Commercial Loan Growth
Loan portfolio increased by $1.7 billion in the first quarter, marking the first quarterly increase in two years, driven by Mainland and Hawaii commercial mortgage and construction lending.
Net Interest Margin Expansion
Net interest margin was 3.31% in the first quarter, up 14 basis points sequentially, driven by a reduction in funding costs and higher average yield on investment securities.
SBA Lender of the Year Award
Central Pacific Financial Corp. was honored as the SBA lender of the year category two for the 16th year, highlighting continued support for small businesses.
Strong Asset Quality
Asset quality remained healthy with net charge-offs at $2.6 million, a decrease of nine basis points from the prior quarter, and nonperforming assets stable at $11.1 million.
Hawaii Construction Industry Growth
Hawaii's construction industry value increased by 20.3% in 2024 compared to 2023, forecasted to exceed $14 billion.