The parent of Central Pacific Bank will receive $135 million from the federal government's bank bailout program.

Central Pacific Financial Corp. said today that it received preliminary approval to participate in the U.S. Department of Treasury's Capital Purchase program.

Central Pacific reported a net loss of $146.3 million during its second quarter after the company wrote down a large portion of its loans to California homebuilders hard-hit by the subprime lending crisis.

The company returned to profitability during the third quarter with a $3 million net profit.

"This capital will further strengthen the fundamentals of our bank and provide additional resources to support our commercial and retail customers here in Hawai'i," said Ron Migita, Central Pacific's president and CEO.

In the deal, Central Pacific said it will issue $135 million in senior preferred stock to the Treasury Department. The Treasury Department will receive warrants to purchase another $20 million in the company's common stock.

Shares of Central Pacific dipped $1.07 this afternoon to $11.76 on the New York Stock Exchange.