Per-share earnings of 68 cents were up 3 percent from 66 percent in the 1995 first quarter after a small increase in the number of shares outstanding, the bank said Tuesday.
With assets of $1.38 billion at the end of March, down less than 1 percent from $1.39 billion a year earlier, CPB is Hawaii's fourth biggest bank business.
Deposits of $1.12 billion were up 0.4 percent from a year earlier. Loans of $971,000 were down 2 percent.
The bank reduced its nonperforming accrual loans by 76 percent to $3.6 million, from $15.2 million a year earlier.
Sherri Yim, vice president and assistant controller, said that was mostly a result of getting one $11 million loan paid off in full. She said nonperforming accrual loans are those in which the bank worries whether it will be able to collect interest.
In general, an overall decline of 22 percent in nonperforming assets, including loans delinquent past 90 days, was a tribute to the bank officers' efforts to work with borrowers through their hard times, she said.
CPB had total nonperforming assets of $34.4 million at the end of March, compared with $44.3 million a year earlier.
The quarter was the first under the direction of Joichi "Joe" Saito, who took over as chairman and chief executive officer Jan. 1, following the retirement of Yoshiharu Satoh.