Central Pacific Financial Corp. (NYSE:CPF) Q4 2014 Earnings Conference Call - Final Transcript

Jan 29, 2015 • 01:00 pm ET


Central Pacific Financial Corp. (NYSE:CPF) Q4 2014 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to the Central Pacific Financial Corp. Fourth Quarter 2014 Conference Call. During today's presentation all parties will be in listen-only mode. Following the presentation, the conference will be opened for questions. This call is being recorded and will be available for replay shortly after its completion on the Company's website at www.centralpacificbank.com. I'd like to turn the call over to Mr. David Morimoto, Senior Vice President, Investor Relations. Please go ahead, sir.

David S. Morimoto

Thank you, Laura, and thank you all for joining us as we review our financial results for the fourth quarter of 2014. Highlights and comments will be provided by John Dean, Chairman and Chief Executive Officer; Lance Mizumoto, President and Chief Banking Officer; Catherine Ngo, President and Chief Operating Officer: and Denis Isono, Executive Vice President and Chief Financial Officer, also present and available for questions are and Bill Wilson, Executive Vice President and Chief Risk Officer.

During the course of today's call, management may make forward-looking statements. While we believe these statements are based on reasonable assumptions, they involve risks that may cause actual results to differ materially from those projected. For a complete discussion of the risks related to forward-looking statements, please refer to our recent filings with the SEC.

Before I turn over the call to John, let me share that John has been fighting a cold. While he is getting better his voice has not fully returned. As a result, he will open the call but will rely on the team to handle the majority of today's conference call. John.

John C. Dean

Thanks, David, and sorry everyone. I've moved to I guess soprano from what I used to be earlier in the week. I just we've had - we think we've had a solid quarter. We believe we have had a very solid year. If you look, we have had excellent loan growth, deposit growth; NIM has been stable overall in the industry as you know it has been under pressure.

And I think last week we continued to see improvement in our asset quality. All of the above have allowed us to basically increase our dividend by another $0.02 and in addition to continue that repurchase program. I want to congratulate all our people. The team has done I think a great job in the results we have been able to put on the board for last year. I am going to turn my comments over to Catherine Ngo who going to I guess read them as I wrote them and I hope Catherine and Lance both will help out as I step back and listen. Catherine

Agnes Catherine Ngo

Good morning, everyone. We are pleased to report on our Company's solid financial performance for another quarter as well as for the year 2014.

Agnes Catherine Ngo

Net to income in the fourth quarter was $13.3 million and $14.5 million for 2014. Denis Isono will be providing more details later in this call. Loan and deposit growth continued to be