CPF - Earnings call transcript Q3 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.'s Third 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. This call is being recorded and will be available for replay shortly after its completion on the company's website at www.cpb.bank. the to turn to like call Mr. over I'd Chief Morimoto, Executive Officer. President, Vice David Financial sir. ahead, go Please

David Morimoto

President Thank Hu, thank the Executive Arnold Greg, With and review Banking XXXX you, Chief and Chief Central Vice me the Executive as joining for Officer. and and Catherine Paul Officer; financial President we this us Executive morning Chief and results Yonamine, Financial Officer; Credit Martines, of Pacific third Vice are of you quarter Anna Corp. all Chairman for President; Ngo,

have a to Investor at The available We prepared we website slide will the in presentation presentation refer in Relations that our today. section of our remarks cpb.bank. is

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

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

complete the a to refer now, two For to related of over risks call statements, to I’ll discussion our presentation. please forward-looking of And turn our slide the Paul.

Paul Yonamine

good morning Thank you, everyone. David, and

appreciate As the COVID-XX Pacific as to through well your Hawaii Financial manage our company always, well of State interest pandemic. as we The continues Corp. Central in

mandated and latest X,XXX on range of per the we've daily week pleasantly average State in day the recovery. Hawaii's been the March of in the of The recently day to test. X,XXX evidence Hawaii experienced a pre-pandemic. COVID-XX since per to step which is rate visitors been an of In government late summer, rate several after have number compared This uptick a infection economic provide While for seven by infections key the respectively, air numbers, of this day led that reopening, State than dropped initial and less of surprised of XXth targeted a days, second Hawaii tourism XX XX,XXX infections as the with in X,XXX delays first day per October process arrival the has to negative in state of X.X% the and positivity October out to XX. After reopened shutdown.

XX, our Oahu and to digital banking of and we the Tier on At while with of rate day its August, further online received at reopen prudently platforms economy. COVID same new mobile through new and XXX X to allowed positivity launched than continue Additionally progress Tier includes X.X met push we than of seven market strategies, having X%. that key RISEXXXX average been functionality. recovery the parts less platforms, the X. The time less very made cases out rating the moving have mobile app managing requirements pandemic. the certain an by our of at Central Oahu features of October to Pacific, industry-leading well of which forward X many Apple plan the In with by

headquarters an to function and is building we this cutoff ATM P.M. state. and track ATM the progressing XXXX. banks Additionally, implemented of deposit day continue for of in opening cutoff our all The our time replace quarter the in on latest machine, entire January processing, network date is same revitalization Hawaii in well X:XX for full time an

regularly manage and We the environment. credit appropriately loan pandemic the to to our review monitor thoroughly continue portfolio and risk

announced to loans to the the the that our future support total believe also and share a to of of we Preparedness I'd turn X% down capital quarter, successfully our CPB Plan decreased Foundation. to to quarter, as Catherine? total week, During resumed our work we our XX%, million $XX a the portion nearly the bank continue loans excluding We on PPP significant end more -- third balance note the also loans. was private will of we deferral this about providing like completed deferrals to flexibility. Catherine community, this payment and now offering. At allow placement believe of customers me by our Last Pandemic on loans excuse will payments. subordinated call while over only

Catherine Ngo

Paul. you, Thank

Preparedness have in not we to Our pandemic. to Four Plan open any Currently closed in be temporarily place XX fully business. continues serve our to Pandemic remain and disruption branches our have customers. branches the had due

complete all to helping required continue and back environment actions enable three safe questionnaire third workday. During with programs. timely market the schedules, small the are office our employees customers. were into a consolidated provide us and We the adequate Foundation too in and branches in branches, social our both track larger work allow active branches consolidating continue each starting to to disclosed as and branch for with the prior teams quarter, the fourth CPB continues remote Much flexible to fourth of we distancing new these our for taken are to The supermarket community will health on to employees previously neighboring quarter. to a online daily be relevant believe

that the economic Hawaii-made forward glad launch of The Third in local, turn employee held Banking Martines, Chief products bringing President quarter, struggling more earlier maiden to businesses year, weekend, now over an national is one enables our We're wide good the Executive that Online Honolulu international to during local at small in-person years. festival festival, XXX pivoted attendees a festival over for small in diversification was The the our recorded challenging our Vice and a Festival to previously become to to Arnold. marketplace their towards foundation and call like the base XXX,XXX featuring and I'd online shoppers unique Hawaii quickly year-around through and needed of two revenue businesses current environment to arena contrast our the of successful visitors the presenting provide sponsors this support Arnold initiative. much than the attracting XX,XXX step sell over XX,XXX to products. Officer. three-day to exporting. a able was foundation

Arnold Martines

mortgage loan grow in third million, able $XX was loans. record a were income Driven record equity, to outperform environment, a of our year-ago. mortgage, and resulting construction the loan the Growth Thank by quarter residential continued partially our low categories more for we consumer these in C&I double was team you, with same declines residential by rate in interest portfolio levels portfolios. including the loan banking by the in production our lending Growth Catherine. commercial broad-based, despite offset than operating from and million environment. mortgage tough home quarter with the In income quarter, $X.X

assisting continue Most customers PPP by engage customers business QX, the bankers the advocate During and to for that Paycheck importantly, through the assisted our impacted broader to We for Forgiveness portal, recently continued we business process FDA. Forgiveness launched applying our COVID-XX. the community we begun Protection our from Program. have of our

our core As in $XXX that, expected, spend funding as remained million million. balances deposit businesses up their our Despite deposit a $XXX over quarter-over-quarter of balances PPP decline core saw year-to-date.

Additionally, both new of fee X seeing are basis our basis earlier. and for Paul digital by best-in-class of key of to and channels. digital consumer Providing the total our cost nearly We're we priority a technology points deposits mobile us. mentioned as new strong adoption rollout utilization declined remains with points. ATM launched our platform complete QX, XX In

consumer from from now has and available also year deposit platforms new deposit ATM due to substantially functionality earlier. a to volume increased deposit has year our for increased mobile earlier, volume enhanced ATMs Our a primarily the

and customer into and As remain our to will quarter, we engaging while our support laser-focused opportunities unprecedented operating the tough moved the base fourth but new vigilant bankers exploring to continue environment, customers given this time. during our

our Hu, Now Chief and to to Anna? Credit our Vice like portfolio I'd turn management call Anna risk to details Executive credit activities. provide over Officer the and on President

Anna Hu

XX% and XX, $X.XX XX% commercial. billion September portfolios with At Arnold. consumer loan you, Thank totaled the

loan a assisted loan loan in During they our through provided were PPP the we support to deferrals At providing resume customers to the we portfolio borrowers marketplace. excluding to our end, payment significant if of balance quarter, a of of continued our total the customers the quarter in or and total portfolio pleased uncertainty monitoring on navigated see million, the loans deferrals and monthly balances. their $XXX payment second X.X% needed, as declined number We payment.

residential consumer by and second were primarily three-month followed a Our by a and loans deferral, re-deferral initially business driven granted deferrals. was rate was three-month XX% These loans. small

highest number commercial portfolio loans, real loan a loan balances. $XXX totaling the food million loan of require the loan returned excluding million and portfolio is by estate owners majority the low customers or and to The to category supported real modification or commercial $XX X% industry loan balances. X% to While deferrals and payment by provided value customers service with a by have million loan totaling loans excluding liquidity and significant payment food and estate making real of exposures total access continued total leasing loan will consumer of the total some good ratios, for elevated balances PPP to are estate rental in two are and payments, The $XX the portfolio, expect in loan service the In capital. of supported due the category we've we rate. in PPP unemployment

of a their high-risk need totaled basis. PPP the which million, the Loan a at X.X% some our payment on will borrowers end loan excluding of be payment evaluated our industries expect of second modification deferrals loan balances. loan $XX for We or will case-by-case total portfolio deferral

be found XX on on details loan Additional can and Slide payment deferrals our XX.

result and our of assessment actions condition balances. deferral During and XX% loan million, total to portfolio $XX increased classified by and near-term of million million the and they've balances mention X% by by million million portfolio, continued taken support. management's PPP PPP the total criticized of balances Approximately the million special risk Loan financial borrowers' X.X% loans $X.X loan of outlook, loan of sequential were Special the over excluding $XXX total X.X% on or the PPP increased to portfolio, $XXX our strategy funding X.X% based loans PPP excluding received external or downgrades and balances excluding the to quarter, $XX or of strength mention also loans. borrower classified loans increased quarter balances. of and $XX

call our times. Additional the mention Chief to strong allow believe be can details turn special us Slide Officer. continue credit over to will unprecedented David to Financial rated portfolios our our remain and found and XX now and classified on Overall, David? Morimoto, loan Vice Executive diversified and these XX. we on approach I'll through disciplined President and to proactive those

David Morimoto

Net or third average the $X.XX Return per share. XXXX million of Thank on was X.XX% quarter income in quarter return was assets equity diluted was X.XX%. on average you, and $X.X the Anna. for third

to COVID-XX pandemic. Our by for due impacted the earnings continue credit higher provision loss be to current expense

by provision losses. driven Importantly, an economic third forecast actual in was the and loan the quarter in not largely increase our increase

increased margin net decrease was X.XX% was which net The quarter million, as pre-tax from quarter. million decreased million interest in our the in $XX.X for flat slightly interest the third Additionally, interest interest earnings quarter quarter prior in due to lower for compared in which as the the third The PPP quarter included the income X.XX% was quarter. The basis. X.XX% to margin interest the third loans quarter. to normalized well $X.X Net sequential in third interest the compared PPP, net rate yielding on pre-provision prior a PPP X.XX% and environment. $XX.X the to income lower loan income net fees. relatively prior was Net quarter remained for

was mortgage totaled million higher quarter operating to million. increase income primarily The compared Third million in $XX.X other due to $XX.X prior banking the of income $X.X quarter.

in Other also of the in XX.X% were The relatively the of million costs $X.X several previously to charge-offs Net C&I portfolio service At $X.X excluding XX.X% service increased the to primarily of consolidation Additionally, accounts, quarter three resulted outstanding and of for quarter. million charge-offs The steady losses suspended loans. ratio in-store by quarter totaled million and the loans, prior-quarter. as XX.X% $X.X the line included and came net for from reinstated charge-offs $XX.X prior million in items, driven the other in increase we related million, to due the charges was quarter to to pandemic. credit loan compared PPP effective closures quarter expense an in the exempt the noted. to which the increase owned that efficiency was on in $X.X in quarter. X.XX% our third service the temporarily XX, branch operating This expense tax remained lower end. certain in This consumer prior charges tax compared The X.XX% compared branch charges an prior increases third quarter bank of the $XX.X million or fees. third at was deposit current in third compares the allowance September rate life increase income. insurance portfolio. and to quarter, due The to was

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

the notes remained The Our considered approximately we community capital, completed recently liquidity our well We continue capital subordinated testing. us and the the further during our for future. X ratio offering, total pandemic, our and positions capital to and strengthened anticipated company CPF increase stress Tier capital and support ratios, the strong positions points. which and by risk-based subordinated is robust to XXX perform allows basis customers note are to

of be XX. payable business XX of quarterly on a shareholders December record close declared November on at of board Our cash dividend the per to which share, $X.XX will

Paul. Now, to I the call will return

Paul Yonamine

summary, on the In Central same manage well at COVID-XX while David. strategies, the to continues forward Pacific make pandemic. our positive through progress you, time Thank

solid a have position credit, capital to to financial, storm. enable and the We weather liquidity, us

As continued confidence begins, support our you. providing and time, remain for and will thank organization. be management happy our to the committed economic team you in questions to your behalf you have. address employees, to we On customers, recovery may this the At Thank our support of community. any we and gradually employees,

Operator

session. We'll Instructions]. the question-and-answer [Operator now begin

with Our Bohlen first question from KBW. comes Jackie

Jackie Bohlen

going expect, deposit everyone. run-off you understanding are see and plans got and a of wanted quarter. liquidity morning, you've at you forward more great a run-off loan PPP in sheet you for some don't to off, we've management just you Hi, to your start-off have perhaps Wanted if do or liquidity any you managing good other see running that? and PPP that that other liquidity that with there's the trends growth, between to start really look think management; sort I mismatch first if what balances balance job cash And against did seen,

David Morimoto

hope now Hey to is PPP Jackie, it's David. forgiveness we that the the Yes, outlook process. think right loan I have

reduction the loan deposits. the in the on PPP in our So closely balances rundown mirror balances PPP

the current with accelerated that's loans. announcement forgiveness dollar especially So small PPP for outlook, on the recent

Jackie Bohlen

Okay.

you Or guess have are that so, that cash? look extent does what, liquidity, happen, you And looking the if to investments? excess you security in to that may would keep at I for

David Morimoto

about some -- at have excess the net as right is plan, current To size, now, $X.X extent see Yes, we'll investment billion. roughly Jackie, its to loan that the the optimistic keep we starts the so growth we're to we're portfolio liquidity, economy rebound.

net So that obviously, outside we're loans. then looking cautiously optimistic to liquidity, see to growth the some up loan the extent investment put could be in we end work stronger of excess portfolio. it to But do PPP with

Jackie Bohlen

Okay.

room ton dropdown terms earning not margin and that where you deposit to position So in a are know how I about continue from liquidity have but understanding little then, just how of coming costs? you you there's yields, are bit management and you're then the forward a a of maybe thinking on pressures might asset to

David Morimoto

is net margin challenge interest the that's industry outlook. the Yes, banking the for

projecting the X.XX% the of margin And so into the next currently in we're to currently conservative to that offering. that a go assumed that's investments. It quarters. couple range range sub-debt net sub-debt -- of assumes interest reinvestment for X.XX% incorporates So proceeds the a

then as and the net that the that debt to environment loan a so growth margin incorporates do some help, interest it extent also offering you the sub see of core So referenced, some would that rate we stronger Jackie. pressure incorporates result

Jackie Bohlen

generation cut, on. hear a loan at core little hopefully was where then yield new So -- me? versus you And coming looking getting sorry Okay. the -- I'm can at looking bit the

that Millennial for you new the that. data are yield I'm at loan seeing portfolio? calculate ex-PPP So able the to Where origination and versus thank the you're you looking

David Morimoto

in the I say new is Hey, mix. Jackie yield new third were obviously origination yields that the roughly X%. sensitive very that will quarter, to loan loan origination loan that

particular new in loans So around a X%. mix quarter. of bounce third it the depending on quarter But was a the does roughly little,

Paul Yonamine

is cautiously to see trying what and margin in we're we're have that interest Jackie, in general Paul. to opening we're the investments to more up that economy. very with and time. going hopeful And there'll be the be will hoping more the to We're of over will net be implications and optimistic, that how show demand, tourism, this

Jackie Bohlen

Okay, questions. the you details, great. technical Thank I different all added both it. for appreciate

Paul Yonamine

Sure. Thank you.

Operator

The David next from question comes Feaster Raymond with James.

David Feaster

the just then are and been PPP loan much in early haven't following-up deposit have clients on spent? how you deposits the far trending deposit trending is deposits been how estimate growth in the Just you accounts the question, in an migrating have quarter? do are still successful And how new just bank to sitting and and for fourth thus PPP

David Morimoto

David, having we us, hear you respond some We're audio before Hey, to okay. can problems. that,

David Feaster

Yes, I you. can hear

David Morimoto

Arnold? Martines, I'm Okay, have going to CBO respond our to good. Arnold to that.

Arnold Martines

Yes, morning, hi. Good David.

mentioned as far the to as earlier, I PPP standard first So, in loans. deposit decreased balances quarter as

-- to the have through is difficult the have But on able because David. with few probably we this going be So bank we with color able the PPP -- accounts. the to at bit assisted determine and your that progress really to many, to spend that, of is and will little we're to going at net to we engage quarters we provide a amount on some just being It's inflows the in have we really that what point point to outflows, good as customers be obviously. deposits next the businesses -- our really operating elevated the future, more question convert the in made dollars. But expectation many still

David Morimoto

many team his the doing bank. ongoing there process, new them Arnold a through X,XXX great customers, over over well basically, PPP of become converting and to job were of and David, customers the

we're still pretty we it. good So have and on on working and successes some early

David Feaster

your trending some expected kind taking then of better Okay, as got just than we've started, economy bit the reopening that's about And hoping helpful. loan commentary are just the I growth recovers a for things hearing mean, pulse -- from on clients how pipeline early of any curious is you're your and thoughts how what updates and just on, trending your the are the customers? local what your economy, on

David Morimoto

I of shortage even call have see around a continues. especially and that I housing sector, in, still COVID a would fair we we non-tourism construction. such before vast what of So the amount strength mean

of quite be robust So for a that time, At online, sector very I many that Defense housing a on projects. of of investments federal the these robust takeout lender here lead Hawaii. large we very in to the new be it's to military fact lot lot we're and same the continue Department the with developments coming of continues the housing of by a are And the market. government, mean pleased

on ongoing, investors -- that's on And somewhat clearly huge see are don't tacked more spread continue that's And the opening to we sector. tourists here, in with we tourists a concerns and as the October So, COVID. the the well. XXth, by welcome to can on tourism reservations meaning

able I well very an think on uptick opportunities well, eligible to we'll tourism-related we and fare would for should that's us. as expect that be --

David Feaster

great color, of that. expenses appreciate face job I in headwinds. managing you Okay, great done that's last guys these And a revenue then have just one, the

it or whether any efficiencies any that you is lower from I initiative nature we all, anything good Just the as run cost that's go whether potential in digital new more mean know in a And platform, whether just curious huge forward? whether and savings then kept expense that there's forward. a I for this going coming there's rate one-time this

Paul Yonamine

We're our usage today. people more that as to mobile at David going think implications following look David to Arnold consumer is, we an new continue. our closely digital platform. definitely platform to the continue the to We're our mobile expect to And The of behavior what dramatic lot and more the already ATMs, effectiveness on. and of consumer I digital branch of us and to seeing on for network. changing that be Lot behavior having platform, quite affinity touched change -- deposit,

customers. else on, touched going look hard closed to do and three a we're Catherine As at while branches, what not we in-store taking inconveniencing could our we continue

And that'll a But have hard going don't probably we there, anything out but today. be so it. the table something to take we're look on at

Operator

Piper question next from Liesch with comes Andrew Sandler. The

Andrew Liesch

criticized are done? of everyone. of the But provision you reserve I CECL very reserve Hey, do the increase little built here? touch did this and good the nicely of there's bit quantitative we And as of to here to a in at portfolio. the kind borrowers could like that where increase to you is how economy want just still and qualitative just do for through here from low mentioned. the a morning, a certainly you've and plateau related an of but think be level those more year, overlays, that's loans. But little allowance with looking of kind you You percentage a they're have as you Or credit bit as the couple while for you notwithstanding, this seems on move some think in of got rebounds? commercial I good the mean, a building

David Morimoto

other and tourism then, we and David. be and trend X/XX. its forecast, be net forward the there the feel that as down where the [ph] And about and good, We we ways, reserve The we level function migration. going X/XX. We we versa. would Andrew feel to real charge-offs were reserved to to loan appropriately good could the feel the outlook extent directionally we're go economy, things local Yes, of -- with anemones of at average vice that. consistent the economic economy the or going appropriately a is reserved come If positively feel they're

consistent directionally credit So the in it's what other hard and give a the going say answer to economy portfolio. to it's you see with we to than be precise

Andrew Liesch

Okay, understandable.

C&I they commercial loans how are you? need borrowers regular presentation, payments we this they Are What about just of front-end the -- quarter. back telling deferral their more Yes, in as what the into that and do mortgage, may next XX% the On to expect you other slide time those move to here just do need come the resume deferral referenced, now? construction the is feel curious think year. situation, right XX% you they

Anna Hu

is this Hi, Anna. Andrew,

in and So, in September consumer. our to customers Again, payments. so and about the positive assistance. I on is moving or was seeing is we're that XX% to trends book, uncertainty watch, our unemployment focused we're commercial think downward really estate C&I back real and the to residential very in probably What there some as to to work we customers actively capital rate with then continue around well provide monitor, our

Andrew Liesch

Okay, and that process loans with thanks. these their think guys speaking gotten on sheets, the of all the And long you remaining, pretty do on been What's whether that the slowly. then just forgiven? sense But is loans they're balance balance how them? PPP before of and from so it's going in that have SBA around are repaid stick the you customers the

Arnold Martines

Andrew, so this Yes, is Arnold.

So opened kind as And a I mentioned recently. our just earlier, flavor. you of give we I'll just portal

we've such in loans XX submitted pipeline, totaling had four the SBA SBA. forgiveness. by $XXX,XXX loans had we approved million $XX the And to XXth, October for our for of As for

most Our that going expectation of in the XXXX. see happen we're is forgiveness to probably

given as times forgiveness just the through Just that's seeing what far we're our turnaround the coming and activity as portal.

Operator

from comes Point. question next Laurie The Hunsicker Instructions]. Compass with [Operator

Laurie Hunsicker

Yes, Good thanks. morning.

what of the with book? Can PPP us question to remind processing XX, on you are Andrew's your remaining Just wanted say on September as net fees just PPP.

David Morimoto

Hey, Laurie its David.

Laurie Hunsicker

Hi, David.

David Morimoto

of we had million $XX as X/XX, So still fees net earned. million. $XX be roughly the total roughly processing And to were

Laurie Hunsicker

David, this okay. million, you And were? color is a us and you question or two bit types $XX for commercial the perfect, for maybe Can then What thanks. can Anna. on credits? Great, of they million you give little you a $XX

Catherine Ngo

commercial Laurie, in about Hi, talking credits Are is you Catherine. the this non-performing?

Laurie Hunsicker

commercial that But relationships million have you all further Yes, to don't sorry; movement you loss. $XX see the have expect there. said we two I'm totaling obviously

$X Just were collateral. what up? give wondered Is and any other color piece secured they of extra then there can you million in that what

Catherine Ngo

with I'll Honolulu. Anna we that on real other piece I'll more NPAs loan sure, increase here paid-off share detail. value is real actually of Downtown, on start And provide that see in in Yes other that to was million half, $X.X amount then quarter-over-quarter. the Monday. this did you loan But, past secured then estate and a half estate maybe the will loan secured a property XX%. is yes, the And

Laurie Hunsicker

And what sorry, what estate? type of real

Catherine Ngo

building a Honolulu. commercial in Downtown, It's

Laurie Hunsicker

Okay, so office.

Okay, hotel just looking then some okay. you comment then, if book, And deferrals. at maybe just have just your -- your

any in be terms forward going flags, You then give you're low that in like relative what going? look Mainland, you which still isn't book of million beachfront? hotel color as us of where that terms us fact just remarkably can would open. to us just And thinking is whole we X.X% book can XX.X%, at this also, remarkably about to just just went see and is helpful. Just Can low, you very from remarkably level? you it to low, you looks your the stay Hawaii $XX think that remind expecting level approximate even properties, about help or What they

Catherine Ngo

So I'll provide some details. can start and then Anna

book strong with then Slide The so slide book strong and and XX, and our on of of deck number accommodation in C&I So CRE. broken a hotels flags, flags, with we it have of our you between $XX million, out comprises bankers. International see

the influx in earlier, of continued tourists, ability of Hawaii. lines on what to depend will the color so on to how the along hearing And and we're the give feel continued on of that reopened tourists. and But many surprised keep the the down mentioned pleasantly return of have progress tourism our hotels say Paul just to Anecdotally, here that with then you some of XX. the owners I infection the October on rate we about are reopening have portfolio,

Laurie Hunsicker

Okay.

you six-month you're approaching a granted? this? that is Is all that so how And deferral then that that

Anna Hu

on This is basis. It's month by months three three pretty Anna. a much still

Laurie Hunsicker

Okay.

Anna Hu

it; the of about at With openings. we some those to million, their accommodation good feel really hotels delayed regards $XX actually

looking of a we're for opening hotels couple So in November the at are X that category. that

Laurie Hunsicker

Okay.

Now, I that been open. Hawaii considering low hasn't mean it's

from and along your know, down XX.X% really I'm if those here deferrals looking good going at commercial me lines so Okay, again let X%. total improvement to just

can your something your buybacks, mid-cap of us And you're stocks. sub-debt -- be used buyback? think buy could like just are just to more to help We're announce so So you kind raised what banks but approaching trading, book potentially back how and more obviously potentially a with also you the have thoughts? stock about seeing certainly

maybe would us great. So thoughts any or that, Paul could you if think around that about Catherine help be

Paul Yonamine

Yes, Laurie. I'll respond to have David David? that,

David Morimoto

again, the recovery just is Hawaii us think obviously trailing Hi, with slightly I Laurie. tourism. Yes, the reopening economic Mainland

be mentioned on as to And going position. we're XX% value, the turn robust that's good of forward, Paul trading book with earlier. the a stock monitoring we we So with path as gain recovery pretty could the at local our tangible capital opportunity. economy, better of And the offensive visibility

Operator

would This session. turn Yonamine our Paul any remarks. for like question-and-answer conference over closing to to the concludes back I

Paul Yonamine

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

Operator

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

You disconnect. may now

Central Pacific Financial (CPF) 28 Oct 202020 Q3 Earnings call transcript