The company earned $20.4 million, or 66 cents per share, during the three months ending June 30, 2006, up from $17.9 million, or 58 cents per share, during the year-earlier period. Central Pacific said its assets were up 7.6 percent during the second quarter to $5.3 billion while deposits increased 4.5 percent to $3.7 billion.

Shares of Central Pacific declined $2.09 to $36. 67 today on the New York Stock Exchange.

"We believe we are well positioned to achieve our strategic goals and to continue our strong financial performance," said Clint Arnoldus, Central Pacific's president and chief executive officer.