City Bank parent
profits rise 13 percent

Interest income jumps 10 percent
on higher margin, loan recovery

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By Rick Daysog
rdaysog@starbulletin.com

The parent company of City Bank said its income rose 13.4 percent during the second quarter.

CB Bancshares recorded a profit of $3.1 million during the three months ending June 30, compared to $2.8 million in the year-earlier period.

On a per-share basis, the company netted 89 cents, a 14.1 percent increase from second quarter 2000's 78 cents.

For the first six months this year, CB Bancshares earned $5.9 million, or $1.69 a share, compared to $5.2 million, or $1.46 a share, last year.

CB Bancshares stock was up 60 cents to $35.60 a share on the Nasdaq stock market today. Its quarterly results were announced after the market closed yesterday.

During the recently ended second quarter, the company said its interest income hit $17.2 million, a 10.1 percent increase from the previous second quarter's $15.6 million.

The increase was largely due a higher interest margin, an increase in outstanding loans and the recovery of about $480,000 from a nonperforming commercial loan.

Non-interest income hit $3.1 million during the second quarter, a 24.1 percent jump from second quarter 2000's $2.5 million.

Net assets, meanwhile, slipped 1.6 percent to $1.7 billion during the second quarter while total deposits were up a slight 0.2 percent to $1.2 billion. Total loans increased 4.3 percent to $1.3 billion during the same period.