Central Pacific Bank
parent company posts
record 2nd quarter

Its earnings climb
21 percent from 2000

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By Rick Daysog
rdaysog@starbulletin.com

The parent of Central Pacific Bank said its second quarter 2001 earnings jumped 20.5 percent to a record $5.8 million.

CPB Inc.'s latest quarterly net compares with a profit of $4.8 million during the three months ended June 30, 2000.

On a per-share basis, the company's second quarter 2001 net was 70 cents, a 32.1 percent increase from 53 cents a year earlier.

For the first six months this year, CPB posted net income of $11.1 million, or $1.33 a share, compared with $9.4 million, or $1.03 a share, during the same period last year.

"We have always had a high priority and strong focus on asset quality which is reflected in our solid earnings performance," said Joichi Saito, CPB chairman and chief executive officer.

The company said its nonperforming assets, restructured loans and delinquent loans 90 days or more past due are down 25.1 percent to $7.3 million from last year's $9.7 million.

Shares of CPB were up 54 cents to $30.04 on the Nasdaq market today. The earnings were announced yesterday after the market had closed.

The company, which operates 24 bank branches statewide, noted that its assets rose 8 percent to $1.8 billion during the past year while net loans increased 3.1 percent to $1.23 billion.

Deposits are up 6.1 percent, to $1.41 billion, since last year.