CPB Inc. continues to set record profits

Advertiser News Services

CPB Inc., parent company of Central Pacific Bank, yesterday announced record earnings for the seventh consecutive quarter.

The company reported net income of $5.33 million, or 63 cents a share, for the three months ended March 31, an increase of 16.2 percent over $4.59 million, or 50 cents a share, the same period last year.

Total assets of $1.77 billion increased by 9 percent, from $1.61 billion the same year-ago quarter.

Total deposits of $1.35 billion increased by 5.5 percent from $1.29 billion.

The bank also showed improvement in asset quality for the quarter. Nonperforming assets, loans delinquent for 90 days or more and restructured loans decreased by 36.7 percent to $8.1 million from $12.8 million the same quarter a year ago. That amounted to 0.66 percent of total loans.

"Asset-quality improvements and operating-expense reductions contributed to our solid growth, resulting in seven consecutive quarters of record earnings," said Joichi Saito, chairman of the board and chief executive officer.

The company's board of directors also declared yesterday a first-quarter cash dividend of 16 cents a share, up 6.7 percent over the 15-cent dividend declared during the same period last year.

Its subsidiary Central Pacific Bank is the Islands' third-largest commercial bank, with 24 branches.

The earnings news was released during market trading hours yesterday. CPB's stock price closed at $27, up $1.50.