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CB Bancshares Inc., parent of City Bank, had a net profit of $3 million in the fourth quarter, a 148 percent improvement from a loss of $6.3 million in the year-earlier quarter that came from one-time charges. City Bank parent’s
net increases 148 percentStar-Bulletin staff
The latest net was equal to 95 cents a share, up 150 percent from a loss of $1.92 a share in the 1999 period, with 3.5 percent fewer shares now outstanding, the company said yesterday.
In the 1999 quarter, the company took one-time charges of nearly $9 million for restructuring and merger-related costs and a major accounting change.
Excluding the one-time charges, the fourth-quarter 1999 profit was $2.5 million, or 74 cents a share. The fourth-quarter 2000 profit was 23.2 percent above that.
CB Bancshares' thinly traded Nasdaq stock closed up 63 cents today at $30.88 on Wall Street.
The stock is up nearly 10 percent from a year ago.
The Honolulu-based company's fourth-quarter net interest income dipped 2.6 percent to $14.6 million in the latest quarter, compared with $15 million in the 1999 period.
The company said it had to pay more for its funds.
A 20.8 percent increase in noninterest income, to $2.9 million in the latest quarter from a year-earlier $2.4 million, more than made up for the interest-income dip. The company said it had gains in service charges and fees because it had more deposit accounts and it made some money from real estate sales.
CB Bancshares ended 2000 with assets of $1.72 billion, up 6.3 percent from a year-earlier $1.62 billion.
Deposits of $1.22 billion were up 10.1 percent from $1.11 billion and loans of $1.27 billion were up 10.7 percent from $1.15 billion.
For all of 2000, CB Bancshares had a net profit of $11.2 million, or $3.49 a share, up from a 1999 net of $306,000, or 9 cents a share.
Year 2000 operating income of $11.2 million, or $3.49 a share, was up 23.1 percent from the 1999 operating income of $9.1 million, or $2.63 a share.