Results up at
Central Pacific Bank’s
parent company

Profit increased 1.8%
as assets and deposits rose

By Rick Daysog
Star-Bulletin

CPB Inc. today reported a 1.8 percent increase in its third-quarter profit, thanks to a modest rise in loans, assets and deposits.

The parent of Central Pacific Bank said it earned $3.82 million in the three months ending Sept. 30, 1997, up from $3.76 million in the year-earlier period.

On a per-share basis, CPB netted 72 cents during the latest third quarter, which is slightly higher than third quarter 1996's 71 cents.

For the first nine months this year, the company earned $11.09 million, or $2.10 per share, up from the year-earlier's $10.89 million, or $2.07 per share.

CPB shares slipped 50 cents today on the Nasdaq market to close at $44.25. The stock hit a 52-week high of $45.75 on Oct. 9 after the company announced a two-for-one split of its common stock.

As of Sept. 30, the company had assets of $1.44 billion, up 5.8 percent from the year-earlier period. Total deposits were up 3.7 percent to $1.14 billion while loans increased 1.6 percent to $1.02 billion.

The ratio of CPB's nonperforming assets -- which include loans delinquent for 90 days or more and other restructured loans -- also improved. Those nonperforming assets totaled 2.65 percent of CPB's overall loans and real estate holdings as of Sept. 30, down from 2.82 percent in the same period last year. CPB owns Central Pacific Bank, Hawaii's third largest commercial bank with 26 branches statewide.