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CPB Inc., the parent of Central Pacific Bank, had a 14.9 percent increase in its third-quarter profit, citing strong loan growth and improved efficiency. Central Pacific parent’s
net rises 14.9%Star-Bulletin staff
The company reported a third-quarter net of $4.94 million compared with $4.3 million for the same period last year. Per-share income for the latest quarter was 56 cents, up 27.3 percent from 44 cents in the 1999 quarter, after a series of share buybacks resulted in a 9.3 percent drop in the number of shares outstanding.
CPB's thinly traded Nasdaq stock closed up 20 cents today at $25.44.
The earnings figures, reported yesterday after the stock market closed, made it the fifth quarter in a row in which CPB's profits were higher than a year earlier.
"Strong loan growth, combined with an ongoing expense-management program, contributed to another quarter of record earnings," said Joichi Saito, board chairman and chief executive officer. He said the bank plans to keep its focus on improving the quality of its assets and on trimming its operating expenses.
CPB ended the quarter with total assets of $1.76 billion, up 10.7 percent from $1.59 billion on Sept. 30, 1999. Deposits of $1.36 billion were up 7.9 percent from a year-earlier $1.26 billion and loans of $1.26 billion were up 10.5 percent from $1.14 billion at the end of September 1999.
Central Pacific Bank has 25 branches statewide, including six in supermarkets.