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Central Pacific
Bank net jumps 24.3%
The company's stock gets
Star-Bulletin staff
a 3.6 percent boostCPB Inc., parent of Central Pacific Bank, today reported a 24.3 percent increase in first-quarter earnings, showing a net profit of $4.6 million, or 50 cents a share, compared with a net of $3.7 million, or 38 cents a share a year earlier.
The Honolulu bank-holding company's thinly traded shares rose 3.6 percent today on Wall Street, up 87 cents at $25.50.
The Nasdaq stock is down about 10 percent so far in 2000 but is up more than 39 percent from a year ago.
The company reported assets of $1.63 billion as of March 31, up 3.5 percent from a year-earlier $1.31 billion.
First-quarter deposits of $1.31 billion were up 3.4 percent from $1.26 billion on March 31, 1999. Net loans of $1.16 billion were up 2.7 percent from $1.13 billion a year earlier.
CPB said it reduced its nonperforming loans by 8.7 percent to $10.5 million, from $11.5 million in March 1999, and cut its total nonperforming assets by 7 percent to $11 million, from $11.8 million.
Loans delinquent 90 days or more were down 71.4 percent at $1.4 million from a year-earlier $4.9 million.
In mid-March, CPB directors authorized its fourth stock-repurchase program, to buy back 450,000 shares, or 5 percent of its stock. Since 1998, the company has repurchased 1.4 million of its shares, 13.5 percent of the total.
Also in March, the company's board raised its dividend 7.1 percent, or 1 cent a share, to 15 cents.
