Central Pacific Bank earnings jump 18 percent

Central Pacific Financial Corp., parent company of the state’s fourth-largest bank, reported net income of $14.2 million in the second quarter of 2018, up 18.3 percent from the year-earlier period.

Catherine Ngo, Central Pacific president and CEO, said in a statement Wednesday that the second-quarter results reflect “improving efficiency” and strong loan growth in Hawaii combined with an increase in its mainland commercial mortgage portfolio.

A quarterly cash dividend of 21 cents per share will be payable Sept. 17 to shareholders of record at the close of business Aug. 31.

The company’s primary subsidiary, Central Pacific Bank, has 35 branches and 78 ATMs in the state, with nearly $5.7 billion in assets.

ON THE MOVE

First Hawaiian Inc., the parent company of First Hawaiian Bank, has appointed Ravi Mallela as chief financial officer and treasurer of First Hawaiian Inc. and First Hawaiian Bank. He will join the bank’s holding company, First Hawaiian Inc., as well as First Hawaiian Bank in September. Mallela previously served as a First Republic Bank’s senior vice president of Finance and Treasury. He has extensive experience in the corporate finance industry, including credit risk, strategic planning, balance sheet management and income and expense forecasting.

Altagracia “Alty” Falvey is the new assistant account executive in Anthology’s Advertising Group. Prior to joining the marketing and communications company, Falvey served as a sales manager and designer advisor for JLEW Bags in New York.