Central Pacific Financial Corp New

Good afternoon, ladies and gentlemen. Thank you for standing by. And welcome to Central Pacific Financial Corp's fourth quarter 2020 conference call. During today's presentation, all parties will be in listen-only mode. Following the presentation, the conference will be open for questions. 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'd like to turn the call over to Mr. David Morimoto, Executive Vice President and Chief Financial Officer. Please go ahead.

Thank you, Nick. Thank you all for joining us as we review the financial results for the fourth quarter of 2020 for Central Pacific Financial Corp. With me this morning are Paul Yudamine, Chairman and Chief Executive Officer, Catherine Lowe, President, Arnaud Martinez, Executive Vice President and Chief Banking Officer, and Anna Hu, Executive Vice President and Chief Credit Officer. We have prepared a slide presentation that we will refer to in remarks today. The presentation is available in the investor relations section of our website at cpb.bank. During the course of today's call, management may make forward-looking statements. While we believe these statements are based on reasonable assumptions, may involve risks that may cause actual results to differ materially from those projected. For a complete discussion of the risks related to our forward-looking statements, please refer to slide two of our presentation. And now I'll turn the call over to Paul.

Thank you, David, and good morning, everyone. As always, we appreciate your interest in Central Pacific Financial Corp. The start of 2021 is a very exciting time for Central Pacific. we are pleased to announce that we have successfully completed our RISE 2020 initiative, which positions us extremely well in the current environment and for the future. Earlier this week, we had a grand opening for the fully renovated Central Pacific Plaza lobby, which features a modernized main branch co-working space for small businesses and nonprofits, and a large open lobby that welcomes the community and brings fresh new energy to downtown Honolulu. We also completed our Rise 2020 milestones on digital banking with the new online and mobile banking platforms that launched in the third quarter and the completion of our full ATM network upgrade in the fourth quarter. You may have noticed that we have a fresh new look in our slide presentation this quarter. This is part of an exciting new brand design that we just launched. The new brand reflects both the company's unique history and our bright future ahead. We had strong financial results for the fourth quarter and full year of 2020. While net income was impacted by one-time expenses and higher provisions for credit losses, our core pre-tax, pre-provision earnings were solid. We continue to thoroughly review and regularly monitor our loan portfolio to appropriately manage the credit risk in the pandemic environment. During the fourth quarter, our total balance of loans on payment deferrals decreased significantly and was down to 3% of total loans, excluding PPP loans at year end. Finally, our board of directors declared a quarterly cash dividend of 23 cents per share and approved a new share repurchase authorization. I'd like to now turn the call over to Catherine to provide an update on our state and company's pandemic status. Catherine.