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SEC filingCentral Pacific Financial Corp. reported a strong first quarter with net income rising 16.7% year-over-year to $20.7 million, driven by higher net interest income and improved credit costs.
Central Pacific Financial Corp. reported net income of $20.7 million for the first quarter of 2026, a 16.7% increase from $17.8 million in the same period last year. Diluted earnings per share rose 20.0% to $0.78, benefiting from share repurchases. The improvement in net interest margin was primarily due to increases in average yields earned on loans combined with a decrease in the average rate paid on interest-bearing deposits, as noted in management's discussion.
The provision for credit losses decreased, reflecting lower loan balances and improved economic forecasts. While specific provision amounts were removed during the audit, the overall credit environment remains favorable, supporting earnings growth.