City Bank parent CB Bancshares Inc., which continues to benefit from its ongoing effort to streamline operations, said today that net income in the second quarter increased 15.3 percent over year-ago levels. City Bank profit rises
By Dave Segal
dsegal@starbulletin.com
The Honolulu-based bank, which operates 20 branches on Oahu, Maui and the Big Island, had profits of $3.6 million, or 92 cents a share, compared with $3.1 million, or 81 cents a share, during the same period of 2001.
Net interest income, the bottom line from the cost of attracting deposits and other funds and what comes in from loans, was $19 million, up 10.9 percent from $17.2 million a year ago. Noninterest income was $3.8 million, up 15.7 percent from a year-earlier $3.2 million.
"Our efficiency ratio continues to improve due to an increase in net interest income and noninterest income and the ... focus to streamline operations," said President and Chief Executive Ronald K. Migita.
As of June 30, the company had assets of $1.6 billion, down 6.1 percent from a year-earlier $1.7 billion. Deposits of $1.1 billion were down 3.3 percent from $1.2 billion. Loans of $1.1 billion were off 13.5 percent from $1.3 billion.