Central Pacific Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company's total interest income was $47,276,000 compared to $42,255,000 a year ago. Net interest income was $42,824,000 compared to $39,704,000 a year ago. The increases in net interest income and net interest margin from the year-ago and sequential quarters were primarily attributable to the growth in the loan and investment securities portfolios, combined with increases in yields earned on the loan and investment securities portfolios. These increases were partially offset by higher time deposits cost attributable to the recent increases in the federal funds rate. Net interest income after provision for loan and lease losses was $43,010,000 compared to $42,349,000 a year ago. Income before income taxes was $17,542,000 compared to $18,646,000 a year ago. Net income was $4,288,000 compared to $12,208,000 a year ago. Net income included an estimated one-time, non-cash charge to income tax expense of $7.4 million, representing a $0.25 decrease in EPS, due to the revaluation of the Company's net deferred tax assets resulting from the reduction in the corporate Federal income tax rate in connection with the enactment of the Tax Cuts and Jobs Act ("Tax Reform"). Diluted earnings per share was $0.14 compared to $0.39 a year ago. Adjusted net income was $11,728,000 compared to $12,208,000 a year ago. Adjusted diluted earnings per share was $0.39 compared to $0.39 a year ago. Return on average assets was 0.31% compared to 0.92% a year ago. Return on average shareholders' equity was 3.35% compared to 9.46% a year ago. Return on average tangible shareholders' equity was 3.37% compared to 9.56% a year ago. Book value per common share was $16.65 compared to $16.39 a year ago. Tangible book value per common share was $16.59 compared to $16.23 a year ago.

For the year, the company's total interest income was $182,562,000 compared to $167,139,000 a year ago. Net interest income was $167,703,000 compared to $157,950,000 a year ago. Net interest income after provision for loan and lease losses was $170,377,000 compared to $163,467,000 a year ago. Income before income taxes was $75,056,000 compared to $72,220,000 a year ago. Net income was $41,204,000 compared to $46,992,000 a year ago. Diluted earnings per share was $1.34 compared to $1.50 a year ago. Adjusted net income was $48,644,000 compared to $46,992,000 a year ago. Adjusted diluted earnings per share was $1.59 compared to $1.50 a year ago. Return on average assets was 0.75% compared to 0.90% a year ago. Return on average shareholders' equity was 8.03% compared to 9.16% a year ago. Return on average tangible shareholders' equity was 8.08% compared to 9.27% a year ago.

Net charge-offs in the fourth quarter of 2017 totaled $1.0 million, compared to net charge-offs of $0.1 million in the year-ago quarter, and net charge-offs of $1.5 million in the previous quarter. The variances in net charge-offs from the year-ago and previous quarters were primarily due to the level of recoveries in each of the respective periods.