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CPB INC. ANNOUNCES FOURTH QUARTER EARNINGS

 CPB INC. ANNOUNCES FOURTH QUARTER EARNINGS
 HONOLULU, Jan. 14 /PRNewswire/ -- Yoshiharu Satoh, chairman of


the board, president and chief executive officer of CPB Inc. (NASDAQ: CPBI), holding company of Central Pacific Bank, today announced fourth quarter financial results, as follows:
 CPB INC. AND SUBSIDIARY FINANCIAL HIGHLIGHTS
 (Unaudited; in thousands, except per share data)
 Percent
 1991 1990 change
 As of Dec. 31:
 Assets $1,134,589 $1,036,906 9.4
 Deposits 990,862 932,311 6.3
 Net loans 821,817 703,894 16.8
 Stockholders' equity $89,706 $79,193 13.3
 Number of shares
 outstanding (in thousands) 5,186 5,023 3.2
 Book value per share $17.30 $15.77 9.7
 Three months ended Dec. 31:
 Net income $3,282 $3,018 8.7
 Per share .64 .60 6.7
 Cash dividends declared 933 803 16.2
 Per share .18 .16 12.5
 Twelve months ended Dec. 31:
 Net income $12,707 $11,485 10.6
 Per share 2.51 2.29 9.6
 Cash dividends declared 3,552 3,007 18.1
 Per share .70 .60 16.7
 Satoh noted that CPB Inc. and Central Pacific Bank have continued to perform well, despite the economic slowdown and the decreasing interest rate environment.
 Central Pacific Bank is Hawaii's third-largest commercial bank with more than $1 billion in assets and 18 branches statewide.
 -0- 1/14/92
 /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


JL-EH -- LA014 -- 9590 01/14/92 13:48 EST
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Date:Jan 14, 1992
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