed to contribute $5.0 million to the Central Pacific Bank Foundation to continue the bank's longstanding commitment to support its local communities.
Reached a $ 1.2 million settlement of a class action lawsuit related to the Company's practices for assessing overdraft fees. The settlement is subject to the approval of the First Circuit Court of Hawaii in Honolulu.
Maintained tier 1 risk-based capital, total risk-based capital, and leverage capital ratios as of September 30, 2011 of 22.63%, 23.94%, and 13.19%, respectively, compared to 22.48%, 23.80%, and 13.13%, respectively, as of June 30, 2011. The Company's capital ratios continue to exceed the minimum levels required for a "well-capitalized" regulatory designation.
Appointed Denis Isono as Executive Vice President and Chief Financial Officer effective October 1, 2011. Isono has 39 years of experience in banking and financial management and has been with the Company since 2002, previously as Executive Vice President and Chief Operations Officer.
Earnings Highlights
Net interest income for the third quarter of 2011 was $29.8 million, compared to $27.4 million in the year-ago quarter and $29.0 million in the second quarter of 2011. The net interest margin was 3.05%, compared to 2.74% in the year-ago quarter and 3.04% in the second quarter of 2011. The improvement in the Company's net interest margin reflects its continued efforts to redeploy a portion of its excess liquidity into higher yielding investment securities and further reduce its overall funding costs. During the quarter, the Company prepaid certain long-term borrowings at the Federal Home Loan Bank of Seattle totaling $120.5 million with a weighted average interest rate of 4.36%. The prepayment of these borrowings resulted in the recognition of a one-time loss on the early extinguishment of debt totaling $6.2 million.
The provision for loan and lease losses for the third quarter of 2011 was a credit of $19.1 million, compared to a credit of $8.8 million in the second quarter of 2011 and a charge of $79.9 million in the third quarter of 2010. The reduction was the result of continued improvement in the Company's credit risk profile as evidenced by further declines in nonperforming assets during the quarter, which is described more fully below.
Other operating income for the third quarter of 2011 totaled $11.5 million, compared to $11.7 million in the year-ago quarter and $10.9 million in the second quarter of 2011. The decrease from the year-ago quarter was primarily due to lower gains on sales of residential mortgage loans of $0.9 million, partially offset by higher unrealized gains on outstanding interest rate locks of $0.8 million. The sequential-quarter increase was primarily due to higher unrealized gains on outstanding interest rate locks of $0.8 million, partially offset by investment securities gains of $0.3 million recorded in the second quarter of 2011.
Other operating expense for the third quarter of 2011 totaled $48.8 million, compared to $31.7 million in year-ago quarter and $40.5 million in the second quarter of 2011. The increase from the year-ago quarter was primarily attributable to: (1) the aforementioned one-time loss on early extinguishment of debt of $6.2 million, (2) higher charitable contributions of $5.1 million, (3) higher net credit-related charges (which includes changes in the reserves for unfunded commitments, foreclosed asset expense, and write-downs of foreclosed asset expense) of $4.6 million, (4) higher salaries and employee benefits of $1.5 million, and (5) the accrual of a $1.2 million settlement of a class action lawsuit related to the Company's practices for assessing overdraft fees, partially offset by lower FDIC insurance of $2.3 million. The sequential quarter increase was primarily attributable to: (1) the loss on early extinguishment of debt of $6.2 million, (2) higher charitable contributions of $4.8 million, and (3) the $1.2 million accrual for the settlement of a class action lawsuit, partially offset by (1) lower net credit-related charges of $1.4 million, (2) lower FDIC insurance of $1.3 million, and (3) a lower provision for repurchased residential mortgage loans of $1.0 million.
The efficiency ratio for the third quarter of 2011 was 98.0% (excluding the loss on early extinguishment of debt of $6.2 million and foreclosed asset expense of $1.3 million), compared to 81.7% in the year-ago quarter (excluding foreclosed asset income of $1.0 million) and 94.3% (excluding foreclosed asset expense of $0.8 million and write-downs of loans held for sale totaling $3.1 million) in the second quarter of 2011.
The Company continues to recognize a full valuation allowance against its net deferred tax assets and did not record any income tax benefit or expense during the third quarter of 2011.
Balance Sheet Highlights
Total assets at September 30, 2011 were $4.1 billion, compared to $4.2 billion and $4.1 billion at September 30, 2010 and June 30, 2011, respectively.
Total loans and leases at September 30, 2011 were $2.1 billion, compared to $2.4 billion and $2.0 billion at September 30, 2010 and June 30, 2011, respectively. The current quarter increase was primarily due to an increase in the residential mortgage loan portfolio of $96.2 million, partially offset by decreases in the construction and development, commercial loan and commercial mortgage loan portfolios of $45.4 million, $18.5 million and $15.5 million, respectively.
Total deposits at September 30, 2011 were $3.3 billion, compared to $3.2 billion at September 30, 2010 and June 30, 2011, respectively. Core deposits, which include demand deposits, savings and money market deposits, and time deposits less than $100,000, totaled $2.7 billion at September 30, 2011. This represents a decrease of $64.8 million from a year ago and an increase of $23.4 million from June 30, 2011. Significant changes in total deposits during the quarter included an increase in time deposits, interest bearing demand deposits and savings and money market deposits of $72.3 million, $44.6 million and $6.6 million, respectively, while non-interest-bearing demand deposits decreased by $5.8 million.
Total shareholders' equity was $440.9 million at September 30, 2011, compared to $80.5 million and $423.8 million at September 30, 2010 and June 30, 2011, respectively.
Asset Quality
Nonperforming assets at September 30, 2011 totaled $223.3 million, or 5.42% of total assets, compared to $249.3 million, or 6.03% of total assets at June 30, 2011. The sequential-quarter decrease in the Company's nonperforming assets was primarily attributable to loan pay-downs and pay-offs totaling $27.5 million, sales of foreclosed properties totaling $9.8 million, charge-offs totaling $5.0 million, write-downs totaling $1.5 million and transfers of loans back to accrual status totaling $3.0 million. The sequential-quarter decrease reflects net reductions in Hawaii and Mainland construction and development assets totaling $7.4 million and $11.2 million, respectively, Mainland commercial mortgage assets totaling $6.3 million, and Hawaii residential mortgage assets totaling $2.2 million, partially offset by a net increase in Hawaii commercial mortgage assets totaling $1.2 million.
Loans delinquent for 90 days or more still accruing interest totaled $0.4 million at September 30, 2011, compared to $4,000 at June 30, 2011. In addition, loans delinquent for 30 days or more still accruing interest totaled $4.5 million at September 30, 2011, compared to $3.5 million at June 30, 2011.
Net loan charge-offs in the third quarter of 2011 totaled $4.4 million, compared to $64.3 million in the year-ago quarter and $2.3 million in the second quarter of 2011. Net charge-offs included the following significant amounts: Mainland construction and development loans totaling $2.5 million and Hawaii construction and development loans totaling $1.6 million.
The ALLL, as a percentage of total loans and leases, was 6.96% at September 30, 2011, compared to 8.16% at June 30, 2011. The ALLL, as a percentage of nonperforming assets, was 64.23% at September 30, 2011, compared to 66.95% at June 30, 2011.
Construction and Development Loans
At September 30, 2011, the construction and development loan portfolio (excluding owner-occupied loans) totaled $181.3 million, or 8.8%, of the total loan portfolio. Of this amount, $98.5 million were located in Hawaii and $82.8 million were located on the Mainland. This portfolio decreased by $45.2 million from June 30, 2011 and by $273.2 million from September 30, 2010. The sequential quarter decrease was primarily due to loan pay downs and reflects decreases in the Hawaii and Mainland construction and development loan portfolios (excluding owner-occupied loans) of $41.6 million and $3.6 million, respectively.
The ALLL established for these loans was $27.3 million at September 30, 2011, or 15.0%, of the total outstanding balance, compared to $41.6 million, or 18.4%, of the total outstanding balance at June 30, 2011. Of this amount, $16.9 million related to construction and development loans in Hawaii and $10.4 million related to construction and development loans on the Mainland.
Nonperforming construction and development assets in Hawaii totaled $100.3 million at September 30, 2011, or 2.4%, of total assets. At September 30, 2011, this balance was comprised of portfolio loans totaling $57.9 million and foreclosed properties totaling $42.4 million. Nonperforming assets related to this sector totaled $107.7 million at June 30, 2011.
Nonperforming construction and development assets on the Mainland totaled $46.2 million at September 30, 2011, or 1.1%, of total assets. At September 30, 2011, this balance was comprised of portfolio loans totaling $30.2 million and foreclosed properties totaling $16.0 million. Nonperforming assets related to this sector totaled $57.4 million at June 30, 2011.
Capital Levels
At September 30, 2011, the Company's Tier 1 risk-based capital, total risk-based capital, and leverage capital ratios were 22.63%, 23.94%, and 13.19%, respectively, compared to 22.48%, 23.80%, and 13.13%, respectively, at June 30, 2011. The Company's capital ratios continue to exceed the minimum levels required by both the Memorandum of Understanding between the bank and its regulators (the "MOU") and the levels required for a "well-capitalized" regulatory designation.

Central Pacific's stock up 7.92% ($12.71) as Dow rebounds
Pacific Business News
Date: Monday, August 15, 2011, 11:37am HST - Last Modified: Monday, August 15, 2011, 12:09pm HST
Related:
Stock Market 2011, Economic Snapshot

Central Pacific Financial Corp.bizWatch Central Pacific Financial Corp. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company ’s stock added 7.92 percent to lead Hawaii stocks in Monday trading, a day when the Dow Jones Industrial Average continued to recover from recent wild swings.

The DJIA was up 213.88 points, or 1.90 percent, to close at 11,482.90, and the Nasdaq gained 47.22 points, or 1.88 percent, to close at 2,555.20.

Every Hawaii-based stock finished higher in Monday trading.

Gainers:

Alexander & Baldwin Inc.bizWatch Alexander & Baldwin Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: ALEX) closed at $40.51, up 51 cents.

Bank of Hawaii Corp.bizWatch Bank of Hawaii Corp. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: BOH) closed at $41.24, up $1.01.

Barnwell Industries Inc.bizWatch Barnwell Industries Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (AMEX: BRN) closed at $3.82, up 12 cents.

Central Pacific Financial Corp. (NYSE: CPF) closed at $11.58, up 85 cents.

Cyanotech Corp.bizWatch Cyanotech Corp. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (Nasdaq: CYAN) closed at $4.18, up 4 cents.

Hawaiian Electric Industries Inc.bizWatch Hawaiian Electric Industries Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: HE) closed at $23.34, up 91 cents.

Hawaiian Holdings Inc.bizWatch Hawaiian Holdings Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (Nasdaq: HA) closed at $4.11, up 14 cents.

Hawaiian Telcom HoldcobizWatch Hawaiian Telcom Holdco Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaiian Telcom reports .7M Q2 profitHawaii stocks mixed as Dow closes up 1.13 percent Follow this company Inc.(Nasdaq: HCOM) closed at $21.16, up 40 cents.

Hoku Corp. (Nasdaq: HOKU) closed at $1.89, up 10 cents.

Maui Land & Pineapple Co.bizWatch Maui Land & Pineapple Co. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: MLP) closed at $5.00, up 15 cents.

ML Macadamia OrchardsbizWatch ML Macadamia Orchards Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (Other OTC: NNUT) closed at $2.57, up 7 cents.

Territorial Bancorp Inc. (Nasdaq: TBNK) closed at $19.2, up 42 cents.

Central Pacific Financial Corp.bizWatch Central Pacific Financial Corp. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company ’s stock added 7.92 percent to lead Hawaii stocks in Monday trading, a day when the Dow Jones Industrial Average continued to recover from recent wild swings.

The DJIA was up 213.88 points, or 1.90 percent, to close at 11,482.90, and the Nasdaq gained 47.22 points, or 1.88 percent, to close at 2,555.20.

Every Hawaii-based stock finished higher in Monday trading.

Gainers:

Alexander & Baldwin Inc.bizWatch Alexander & Baldwin Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: ALEX) closed at $40.51, up 51 cents.

Bank of Hawaii Corp.bizWatch Bank of Hawaii Corp. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: BOH) closed at $41.24, up $1.01.

Barnwell Industries Inc.bizWatch Barnwell Industries Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (AMEX: BRN) closed at $3.82, up 12 cents.

Central Pacific Financial Corp. (NYSE: CPF) closed at $11.58, up 85 cents.

Cyanotech Corp.bizWatch Cyanotech Corp. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (Nasdaq: CYAN) closed at $4.18, up 4 cents.

Hawaiian Electric Industries Inc.bizWatch Hawaiian Electric Industries Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: HE) closed at $23.34, up 91 cents.

Hawaiian Holdings Inc.bizWatch Hawaiian Holdings Inc. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (Nasdaq: HA) closed at $4.11, up 14 cents.

Hawaiian Telcom HoldcobizWatch Hawaiian Telcom Holdco Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaiian Telcom reports .7M Q2 profitHawaii stocks mixed as Dow closes up 1.13 percent Follow this company Inc.(Nasdaq: HCOM) closed at $21.16, up 40 cents.

Hoku Corp. (Nasdaq: HOKU) closed at $1.89, up 10 cents.

Maui Land & Pineapple Co.bizWatch Maui Land & Pineapple Co. Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (NYSE: MLP) closed at $5.00, up 15 cents.

ML Macadamia OrchardsbizWatch ML Macadamia Orchards Latest from The Business Journals Dow can't sustain momentum in Tuesday tradingHawaii stocks mixed as Dow closes up 1.13 percentHawaii stocks rebound as Dow gains 422 points Follow this company (Other OTC: NNUT) closed at $2.57, up 7 cents.

Territorial Bancorp Inc. (Nasdaq: TBNK) closed at $19.2, up 42 cents.
See Comments

Central Pacific Financial Corp. Reports Second Consecutive Profitable Quarter
Date : 07/27/2011 @ 8:00AM
Source : PR Newswire
Stock : Central Pacific Financial (CPF)
Quote : 13.55 0.08 (0.59%) @ 1:30PM

Central Pacific Financial Corp. Reports Second Consecutive Profitable Quarter

$13.75 above basement sale price of 412.75.
U.S. Treasury prices Central Pacific offering
8:55p ET June 16, 2011 (MarketWatch)
SAN FRANCISCO (MarketWatch) -- The U.S. Treasury Department said Thursday that it has priced a secondary public offering of stock in Central Pacific Financial Corp. at $12.75. The Treasury Department, which acquired its stake in Central Pacific as part of a recapitalization under the Troubled Asset Relief Program, said it will continue to hold over 2.7 million shares following the offering, which is expected to raise net proceeds for the Treasury of nearly $35.9 million.

Double dib being formed..

CPF $12.84! Yesterday shorties' reign with stox sale by the treasury today it is turn of bulls'. MFs!

Share sale by the Treasury and other minority holders brought PPS to $12.50 down $1.70.
Central Pacific Offers 12.8 Million Shares; Treasury To Sell 5.6 Million
Date : 06/15/2011 @ 8:45AM
Source : Dow Jones News
Stock : Central Pacific Financial Corp. (CPF)
Quote : 12.4 -1.73 (-12.24%) @ 7:52AM

Central Pacific Offers 12.8 Million Shares; Treasury To Sell 5.6 Million
Central Pacific Financial (NYSE:CPF)
Intraday Stock Chart

Today : Wednesday 15 June 2011
Click Here for more Central Pacific Financial Charts.

Central Pacific Financial Corp. (CPF) said the U.S. Treasury plans to offer all 5.6 million shares of its holdings in the bank, while other shareholders are offering 12.8 million shares.

The Treasury acquired the shares this year as part of the Hawaii-based bank holding company's recapitalization. The stock was trading around $29 a share at the time of the Treasury's investment, taking into account a reverse stock split, and closed Tuesday at $14.13.

The selling shareholders' offer includes 79,288 shares issuable upon the exercise of warrants held by the Treasury. The parent of Central Pacific Bank, which has 34 branches in Hawaii and one office in California, won't receive any proceeds from the stock sales.

The company, which has about 41.7 million shares outstanding, said the sale amounts reflect its one-for-20 stock split in February. Central Pacific Financial didn't disclose expected pricing terms in its filing with the U.S. Securities and Exchange Commission.

For the quarter ended March 31, the bank swung to a profit of $4.6 million as it posted a credit to its provision for loan losses, compared with a charge of $58.8 million a year earlier.

Central Pacific shares were inactive premarket. The stock is down 64% in the past year.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Credit note upgrade: !3.64
Fitch Upgrades Central Pacific Financial's IDR to 'B+'; Outlook Positive
Last update: 5/20/2011 9:44:00 AM
NEW YORK, May 20, 2011 (BUSINESS WIRE) -- Fitch Ratings has upgraded the long-term Issuer Default Ratings (IDRs) of Central Pacific Financial Corp. (CPF) and its banking subsidiary, Central Pacific Bank to 'B+' from 'B-'. Fitch has also withdrawn the 'F' Individual rating assigned to both entities and assigned a new Individual rating of 'D'. The Rating Outlook is Positive. A complete list of ratings follows at the end of this release.
The upgrade of CPF's IDR reflects the considerable enhancement of its capital position, reduction in problem credits, as well as the company's return to profitability. CPF's capital raise in February 2011 significantly bolstered its regulatory capital position. With Tier 1 Leverage and Total Capital ratios at March 31, 2011 of 12.64% and 22.67%, respectively, the company's capital ratios significantly exceed the enhanced levels (10% Tier 1 Leverage ratio and 12% Total Risk-Based ratio) previously required by the Consent Order with the FDIC and the Hawaii Division of Financial Services, which was lifted on May 11, 2011 and replaced with a less restrictive Memorandum of Understanding (MOU). Notably, the new MOU reduces the required Tier 1 leverage ratio standard at the bank subsidiary to 8% and removed the enhanced requirement for the Total Risk-Based ratio. That said, Fitch views CPF's significantly replenished capital position as necessary against the remaining risk on its balance sheet.
CPF has significantly reduced problem assets, with NPAs down over 40% from a year ago and while non-performing assets are still elevated at 13.14% and commercial real estate remains a significant concentration, the loss content in the portfolio has been materially reduced and was a key driver of the company's return to profitability during 1Q'11.
The Positive Outlook mainly reflects that the company's current capital and reserve base should be sufficient to absorb expected future losses in the portfolio. For CPF's ratings to move higher, the company will still need to make considerable strides toward reducing problem credits, as well as demonstrate sustained profitability and maintain an enhanced capital base, a scenario Fitch believes is possible over the next 12 to 18 months. However, if credit problems persist causing the company to incur losses of a magnitude that starts to materially erode its capital position, CPF's ratings would face downward pressure.
The withdrawal of the 'F' Individual rating (assigned Feb. 23, 2011) reflects the temporary nature of the rating (as per Fitch's Global Financial Institutions Rating Criteria), and was assigned to signify a company that has defaulted or in Fitch's opinion CPF would have defaulted if it had not received some form of external support namely the capital infusion and the U.S. Treasury's willingness to convert its $135 million of CPP preferred stock into common shares on a discounted basis to facilitate the recapitalization. The assignment of the 'D' Individual rating is Fitch's assessment of the company on a standalone basis following its recapitalization.
The ratings on CPF's trust preferred securities remain at 'C' given that these issues remain in deferral status. Until CPF begins to pay dividends on its trust preferred securities and the deferred dividends are brought current, the ratings on these issues will remain at 'C'. Fitch has also maintained a 'RR6' Recovery Rating on these issues, as Fitch's recovery analysis still indicates recovery prospects below 10%.
Headquartered in Honolulu, HI, CPF operates 34 branches. As of March 31, 2011, CPF had almost $4 billion in assets.

Another upward move; tested $14.14 and closed above $14.00.

COOL! NICE PICK AND TIMING! POUNDED SHORT PRUNES! Earlier profitability! It hit $16.89 at one point! $15.90 now! more to come it seems!
Central Pacific Financial Corp. Returns to Profitability in First Quarter of 2011
Date : 04/27/2011 @ 8:00AM
Source : PR Newswire
Stock : Central Pacific Financial (CPF)
Quote : 15.8 0.49 (3.20%) @ 1:22PM

Central Pacific Financial Corp. Returns to Profitability in First Quarter of 2011
Central Pacific Financial (NYSE:CPF)
Intraday Stock Chart

Today : Wednesday 27 April 2011
Click Here for more Central Pacific Financial Charts.

If it beats estimate low end loss, will jump tomorrow!

One upgrade today! not so bad! Shorties trying to bring it down tru manipulation.

Reversal mode: Short pricks will get pounded!

@$15 52 weeks low level. Presplit $0.75.. Still a bottom up play candidate with 3rd quarter profitability return possibility.
I am in with modest size .

Feb 26 '11 news but sheds lights on today's action. Too bad flippers and coffee cub traders leave no valuable post here..

Central Pacific stock seen declining after 24 percent rise

Investors are driven by a rights offering from the bank, which eyes profitability this year

By Dave Segal

POSTED: 01:30 a.m. HST, Feb 26, 2011

Share3
12 Comments
<p>Central Pacific Financial Corp.'s stock is expected to open sharply lower Monday following a torrid weeklong ascent that catapulted the shares 23.6 percent over the last four trading days.</p>
<p>Analyst Joe Gladue of B. Riley & Co. said he expects the shares to open around $22.51 or $22.52 next week after closing yesterday at $35.03. The stock rose $2.32, or 7.1 percent, yesterday as bargain hunters scooped up shares on the final day to be eligible for the company's $20 million rights offering.</p>
<p>Shareholders who owned the stock as of the close of trading yesterday are eligible to purchase additional shares for $10 each at a future date. The shareholders will be able to purchase at least 1.3 shares for every share they own.</p>
<p>Beginning Monday, though, Central Pacific's stock will trade without the $10 rights offering attached. That means the common shares will be worth less. The "rights" will trade as a separate entity and can be bought or sold independent of the common shares.</p>
<p>Gladue said he derived his projected Monday opening price by taking yesterday's close of $35.03, adding the $10 rights offering to get to $45.03 and then dividing by two shares, since investors will be able to buy roughly one share at the $10 price for every share that they own.</p>
<p>The time period to purchase those shares won't be determined until Central Pacific's registration statement related to that rights offering is filed and approved by the Securities and Exchange Commission. Central Pacific said yesterday it expects to file that statement early next week.</p>
<p>Earlier this week, Gladue downgraded his rating on Central Pacific's stock to "sell" from "neutral" and lowered his 12-month target price to $18 from $20 based on his outlook for earnings and tangible book value (liquidation value of the company). He said the target price is based on how the stock would trade without the rights offering attached.</p>
<p>"I think the management has been doing a great job of turning the company around, but I think the stock has sort of gotten ahead of itself trading at higher levels," he said.</p>
<p>Gladue said he expects the bank, which has had seven straight losing quarters, to become profitable in the third quarter of 2011. He said profitability could occur earlier if the company sets aside less than he expects for potential loan losses.</p>
<p>"It would be difficult to justify the current price even with greater reserve release (from the money set aside for potential loan losses) and a more rapid return to profitability," he wrote. "We see little upside to the stock from its current level."</p>
<p>Separately, Central Pacific said it is reducing the size of its board of directors on the holding company to eight from 12 and for the bank to nine from 14. Resigning from the company and the bank are Richard Blangiardi, Jeannie Hedberg, Ronald Migita, Mike Sayama, Maurice Yamasato and Dwight Yoshimura. Jeffrey Cavanaugh, who was only on the bank's board, also resigned.</p>
<p>Remaining as members of both boards are Executive Chairman John Dean, Christine Camp, Earl Fry, Paul Kosasa, Colbert Matsumoto and Crystal Rose. Duane Kurisu, who was only a member of the bank's board, also will remain in that capacity.</p>
<p>In addition, the two lead investors, The Carlyle Group and Anchorage Capital Group, each will have a representative on the dual boards. James Burr is a managing director of The Carlyle Group and Alvaro Aguirre, who will represent Anchorage Capital, is chairman of Cygnus Business Media, a business-to-business communications company.</p>
<p> </p>


Central Pacific Financial Corp.'s stock is expected to open sharply lower Monday following a torrid weeklong ascent that catapulted the shares 23.6 percent over the last four trading days.

Analyst Joe Gladue of B. Riley & Co. said he expects the shares to open around $22.51 or $22.52 next week after closing yesterday at $35.03. The stock rose $2.32, or 7.1 percent, yesterday as bargain hunters scooped up shares on the final day to be eligible for the company's $20 million rights offering.

Shareholders who owned the stock as of the close of trading yesterday are eligible to purchase additional shares for $10 each at a future date. The shareholders will be able to purchase at least 1.3 shares for every share they own.

Beginning Monday, though, Central Pacific's stock will trade without the $10 rights offering attached. That means the common shares will be worth less. The "rights" will trade as a separate entity and can be bought or sold independent of the common shares.

Gladue said he derived his projected Monday opening price by taking yesterday's close of $35.03, adding the $10 rights offering to get to $45.03 and then dividing by two shares, since investors will be able to buy roughly one share at the $10 price for every share that they own.

The time period to purchase those shares won't be determined until Central Pacific's registration statement related to that rights offering is filed and approved by the Securities and Exchange Commission. Central Pacific said yesterday it expects to file that statement early next week.

Earlier this week, Gladue downgraded his rating on Central Pacific's stock to "sell" from "neutral" and lowered his 12-month target price to $18 from $20 based on his outlook for earnings and tangible book value (liquidation value of the company). He said the target price is based on how the stock would trade without the rights offering attached.

"I think the management has been doing a great job of turning the company around, but I think the stock has sort of gotten ahead of itself trading at higher levels," he said.

Gladue said he expects the bank, which has had seven straight losing quarters, to become profitable in the third quarter of 2011. He said profitability could occur earlier if the company sets aside less than he expects for potential loan losses.

"It would be difficult to justify the current price even with greater reserve release (from the money set aside for potential loan losses) and a more rapid return to profitability," he wrote. "We see little upside to the stock from its current level."

Separately, Central Pacific said it is reducing the size of its board of directors on the holding company to eight from 12 and for the bank to nine from 14. Resigning from the company and the bank are Richard Blangiardi, Jeannie Hedberg, Ronald Migita, Mike Sayama, Maurice Yamasato and Dwight Yoshimura. Jeffrey Cavanaugh, who was only on the bank's board, also resigned.

Remaining as members of both boards are Executive Chairman John Dean, Christine Camp, Earl Fry, Paul Kosasa, Colbert Matsumoto and Crystal Rose. Duane Kurisu, who was only a member of the bank's board, also will remain in that capacity.

In addition, the two lead investors, The Carlyle Group and Anchorage Capital Group, each will have a representative on the dual boards. James Burr is a managing director of The Carlyle Group and Alvaro Aguirre, who will represent Anchorage Capital, is chairman of Cygnus Business Media, a business-to-business communications company.

Re: pps question. PPS and rights issues proportional relations.. 12-Apr-11 10:30 pm
"The subscription price is $10 per share. Each right entitles you to purchase 1.3081 shares of CPF at $10 per share. CPF closed today at $19.07 per share, so 1.3081 shares would be worth $24.95, but it would only cost you $13.08 because you exercised your rights to a purchase it at a bargain price. Thus, the intrinsic value of one right is 24.95 minus 13.08 subscription price paid equals $11.87. The rights closed today at $9.70 so they are trading at less than intrinsic value. See the free stock rights calculator at www.costbasis.com for help with your cost basis calculations. "
source: costbasis.com

HONOLULU, April 11, 2011 /PRNewswire/ -- Central Pacific Financial Corp. (NYSE:CPF - News), parent company of Central Pacific Bank (CPB), today announced that it will commence on April 11, 2011, a $20 million common stock rights offering (the "Rights Offering"). Shareholders who owned common shares of the Company at the close of business on February 17, 2011 (the "Record Date") will receive at no charge a transferable right to purchase newly-issued common shares in the Rights Offering. Pursuant to normal practices of the New York Stock Exchange, shares of common stock traded during the period from February 15, 2011 through February 25, 2011 were traded with the rights (i.e. with "due bills" attached). Starting with the open of market on February 28, 2011, CPF common stock was traded without the rights (i.e. without "due bills attached").

The Company will issue up to 2,000,000 common shares in the Rights Offering at a price of $10 per share, the same price paid by the private investors in the Company's $325 million private placement (the "Private Placement"). Each right will entitle eligible shareholders to purchase 1.3081 newly-issued shares for each common share owned on the Record Date. To the extent that some eligible shareholders do not participate in the Rights Offering, or choose to purchase less than their full allocation of shares, the remaining shares will be available for purchase by other eligible shareholders pursuant to an over-subscription privilege.

The rights will become tradable on the New York Stock Exchange under the symbol “CPF-RT” on April 12, 2011, until 4:00 p.m., Eastern time, on May 5, 2011. The Rights Offering will expire at 5:00 p.m., Eastern time on May 6, 2011.

The Rights Offering will be made only by means of the final prospectus related to the Rights Offering, which will be filed with the Securities and Exchange Commission ("SEC").

Insiders' and TARF shares listed today.. Dilution brought it down to $15. Buying opportunit even tho $5 dolars more than what insiders paid in feby 2011 tru private placement..

Anyone know why CPF fell off so much? It is being affected along with the other financials as a whole? I am having trouble trying locate information.

This will open at 22.50 Mon?

hmmmmh, tgt 18.00 ?

http://www.staradvertiser.com/business/20110226_central_pacific_stock_seen_declining_after_24_percent_rise.html

MK

Nice pop from 23.00ish
post r/s
MK

1 X 20 r/s effective today
MK

an r/s.

Superman stop in>??! woah.

http://stockcharts.com/h-sc/ui?s=CPF

Liking the morning star candle that this baby is forming today!!

1-Year Daily Chart - (taken from iBox)

Adding here...looks like a good rounding bottom

Tomorrow we will break out of this trend :)

Thanks hopefully we won't need any praying! :)

I hope so Beazy¡ GLTY¡ I am the priest and i am praying¡

Looks like we started to break out of that tight $1.50 channel we were in...tomorrow could be the start of a good run here folks!

Hello? Anyone here?

hey glassy, CPF moving again last days... target maybe 3.00+ (imo)


greeeeeeeeeeeeeeeeeeeetz :)

2.84$, nice recovery

2.76
dang
MK

PRWT is also running, this bank shares, Crikey!

NK~ I just wished that i had held but oh well. its hold up great IMO.

lol, glassy, we won't "regret" to take profits anyway! (funny diction!!!) so, do not fret that you took! (timely) >>imo<< :-;


see ya!

yeah, I sold to protect profits yesterday but regretted it- will watch though of course...

don't forget profit taking glassy, this went up nicely and well-behavrd last 2 days! not that it might hit 3.00$, let's see how she trades... I have her on watch for now...

hmmm, nice! maybe I buy back in some shares on a dip... let's see, but first I want to count my CPF money 8-)

congrats!

CPF~ this is NOT through-IMO! wow-this is the WEEKLY chart- I did it the other day but did not post it as it seemed a bit far fetched-NO MORE! ha ha! it may spend much of the day getting through the 200 DMA at 2.25 but if it can close > that!...wil be huge bullish signal for more-wow! This is pretty much on auto pilot at the moment and the direction is UP. all yo have to do is buy any dips.

bought in 1.58-1.60$ today ripcord 2.26$ that is 40% in 2 days holding weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee


congrats all!!! this bankshares... Crikey!