Advertisement - Click to support our sponsors.
CB Bancshares Inc., parent company of City Bank, today reported a 20.5 percent jump in third-quarter earnings, helped by a greater volume of loans and increased deposits. City Bank parent’s
Bankoh parent's stock falls on warning
net surges 20.5 percentStar-Bulletin staff
The company said net income for the quarter ended Sept. 30 totaled $2.989 million, or 93 cents a share, compared with $2.480 million, or 72 cents a share, in the year-earlier period.
Assets as of Sept. 30 were $1.7 billion, up 7.9 percent from a year earlier. Deposits jumped 6.6 percent to $1.2 billion, while loan volume rose 14.2 percent to nearly $1.3 billion.
The company's nonperforming or bad loans, however, surged 27.2 percent to $16.8 million as of Sept. 30. The increase was due partly to a commercial real estate loan of $3.7 million, according to CB Bancshares. It said the company's future level of nonperforming loans would be dependent on Hawaii's economic recovery.
For the first nine months of the year, CB Bancshares posted earnings of $8.2 million, a jump of 23.1 percent from the same period in 1999.
The company's efficiency ratio -- a measure of how efficient it is in earning money -- improved in the first nine months because of increased fee income from new products and continued efforts at streamlining operations, according to Ronald Migita, CB's chief executive.
CB Bancshares' thinly traded Nasdaq stock rose 25 cents to close at $27.75.
The company issued its earnings report after the market closed.