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CB BANCSHARES, INC. REPORTS FIRST QUARTER EARNINGS

 HONOLULU, Hawaii, May 3 /PRNewswire/ -- CB Bancshares, Inc. (NASDAQ-NMS: CBBI) today reported net operating income of $2,197,000 for the first quarter ended March 31, 1993, compared with $2,146,000 a year ago. After the previously announced adjustment for the cumulative effect of the adoption on Jan. 1, 1993 of FAS 109 (Accounting for Income Tax), net income totaled $1,824,000. Net income per share before the adjustment was $1.03 for the three months ended March 31, 1993, as compared with $1.01 for the comparable 1992 period. After the FAS 109 adjustment, earnings per share for the first quarter of 1993 was $0.86. All per share information does not include the effect of the company's offering of 547,170 shares of its common stock in April.
 The return on average assets for the first quarter 1993, before FAS 109 adjustment, was 1.23 percent, as compared with 1.03 percent after the adjustment, and 1.21 percent for the three months ended March 31, 1992. The return on average equity for the first quarter 1993, before the adjustment, was 15.46 percent, compared to 12.83 percent after the adjustment, and 16.37 percent for the three months ended March 31, 1992.
 Net interest income continued to increase during 1993 as the company benefited from its asset/liability management. Net interest income during the first quarter 1993 was $10,162,000, 13.7 percent over the $8,935,000 earned during first quarter 1992. Net interest margin also increased during the first quarter 1993 to 6.23 percent in 1993, compared with 5.65 percent in 1992.
 Total non-performing assets, which include all loans 90 days or more past due, increased to $10,466,000 at March 31, 1993, from $7,851,000 at Dec. 31, 1992 and $3,812,000 at March 31, 1992. As a percentage of total loans plus foreclosed real estate, the respective ratios were 1.92 percent, 1.46 percent, and 0.80 percent. The allowance for loan losses amounted to $8,883,000 at March 31, 1993, as compared to $8,715,000 at Dec. 31, 1992 and $7640,000 at March 31, 1992. As a percentage of total loans plus foreclosed real estate, the respective ratios were 1.63 percent, 1.62 percent, and 1.60 percent. The increase from the year-end 1992 level was represented by loans secured by Hawaii real estate to one borrower. The company is actively working with the borrower to reduce the loan outstanding through the sale of one of the properties, which accounts for over half the current exposure. Foreclosed real estate of $300,000 was sold in April at its carrying value, while another loan totalling $1,700,000 is expected to be sold in early May at a price in excess of its carrying value.
 Shareholders' equity totaled $58,527,000 or 8.03 percent of total assets at March 31, 1993, as compared to $56,703,000 or 7.80 percent of total assets at Dec. 31, 1992. Book value per share increased to $27.46 per share from $26.61 per share at Dec. 31, 1992 and $25.25 per share at March 31, 1992.
 The company's common stock commenced trading on March 4 on the NASDAQ National Market System under the symbol "CBBI."
 CB BANCSHARES, INC. AND SUBSIDIARIES
 Selected Ratios
 (In thousands, except per share data and ratios)
 Three months ended Year ended
 3/31/93 3/31/92 12/31/92
 Return on average assets
 Pre-FAS 109 adjustment 1.23 pct. 1.21 pct. 1.09 pct.
 Post-FAS 109 adjustment 1.03 1.21 1.09
 Return on average equity
 Pre-FAS 109 adjustment 15.46 16.37 14.37
 Post-FAS 109 adjustment 12.83 16.37 14.37
 Net interest margin 6.23 5.65 6.37
 Equity to assets 8.03 7.68 7.80
 NPA/loans and OREO 1.92 0.80 1.46
 Loan loss reserve/loans 1.63 1.60 1.62
 Loan loss reserve/non-
 performing loans 115.01 148.95 230.68
 Earnings per share
 Pre-FAS 109 adjustment $1.03 $1.01 $3.66
 Post-FAS 109 adjustment 0.86 1.01 3.66
 Book value per share 27.46 25.25 26.61
 Dividends per share(A) 0.65 0.65 1.30
 Shares outstanding(B) $2,131 $2,131 $2,131
 (A) -- Semi-annual dividend paid during first quarter for the first half of 1993 and 1992. The board of directors of the company has approved a policy of paying quarterly dividends, commencing in the third quarter 1993.
 (B) -- Pre-offering.
 CB BANCSHARES, INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (In thousands, except shares and per share data)
 3/31/93 12/31/92 3/31/92
 Assets
 Cash and due from banks $ 32,271 $ 37,822 $ 39,728
 Federal funds sold 4,305 -- --
 Investment securities 118,236 127,694 156,341
 Net loans 534,850 527,842 470,580
 Premises and equipment 9,861 9,997 10,054
 Customers' acceptance liability 270 331 317
 Other assets 29,318 22,879 23,809
 Total assets 729,111 726,565 700,829
 Liabilities and Stockholders' Equity
 Deposits
 Non-interest bearing 112,224 119,493 104,992
 Interest bearing 481,416 475,962 466,719
 Total deposits 593,640 594,855 571,711
 Short-term borrowings 22,675 23,967 59,497
 Acceptances outstanding 270 331 317
 Other liabilities 11,885 8,483 7,933
 Long-term debt 35,000 35,000 --
 Total liabilities 663,470 662,636 639,458
 Deferred gain 7,114 7,226 7,562
 Commitments and contingencies -- -- --
 Stockholders' equity
 Preferred stock - authorized but
 unissued, 25 million shares,
 $1 par value -- -- --
 Common stock - authorized
 25 million shares of $1 par value;
 issued and outstanding
 2,131,000 shares 2,131 2,131 2,131
 Surplus 23,703 23,703 23,706
 Retained earnings 32,693 30,869 27,975
 Total stockholders' equity 58,527 56,703 53,809
 Total liabilities and
 stockholders' 729,111 726,565 700,829
 CB BANCSHARES, INC. AND SUBSIDIARIES
 (Dollars in thousands, except per share data)
 Quarter ended March 31, 1993 1992
 Interest income
 Interest & fees on loans $11,977 $11,815
 Int. & divs. on investment securities
 Taxable 2,294 3,167
 Non taxable 102 116
 Dividends 284 --
 Other interest inc. 2 25
 Total internal income 14,286 15,123
 Interest expense
 Deposits 3,847 5,450
 Short-term borrowings 158 738
 Long-term debt 495 --
 Total interest expense 4,500 6,188
 Net interest income 10,162 8,935
 Provision for loan losses 508 406
 Net interest income after
 provision for loan losses 9,654 8,529
 Other income
 Service charges and fees 1,565 1,701
 Investment securities -- --
 Gain on sale of premises 112 111
 Total other income 1,677 1,812
 Other expenses
 Salaries & employee benefits 3,282 2,915
 Net occupancy & equip. expense 1,522 1,533
 Other 2,877 2,624
 Total other expenses 7,681 7,072
 Income before inc. taxes 3,650 3,269
 Income tax expense 1,453 1,123
 Net inc. before cumulative
 effect of accounting charge 2,197 2,146
 Cumulative effect of accounting
 charge 373 --
 Net income $ 1,824 $ 2,146
 Per common share:
 Inc. before cumulative effect of
 accounting charge $ 1.03 $ 1.01
 Cumulative effect of accounting
 charge 0.17 --
 Net income $ 0.86 $ 1.01
 -0- 5/3/93
 /CONTACT: Mr. Daniel Motohiro of CB Bancshares, Inc., 808-546-2424, or Mr. Robert Amen of Robert Amen & Associates, 203-629-2244, for CB Bancshares, Inc./
 (CBBI)


CO: CB Bancshares, Inc. ST: Hawaii IN: FIN SU: ERN

TS-OH -- NY068 -- 3853 05/03/93 13:44 EDT
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