CB Bancshares
takes 44% profit jump

The gain came despite
assets staying nearly flat

By Russ Lynch
Star-Bulletin

CB Bancshares Inc., parent of City Bank and International Savings & Loan, had a profit of $1.95 million in its second quarter, an increase of 44 percent from the net of $1.35 million in the equivalent quarter of last year.

The profit in the latest quarter, which ended June 30, was equal to 55 cents a share, compared with 38 cents a share in the year-earlier period.

Net interest income for the quarter was up slightly at $14.6 million, compared with $14.5 million in 1996 quarter.

The Honolulu bank-holding company ended the quarter with assets of $1.41 billion, up from $1.4 billion a year earlier.

Deposits totaled $955.8 million, compared with $951.9 million on June 30, 1996.

Loans totaled $1.04 billion, compared with $1.02 billion in the year-earlier period.

The company reduced its overdue loans to $24.1 million, from $27.6 million on June 30, 1996.

One reason the profit was up was that in the year-earlier period the company had made significant incentive payments to employees to encourage them to leave, said Wayne Miyao, senior vice president. Salaries and employee benefits in the latest quarter were nearly $1 million lower than a year earlier.