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City Bank parent’s
net up 26%
as loans surge

Pacific Century net plunges

Star-Bulletin staff

CB Bancshares Inc. had a second-quarter profit of $2.77 million, up 26 percent from $2.2 million in the year-earlier quarter.

The parent of City Bank, which has 21 branches on Oahu, Maui and the Big Island, said it increased its efficiency, boosted its interest income, cut expenses and reduced its nonperforming loans.

Income per share equaled 86 cents in the latest quarter, up 39 percent from 62 cents in the 1999 second quarter, after a buyback reduced the number of shares outstanding to 3.2 million from 3.5 million.

The company's net interest income was $15.9 million in the latest quarter, up 7.3 percent from $14.8 million in the year-earlier period.

CB Bancshares ended June with assets of $1.68 billion, up 13.5 percent from $1.48 billion on June 30, 1999. Loans of $1.24 billion were up 20.4 percent from a year-earlier $1.03 billion. Deposits of $1.17 billion were up 10.4 percent from $1.06 billion at the end of June 1999.

Nonperforming loans declined 7 percent to $11.1 million, from $11.9 million at the end of the 1999 second quarter.