Company Profile
- Central Pacific Financial Corp. (NYSE: CPF) (“Central Pacific” or “the company”) is the BHC for main subsidiary, Central Pacific Bank (“the bank”), which operates 27 branches throughout Hawaii, predominantly on the island of Oahu.
- Given the concentrated HI banking market, with the top 4 largest locally headquartered banks controlling 93% of the deposit market share (CPF at 12%), and limited ability to grow in the mainland U.S. outside of portfolio purchases & participations, the growth at CPF has been expectedly slower over the years. To drive organic growth, management has focused on areas that they believe the company can outperform the larger peers in footprint, including residential mortgage, SBA, and digital banking, in which CPF is the market leader. Another area of emphasis has been its Japanese competitive advantage (~$1 billion of Japan-related deposits), as well as building out CRE capabilities, with the latter strengthened by recent…