Central Pacific Bank’s
parent posts profit

By Russ Lynch
Star-Bulletin

CPB Inc., Central Pacific Bank's parent company, today reported a profit of $3.63 million for its first quarter, up 1 percent from a net of $3.59 million in the year-earlier quarter. Income per share was unchanged at 34 cents.

Assets as of March 31, the end of the latest quarter, were $1.52 billion, up 6.1 percent from $1.44 billion at the end of the 1997 quarter. Deposits of $1.2 billion were up 4 percent from $1.15 billion a year earlier and loans of $1.06 billion were up 3.4 percent from $1.03 billion.

Just before the end of the latest quarter, Central Pacific opened a new supermarket branch in the Daiei store on Kaheka Street in Honolulu and its 27-branch statewide network now has eight supermarket branches.

The bank also has been extending its hours and the traditional branches will be open on all state holidays, part of the expansion of Central Pacific's presence in retail banking, said Joichi Saito, the bank's chairman.

"Despite the continued decline in Hawaii's economy, we are pleased to report a first-quarter increase in deposits and earnings," Saito said.

For the latest quarter, CPB increased its dividend 8.3 percent to 13 cents a share, from 12 cents a share in the year-earlier quarter.

CPB's shares rose nearly 72 cents, or 4 percent, to close today at $18.62-1/2 in Nasdaq trading.