Updated at 12:12 p.m., Thursday, July 26, 2007
Central Pacific reports loan growth as profit rises
Advertiser Staff
Central Pacific Financial Corp., owner of Hawai'i's fourth-largest bank, reported net income rose to $21 million, or 68 cents a share, as it experienced loan and deposit growth.The results compared to a profit of $20.4 million, or 66 cents a year prior. The company had been expected to earn 67 cents a share by three analysts polled by Bloomberg L.P.
The company said loans and leases at its namesake bank increased by $247.7 million, or 6.7 percent, from a year earlier, while non-performing assets declined. Deposits were $250.7 million higher than the same quarter in 2006.
The bank holding company's higher profit came on heels of an announcement yesterday that it was increasing its stock buyback.
Central Pacific's stock was one of the few Hawai'i issues that didn't decline as Wall Street experienced a downturn today. The shares were up 32 cents to $30.07 at 9:45 a.m.
