Posted on: Tuesday, October 23, 2001

Central Pacific parent income up 78 percent

Advertiser News Services

The parent company of Central Pacific Bank reported a ninth consecutive quarter of record earnings yesterday with a 78 percent increase in third-quarter net income.

CPB Inc. said net income for the quarter ended Sept. 30 was $8.72 million, or $1.06 a share, up from $4.9 million, or 56 cents a share, the same quarter a year ago.

Earnings for the quarter included a federal income tax benefit of $2.24 million. Excluding this benefit, net income was $6.48 million, or 79 cents a share.

For the first nine months of the year, net income was $19.82 million, or $2.39 a share, up more than 38 percent from $14.3 million, or $1.59 a share.

Total assets were $1.83 billion, up 4 percent from $1.76 billion the same time last year. Total deposits were $1.42 billion, up nearly 5 percent from $1.36 billion.

Net loans decreased slightly to $1.25 billion. Total nonperforming assets, loans delinquent for 90 days or more and restructured loans dropped nearly 52 percent to $6.7 billion from $13.9 billion the same time last year.

"Ongoing cost-control efforts, responsive loan portfolio management and aggressive new product development have provided a steady earnings benefit for our company," said Joichi Saito, chairman of the board and chief executive officer.

The bank's board declared a third-quarter cash dividend of 17 cents per common share, up 1 cent over the previous quarter's cash dividend. The board also approved a sixth stock repurchase program for approximately 290,000 shares or 3.5 percent of the 8.2 million shares of CPB Inc. common stock outstanding.