Central Pacific Financial Corp. Reports $13.1 Million First Quarter Earnings and Increases Quarterly Cash Dividend

Central Pacific Financial Corp. (NYSE: CPF), (the “Company”), today reported net income in the first quarter of 2017 of $13.1 million, or diluted earnings per share ("EPS") of $0.42, compared to net income in the first quarter of 2016 of $11.2 million, or EPS of $0.35, and net income in the fourth quarter of 2016 of $12.2 million, or EPS of $0.39.

"We are pleased to report another solid quarter with improved earnings and continued balance sheet growth," said Catherine Ngo, President and CEO. "The increase in our quarterly cash dividend, combined with our ongoing share repurchase program is a reflection of our commitment to creating value for our shareholders, and our confidence in the financial strength and long-term outlook of our business."

In April 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per share on its outstanding common shares. This represents a 12.5% increase from the $0.16 paid during the quarter. The dividend will be payable on June 15, 2017 to shareholders of record at the close of business on May 31, 2017.

In January 2017, the Company’s Board of Directors authorized the repurchase of up to $30 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program (the "2017 Repurchase Plan").

During the first quarter of 2017, the Company repurchased 113,750 shares of common stock, or approximately 0.4% of its common stock outstanding as of December 31, 2016. Total cost of the shares repurchased was $3.5 million, or an average cost per share of $31.03. The Company's remaining repurchase authority under the 2017 Repurchase Plan at March 31, 2017 is $26.5 million.