Central Pacific Bank Mortgage Rates, Fees & Info

Honolulu, HI

LEI: 5493005R24FV5DFFXW42

Tax ID: 99-0080213

2.2 stars - out of 5 stars, based on 54 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Central Pacific Bank is a small bank specializing in Refi and Home Purchase loans. Central Pacific Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Urban Honolulu, Kahului, Hilo, Kapaa, and San Antonio among others. Central Pacific Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Central Pacific Bank is typically a high fee lendor.


Originations

2,929

Origination Dollar Volume (All Markets)

$1,291,645,000

Employee count

787

Awards

Central Pacific Bank 30 Year Conventional Loans bronze Central Pacific Bank VA Loans gold
Show all (2) awards

Relative Rate

Central Pacific Bank's average 30 year fixed rate mortgage of loans were 2.55%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.6%.

Relative Fees

Central Pacific Bank's average total fees for a 30 year fixed rate mortgage are $9,400.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
URBAN HONOLULU, HI (FHA|USDA|VA) 2,428 $1,090,560,000 $449,160 $9,158 2.56%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 204 $91,140,000 $446,765 $10,196 2.73%
Hilo, HI (FHA|USDA|VA) 205 $68,335,000 $333,341 $5,492 2.63%
Kapaa, HI (FHA|USDA|VA) 91 $35,135,000 $386,099 $7,162 2.42%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $6,475,000 $6,475,000 $0 3.25%

Central Pacific Bank's top markets include Urban Honolulu, Kahului, Hilo, Kapaa, and San Antonio among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,899 $1,275,205,000 $439,878 $8,859 2.58%
VA 28 $16,010,000 $571,786 $11,943 2.41%
USDA 2 $430,000 $215,000 $6,073 2.94%

For the 2021 period, Central Pacific Bank's most frequently originated loan type of loans were Conventional, with 2,899 originations. Their 2nd most popular type is VA, with 28 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,373 $591,425,000 $430,754 $8,265 2.32%
Home Purchase 880 $493,810,000 $561,148 $9,330 3.00%
Cash Out Refi 259 $119,235,000 $460,367 $8,974 3.06%
Home Improvement 219 $40,735,000 $186,005 $9,786 2.22%
Other 198 $46,440,000 $234,545 $6,801 2.26%

For the 2021, Central Pacific Bank's most frequently cited loan purpose of loans were Refi, with 1,373 originations. The 2nd most popular reason of loans were Home Purchase, with 880 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,737 $1,214,165,000 $443,612 $9,400 2.55%
15 Year 109 $38,275,000 $351,147 $5,950 2.62%
20 Year 60 $16,080,000 $268,000 $4,035 3.36%
10 Year 15 $13,275,000 $885,000 $4,704 2.75%
5 Year 5 $7,875,000 $1,575,000 $0 3.60%
Other 2 $1,470,000 $735,000 $4,405 2.81%
1 Year 1 $505,000 $505,000 $0 4.25%

For the 2021, Central Pacific Bank's most frequently cited loan length of loans were 30 Year, with 2,737 originations. The 2nd most popular length of loans were 15 Year, with 109 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 593 $385,955,000 $650,852
$<1k 357 $200,815,000 $562,507
$3k-4k 242 $114,860,000 $474,628
$2k-3k 126 $49,760,000 $394,921
$1k-2k 101 $33,725,000 $333,911

$9,400 of loans were Central Pacific Bank's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 593 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,145 $598,445,000 $522,659
<2.5% 1,116 $366,830,000 $328,701
3-4% 655 $323,805,000 $494,359
4-5% 13 $2,565,000 $197,308

During 2021, Central Pacific Bank's average interest rate of loans were 2.55%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,145 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 996 $283,680,000 $284,819 $6,567 2.52%
$400k-600k 666 $316,510,000 $475,240 $9,390 2.61%
$600k-1MM 485 $365,185,000 $752,959 $10,780 2.73%
$100k-200k 441 $64,035,000 $145,204 $3,962 2.42%
$1MM+ 180 $251,800,000 $1,398,889 $15,066 2.85%
$100,000 or less 161 $10,435,000 $64,814 $1,789 2.44%

2021 saw Central Pacific Bank place emphasis on $200k-400k loans with 996 originations, totaling $283,680,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 752 $375,280,000 $499,043 $9,942 2.50%
$100k-150k 722 $274,940,000 $380,803 $9,048 2.51%
$250k+ 471 $339,765,000 $721,369 $11,377 2.64%
$75k-100k 431 $141,005,000 $327,158 $8,167 2.64%
$50k-75k 349 $94,555,000 $270,931 $7,017 2.66%
$50k or less 130 $29,310,000 $225,462 $5,788 2.77%

Central Pacific Bank lent most frequently to those with incomes in the $150k-250k range, with 752 originations. The second most popular income band? $100k-150k, with 722 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 507 $227,905,000 $449,517 $9,044 2.67%
20-30% 495 $214,245,000 $432,818 $8,315 2.61%
49% 300 $106,690,000 $355,633 $8,395 2.19%
<20% 132 $61,680,000 $467,273 $8,268 2.50%
41% 125 $62,785,000 $502,280 $8,724 2.72%
42% 123 $54,705,000 $444,756 $8,999 2.69%
44% 117 $49,975,000 $427,137 $9,300 2.56%
39% 116 $56,390,000 $486,121 $8,181 2.78%
47% 114 $46,130,000 $404,649 $8,643 2.47%
38% 113 $50,905,000 $450,487 $8,993 2.68%
48% 112 $48,260,000 $430,893 $9,203 2.46%
40% 112 $53,540,000 $478,036 $8,531 2.73%
43% 110 $48,560,000 $441,455 $9,856 2.56%
45% 109 $41,595,000 $381,606 $10,895 2.54%
36% 106 $44,730,000 $421,981 $8,884 2.64%
46% 100 $43,120,000 $431,200 $9,175 2.49%
37% 99 $51,945,000 $524,697 $10,012 2.71%
50-60% 17 $6,925,000 $407,353 $14,869 2.30%
>60% 13 $9,815,000 $755,000 $10,272 2.47%

Central Pacific Bank lent most frequently to those with DTI ratios of 30-36%, with 507 originations. The next most common DTI ratio? 20-30%, with 495 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 1,904 $806,580,000 $423,624 $9,018 2.57%
White 546 $278,990,000 $510,971 $8,930 2.61%
Not provided 237 $106,965,000 $451,329 $8,297 2.70%
Native Hawaiian 145 $57,665,000 $397,690 $8,885 2.50%
Not applicable 5 $9,585,000 $1,917,000 $0 3.18%
Japanese 26 $6,940,000 $266,923 $0 2.07%
Black 17 $6,365,000 $374,412 $5,544 2.68%
American Indian 14 $5,280,000 $377,143 $10,992 2.54%
Filipino 14 $4,660,000 $332,857 $16,379 2.07%
Chinese 9 $3,895,000 $432,778 $3,136 2.39%
Native Hawiian 6 $2,530,000 $421,667 $3,515 1.96%
Other Asian 1 $705,000 $705,000 $0 1.75%
Korean 2 $650,000 $325,000 $0 1.74%
Other Pacific Islander 1 $325,000 $325,000 $0 1.25%
Samoan 1 $255,000 $255,000 $0 2.25%
Vietnamese 1 $255,000 $255,000 $0 2.75%

Approval Rates

Total approvals of all applications
82.03%

Central Pacific Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
83.00%

Central Pacific Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,929 $1,291,645,000 $440,985

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,929 $1,291,645,000 $440,985

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 562 $167,960,000 $298,861 $7,236 2.35%
40-60% 628 $285,230,000 $454,188 $8,890 2.58%
60-80% 974 $605,350,000 $621,509 $10,142 2.73%
80-100% 257 $154,775,000 $602,237 $7,838 2.91%
Over 100% 13 $7,585,000 $583,462 $17,218 2.38%
Under 20% 493 $69,765,000 $141,511 $2,863 2.37%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Central Mortgage Funding, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Central Pacific Bank 1030 Makolu Street Pearl City, HI 96782 Full Service B&M $140,147
Central Pacific Bank 1338 South Beretania Street Honolulu, HI 96814 Full Service B&M $74,984
Central Pacific Bank 1535 Dillingham Boulevard Honolulu, HI 96817 Full Service B&M $122,130
Central Pacific Bank 1538 Kapiolani Blvd Suite# 3 Honolulu, HI 96814 Full Service B&M $283,832
Central Pacific Bank 2002 South King Street Honolulu, HI 96826 Full Service B&M $222,050
Central Pacific Bank 2024 North King Street Honolulu, HI 96819 Full Service B&M $156,268
Central Pacific Bank 2061 Wells Street Wailuku, HI 96793 Full Service B&M $179,012
Central Pacific Bank 207 Piikea Avenue, Suite 6-63 Kihei, HI 96753 Full Service B&M $101,287
Central Pacific Bank 220 South King Street Honolulu, HI 96813 Full Service B&M $1,597,115
Central Pacific Bank 2851 East Manoa Road, Suite 1-100 Honolulu, HI 96822 Full Service B&M $49,699
Central Pacific Bank 333 Seaside Avenue. Suite 160 Honolulu, HI 96815 Full Service B&M $848,889
Central Pacific Bank 3465 Waialae Avenue Honolulu, HI 96816 Full Service B&M $248,461
Central Pacific Bank 355 Keawe Street, Suite 401 Lahaina, HI 96761 Full Service B&M $82,249
Central Pacific Bank 4-1105 Kuhio Highway, Suite 103 Kapaa, HI 96746 Full Service B&M $18,382
Central Pacific Bank 4211 Waialae Avenue Honolulu, HI 96816 Full Service B&M $223,584
Central Pacific Bank 4364 Rice Street Lihue, HI 96766 Full Service B&M $102,206
Central Pacific Bank 46-077 Kamehameha Highway Kaneohe, HI 96744 Full Service B&M $180,958
Central Pacific Bank 505 Ward Avenue Honolulu, HI 96814 Full Service B&M $86,402
Central Pacific Bank 525 Kilauea Avenue Hilo, HI 96720 Full Service B&M $216,002
Central Pacific Bank 6 Hoolai Street Kailua, HI 96734 Full Service B&M $116,151
Central Pacific Bank 6600 Kalanianaole Highway Honolulu, HI 96825 Full Service B&M $79,955
Central Pacific Bank 680 Kamokila Boulevard Kapolei, HI 96707 Full Service B&M $88,797
Central Pacific Bank 75-1010 Henry Street Kailua-Kona, HI 96740 Full Service B&M $107,643
Central Pacific Bank 85 West Kaahumanu Avenue Kahului, HI 96732 Full Service B&M $251,533
Central Pacific Bank 91-1107 Keaunui Drive, Suite 300 Ewa Beach, HI 96706 Full Service B&M $32,621
Central Pacific Bank 935 California Avenue Wahiawa, HI 96786 Full Service B&M $47,481
Central Pacific Bank 94-210 Pupukahi Street Waipahu, HI 96797 Full Service B&M $101,479
Central Pacific Bank 94-615 Kupuohi Street, Unit A1 Waipahu, HI 96797 Full Service Retail $44,793
Central Pacific Bank 95-720 Lanikuhana Avenue Mililani, HI 96789 Full Service B&M $87,358
Central Pacific Bank 960 Mapunapuna Street Honolulu, HI 96819 Full Service B&M $395,129
Central Pacific Bank 98-150 Kaonohi Street Aiea, HI 96701 Full Service B&M $123,424

For 2021, Central Pacific Bank had 31 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $218,762
Net interest income $215,141
Total noninterest income $43,892
Gross Fiduciary activities income $5,075
Service charges on deposit accounts $6,659
Trading account gains and fees $0
Additional Noninterest Income $32,158
Pre-tax net operating income $113,057
Securities gains (or losses, -) $150
Income before extraordinary items $85,481
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $85,481
Minority interest net income $0
Net income $85,481
Sale, conversion, retirement of capital stock, net $0
Net operating income $85,362

Central Pacific Bank's gross interest income from loans was $218,762,000.
Central Pacific Bank's net interest income from loans was $215,141,000.
Central Pacific Bank's fee based income from loans was $6,659,000.
Central Pacific Bank's net income from loans was $85,481,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,621
Provision for credit losses $-14,591
Total noninterest expense $160,567
Salaries and employee benefits $90,213
Premises and equipment expense $20,654
Additional noninterest expense $49,700
Applicable income taxes $27,726
Net charge-offs $849
Cash dividends $54,016

Central Pacific Bank's interest expense for loans was $3,621,000.
Central Pacific Bank's payroll and benefits expense were $90,213,000.
Central Pacific Bank's property, plant and equipment expenses $20,654,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $6,659,248
Deposits held in domestic offices $6,659,248
Deposits by Individuals, partnerships, and corporations $6,308,021
Deposits by U.S. Government $3
Deposits by States and political subdivisions in the U.S. $348,383
Deposits by Commercial banks and other depository institutions in U.S. $2,841
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $3,721,389
Demand deposits $2,306,112
Nontransaction accounts $2,937,859
Money market deposit accounts (MMDAs) $313,376
Other savings deposits (excluding MMDAs) $1,917,751
Total time deposits $706,732
Total time and savings deposits $4,353,136
Noninterest-bearing deposits $2,306,112
Interest-bearing deposits $4,353,136
Retail deposits $6,177,973
IRAs and Keogh plan accounts $38,956
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $7,407,268
Cash & Balances due from depository institutions $328,907
Interest-bearing balances $247,401
Total securities $1,631,699
Federal funds sold & reverse repurchase $0
Net loans and leases $5,037,083
Loan and leases loss allowance $68,097
Trading account assets $0
Bank premises and fixed assets $119,795
Other real estate owned $0
Goodwill and other intangibles $9,738
All other assets $280,046

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $7,407,268
Total Liabilities $6,768,170
Total deposits $6,659,248
Interest-bearing deposits $4,353,136
Deposits held in domestic offices $6,659,248
% insured (estimated) $64
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $108,922

Issued Loan Types

Type Value (in 000's)
Net loans and leases $5,037,083
Loan and leases loss allowance $68,097
Total loans and leases (domestic) $5,105,180
All real estate loans $3,859,831
Real estate loans in domestic offices $3,859,831
Construction and development loans $122,867
Residential 1-4 family construction $28,128
Other construction, all land development and other land $94,739
Loans secured by nonfarm nonresidential properties $917,876
Nonfarm nonresidential secured by owner-occupied properties $290,178
Commercial real estate & other non-farm, non-residential $627,698
Multifamily residential real estate $302,265
1-4 family residential loans $2,516,760
Farmland loans $63
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $596,220
To non-U.S. addressees $0
Loans to individuals $623,901
Credit card loans $0
Related Plans $78,673
Consumer Auto Loans $298,415
Other loans to individuals $246,813
All other loans & leases $25,228
Loans to foreign governments and official institutions $0
Other loans $25,228
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $59,040
Loans secured by real estate to non-U.S. addressees $31,069
Restructured Loans & leases $4,903
Non 1-4 family restructured loans & leases $1,135
Total loans and leases (foreign) $0

Central Pacific Bank had $5,037,083,000 of loans outstanding in 2021. $3,859,831,000 of loans were in real estate loans. $122,867,000 of loans were in development loans. $302,265,000 of loans were in multifamily mortgage loans. $2,516,760,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $298,415,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 159 $63,325 $398,270
Nonfarm, nonresidential loans - <$100k 2 $106 $53,000
Nonfarm, nonresidential loans - $100-250k 20 $3,024 $151,200
Nonfarm, nonresidential loans - $250k-1MM 137 $60,195 $439,380
Commercial & Industrial, US addressed loans - <$1MM 4,073 $233,814 $57,406
Commercial & Industrial, US addressed loans - <$100k 3,422 $88,837 $25,961
Commercial & Industrial, US addressed loans - $100-250k 377 $45,792 $121,464
Commercial & Industrial, US addressed loans - $250k-1MM 274 $99,185 $361,989
Farmland loans - <$1MM 1 $63 $63,000
Farmland loans - $250k-1MM 1 $63 $63,000