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The Honolulu Advertiser
Posted on: Wednesday, January 25, 2006

Central Pacific Financial Corp.'s profits hit new highs

Advertiser Staff

CPF Corp., benefiting from its 2004 acquisition of City Bank, posted record earnings for the fourth quarter of 2005 and the full year.


Net income: $19.4 million, up 48.1 percent from a year ago.

Earnings per share: 63 cents per share, up 37 percent from a year ago

Fiscal 2005 net income: $72.5 million, up 93.9 percent from a year ago.

Fiscal 2005 earnings per share: $2.38, up 27.3 percent from a year ago

Total assets: $5.2 million, up 10.6 percent from a year ago.


  • The bank's 2004 merger with City Bank continues to bolster its net income.

  • The company's loans and leases increased by $186.1 million, or about 5.5 percent.

  • Deposits increased by $171.4 million, or 4.9 percent.

  • Allowances for loan and lease losses remained low, because of continued strength in the local economy.

  • Fourth-quarter 2004 results were skewed by a $5.4 million, merger-related cost.


    "We believe we are well-positioned to achieve our strategic goals and to continue our strong financial performance."

    "Central Pacific closed 2005 with another strong quarter with loans and deposits increasing by more than $170 million."

    Clint Arnoldus
    CEO, Central Pacific Financial Corp.


    On the basis of the current economic climate and business conditions, the company expects that its earnings will increase between 7 percent and 10 percent this year.

    Wall Street analysts expect the company's stock to trade between $38 per share to $44 per share this year.

    Central Pacific expects to continue diversifying its commercial real estate loan portfolio by issuing more loans on the Mainland.