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CPB INC. ANNOUNCES INCREASE IN FIRST QUARTER EARNINGS

 HONOLULU, April 13 /PRNewswire/ -- Yoshiharu Satoh, chairman of the board and chief executive officer of CPB Inc. (NASDAQ: CPBI), holding company of Central Pacific Bank, announced record earnings for the first quarter of 1993. Financial results for the three-month period ended March 31, were as follows:
 CPB INC. AND SUBSIDIARY
 Financial Highlights
 (In thousands, except per share data)
 (Unaudited)
 As of March 31, 1993 1992 Pct change
 Assets $1,205,732 $1,194,892 +0.9 pct.
 Deposits 1,024,944 1,033,187 -0.8 pct.
 Net loans 888,988 849,886 +4.6 pct.
 Stockholders' equity $103,701 $92,187 +12.5 pct.
 Number of shares outstanding 5,203 5,191 +0.2 pct.
 Book value per share $19.93 $17.76 +12.2 pct.
 Three months ended March 31,
 Net income $4,041 $3,495 +15.6 pct.
 Per share .78 .67 +16.4 pct.
 Cash dividends declared 1,145 1,038 +10.3 pct.
 Per share .22 .20 +10.0 pct.
 Satoh noted that the increase in earnings included a $208,000 adjustment resulting from a change in accounting method as prescribed by the Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes, which was adopted on Jan. 1, 1993.
 Central Pacific Bank is Hawaii's third-largest commercial bank with more than $1.2 billion in assets and 18 branches statewide.
 CPB INC. AND SUBSIDIARY
 Financial Highlights -- March 31, 1993
 (Unaudited)
 (In thousands except per share data)
 March 31,
 Selected Financial Data 1993 1992 Pct. Change
 Total assets $1,205,732 $1,194,892 0.9 pct.
 Interest earning assets 1,110,683 1,082,396 2.6 pct.
 Loans, net of unearned
 income 905,079 864,128 4.7 pct.
 Allowance for loan losses 16,091 14,242 13.0 pct.
 Net loans 888,988 849,886 4.6 pct.
 Deposits 1,024,944 1,033,187 -0.8 pct.
 Stockholders' equity 103,701 92,187 12.5 pct.
 Number of shares outstanding 5,203 5,191 0.2 pct.
 Book value per share $19.93 $17.76 12.2 pct.
 Three Months Ended
 March 31,
 Summary of Operations 1993 1992 Pct change
 Interest income - taxable
 equivalent $23,329 $24,244 -3.8 pct.
 Interest expense 8,170 10,409 -21.5 pct.
 Net interest income - taxable
 equivalent 15,159 13,835 9.6 pct.
 Taxable equivalent adjustment 104 90 15.6 pct.
 Net interest income 15,055 13,745 9.5 pct.
 Provision for loan losses 850 600 41.7 pct.
 Net interest income after
 provision for loan losses 14,205 13,145 8.1 pct.
 Other operating income 2,711 2,246 20.7 pct.
 Investment securities gains 292 21 1,290.5 pct.
 Total other operating income 3,003 2,267 32.5 pct.
 Salaries and employee benefits 5,588 5,179 7.9 pct.
 Other operating expense 5,384 4,596 17.1 pct.
 Total other operating expense 10,972 9,775 12.2 pct.
 Income before income tax
 expense 6,236 5,637 10.6 pct.
 Income tax expense 2,403 2,142 12.2 pct.
 Income before cumulative
 effect of accounting change 3,833 3,495 9.7 pct.
 Cumulative effect of
 accounting change 208 --- n/m
 Net income $4,041 $3,495 15.6 pct.
 Cash dividends declared $1,145 $1,038 10.3 pct.
 Per common share:
 Income before cumulative
 effect of accounting change $0.74 $0.67 10.4 pct.
 Cumulative effect of
 accounting change $0.04 --- n/m
 Net income $0.78 $0.67 16.4 pct.
 Cash dividends declared $0.22 $0.20 10.0 pct.
 Weighted average shares
 outstanding 5,199 5,188 0.2 pct.
 Selected Average Balances
 Total assets $1,212,688 $1,133,155 7.0 pct.
 Interest-earning assets 1,155,797 1,029,002 12.3 pct.
 Loans, net of unearned
 interest 907,029 846,234 7.2 pct.
 Other real estate 296 --- n/m
 Deposits 1,035,445 983,497 5.3 pct.
 Interest-bearing liabilities 947,314 879,858 7.7 pct.
 Stockholders' equity 102,505 90,974 12.7 pct.
 Performance ratios
 Annualized return on
 average assets
 Before cumulative effect of
 accounting change 1.26 pct. 1.23 pct.
 After cumulative effect of
 accounting change 1.33 pct. 1.23 pct.
 Annualized return on average
 stockholders' equity
 Before cumulative effect of
 accounting change 14.96 pct. 15.37 pct.
 After cumulative effect of
 accounting change 15.77 pct. 15.37 pct.
 Net interest margin 5.25 pct. 5.38 pct.
 Annualized net charge-offs
 to average loans &
 other real estate 0.06 pct. 0.10 pct.
 Loan charge-offs $174 $240
 Net charge-offs 136 206
 Dividend payout ratio 28.21 pct. 29.85 pct.
 March 31,
 Balance sheet ratios 1993 1992
 Total stockholders' equity
 to assets 8.60 pct. 7.72 pct.
 Allowance for loan losses
 to total loans 1.78 pct. 1.65 pct.
 -0- 4/13/93
 /CONTACT: Wayne Kirihara, VP and manager-marketing division of Central Pacific Bank, 808-544-0500/
 (CPBI)


CO: CPB Inc.; Central Pacific Bank ST: Hawaii IN: FIN SU: ERN

MS-JL -- LA022 -- 5364 04/13/93 16:13 EDT
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Date:Apr 13, 1993
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