Central Pacific Financial Corp. earns record $18 million
Advertiser Staff
Central Pacific Financial Corp. reported a record $18 million net profit for a three-month period. The company's third-quarter results were aided in part by the acquisition of former rival and City Bank parent company CB Bancshares Inc., lower merger-related expenses and purchase of a residential mortgage loan brokerage firm.
THIRD-QUARTER RESULTS
Net income: $18 million, up from $7.7 million a year earlier
Earnings per diluted share: 58 cents, up from 41 cents a year earlier
Operating revenue: $61.8 million, up from $33.9 million a year earlier
Operating earnings, which exclude nonrecurring merger-related expenses: $20.1 million, compared with $10.4 million a year earlier
Total assets: $5 billion, up from $4.6 billion a year ago
REASONS
WHAT THEY ARE SAYING
"Central Pacific had another strong quarter. (The City Bank acquisition) left us in a much stronger position. With the favorable economic environment combined with our growth prospects, we are well-positioned to achieve our goals in 2005 and beyond."
Clint ArnoldusChief executive officer
WHAT'S NEXT
The bank expects fiscal 2005 net income to range from $2.47 to $2.52 per share.
Two-thirds of projected savings from the CB Bancshares merger is expected to be achieved this year.
Growth strategies include increasing Central Pacific's market share of Hawai'i loan deposits, which is about 13 percent, and expanding commercial real estate lending on the Mainland.
