CPF - Earnings call transcript Q4 2020 | Central Pacific Financial Corp.

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Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Central Pacific Financial Corp’s Fourth Quarter 2020 Conference Call. [Operator Instructions] This call is being recorded and will be available for replay shortly after its completion on the company’s website at www.cpb.bank.

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

David Morimoto

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

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

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

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

the a to related our of the And discussion For forward-looking to refer statements, Slide call to of turn risks will X complete please over now, I presentation. Paul. our

Paul Yonamine

and Thank good David you, morning everyone.

your Pacific time interest for As exciting always, in Central very The we Financial start XXXX a Central appreciate Pacific. is of Corp.

Honolulu. our pleased the completed we Pacific Earlier environment for week, for welcomes opening fully future. community to businesses co-working space that and and a a which the well fresh had lobby, initiative, the grand have for Plaza renovated that modernized we brings announce Central energy small open and the large non-profits, features which us main successfully downtown to lobby branch, current this are in positions and We extremely RISEXXXX new a

completion platforms third quarter. with mobile milestone in ATM our new completed banking that quarter of online in network full banking RISEXXXX fourth upgrade also launched We our the the the and the digital and on

strong an our bright reflects history and that The new fourth the fresh had we brand exciting financial new launched. ahead. quarter is may slide brand both of of part have future in unique full and the a You this our that results design just quarter. for year have we This presentation We look XXXX. new noticed company’s

by our earnings expenses higher impacted net losses, one-time and pre-tax for pre-provision was credit provisions While income were solid. core

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

loans our was significantly decreased quarter, down total total to of fourth deferrals year-end. balance PPP loans, loans of the on X% payment During and at excluding

a Catherine? approved Finally, repurchase and a our update Directors and authorization. turn dividend Catherine Board an provide like state’s now share to of to cash $X.XX declared new of on share per call our pandemic status. I’d over to company’s the quarterly

Catherine Ngo

continues COVID-XX Paul. State to Hawaii the Thank manage pandemic. you, through of The

as We workers. have responders tier frontline are quickly first medical worked first through vaccinating our residents and and as of possible the

recently We in tier, Honolulu, next two opened have includes population. vaccination the we elderly move the which sites as mass to

down second-lowest capita X,XXX infection compared significantly is for negative nation per is in in a The the to day, COVID the open counts on COVID Hawaii tourism of avoid year currently still the basis. range to rate ago. State recently been arrival The the have daily economies requirement a a quarantine. per visitor test remained X,XXX Our to but in the with

initiative adequate of too continue we with Central footprint social consolidated XXXX, At and highest small branches standards which to We for of operate vaccination in into were the safety a neighboring social recovery the of that in had are we economic branches three XXXX. to optimistic health, distancing. distancing. branches We’ve Hawaii in-store start a Pacific, mass successfully with see will four that

will work of schedules to are branches teams taken daily from work the call starting through as to deposits environment Arnold and turn I we’ve We us flexible to Arnold? to to a to Vice required continue employees office for like continue both Chief our our President over the digital We and these actions exceptional health remote to at closed retain customers. employees a prior customers would we and our service to Banking Officer. online provide questionnaire our and continue and Much enable our complete each now other to provide safe expect day. branches Martines, channels. all believe back Executive

Arnold Martines

you, of residential fourth portfolio quarter, mortgages. In mortgages, growth excluding commercial $XX grew and million, HELOC Thank driven its commercial, by Catherine. million, PPP the bank construction, by the pay-offs loan $XXX loan in

million $X.X income team the banking lending quarter. residential for record production, levels resulting to continues outperform of Our in with in mortgage

over previous income the year, million, billion $XX.X For than income augmented in which by $X loan XXXX banking production. more year, the was mortgage the from was double

income. PPP fourth a and million the in which fee $X.X resulted in received recognition quarter, forgiveness processed During of we significant the applications, of amount

to We forgiveness applications accepting loans recently new for from second draw loan customers. and PPP first both PPP started business continue process and draw applications our

deposits in continues our by team business million, during by $XXX quarter our fourth engage for Additionally, consistent year-end augmented front-line customers broader of with support our development which to by Core business seasonal community impacted remain and the is steadfast the efforts. inflows increased COVID-XX. and our

core million. the deposits increased by XXXX $XXX year, For

key the points our XXXX, launched ATM cost and our fleet. for online and technology now quarter us. our our best-in-class to deposits is the priority rollout consumer we total declined Additionally, down new completed new of and for X Providing of basis digital mobile from by X In basis customers remain platforms points. prior the

for these yesterday, We consumers and or to will customers digital or consumer are new and tools that our a loan our a strong seeing open platform adoption account we customers. checking new launched other online allow just by apply And online. a utilization personal new savings of

we on additional forward this in coming look digital is updating you the and team quarters. and products year adding to services Our laser-focused

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

Anna Hu

year consumer portfolio $X.XX and totaled loan Thank XX% with Arnold. At you, end, billion commercial. the XX%

their of support in end, marketplace. to we loan ongoing pleased assisted loan the declined We a provided loan During $XXX of At total to balances. by customers and the as deferrals needed portfolio, loan our were continued on to deferrals payment our as navigate providing the monthly to payments. we portfolio continue customers the the making changes quarter, X% and additional they loans total see the through significant PPP quarter excluding of resume or payment to million balance borrowers number monitor

redeferral was Our payment to primarily where nine and were XX% months. by was rate extended residential loans driven deferrals

customers saw decline highest returned total real or During total by to are modifications that deferrals high-risk payments approximately consumer X,XXX portfolios, million granted deferrals loan making PPP total of short-term rental million, are million borrowers for a real portfolio, a commercial PPP the $XX these payments significant payment loans decline quarter, the payments, and loans are be quarter. balances. making of and of majority resuming to The supported their the and Loan loan-to-value X% leasing of to the ratios. payments. loans by loans to Of $XX to loan estate estate resume deferral only loan totaling totaled in The leasing with on loan expected loan our sequential on we as six real million X.X% industry consumer the in deferrals. estate and at returned exposure industries end the loan loan balance commercial of month low excluding In payment terms. contractual industry balances. the at of the payment declined $XX $XX continues excluding X% and portfolio, rental The or XX%

January on loans, of X% total excluding of loans further XXth, balances. total decreased As of $XXX PPP our balance to deferrals payment million or

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

a total commercial special loan non-accrual and We non-accrual portfolios, of million $XXX loan of of and settled also par million balances. and PPP the excluding $X.X portfolio received the the declined quarter Approximately million total X.X% X.X% classified total real balances. PPP During a at the another or balances sold loans of mention loan portfolio, by to $XXX commercial loans criticized loan and of quarter, and at estate million to excluding loan XX% loans mention estate $X.X declined or $XX to balances loans. by $X.X sequential $X.X increased of commercial or PPP million. payoff of million Special and XX XX% by million or balances classified $X.X excluding PPP million classified real X.X% classified

This the and call remain through unprecedented Chief will over continue now Vice will to found approach to proactive loans diversified mention our Additional classified special on and remain strong our our Financial loan us and Executive these and future. with turn to and into disciplined us customers times. rated XX Slides XX. I believe David be to serve the our Morimoto, well on allowed portfolio can to details working continue President David? to asset and our Officer. we management quality has stable credit Overall,

David Morimoto

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

full was was equity million pre-tax pre-provision million Return since highest the $XX.X or X.XX%. net XXXX for income Pre-tax Great earnings was on diluted pre-provision average the average was year, CPF has to $XX.X were For share. $X.XX on million generated per and $XX.X X.XX% XXXX in return earnings Recession. XXXX, assets compared the XXXX.

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

quarter operating and $XX.X primarily income $X.X income million there compared increase totaled X.XX% increase income The several Additionally, compared to interest fourth and quarter. the in SBA. in Net The for X.XX% prior debt interest by NIM net Net banking loans to other decrease fourth $XX.X fourth new one-time was quarter interest investment the expense. The and net fourth prior normalized subordinated increased quarter. prior forgiven prior sequential recognition. PPP Fourth income the included expenses the in recognition higher PPP million lower margin prior in million, X.XX quarter was quarter, the fees to loan in increased fee the net PPP’s interest $XX.X to totaled due were in million million to the to accelerated of $X.X The in million the the income income due mortgage was compared to loan PPP was due of X.XX which quarter compared due in to fee yields PPP is were quarter. quarter. $X.X quarter. The aforementioned income interest the from quarter which million. the $X.X the for as

gain was the costs, expense settlement, litigation The compared debt employee prior increase expenses of largely driven incentives one-time other related million totaling branch expense fees, which by prepayment million $X.X to million securities quarter. Additionally, a consolidation $X.X fourth Other in quarter we operating $X.X in realized sale which on the compared quarter, on $XX.X securities quarter. the loss million, sale the to prior of a for one-time current of to an million $X.X benefits, of of increase was was and accruals. and

the current to increased in in to deferred higher the was Additionally, higher efficiency fourth quarter XX.X% to compared related primarily software expenses. expense equity-market XX.X% our technology related and initiative. to volatility computer due the one-time compensation ratio quarter, there quarter, previous expense the in The to

we quarter. XX% compares of XX.X%. fourth credit loans. for continue was by been of quarter tax the And expenses X.XX% net quarter one-time or CECL ratio compared driven XX.X% our Net to fourth quarter-end. utilized $X.X the the loans, the forward, quarter. of Excluding in buildup $X.X largely December of $XX.X have in in charge-offs allowance of was would million the prior economic the X.XX% to in excluding This range. efficiency the be effective charge-offs was our $X.X credit to forecast million, to going losses rate as ETR The The the to PPP million in totaled At XX% outstanding million methodology. coverage XXst, fourth expect prior reserves

capital remain and continue perform liquidity robust testing. stress and Our positions strong to we

Thanks. completed fourth of With I to capital the note as will we CPF now offering subordinated Paul. total in return XXst. ratio increased $XX And quarter, our to million XX.X% the risk-based call the December

Paul Yonamine

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

a credit, liquidity financial, position. have capital We and solid

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

Operator

[Operator from Instructions] Please David of James. ahead. go First Feaster Raymond comes question

David Feaster

morning good Hi, everybody.

Paul Yonamine

David. Hey,

Catherine Ngo

Hi.

David Feaster

it I was growth. Exclusive growth better see. wanted And originations PPP, might and than loan of on be to to out accelerating. seems like expected start was great it

of terms what of XXXX? maybe curious rate is loan seeing Just and this the in reasonable your are looking? How demand growth you pipeline term on mid-single front? kind for expectations near And some is just digit

Paul Yonamine

been, biggest still and pipeline this can introducing management. Arnold Martines culture the I’ve quarters, diligence have of one expect course. really we really And our changes past the practice you we and Yes, of thanks credit think changed driving has view the call loan David. And fundamentally prior probably naturally year in a lot sales going the a has of I mind-set, kind on good as touched of more on always we we around what a But growth been what forward. of Arnold, have

maybe can you that. So comment on

Arnold Martines

Thanks thanks. Paul. Yes,

into of First we is in still forward on XXXX. we here all, move to optimistic there year. days as COVID, looking very We although we’re impacts better are – the

of the as pipeline And does our we looks into deposit half the move so – pipeline first year. and as our good loan

to be the mid-to-high this were growth we in So year single-digits. loan expect we looking

Paul Yonamine

again. this residential in especially a been market a of also homeowners and is purchase Paul, on we CPB very quite new with very that market think robust And lot Hawaii services and of have I fortunate interested really lot has mortgages. gaining the have a level But offer share, we’re David, to been of still

David Feaster

you Islands mainland assumes? kind pretty, just Okay, the that just U.S. landscape just and lastly, that interesting pretty strength U.S. are can growth? what the then your of and seeing growth curious elsewhere, And decent you out it the pay-downs then just to And of of the like within thoughts kind segment by Hawaiian competitive color. that’s mainland, on pay-offs see good the – and talk maybe about where versus and was

Paul Yonamine

of well that’s and the to established think, able on with new us given were touching translated lot mean, Yes, mainland, locally. relationships I PPP us. that for I a before type lot opportunities coverage of achieve, the here for we of a the especially loans, new to

very downturn really mid has culture It business. estate the have we pretty in is hoping market, specific come single-digit as given forward. think but challenges to vaccine resume driving still the the mind-set the a Second this that. a is that’s organizations Hawaii comfortable and as to for that growth stepped this again, have real about to compared speak part Arnold – with able referred – so but tourism industry, and mainland, that other I – we year earlier. Hawaii the it’s on, we’ll around again new market, really We competitive, third that and hopefully Naturally, exciting really heard that to latter happen real touched A the estate even some think and I a is the more this the more in lot to immunity feel opportunities. going of back the up remains – tourists more high be will I lot I we’re

David Feaster

you mean, just – – it’s like said, Alright, guys that’s I customer really the kind PPP you a your lot program of up acquisition. helpful. immensely then And on were successful in following and of driving

Just for kind there on expect PPP are applications, volumes your tool? out taken just using round of of this you another and acquisition some next appetite that curious as appetite whether maybe customer curious – the could already and guys focused you’re you of that your

Arnold Martines

Yes.

we really So, last good a did effort year. have

we know, over about or $XXX you million. As loans did X,XXX

be for new – able relationships looking we’re we’re the as business market. in looking to data to really at tailwinds very us positively So build

new this current started have in in taking So, we PPP round. applications

are over draw applications of applications. received you Most have requests. know We X,XXX it second

our this is working process moment. busy at that So, team through

Paul Yonamine

are want who PPP. thanks already us I Paul. to the a many as a and might seeing new of them CPB companies that that on of stipulating employees we be CPB converting And to our are we this we customers result, to to job companies first do many add with is application, great coming did round

So, of this into know few absolutely, the ways of I David, new is the you think bringing one state. money

up together community are more and step we I think and into and and to state the We are, getting technology, of the teams’ customers it sure that that. customers again, our make aware moneys prospective using the bring

David Feaster

you. Thank it. of sort That’s

Paul Yonamine

Thanks, Sure. David.

Operator

you. Thank

Andrew Please ahead. Piper with from is question Next Sandler. Liesch go

Andrew Liesch

Hey everyone. morning. Good

Catherine Ngo

Good morning.

Paul Yonamine

Andrew. Hey

Andrew Liesch

obviously just the Just give wanted past, the to rate. higher about alleviated a this morning. there you – this the deferrals, good some might referenced, with is on anything you trended, you pause? had had in of the that some have maybe how With see something lot unemployment consumer comments things that talk tying But these been concerns have or you horizon

Catherine Ngo

now you consumer to for the just that one consumer you at to the year, it and detail. for of yes, And compare a we we’re just last on supplemental noted we But high XX, if that a in were Slide deferrals. then you start the over and where at and million at deferrals numbers X,XXX deferrals. $X.X turn improvement I’ll see XXX will Anna were deck have in point

for So reason and tourism coming reported people, there visitors But numbers, some we and Hawaii. local we improvement earlier the even of the is, so the into residents money on and is see the stimulus return is I to think other out do certainly had back restaurants. the we the

requested last kind and on there number, course small just consumers that is deferral then and So that X,XXX that the of were employment consumers really of of XXX, we levels those repayment expected And assistance the while a to I’ll maybe to a increases of repay thing debt. that or were need share some repayment the on ability plans. plan

terms went payments back the to per the of on others contractual All the note.

Andrew Liesch

it. Got

do shaping out purchase up? how for side, progress just on has Thanks. How good see then on some pretty this It share. – market you banking, two been the Yes, business playing continuing strong there the is that taking item sounds line is like pipeline helpful and I Okay, want that’s to that mortgage quarters? really quarter. next that encouraging.

Arnold Martines

Yes.

anticipate So – me about this million, and really on that’s to roughly sale to believe of portfolio. our because and fourth million million Arnold. originations for excuse the we are plan first gain to to the reason the really, of quarter, is will $XXX $XXX had the in $XXX and It and third We the that the is shift – production, originations In quarter – quarter. million the some normalize we income looks starting the to good. spreads although is $XXX decrease, originations we this be total compared

the So that’s the for – first quarter. plan first going our into

Andrew Liesch

for $XXX you Got $XXX it. the fourth Did or million quarter say million?

Arnold Martines

For it million. the fourth quarter, was $XXX

Andrew Liesch

Got Arnold, question, or great. one and it, products us launch services then maybe update other And that looking with looking you you forward digital are the on. us can referenced right now. What you new are that to tease things Anything some to expand?

Arnold Martines

You discussion that later are going – we stay keep quarters. are in going we some have future to we to for things But coming. exciting tuned, know

Andrew Liesch

for back. Thanks response. I’ll the be Thank questions. my might taking you. that thought I step

Paul Yonamine

Thank you.

Operator

Thank you.

please question ahead. Bohlen Jackie KBW, of Next go from

Jackie Bohlen

Hi, good everyone. morning

Paul Yonamine

Hi, Jackie.

Catherine Ngo

Good morning.

Jackie Bohlen

expenses, that work more – wanted start lot progress behind just made seeing and a and you the Hi, that to on to benefits. has going of of some now start with tremendous you’re you been RISEXXXX revenue

that? these both but from Just with of wondering see growth might that now about offsetting behind well continue some expenses you’re as strategies, implement also you, other you to just as how are costs a baseline of thinking of kind start what we kind to from those

David Morimoto

Jackie, Yes. start I’ll there. Hey David. it’s

deem there expenses roughly that we’ve we were as and quarter fourth was million, normalized one-time it’s basis. There total $X on a million discussed. about the $XX in So,

of fourth a $XX range we’re million. quarter million is to million. forward going What So, roughly guiding to $XX $XX was

behind RISE will that mentioned RISE normalized on uptick was where fourth expenses much slight quarter It us. was What the in was I know a a it And expense of you is from dollar we the state the the capitalized. were the expense So – of RISE in lot that are basis. a building. I

forecast leading RISEXXXX And amortization. forward some the of as start so is that we expense work on us, going expense while the behind into is

Paul Yonamine

as we, this Jackie, So Paul Yonamine. and is

the all like on always for amortized we it’s that take As forecasts. years into of we investment mentioned building our XX example, over and the before, infrastructure,

were the and costs other able years put used know to You ago a may that XX, be we in technologies is thing that arm leg. XX an to

You technology. stickier we’re able customers. know cloud-based to costs drive also as forward, go best-in-class we say for needless going especially pay more license line. nowadays us, But our everything you the to top the accretive get It But to those with licenses. and becomes is

so again, to RISEXXXX, is So actual investment behind speak the us.

be driving very We’re be a of recognizing in going lot accretive to costs, we for us but anticipate to revenue. of terms that

Jackie Bohlen

that this I there and Okay, helpful. That’s And very guess thank is long-term and else. guidance you. and everything was mean a realize I would on based that very I inflation

versus past, million in general $XX primarily So, amortization million that? many is or million and then to million $XX compensation the else that spoken else the between into the historical to we vesting is variance $XX and about had built everything just there $XX the quarters that anything many,

David Morimoto

Yes, Jackie, and little further of areas bit ourselves it’s in opportunities what you in mentioned our investment digital and then team. incremental in of it’s also a strategic

Paul build mentioned, there. that’s kind ourselves, in as But We delta continue and to the to of drive future our revenue. obviously invest

Jackie Bohlen

Okay, keep might right new just table that one flexibility that’s thoughts one, it’s to on authorization, if thank buyback look if when discussion was the starting now? last something the on you. more curious on in it then And at just or just you your regarding active the

David Morimoto

to former. in use more We authorization Jackie, Yes. the it’s our of wanted future. it’s so the for in the there place, have

will unemployment rate November XX% but be state are we in to, able it We somewhat from X.X%, out not down economy later X%. and the our will are of this economic to was visibility we’re good hopeful profitability. last Hawaii, strengthening on that the this of recovery came April on it Hawaii function of mid-XX%s peaked on in restarting news and time, a and We a be get it’s at of and year bit better down which did morning we the – at dramatically year repurchases the down this at the now from

good news. some is obviously that So

Jackie Bohlen

can’t must you to having Thank for be are traveling renovated Great. and up That I, all we it everyone wait you. behind the one, exciting, I see on person really Plaza in congratulations guess. once and again.

David Morimoto

Jackie. Thanks,

Paul Yonamine

Jackie. Thanks,

Arnold Martines

Jackie. Hey,

the Just on the of earnings for and mobile our new analyst Plaza banking on on package RISEXXXX, supplement the in revitalization an to information, there online webpage, our IR – addition the is platform. your

Jackie Bohlen

for look take and sites. Thank you. a Okay, at that those look great. I’ll

Catherine Ngo

Thanks Jackie.

Operator

question Next Laurie Instructions] is [Operator ahead. from Please Compass of Hunsicker go Point.

Laurie Hunsicker

Yes, hi. Thanks. Good morning.

Paul Yonamine

Good morning, Laurie.

Laurie Hunsicker

I I you. with could wondered Anna, if start

So you commercial, XXth, – what mention just as have of on in even that corresponding you was of on just the January resi a consumer, to it and down the $XXX you were on I if had if terms million, deferrals wondered have million further on even and a high-level consumer? CRE, breakdown you if $XXX C&I, it

Anna Hu

came with consumer start million. I’ll million commercial down real estate C&I, bit $XX the came down a at and million to $XX sure. little $X to for came Yes, to down and residential million that down $X

Laurie Hunsicker

$X Okay, million.

Okay, are great. deferral I fabulous. mean trends your

are is very with for So and are around reserves what loss this numbers million sit it you ex-PPP, could it where all maybe you that? loan but you per you’ve loan given as quarter points. round basis seeing how conceivable at, you, think on just be assumptions at we is provision, charge-offs given you run certainly your a $X that about COVID, making question thick XXX conceivable said growth, David, Is

David Morimoto

forecast loan and economic the Again, optimistic the normally cautiously we quarterly to the migration performance to on the trends, a as Laurie, portfolio. Yes. provisioning this basically we’re front the with be rate. economic is net of question, charge-offs unemployment going function the the in reduction respond forecasts, of

going see So it’s be I portfolio forecasts with performance. to directionally think consistent with the and we what just our economic loan

Laurie Hunsicker

Okay.

at with interest out the – around would and $X in In words, up income was the PPP stripping round $X.X out net I X.XX%? the of your million just immediate $X you to strip and this million arrive you of other did I Okay PPP, had that X.XX%. quarter million NIM, forgiveness. numbers assume then I it of recognition but sort the came

million correct? you is X.XX% that assuming the $X So that for I’m use

David Morimoto

No, use earnings $X.X in number we the the million, release. the that’s

Laurie Hunsicker

You used million get to the to full down okay. X.XX%, $X.X

David Morimoto

Yes.

Laurie Hunsicker

just clarifying for last question. then thanks Okay, that. And

So, in-store three XX you branches. branches in-store are branching? of and the us branches how just remind Can were about just how closed your in-store thinking of you’re many you branches,

Catherine Ngo

So, Catherine. Laurie, hi, it’s

the the branches in-store you we closed of particularly were So small. as X for and branches reason was know X in-store those that

were to one branch is for intend we So distancing. continue social the in-store the that to we larger to do operate provide But not and one. able other

Laurie Hunsicker

Okay.

of total So branches, left have clarify, just your you to XX that’s only one branch in-store.

Catherine Ngo

– in-store correct. that’s in-store, That’s that’s

Laurie Hunsicker

Got it.

perfect. leave Okay, will I you. Thank there. it

Paul Yonamine

Thanks, Laurie.

David Morimoto

Thank you.

Operator

our now Please remarks. over conference concludes question-and-answer Yonamine Paul I go This like to for closing Mr. to any turn ahead. session. the

Paul Yonamine

very all you we all this Thank look engaging further much. forward for Great. Goodbye. Thank for very with much you of joining us morning you. to and of you

Operator

you now conference for presentation. The attending Thank concluded. is today’s

You may now disconnect.

Central Pacific Financial (CPF) 27 Jan 212020 Q4 Earnings call transcript