 Central Pacific Financial Corp. NYSE: CPF the Company, parent company of Central Pacific Bank, today reported net income in the first quarter of 2020 of 8.3 million, or fully diluted earnings per share EPS of 0.29, compared to net income in the first quarter of 2019 of 16.0 million, or EPS of 0.55, and net income in the fourth quarter of 2019 of 14.2 million, or EPS of 0.50. On January 1, 2020, the Company adopted the current expected credit losses CECL accounting standard and, as a result, recorded increases of 3.6 million to the allowance for credit losses on loans and 0.7 million to the reserve for off-balance sheet credit exposures, that was offset in retained earnings and net deferred tax assets. During the first quarter of 2020, the Company recorded total credit loss expense under CECL, which includes the provisions for credit losses and off-balance sheet credit exposures, of 11.1 million which impacted our first quarter operating results. 