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CPB INC. ANNOUNCES SECOND QUARTER EARNINGS

 HONOLULU, July 13 /PRNewswire/ -- Yoshiharu Satoh, chairman of the board and chief executive officer of CPB Inc. (NASDAQ: CPBI), holding company of Central Pacific Bank, announced earnings for the second quarter of 1993. Financial results for the six-month period ended June 30, were as follows:
 CPB INC. AND SUBSIDIARY
 Financial Highlights
 (Unaudited)
 (In thousands except per share data)
 As of June 30,
 1993 1992 Pct. Change
 Assets $1,234,884 $1,215,911 +1.6 pct.
 Deposits 1,040,881 1,042,052 -0.1 pct.
 Net loans 898,976 838,218 +7.2 pct.
 Stockholders' equity $106,936 $94,758 +12.9 pct.
 Number of shares outstanding 5,224 5,194 +0.6 pct.
 Book value per share $20.47 $18.24 +12.2 pct.
 Three Months Ended June 30,
 1993 1992 Pct. Change
 Net income $3,906 $3,566 +9.5 pct.
 Per share 0.75 0.69 +8.7 pct.
 Cash dividends declared 1,149 1,039 +10.6 pct.
 Per share 0.22 0.20 +10.0 pct.
 Six Months Ended June 30,
 1993 1992 Pct. Change
 Net income $7,947 $7,061 +12.5 pct.
 Per share 1.53 1.36 +12.5 pct.
 Cash dividends declared 2,294 2,077 +10.4 pct
 Per share 0.44 0.40 +10.0 pct.
 Satoh noted that the bank's current rate of growth is reflective of the recessionary climate and its impact on our local business community. Despite these conditions, CPB Inc. has maintained a very stable financial performance resulting largely from a focus on efficiency measures in the past several years.
 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
 (Unaudited)
 (In thousands, except per share data)
 June 30, June 30,
 1993 1992 Pct. Change
 Selected Financial Data
 Total assets $1,234,884 $1,215,911 1.6 pct.
 Interest earning assets 1,135,059 1,098,388 3.3 pct.
 Loans, net of unearned
 income 915,508 853,069 7.3 pct.
 Allowance for loan losses 16,532 14,851 11.3 pct.
 Net loans 898,976 838,218 7.2 pct.
 Non-performing (non-accrual)
 loans 3,758 5,531 -32.1 pct.
 Other real estate 1,939 --- ---
 Total non-performing assets 5,697 5,531 3.0 pct.
 Loans delinquent for 90 days
 or more 8,848 6,903 28.2 pct.
 Deposits 1,040,881 1,042,052 -0.1 pct.
 Stockholders' equity 106,936 94,758 12.9 pct.
 Number of shares outstanding 5,224 5,194 0.6 pct.
 Book value per share $20.47 $18.24 12.2 pct.
 Three Months Ended
 June 30, June 30,
 1993 1992 Pct. Change
 Summary Of Operations
 Interest income --
 taxable equivalent $23,157 $24,361 -4.9 pct.
 Interest expense 7,774 10,324 -24.7 pct.
 Net interest income --
 taxable equivalent 15,383 14,037 9.6 pct.
 Taxable equivalent adjustment 98 83 18.1 pct.
 Net interest income 15,285 13,954 9.5 pct.
 Provision for loan losses 750 700 7.1 pct.
 Net interest income after
 provision for loan losses 14,535 13,254 9.7 pct.
 Other operating income 2,604 2,309 12.8 pct.
 Investment securities gains --- 1 -100.0 pct.
 Total other operating income 2,604 2,310 12.7 pct.
 Salaries and employee benefits 5,691 5,207 9.3 pct.
 Other operating expense 5,112 4,591 11.3 pct.
 Total other operating expense 10,803 9,798 10.3 pct.
 Six Months Ended
 June 30,
 1993 1992 Pct. Change
 Summary of Operations
 Interest income --
 taxable equivalent $46,486 $48,605 -4.4 pct.
 Interest expense 15,944 20,733 -23.1 pct.
 Net interest income --
 taxable equivalent 30,542 27,872 9.6 pct.
 Taxable equivalent adjustment 202 173 16.8 pct.
 Net interest income 30,340 27,699 9.5 pct.
 Provision for loan losses 1,600 1,300 23.1 pct.
 Net interest income after
 provision for loan losses 28,740 26,399 8.9 pct.
 Other operating income 5,315 4,555 16.7 pct.
 Investment securities gains 292 22 1,227.3 pct.
 Total other operating income 5,607 4,577 22.5 pct.
 Salaries and employee benefits 11,279 10,386 8.6 pct.
 Other operating expense 10,496 9,187 14.2 pct.
 Total other operating expense 21,775 19,573 11.3 pct.
 Three Months Ended Six Months Ended
 June 30, June 30,
 Pct. Pct.
 1993 1992 Change 1993 1992 Change
 Income before
 income tax
 expense 6,336 5,766 9.9 12,572 11,403 10.3
 Income tax
 expense 2,430 2,200 10.5 4,833 4,342 11.3
 Income before
 cumulative effect
 of accounting
 change 3,906 3,566 9.5 7,739 7,061 9.6
 Cumulative effect
 of accounting
 change --- --- --- 208 --- ---
 Net income $3,906 $3,566 9.5 $7,947 $7,061 12.5
 Cash dividends
 declared $1,149 $1,039 10.6 $2,294 $2,077 10.4
 Per common share:
 Income before
 cumulative effect
 of accounting
 change $0.75 $0.69 8.7 $1.49 $1.36 9.6
 Cumulative effect
 of accounting
 change --- --- --- $0.04 --- ---
 Net income $0.75 $0.69 8.7 $1.53 $1.36 12.5
 Cash dividends
 declared $0.22 $0.20 10.0 $0.44 $0.40 10.0
 Weighted average
 shares outstanding
 (in thousands) 5,211 5,192 0.4 5,205 5,190 0.3
 Selected Average
 Balances
 Total assets $1,210,078 $1,180,727 2.5 $1,211,018 $1,156,941 4.7
 Interest --
 earning
 assets 1,124,193 1,080,870 4.0 1,119,474 1,054,936 6.1
 Loans, net
 of unearned
 interest 906,545 857,876 5.7 901,934 852,055 5.9
 Other real
 estate 1,652 --- --- 982 --- ---
 Deposits 1,031,862 1,018,804 1.3 1,032,469 1,001,150 3.1
 Interest --
 bearing
 liabilities 943,606 929,581 1.5 944,275 904,719 4.4
 Stockholders'
 equity 105,495 93,869 12.4 104,008 92,422 12.5
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Performance Ratios
 Return on average
 assets(a)
 Before cum effect of
 accounting change 1.29 pct. 1.21 pct. 1.28 pct. 1.22 pct.
 After cum effect of
 accounting change 1.29 pct. 1.21 pct. 1.31 pct. 1.22 pct.
 Return on average
 stockholders' equity(a)
 Before cum effect of
 accounting change 14.81 pct. 15.20 pct. 14.88 pct. 15.28 pct.
 After cum effect of
 accounting change 14.81 pct. 15.20 pct. 15.28 pct. 15.28 pct.
 Net interest margin 5.47 pct. 5.19 pct. 5.46 pct. 5.28 pct.
 Net charge -- offs to
 average loans & other
 real estate(a) 0.14 pct. 0.04 pct. 0.10 pct. 0.07 pct.
 Loan charge -- offs $356 $134 $530 $374
 Net charge -- offs 309 91 445 298
 Dividend payout ratio 29.33 pct. 28.99 pct. 28.76 pct. 29.41 pct.
 (a) Annualized
 June 30,
 1993 1992
 Balance Sheet Ratios
 Total stockholders' equity to assets 8.66 pct. 7.79 pct.
 Non-performing assets to total loans
 & other real estate 0.62 pct. 0.65 pct.
 Non-performing assets and loans delinquent
 for 90 days or more to total loans
 & other real estate 1.59 pct. 1.46 pct.
 Allowance for loan losses to total loans 1.81 pct. 1.74 pct.
 Allowance for loan losses to
 non-performing loans 439.9 pct. 268.5 pct.
 -0- 7/13/93
 /CONTACT: Wayne Kirihara, senior VP and manager-marketing division of Central Pacific Bank, 808-544-0500/
 (CPBI)


CO: Central Pacific Bank ST: Hawaii IN: FIN SU: ERN

JB-MF -- LA023 -- 1052 07/13/93 16:52 EDT
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Date:Jul 13, 1993
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