CPB Inc. profits set record for 10th consecutive quarter

Associated Press

The parent company of Central Pacific Bank yesterday announced record earnings for the 10th consecutive quarter, with net income up 74 percent over the same period a year ago.

CPB Inc. reported net income of $8.88 million, or $1.12 per share, for the quarter ending Dec. 31. Net income was $5.12 million, or 59 cents a share, in the same period a year ago, CPB said in a statement.

The fourth-quarter earnings included a federal income tax benefit of $1.6 million.

For the year, CPB reported net income of $28.7 million, or $3.50 a share, a 48 percent increase over the $19.4 million, or $2.18 a share, reported for 2000.

CPB reported total assets of $1.84 billion for 2001, a 1 percent increase over the $1.81 billion of a year ago.

Central Pacific Bank is Hawai'i's third largest commercial bank, with 24 branches statewide.

CPB earlier announced that Clinton Arnoldus, of Pasadena, Calif.-based Community Bank, would succeed Naoaki Shibuya as Central Pacific Bank's chief operating officer. The changeover becomes effective at CPB's annual shareholders meeting in April. Shibuya will become the bank's vice chairman.