CPF - Earnings call transcript Q1 2020 | Central Pacific Financial Corp.

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Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Central Pacific Financial Corp.

First Quarter 2020 Conference Call.

During today's presentation, all parties will be in a listen-only mode. following the presentation, the conference will be open for questions. recorded completion be at on being shortly for www.cpb.com. is its after the call and available will replay This company's website

David ahead. I over and turn to Financial Morimoto, Mr. Chief go would President Executive Please the Officer. Vice like to call

David Morimoto

and Executive President Central all website Vice for available is that Catherine Graham, remarks Officer. cpb.bank. are With at this Pacific a Group Vice Anna review our Financial of as Hu, joining our presentation quarter first Paul presentation you Martines, of President We've in Arnold and Revenue President; Executive morning Officer; the results Corp. slide Ngo, we'll and financial the thank in The Credit refer Chief Investor to and Yonamine, Relations of you, us Chief today. of we Thank the XXXX prepared Executive Chairman for section me

the of forward-looking today's call, management make may statements. During course

statements that assumptions, these projected. reasonable are on actual believe materially those differ cause we to may While from based risks involve they results

complete the refer presentation. risks please our statements, of forward-looking X slide to of a discussion related to For our

And the now to over I'll call Paul. turn

Paul Yonamine

morning, David, Thank and everyone. you, good

orders Hawaii Financial As early the is of interest always, your Central The mandatory was in good job us. and and in a stay-at-home top curfews containing doing we pandemic pandemic. COVID-XX to state and is mind Pacific the of appreciate all quarantine. Hawaii for Corporation. Overall of managing place at put

Our governmental as residents orders recommendations. as well general in hygiene by are abiding

We in the the the slow visitors with in and state of able believe effectively infection. down outside the Hawaii COVID-XX and protect state was isolation, geographic COVID-XX will spread from faster. result and these measures our a to to Due contain potential lock

the tourism complete economy. on state's shutdown are a impact with in a we dramatic seeing Hawaii, However,

from to late as hopeful or year, are island closer from are visitors fall Asia particularly to pandemic. to they will of the early see start we recovery in returning summer that We this the

was this Central customer our community Financial to committed supporting employee, and during Pacific crisis. of time

on temporarily comes our social is allow of Our larger we've for employees. first our and therefore our first and XX branches. Safety remaining distancing focus smaller branches adequate to closed

from staff have or work the redeployed The on customer started assist majority telephone remotely other at the branches, remaining have or branches of to closed been areas working the the make staff at support basis. rotating of The level executive temporarily bank a full-time calls. even our

XXXX taken employees. the needs that customers to believe meet this We We allow all the prepared led our date us I in crises to have XXXX to personally safety companies XXXX through outbreak and while of as of Tōhoku assure want radiation the crises. was far ensuring handle in while community and we to was earthquake, are you actions as after the our Tokyo including BearingPoint. leading leading will I and effects we Japan IBM prior tsunami while I to

RISEXXXX initiatives to Additionally of development with as and including initiatives mobile replacement our banking our digital The new our many of construction XXXX industry. and applying lessons us are the key remain pushing proceeding platforms support with our continue our also is of headquarters building We're we the ATMs. the online ahead local to team continually. and financial crisis the through learned. Despite our valuable are that helped the members XXXX company of COVID-XX revitalization the

crises our this high like Digital a will is even remain our strategy for more business critical during and technology to priority future.

continuity about turn our who will like the business share call more to I'd now over play. Catherine to

Catherine Ngo

Thank you, Paul.

of three presentation. pandemic plan summarized our continuity includes business Our is plan which March slides and successfully we preventive activated a and early in four on

our not have we a As disruption result, business. in had

over have Virtual employees. the has overall last to smooth technology, As we've capability VPN our transition. and plan with out Network rolled workforce noted, already been expanded of Paul our We over the VPN access remote XX% Private

our that VPN technologies to continue well the operation with are addition up latest set In we efficiently. to enable

Our teams collaboration are and several based using programs. tools teams other software cloud including Microsoft

continue we on progress our tools making RISEXXXX banking current online offer mobile offerings of our we're initiative. and to our For and new part as customers, good our digital

Banking well-being of to is deliver personal our priority. and precautionary and our branches service reiterate providing customer implemented times. at I've protective employee our service for have social the our in that distancing deemed these risen would areas. exceptional very to all work closely. utmost in and essential safety our and been have equipment an is and employees employee's monitoring like We're frontline challenging CPB proud so measures how health to staff I We're ensure

our I'd over Martines, Group who Vice now assisting share Executive our call during like Arnold? the this how Revenue of to pandemic. we Arnold President customers are to will turn

Arnold Martines

Thank you, Catherine.

million core our focused pandemic loans During the primarily or quarter. growth loan or bank sequential even to as quarter. our grow and situation were deposits loan The the generating residential sequential first able came revenue categories. by $XX quarter $XX million also commercial grew total teams remained X.X% from on The to mortgage escalate. by began We X.X%

reducing Additionally, deposits cost points. of total we in basis XX the by points to average were five successful basis

consumer deposit growth our Going unprecedented this to teams our business together opportunities we there through loan believe are as forward, for still and customers collaborate time. support and

for in relief X to put number We COVID-XX of the consumer place summarized our slides of customers. are to programs relief programs X quickly business presentation. have moved and on also The a

as are customers, loan loan we residential well and our disruption mortgage For payment as employment consumer deferral programs. an offering

the of are part Federal For Paycheck we is Care's customers, Act. the our Protection for business Program approved and are in SBA an lender which PPP, participating

X,XXX Paycheck SBA. for nearly the and loans totaling approved Protection million the by We've demand $XXX have seen made Program tremendous over

necessary the handle loan resources As a PPP engaging result of process demand by with to employees the outside to it including assist. was the loan and assist processing, augmenting to loan redeploy

in as initial funding well Our as to SBA time SBA portal lender to processed the right that course now PPP to did team that the is of applications to applications by the were prioritize under loans reopens. focused submit the and the remaining not get when fund approved

with customers increased to contact outreach efforts. our We are in staying close

with calls daily. as having our are bankers customers as key frequently Our

We and are and guidance the this during them to storm. need help monitoring health customer's the resources they challenging time financial are our weather providing

modifications commercial making we prudently allow customers term Furthermore, for for to period. loan for loan short certain interest our are deferral and/or of principal

loan represent As of deferrals our in loan total we made million than portfolio. of balances, payment April approximately X% XX, less have total on $XXX which

now turn our management risk Vice like the to credit our call Credit further on and I'd portfolio detail Chief Anna Executive to provide President Officer and to Hu, over Anna.

Anna Hu

which prudent weather us management Financial will philosophy Pacific this help you, a we Thank believe credit Arnold. risk Central had through pandemic. has

a recovery focus from our and implemented to making Following included credit standards diversified approach we a the a maintaining great portfolio. underwriting loans quality tighter on disciplined recession, that with

Our loan portfolio is today by well diversified and by product industry.

will pandemic likely and industries there industries slide are be and expect we healthcare. that to summarized are experience X The the food impacted other certain pandemic impact and impact. includes lend by to manufacturing and we that trade, wholesale portfolios detail trade, limited industries from will on have the While primary service, accommodation

businesses million of total that these approximately or portion downturn. comprises loan established are the large A last $XXX well to have balance our portfolio. weathered through of X% This

of transportation, that total management or real impacts our experience and administrative also $XXX includes leasing, may that approximately million portfolio. industries other and total XX% services estate and professional and Secondary loan industries other

from little thus far These experienced industries have impact COVID-XX.

our can on and Additional found be details on primary slide secondary industries XX.

these deferrals impacts consumer granting to We're portfolio. We XX which anticipate XX% approximately payment actively or is on also our day million of borrowers. our portfolio $XXX total loan

Additional details on our on consumer shown slide portfolio XX. are

real commercial $XX.X portfolio. comprise We impacts of XX% billion and average or approximately loans. on total these weighted anticipate values XX%, loans These limited in XX% home our our investor to are estate XX% and equity loan portfolio of loan The residential, respectively.

Additional details can portfolio on on and be found slides these XX XX.

reached mentioned. final to loan the proactively as reviewed any past were on March, the to borrowers customers week commercial financial determine if likely process to and aggressively experience $XX from initial this in In difficulty loans impact COVID-XX approximately out our million that their our we downgraded identified businesses. of we Through of and portfolio

primarily all were performing These these COVID-XX. loans the loan accounted previously of is mentioned. as It outstanding part the of primary industries prior to important loans that note for are of balance to

assessment capital near and and for taken downgrade, monthly such the closing reviewed ability expenses, we cash and overall and term. to our actions businesses management weather of liquidity reducing in access the as through the part cash pandemic As to burn and the

did We further note that reach Program. that expected it positive the conclusions Federal firm include and is not these Subsidy early to impact the that downgraded from were still loans any

with have and We customers been Protection are Program. has our for Paycheck proactively approved and applied already working the many

short-term Furthermore, we payment have necessary. provided deferrals also for assistance as

strong. Overall found be can industry quality by breakdown and continues remain on our XX. asset details to Slide Additional

David, call the Executive Officer. Chief Financial turn I'll over President to Vice our David? and

David Morimoto

Anna. you, Thank

steps environment. several the finance effectively implemented the On to manage side, through we've current

From remain plans. will We we've tests liquidity capital ensure strong. and developed robust contingency our comprehensive stress positions capital and capital and liquidity past our and liquidity experience

temporarily our We protect employee. well to share repurchase our expenses also We as as decided program. our managed suspend

of exception large implemented compensation finally consulting new policies on suspend meetings, is plans. have basis internal certain all We entertainment. hiring or our also employee meals We've and to we evaluating temporarily projects group are and travel, business and reevaluated postponed

per XXXX income diluted I'd the quarter company's is results for average was which like was in was XXXX, on Net summarized equity to the for on XX. cover share. Return million of first on the or assets first return quarter $X.X and first X.XX% now of $X.XX quarter briefly financial slide X.XX%. average the

to CECL recognized effects forecast. methodology were for COVID-XX in pandemic provision million of the earnings impacted $XX.X and total by credit economic new related the on quarter, Our a the the first a of which losses

equity. day an $X.X our adjustment We was also a to which of CECL impact opening million, one shareholders recorded

pretax in consumer the the quarter from in came the to quarter. million Net first million. Our of The charge-offs $X.X charge-offs quarter for net-charge loan first the compared portfolio. Hawaii million primarily prevision was totaled prior offs earnings $X.X $XX

million relatively at interest remained our the $XX.X At flat on X.XX% interest March stable $XX.X income or was outstanding for and was a quarter first which allowance Net the losses sequential X.XX%. loans. of was million for XX credit net margin basis

market other million compared decrease income operating quarter. million driven quarter. The prior the due by quarter primarily to in was $X.X during volatility $X.X lower totaled BOLI First to income mortgage the

deferred Other operating by prior offset was to for market the million by sheet income real offset partially related expense credit total there due first Included to on balance for off $XX.X quarter. to estate provision quarter commercial expense of was client. higher was This which interest million CECL. which an swap the the fee was in was a flat lower under $X.X volatility compensation additional exposures

the to due to first primarily quarter. The ratio was in The in effective first in to operating rate The increase the XX.X% efficiency the quarter increased in income. compared XX.X% was prior decrease quarter. tax the XX.X% other

tax XX% Going forward effective range. the in we the XX% expect to to rate be

I'll to Now the Yonamine. return call Paul

Yonamine Paul

Thanks faced want David. The ready time. and global COVID-XX situation to pandemic is Pacific you by all Central is assure We challenging prepared extremely handle that situation. this to this an during

have our employees, to to solid storm. areas. We capital support financial, and provide customers liquidity continue and all and a to credit, We will of weather to the enable committed to community these us remain provision the

month meals time. to a Earlier the during of called, The foundation recovery which to Hawaii once pandemic potential mind their to return community one further to meals the support visitors, local much-needed top communication is these occurs. encourage at and Cooking. of Japan of of Foundation this CPB continue We're provided XX,XXX also initiatives we and program highly engagement to struggling the subsidized ends our this families from other looking keep run Keep takeout our our cost restaurants. help this local Through campaign successful campaign with Hawaii purchase and Hawaii economy, a by particularly local the sponsored our

to To company flattening support your focused we're with a this. of our behalf continued pulling confidence in conclude, and the together community management team, On thank curve the beat and we're COVID-XX as organization. for very you on and our

address you this have. Thank any questions may you. we'll time, to be At happy

Operator

go Please the Feaster instructions] [Operator Our question-and-answer David begin question now with from Raymond We'll first ahead. James. session. comes

David Feaster

big fee Are of PPP you with you new from accepting just part new guys deposit applications clients? you require most or loans have revenue are Are been think fund of I have the in so most I to timing clients applications been in, the a do able with 'XX, You relationships Hawaii. just already regard lot you -- those that in and to accepting loans guess approved, quarter? from those XQ come in a those next existing of approved guess should of

Paul Yonamine

take Arnold's that of I'd I don't want to and all He's been Thank you, David night thunder. and to day. positively respond like to but working

why you So that? don’t Arnold respond to

Arnold Martines

I applications been and of program say are over-broader but customers, the Yeah community received supermajority -- do of apply we the that we the and support from Paul. for noncustomers would obviously our that business we customers, did we have also were our community. the has Thanks so support Sure. as we position the so our supporting is

regard we at $XX fees, it are over -- the With that million loan, range this point. term is estimate to for $XX the we roughly but the amortized fees in the of

David Feaster

Terrific. about then the the saving expense And appreciate some initiatives. the think but Okay. how I on color David opportunities, RISEXXXX do of you

much you were place commentary, think leverage? Just progressing are your on projects it sounds are since expense might or you guess any things about have that like as whole I hearing but do there broadly to that like planned, expenses how investment you

Paul Yonamine

This is Paul.

again just play other the and RISEXXXX initiative. explaining Let me first two One start technology is our the It's by largely is once infrastructure. components.

from the that us. platform, play, everything become of employees extremely new mobile has timely also VPN was nothing and ATMs converting On online and our technology collaboration all tools, them to new give stopped our ready definitely

been of trying that. matter we've fact, a accelerate As to

is the building feel as and components ancillary In of to so postpone on we're materials path the the floor our and we February, ninth first plan of our having said first we for be place planning renovation we our the and full can demolition of the already building example, floor of main of are that, many continue to prudent. and that started pieces that just floor complete down terms our infrastructure, there glass into things and to that

city real be don’t the But and January our push of view and and positive hopefully will other whole going is that that information state, any really personally hoping to that, think we're that's investment. be do renovation plan of a why XX, ahead date but first great we're years the David share which going business of open over expenses? having XX it, for of amortized we said COVID-XX on provide taken to on the celebration our contained the it lion's to have Most Honolulu on floor target I we've you XXXX is

David Morimoto

Sure. Thanks Paul.

So on David $XX and million the is initiative as mentioned, million we guide with said major total obviously lower other RISEXXXX in remarks, continuing our we're the Paul manage operating range. expense what -- are prepared components range we're with will of roughly the end $XX to and sticking as trying the we the to of we to to that

David Feaster

would and additional around a and have stick overall do might this you Okay. we one reserve me big losses, pretty That's I last assuming helpful kind for and basis be to then today points, the given of obviously helpful? jump builds just think are XXX for allowance little and we longer, about saw on but where bit on your a thoughts reserves that guess how any you loan commentary just

Arnold Martines

Okay. Thanks David.

think downside and we quarter, of loans a As at a forecast March. but as the implementing the we a the X/XX. the We used include of bank pandemic job all largest came in a banks situation team time with did economic at appropriate We COVID of ended of and midst some a seeing one some it's we look the a did that allowance of blend were nice March incorporate with out implementing of did been people of late in accounting changes that XXX the up took a forecast of as XX. CECL challenging that

of come three there that, downside. the have subsequent weeks potential in out have further forecast that April said shown first have been Having that

deterioration third could be -- there think economic would coming and further be is and and in would reserve there there the that it's the environment, probably So to additional in the the build extent quarters quarter. we second

Paul Yonamine

this David, Paul. is

add, how Let to there is of on out. just uncertainty lot going me a clearly is COVID all play

on relation federal Hawaii as and of with a also the extremely the in overachieved fees the SBA to been We in share the As market subsidy put bank to have anticipate of lot PPP. QX into our and in a programs bank the some is state Arnold is on additional our $XXX focused like touched lot of considering of QX that that additional we the fees will feel that can we as that billion counter we hopefully again in provisions help a achieve with Congress in to well. us terms

David Feaster

the the are Okay. you like what hearing hearing what what pressure? on pulse you what's guess That's some they, if I helpful. what customers, do your actually start it? loan at lines, sound do they and of this the It point but like clients, like from point at along how longer expecting maybe feeling goes are potential of you're think your same growth you from what's pulse the much kind

David Morimoto

our our David, loans it I in of very you'll of really are hotels, a loan we Clearly there with see have completely majority to addendum, on especially think tremendous that operations, the in very be a estate diverse who real companies portfolio low values whether clients. focused concern. place good base it is the we're have shut down and in the tourism restaurants

the to The stay county, city has mandate extension the announced end May. and home just at of mayor

for So has businesses. those huge clearly a that implications

United Hawaii most states light of is there not is So a the end concern much a at of comparison job doing in in quite tunnel lot the great States. yet the to

that quite tough. some So optimistic and there is is situation constantly are companies yet

all seeing bank can really been we of and those doing to So continue customers business, the out understand what plan that. help to trying doing we've how to is reaching the

Operator

will question Please ahead. Jackie KBW. Bohlen next come from go Our with

Jackie Bohlen

Hi. Good everyone. morning,

I an but come that fall, to hopeful your for is return organizations Hawaii topics have change you Authority mentioned think I to before Hawaii on just late something that or one question visitors Paul, local remarks out quick is early of you're to prepared hope? of the summer it Tourism as more internal been that one may Just that

David Morimoto

bit a be Jackie. I'd it's everything yet. the it very say I like challenges of has mean US, Mainland whether definitive little today. to Japan, it Nothing our major is markets it's

naturally I The that been just new the recovered whole pretty XXX, infections is on Hawaii. job our the good under yet it, state the not city with ecosystem little it's markets So the generally work to to. has have XXX infections a tourism of and daily a doing but and in bring Hawaii and today containing we concern at think

all now the State new working Hawaii Hawaii be and a in as early we the But our premium and of it city position the actually that's the down to now from of very I protocol, wonderful view even can destinations end gradual closely that boils by initiative, to government banks try to really bank and make a it hygiene are safer come and providing fourth can tourist seeing Hawaii ideas, state providing of that wouldn’t state the people of positive third that start hopeful and if are is pay situation we're think and government itself the and a new tourism willing our to one the one new technology something quarter, idea quarter with right to in and in globally tenacity experience tourism. rise

Jackie Bohlen

island those and to that able great a keep again. has job the because virus new of status people call as US reasonable from you any that it such advance been introducing the of assumption? assume Is to normal return your the it state in in done that the fair their other the people everywhere state, have would an state of than really more virus Hawaii giving be containing places able just really a is to to And

David Morimoto

able the assumption right I mandate the normalcy -- a towards I has fair been lot of home Jackie, in and moving think yesterday extended now, a at city's US from was looking Again to it would start May just June. early businesses all of the activity at XX will stay Mainland be is that

Jackie Bohlen

you ways at all coming very through Is your and and for or help there is the wonderful of available Thank terms at that? other minimum, that essentially businesses customers am to other Okay. how just of it I thinking or understanding home the them are everybody about programs helpful a you. looking majority and for the from looking the growth color are through have that not of? growth that that PPP thinking just That's quarter are second in

David Morimoto

Jackie, and know stores winners. still in Grocery and are a are whatnot. You companies that pandemic for health providing services there example, type safety

So as our in are are but that happening also what's clearly well reflected today. businesses benefiting there from are again those portfolio

of we with especially as is in having in in are are again, we the on lot tourism we the business. The a dollars and sure businesses the those and are much I subsidies project, construction to still the tourism that contracting, ones emphasize majority business, those shutdown that, the Honolulu the rail portfolio very bring invested usual. on energy said that sector that and companies But why and have on PPP diverse CPB time the small a industry want companies business vast of critical working defense has have are to facing making Act the even hand those Care's other this recent still so

these averaged that kind XXXX of application $XXX we times during million per was just $XXX,XXX critical over applications and Jackie. with little

Jackie Bohlen

last step back. And you. for one one Thank then just Okay. me I'll and

the volume what driven and to. the of banking was was is are a what whether between near MSR in purely wondering the mortgage it by expectation term the swing function quarters Just for market

Anna Hu

actually going segue. in perfect talk was was to about add but Paul's comments that to more I to those a

really looks the prior the in million and I low volume you projecting $XXX production. we've years are and was QX would is pipe dip, share about in say QX seen will that good in we in So the but with I seasonably

growth to earlier the and agencies just A continue in business that QX [ph] lot drive here it developers in the purchase things is key for of about to some A unique our year. in lot not to of so mortgage of but nature and ventures have rest and the goes will of mortgage talked the we wolter business. we the with joint regard that

Jackie Bohlen

MSR this And on if Okay. Thank question might the XQ. difference and a for technical you. between and the was of be just primary driver then that David just

David Morimoto

Yes $XXX,XXX. that's about amortization correct increased Jackie. sequential quarter The MSR by

Operator

next from Laurie Compass will ahead. Our instructions] with question come [Operator Please Point. Hunsicker go

Laurie Hunsicker

the boldly guys Just of statement you a so $XX,XXX about wondered do on about been wanted to should loss for start be quarter income first we or of versus the quarter. it's $XXX per How thinking that? all running

David Morimoto

an that market Laurie, the volatility. of equity Yeah was impact

policy used we a our employee as So program. have BOLI that's a indirect funding deferred source/hedge for

inside assets and normal funds. roughly the our income policy policy policies in mutual equity So roughly That by had are of the BOLI declined value we of $XXX,XXX. $XXX,XXX BOLI with

$X other So and offset of resulted quarter. income in kind they roughly in that's what first the each

we $XXX,XXX don't would in forth. market to return downturn $XXX,XXX to equity have going the stable, income expect stay things Boly Assuming the quarterly range we another to if

Laurie Hunsicker

quarter? Okay. That's non-accrual had income any helpful last and loan then within like your this recoveries net were interest you there quarter

David Morimoto

this negligible was quarter. It

Laurie Hunsicker

margin. Okay. Based on

you the like securities to million? shifting over that you that more thank any of if or the looks $XXX there real Good. just And it the dollar that your that for from million, being guess majority on COVID-XX credit then you obviously on primary of at the risk can C&I, know slide percentage is I $XXX outlined and toss as estate the potentially you industries say detail, Okay. was norm, X,

Anna Hu

industries secondary it I am sorry a paid of the million, securities. is billion Anna. won't $XXX this and is primary between I say

Laurie Hunsicker

million. $XXX those Between Okay.

you. both guess macro kind guess this both I and and That's Okay. David of then more I helpful Anna for is

In your can lending terms just give a X%, million outlook. Just refresh us of how update? you just your construction whatever a sort $XXX of

David Morimoto

restart up. question? you're please you Sorry, your Can breaking

Laurie Hunsicker

just today very loan back construction about me during books look back and downturn your help help your you of you level, you hurt which is you Sure. today book versus if high the X% really in So that's construction the differences your think at so 'XX about XX% different then construction sized? hear that's what outside obvious and right? in now think as what Just lending had Thanks us of just end of you Can us can but book now? are can the you last the

Anna Hu

Hi Laurie.

Our on primarily. we ago What different. XX is were Oahu, development. and years doing to the lot today supporting focused have condo builds we have construction of land we development, very here affordable the Back construction in today that book middle residential market very is Hawaii, a

where the not is difference were what the in years we that's XX in We're portfolio. So ago.

Laurie Hunsicker

the million then that your based? -- And $ all Okay. is Hawaii

Anna Hu

Yes. All Hawaii based.

Laurie Hunsicker

Okay. And mainly go the Mainland, versus correct? around, last was that in is the it

Anna Hu

A correct. on lot of it the Mainland, was

Laurie Hunsicker

And you happen today? what to versus back then have if then it, you were LTDs do remember

David Morimoto

XX% you $XXX,XXX, but it different in It probably started on peaked a portfolio. and different over a it's they Laurie, construction it much guess fair in think I I ended at $X.X share, they the XX%, for of profile much upside portfolio. risk and XX% billion was was on $X once but billion today the up obviously time we as but at had almost exposure that loan today it was said

Laurie Hunsicker

were the your a smaller. Right, that lot coupled loans fact with

so Okay. much. Perfect. I'll leave it there. you Thank

Operator

Yonamine, for any concludes This closing and back CEO to session. our to conference over turn remarks. like Paul question-and-answer Chairman the I'd

Paul Yonamine

the our future to of very opportunities Thank quarter earnings update in for to look forward first for progress. our you We participating much call Okay. Thank you XXXX. on you.

conference for has concluded. today's presentation. The attending now Thank you

disconnect. You now may

Central Pacific Financial (CPF) 22 Apr 202020 Q1 Earnings call transcript