"Our core businesses are strong, net interest margin has increased and loan volume continues to grow while our credit quality continues to improve," said Ron Migita, CB Bancshare’s president and chief executive, in a statement. "We believe that our company is well positioned to deliver sustainable growth and to enhance value for our shareholders."

CB Bancshares reported a net income of $9.8 million, or $2.21 a diluted share, in the quarter ended March 31 compared with profits of $3.97 million, or 92 cents a share, in the same period a year ago.

But excluding a $1.43 million one-time gain and $235,000 in expenses related to its hostile takeover fight with Centra Pacific Financial, the bank had profits of $8.6 million, or $1.94 a share, in the just-concluded quarter. There were no similar expenses in the year-ago quarter.

Total operating revenue — comprising net interest income and noninterest income — was $28.7 million, up 20 percent from last year’s $23.8 million.

Total assets rose by 13 percent to $1.9 billion, deposits increased by 14 percent to $1.3 billion and loan volume went up by 16.6 percent to $1.3 billion. The provision for credit losses fell by 88 percent to $500,000 in the quarter as asset quality improved.

City Bank’s profit performance is central to its contention that Central Pacific’s offer to purchase the company falls short of its true worth.

In March, Central Pacific raised its offer price for the second time to roughly a third higher than its original bid.