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Central Pacific Financial Corp. Reports Results For Fourth Quarter And Full Year Of 2019

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Central Pacific Financial Corp. (NYSE: CPF) (the “Company”), parent company of Central Pacific Bank, today reported net income in the fourth quarter of 2019 of $14.2 million, or fully diluted earnings per share (“EPS”) of $0.50, compared to net income in the fourth quarter of 2018 of $15.8 million, or EPS of $0.54, and net income in the third quarter of 2019 of $14.6 million, or EPS of $0.51. Net income in the year ended December 31, 2019 totaled $58.3 million, or  EPS of $2.03, compared to net income in the year ended December 31, 2018 of $59.5 million, or EPS of $2.01.

“2019 was a pivotal year for the Company as we embarked on our RISE2020 transformation. We continue to make significant progress and are on schedule to meet our 2020 milestones in our digital banking and branch transformation initiatives. We are pleased with the financial results for 2019 which reflect continued execution on revenue growth while we invest for the future,” said Paul Yonamine, Chairman and Chief Executive Officer.

“We concluded 2019 with strong financial results including solid loan and deposit growth and core margin expansion. We look forward to continuing to transform our bank in 2020 and beyond,” said Catherine Ngo, President.

On January 28, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.23 per share on its outstanding common shares. The dividend will be payable on March 16, 2020 to shareholders of record at the close of business on February 28, 2020.

During the fourth quarter of 2019, the Company repurchased 165,703 shares of common stock, at a total cost of $4.8 million, or an average cost per share of $29.13. During the year ended December 31, 2019, the Company repurchased 797,003 shares of common stock, or approximately 2.8% of its common stock outstanding as of December 31, 2018. Total cost of the shares repurchased during the year ended December 31, 2019 was $22.8 million, or an average cost per share of $28.60. During the year ended December 31, 2019, the Company returned $48.5 million in capital to its shareholders through cash dividends and share repurchases.

In January 2020, the Company’s Board of Directors also authorized the repurchase of up to $30 million of its outstanding common stock under its share repurchase program (the “Repurchase Plan”). This authorization supersedes the remaining repurchase authority under the prior repurchase program, which had $21.1 million in remaining repurchase authority at December 31, 2019.

Earnings Highlights
Net interest income for the fourth quarter of 2019 was $47.9 million, compared to $44.7 million in the year-ago quarter and $45.6 million in the previous quarter. Net interest margin for the fourth quarter of 2019 was 3.43%, compared to 3.28% in the year-ago quarter and 3.30% in the previous quarter. The increases in net interest income and net interest margin from the year-ago and sequential quarters were primarily due to growth in the loan portfolio, combined with higher non-recurring interest and dividends and lower deposit and borrowing costs compared to the year-ago and sequential quarters. These increases were partially offset by lower interest and dividends on investment securities due to the planned runoff of our investment securities portfolio from the year-ago and sequential quarters. Net interest income in the current quarter included higher non-recurring interest and dividends of $0.9 million and $1.1 million from the year-ago and sequential quarters, respectively, which positively impacted net interest income and net interest margin in the current quarter. The non-recurring amounts included in net interest income primarily related to interest recoveries on nonaccrual loans. The decline in deposit and borrowing costs from the year-ago and sequential quarters were primarily attributable to, and consistent with, the three rate cuts by the Federal Reserve during second half of 2019.

Other operating income for the fourth quarter of 2019 totaled $9.8 million, compared to $9.4 million in the year-ago quarter and $10.3 million in the previous quarter. The increase from the year-ago quarter was primarily due to higher merchant and bank card fees and commission and fees on investment services of $0.3 million and $0.2 million, respectively (both included in other service charges and fees), higher income from bank-owned life insurance of $0.4 million, and net losses on sales of investment securities of $0.3 million recorded the year-ago quarter, partially offset by lower mortgage banking income of $0.6 million. The decrease from the previous quarter was primarily due to lower mortgage banking income of $0.6 million, combined with a net loss on the sale of a foreclosed asset during the current quarter of $0.2 million, partially offset by higher commissions and fees on investment services of $0.1 million (included in other service charges and fees).

Other operating expense for the fourth quarter of 2019 totaled $36.2 million, which increased from $33.6 million in the year-ago quarter and increased from $34.9 million in the previous quarter. The increase from the year-ago quarter was primarily due to higher salaries and employee benefits of $2.2 million and higher computer software expense of $0.3 million. The higher salaries and employee benefits compared to the year-ago quarter was partially attributable to the addition of positions in strategic areas and higher commissions, combined with annual merit increases effective in the second quarter of 2019. The increase from the previous quarter was primarily due to higher salaries and employee benefits of $0.6 million and higher computer software expense of $0.2 million. The increases from the year-ago and sequential quarter were also attributable to a lower credit to the reserve for unfunded loan commitments. During the current quarter the Company recorded a credit to the reserve for unfunded loan commitments of $0.2 million (included in other), compared to a credit to the reserve for unfunded loan commitments during the year-ago and previous quarters of $0.5 million. Other operating expense in the fourth quarter of 2019 included approximately $1.3 million in RISE2020-related expenses.

The efficiency ratio for the fourth quarter of 2019 was 62.81%, compared to 62.21% in the year-ago quarter and 62.48% in the previous quarter.

In the fourth quarter of 2019, the Company recorded income tax expense of $5.2 million, compared to $6.0 million in the year-ago quarter and $4.9 million in the previous quarter. The effective tax rate for the fourth quarter of 2019 was 26.7%, compared to 27.6% in the year-ago quarter and 25.2% in the previous quarter.

Balance Sheet Highlights
Total assets at December 31, 2019 of $6.01 billion increased by $205.6 million, or 3.5% from December 31, 2018, and increased by $36.0 million, or 0.6% from September 30, 2019.

Total loans at December 31, 2019 of $4.45 billion increased by $371.2 million, or 9.1%, and $81.7 million, or 1.9% from December 31, 2018 and September 30, 2019, respectively. The year-over-year increase in total loans were driven by broad-based growth in almost all loan categories. The sequential quarter increase in total loans were primarily due to increases in consumer loans of $43.1 million, residential mortgage loans of $41.1 million, and home equity loans of $15.2 million, partially offset by decreases in commercial mortgage loans of $10.5 million and commercial loans of $6.3 million.

Total deposits at December 31, 2019 of $5.12 billion increased by $173.5 million, or 3.5% from December 31, 2018, and increased by $82.4 million, or 1.6% from September 30, 2019.  The sequential quarter increase in total deposits was primarily attributable to increases in noninterest-bearing demand deposits of $51.3 million, interest-bearing demand deposits of $45.0 million and savings and money market deposits of $6.3 million, partially offset by a decrease in government time deposits of $19.4 million. Core deposits, which include demand deposits, savings and money market deposits, and time deposits less than $100,000, totaled $4.26 billion at December 31, 2019.  This represents an increase of $243.4 million, or 6.1% from December 31, 2018, and $102.7 million, or 2.5% from September 30, 2019. The Company’s loan-to-deposit ratio was 86.9% at December 31, 2019, compared to 82.5% at December 31, 2018 and 86.7% at September 30, 2019.

Asset Quality
Nonperforming assets at December 31, 2019 totaled $1.7 million, or 0.03% of total assets, compared to $2.7 million, or 0.05% of total assets at December 31, 2018, and $1.4 million, or 0.02% of total assets at September 30, 2019.

Loans delinquent for 90 days or more still accruing interest totaled $1.0 million at December 31, 2019, compared to $0.5 million and $0.2 million at December 31, 2018 and September 30, 2019, respectively.

Net charge-offs in the fourth quarter of 2019 totaled $2.3 million, compared to net recoveries of $2.5 million in the year-ago quarter, and net charge-offs of $1.6 million in the previous quarter.

In the fourth quarter of 2019, the Company recorded a provision for loan and lease losses of $2.1 million, compared to a credit of $1.4 million in the year-ago quarter and a provision of $1.5 million in the previous quarter. The increases in the provision from the year-ago and sequential quarters were primarily due to growth in our loan portfolio, combined with increases in net charge-offs. The allowance for loan and lease losses, as a percentage of total loans and leases at December 31, 2019 was 1.08%, compared to 1.17% at December 31, 2018 and 1.10% at September 30, 2019.

Capital
Total shareholders’ equity was $528.5 million at December 31, 2019, compared to $491.7 million and $525.2 million at December 31, 2018 and September 30, 2019, respectively.

The Company maintained its strong capital position and its capital ratios continue to exceed the levels required to be considered a “well-capitalized” institution for regulatory purposes under Basel III. At December 31, 2019, the Company’s leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ratios were 9.5%, 12.6%, 13.6%, and 11.5%, respectively, compared to 9.5%, 12.6%, 13.7%, and 11.5%, respectively, at September 30, 2019.

Conference Call
The Company’s management will host a conference call today at 1:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company’s website at http://ir.centralpacificbank.com. Alternatively, investors may participate in the live call by dialing 1-877-505-7644. A playback of the call will be available through February 29, 2020 by dialing 1-877-344-7529 (passcode: 10138495) and on the Company’s website.

 

SOURCE Central Pacific Financial Corp.

Fintech PR

WSPN and MathWallet Jointly Launch StableWallet, Pioneering AA Wallet for Web3

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TORTOLA, British Virgin Islands, March 28, 2024 /PRNewswire/ — WSPN, a global digital payments leader providing transparent, fast, and efficient solutions leveraging distributed ledger technology, has partnered with leading Web3 wallet provider MathWallet to launch StableWallet – a groundbreaking new account abstraction (AA) wallet that represents a major advancement in the Web3 space. StableWallet provides enhanced security, convenience, and flexibility for managing digital assets across multiple blockchains.

“Through our partnership with MathWallet, we are proud to introduce StableWallet, leveraging pioneering AA technology to transform digital asset management,” said Raymond Yuan, Founder of WSPN. “StableWallet exemplifies our commitment to driving innovation in digital payments and the Web3 ecosystem.”

Account abstraction (AA) wallets represent a significant leap forward in the Web3 ecosystem, blurring the lines between traditional private key wallets and smart contract-based accounts. By integrating both functionalities, AA wallets enable users to define their wallets through programmable smart contracts, unlocking a realm of advanced features and customization options.

Leveraging the transformative power of Account Abstraction, StableWallet stands at the forefront of security innovation, offering unmatched protection through advanced programmable recovery mechanisms and robust multi-signature controls. Seamlessly blending security with convenience, StableWallet ensures a user-centric experience by automating gas fees, simplifying transactions, and providing limitless customization possibilities through deep integration of programmable smart contracts.

Beyond its pioneering security measures, StableWallet serves as a pivotal link between the Ethereum and Polygon ecosystems, facilitating effortless asset management across diverse chains through a unified cross-chain interface. At its debut, StableWallet boasts essential features such as native support for Ethereum and Polygon networks, flexibility in fee token options with WUSD and USDT, and the capacity for multi-chain crypto smart contract wallet functionalities.

“We are thrilled to partner with WSPN and jointly unveil StableWallet’s powerful capabilities,” said Eric, CTO of MathWallet. “By combining cutting-edge account abstraction technology with robust security features and cross-chain compatibility, StableWallet empowers users to explore the decentralized realm with unparalleled confidence.”

Looking ahead, StableWallet has an ambitious roadmap to roll out new capabilities that will further elevate the user experience. Upcoming features include daily free transfers, batch transactions with one-click execution, enterprise multi-signature smart wallets, and integration with collaboration platforms, etc. These additions, among others, will continuously expand StableWallet’s functionality to meet evolving user needs in the Web3 space.

Whether for a seasoned cryptocurrency enthusiast or a beginner to the blockchain world, StableWallet offers a powerful tool to revolutionize user experience of digital asset management. Stay tuned for upcoming feature releases and network expansions as WSPN and MathWallet continue to push the boundaries of Web3 technology.

About WSPN

WSPN is a global digital payments company that provides transparent, fast, and efficient digital payment solutions leveraging the latest technological advancements of Distributed Ledger Technology (“DLT”). We are dedicated to shaping seamless digital payment solutions for our global partners worldwide at the frontier of future digital payments and financial inclusion.

Worldwide USD (‘WUSD’), WSPN’s flagship USD stablecoin, is a fiat-collateralized stablecoin that is pegged to the U.S. Dollar at a 1:1 ratio. Dedicated to optimizing payment solutions for web3 users, WUSD empowers the real economy through secure, transparent, and licensed digital payments, spanning stablecoins, exchanges and cards, all geared for global expansion.

Learn more: www.wspn.io  | Twitter | LinkedIn 

About MathWallet

MathWallet is the Multichain Wallet for Web3 that enables token storage of over 150 chains including BTC, ETH, Polkadot, Cosmos, Filecoin, Solana, BNBChain, etc, supports cross-chain token bridges and multi-chain dApp store. Our investors include Fenbushi Capital, Binance Labs, Fundamental Labs, Multicoin Capital, NGC Ventures, Amber Group, 6Eagle Capital.

Visit mathwallet.org for more information.

Photo – https://mma.prnewswire.com/media/2373177/WSPN.jpg 
Logo – https://mma.prnewswire.com/media/2374095/4619577/Logo_Logo.jpg

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Announcement of change in the total number of votes in AB SKF

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GOTHENBURG, Sweden, March 28, 2024 /PRNewswire/ — Due to a conversion of shares from Series A to Series B in accordance with AB SKF’s Articles of Association, the Company confirms the following.

As per 28 March 2024, the Company’s share capital amounts to SEK 1,138,377,670 and the total number of shares amounts to 29,286,933 shares of Series A and 426,064,135 shares of Series B. The number of votes in the Company amounts to 71,893,346.5.

AB SKF does not hold any own shares.

Aktiebolaget SKF
      (publ)

Information in this press release contains information that AB SKF is obliged to make public pursuant to the Financial Instruments Trading Act. The information was submitted for publication on 28 March 2024 at 08.00 CET.

CONTACT:

For further information, please contact:
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: [email protected] 

INVESTOR RELATIONS: Sophie Arnius, Head of Investor Relations
tel: 46 31-337 8072; mobile: 46 705-908 072; [email protected]  

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skf/r/announcement-of-change-in-the-total-number-of-votes-in-ab-skf,c3953982

The following files are available for download:

https://mb.cision.com/Main/637/3953982/2702083.pdf

20240328 Announcement of change in the total number of votes in AB SKF

 

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Tetragon Financial Group Limited February 2024 Monthly Factsheet

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LONDON, March 28, 2024 /PRNewswire/ — Tetragon has released its Monthly Factsheet for February 2024.

–  Net Asset Value: $ 2,801m
–  Fully Diluted NAV Per Share: $30.93
–  Share Price (TFG NA): $9.60
–  Monthly NAV per share total return: 0.7%
–  Monthly Return on Equity: 0.8%
–  Most recent quarterly dividend: $0.11
–  Dividend yield: 4.6%

Please refer to important disclosures on page three of the Monthly Factsheet.

Please click below to access the Monthly Factsheet.

February 2024 Factsheet 

About Tetragon:

Tetragon is a Guernsey closed-ended investment company. Its non-voting shares are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V., and also traded on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Our investment manager is Tetragon Financial Management LP. Find out more at www.tetragoninv.com.

Tetragon’s non-voting shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors.

Please see: https://www.tetragoninv.com/shareholders/additional-information.

Tetragon Investor Relations:
Yuko Thomas
[email protected]

Press Inquiries:
Prosek Partners
[email protected]
U.K. +44 20 3890 9193
U.S. +1 212 279 3115

This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country.    

 

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