CPF returns to profitability in the third quarter
Advertiser Staff
Central Pacific Financial Corp. returned to profitability during the third quarter.
Central Pacific earned $3 million, or 11 cents per share during the three months ending Sept. 30, which compares with $9 million or 30 cents per share, during the year-earlier period.
The results reverse a $146.3 million, or $5.10 per share, loss during the second quarter 2008 due problem loans to California homebuilders hard-hit by the subprime lending crisis.
Shares of Central Pacific closed up 98 cents, or about 6.7 percent, to $15.60 on the New York Stock Exchange.
