The parent of Central Pacific Bank today reported fourth-quarter earnings of $3.1 million, reversing a year-earlier loss of $44.5 million.

Central Pacific Financial Corp. said it netted 11 cents per share for the three months ending Dec. 31, 2008. The quarterly profit was the company's second in a row for the company, whose finances during the past year have been hard-hit by troubled loans to California home builders.

"We are pleased to have posted another profitable quarter," stated Ronald K. Migita, chairman, president and CEO. "While these are challenging economic times, the fundamentals of Central Pacific Bank are improving and we continue to invest in our core Hawaii franchise."