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CB BANCSHARES REPORT FIRST HALF EARNINGS

 HONOLULU, July 26 /PRNewswire/ -- Mr. James M. Morita, chairman, president and chief executive officer of CB Bancshares, Inc. (NASDAQ- NMS: CBBI), today announced that net income for the second quarter ended June 30, 1993 increased 16.4 percent, primarily due to higher net interest income resulting from strong net interest margins and higher net loans, Mr. Morita said, "Despite continued softness in the Hawaiian economy, net loans increased 6.2 percent over the comparable period in 1992."
 In the second quarter of 1993, net income increased to $2,198,000 compared to $1,889,000 for the quarter ending June 30, 1992. Net income per share for this year's second quarter was $0.84 compared with $0.89 for the comparable 1992 period. Despite the strong increase in net income, net income per share declined due to the higher number of average shares outstanding, which resulted from common stock offerings totaling 575,000 shares completed in the second quarter of 1993.
 Net income for the first six months of 1993 was $4,022,000 versus $4,035,000 for the first six months of 1992. Net income per share for the 1993 first half was $1.70 compared with $1.89 in the 1992 period with the decline related to the cumulative effect of $580,000, or $0.27 per share, accounting change for FAS 109 in the first quarter ended March 31, 1993.
 The return on average assets for the second quarter of 1993 was 1.18 percent up from 1.05 percent in the second quarter of 1992. The return on average equity for the quarter was 12.03 percent versus 13.88 percent a year ago, with the decline a reflection of higher levels of capital as a result of the recent equity offering.
 Total non-performing assets, which include all loans 90 days or more past due, decreased to $7,622,000 at June 30, 1993, compared to $10,466,000 on March 31, 1993; and $7,851,000 as of Dec. 31, 1992. As a percentage of total loans plus foreclosed real estate, the respective ratios were 1.41 percent, 1.92 percent, and 1.46 percent. The allowance for loan losses amounted to $9,074,000 at June 30, 1993 compared with $8,883,000 on March 31, 1993 and $8,715,000 on Dec. 31, 1992. As a percentage of total loans plus foreclosed real estate, the respective ratios were 1.68 percent, 1.63 percent, and 1.62 percent. The company has been successful in reducing non-performing assets through the sale of Hawaii real estate used to secure such loans. In addition, foreclosed real estate was sold during the 1993 second quarter at a price in excess of its carrying value.
 Shareholders' equity totaled $76,440,000 or 10.19 percent of total assets at the end of the second quarter compared with $56,703,000 or 7.80 percent of total assets on Dec. 31, 1992. Book value per share increased to $28.25 per share from $26.61 per share at year end, 1992 and $25.49 per share at the end of the second quarter prior year.
 Mr. Morita added, "Bancshares has moved to paying dividends to shareholders on a quarterly basis from semi-annual, beginning with a dividend of $0.325 per share payable on July 30, 1993 to shareholders of record on July 15, 1993."
 CB Bancshares is the fourth largest bank holding company in the state of Hawaii and parent of City Bank, Honolulu, a state chartered commercial bank operating 12 branches on three islands. Its primary clients are small- to mid-sized businesses and retail customers.
 CB BANCSHARES, INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (in thousands, except shares and per share data)
 Periods ended 6/30/93 12/31/92 6/30/92
 Assets
 Cash & due from banks $ 35,539 $ 37,822 $ 26,856
 Federal funds sold 2,105 --- 8,000
 Investment securities - market
 values of $153,434 in 1993,
 $34.014 on 12/31/92 and
 $157,781 on 6/30/92 146,426 127,694 149,225
 Net loans 529,009 527,842 498,133
 Premises & equipment 9,886 9,997 9,911
 Customers' acceptance
 liability 267 331 335
 Other assets 27,031 22,879 24,903
 Total assets $ 750,263 $ 726,565 $ 717,363
 Liabilities and Stockholders' Equity
 Deposits
 Non-interest bearing $ 108,409 $ 119,493 $ 91,471
 Interest bearing 481,472 475,362 492,350
 Total deposits 589,881 594,855 583,821
 Short-term borrowings 13,015 23,967 59,915
 Acceptances outstanding 267 331 335
 Other liabilities 13,656 8,483 11,530
 Long-term debt 50,000 35,000 ---
 Total liabilities 666,819 662,636 655,601
 Deferred gain 7,004 7,226 7,449
 Commitments & 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 &
 outstanding, 7/30/93 - 2,706,000
 shares, 12/31/92 and 6/30/92 -
 2,131,000 shares 2,706 2,131 2,131
 Surplus 39,723 23,703 23,703
 Retained earnings 34,011 30,869 28,479
 Total stockholders' equity 76,440 56,703 54,313
 Total liabilities &
 stockholders' $ 750,263 $ 726,565 $ 717,363
 CB BANCSHARES, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (In thousands, except per share data)
 Periods ended Quarter Six Months
 June 30 1993 1992 1993 1992
 Interest Income
 Interest and fees
 on loans $11,693 $11,683 $23,670 $23,498
 Interest and dividends
 on investment securities
 Taxable 2,456 3,136 4,750 6,303
 Non taxable 101 115 203 231
 Dividends 321 --- 605 ---
 Other interest income 54 139 59 164
 Total interest income 14,625 15,073 29,287 30,196
 Interest Expense
 Deposits 3,614 5,146 7,461 10,596
 Short-term borrowings 223 629 381 1,367
 Long-term debt 558 133 1,053 133
 Total interest expense 4,395 5,908 8,895 12,096
 Net interest income 10,230 9,165 20,392 18,100
 Provision for loan losses 517 575 1,025 981
 Net interest income after
 provision for loan losses 9,713 8,590 19,367 17,119
 Other Income
 Service charges and fees 1,820 1,504 3,385 3,205
 Securities gains 0 0 0 0
 Gain on sale of premises 110 111 222 222
 Total other income 1,930 1,615 3,607 3,427
 Other Expenses
 Salaries and employee
 benefits 3,058 3,138 6,340 6,053
 Net occupancy and
 equipment expense 1,627 1,523 3,149 3,056
 Other 3,247 2,481 5,917 5,105
 Total other expenses 7,932 7,142 15,406 14,214
 Income before income taxes 3,711 3,063 7,568 6,332
 Income tax expense 1,513 1,174 2,966 2,297
 Net income before cumulative
 effect of accounting change 2,198 1,889 4,602 4,035
 Cumulative effect of
 accounting change 0 --- 580 ---
 Net income 2,198 1,889 4,022 4,035
 Per Common Share:
 Income before cumulative
 effect of accounting change 0.84 0.89 1.97 1.89
 Cumulative effect of
 accounting change 0.00 0.00 0.27 0.00
 Net income 0.84 0.89 1.70 1.89
 CB BANCSHARES, INC. AND SUBSIDIARIES
 Selected Ratios
 (In Thousands, Expect Per Share Data & Ratios)
 Quarter ended June 30, Year ended Dec. 31,
 1993 1992 1992
 Return on average assets 1.18 pct. 1.05 pct. 1.09 pct.
 Return on average equity 12.03 13.88 14.37
 Equity to assets 10.19 7.57 7.80
 NPA/Loans and OREO 1.41 1.51 1.46
 Loan loss reserve/loans 1.68 1.42 1.62
 Loan loss reserve/non-
 performing loans 131.89 101.02 230.68
 Earnings per share $0.84 $0.89 $3.66
 Book value per share $28.25 $25.49 $26.61
 Shares outstanding 2,706 2,131 2,131
 CB BANCSHARES, INC. AND SUBSIDIARIES
 Nonperforming Assets
 June 30 March 31 Dec. 31 June 30
 1993 1993 1992 1992
 Loans accounted for on
 a nonaccrual basis $4,733 $5,564 $3,790 $3,400
 Loans contractually past
 due 90 days or more as to
 interest or prin. pymts. 2,147 2,160 2,061 3,729
 Total nonperforming loans 6,880 7,724 5,851 7,129
 Other real estate owned 742 2,742 2,000 500
 Total nonperforming assets $7,622 $10,466 $7,851 $7,629
 -0- 7/26/93
 /CONTACT: Daniel Motohiro, senior vice president and CFO of CB Bancshares, Inc., 808-546-2424, or Robert Amen, president of Robert Amen & Assoc., 203-629-2244, for CB Bancshares, Inc./
 (CBBI)


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

MP-SS -- NY012 -- 5586 07/26/93 10:09 EDT
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