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CPB posts Central Pacific Bank's parent CPB Inc. today reported a record fourth-quarter profit of $5.12 million, up 16.9 percent from a profit of $4.38 million in the year-earlier quarter.
6th straight
record quarter
Central Pacific Bank's parent's
net jumps 16.9 percentBy Russ Lynch
Star-Bulletin
It was the sixth quarter in a row in which earnings set a record, CPB said.
The per-share profit in the latest quarter, 59 cents, was 25.5 percent higher than the 1999 quarter's 47 cents, with the average number of shares outstanding down 8.1 percent due to the company's ongoing stock buyback.
Joichi Saito, CPB board chairman and chief executive officer, said the earnings growth came from improvement in credit risk management and increased efficiency, while the company continues to expand and diversify its products and services.
The company said it reduced its total of nonperforming assets, loans delinquent 90 days or more and restructured loans by 18.8 percent to $12.31 million at year-end, compared with $15.17 million at the end of 1999.
For all of 2000, CPB had a record profit of $19.43 million, up 19 percent from a net of $16.33 million in 1999. Annual income per share was up 28.2 percent at $2.18, from $1.70 in 1999.
The company's dividends for 2000 totaled 61 cents a share, up 10.9 percent from 55 cents in 1999, with the final quarter payout of 16 cents due Jan. 26 to shareholders of record Dec. 29.
CPB ended the year with total assets of $1.82 billion, up 10.3 percent from a year-earlier $1.65 billion. Net loans of $1.27 billion were up 10.4 percent from $1.5 billion at the end of 1999. Deposits of $1.36 billion were up 3.8 percent from $1.31 billion. Since it started its stock repurchase program in 1998, when it had 10.6 million shares outstanding, CPB has repurchased 2.2 million shares, or 20.6 percent. CPB's shares ended up 25 cents today at $28.13 and are up 10 percent over the past year.
The addition of 17 new automated teller machines late last year at Tesoro gasoline stations on Oahu, Maui and the Big Island brought Central Pacific Bank's ATM total to 75. The bank has 24 branches statewide, six of them in supermarkets.