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CPB INC. ANNOUNCES THIRD QUARTER EARNINGS

 HONOLULU, Oct. 12 /PRNewswire/ -- CPB Inc. (NASDAQ: CPBI), parent company for Central Pacific Bank, today announced earnings for the three-month period ended Sept. 30, 1993. The company's net income was $3.98 million, or $0.76 per share, an increase of 5.8 percent from $3.76 million, or $0.72 per share in the same period last year. Total assets increased from a year ago by 3.2 percent to $1,254 million. Total deposits were up 1.5 percent at $1.04 billion from a year ago, and net loans grew by 5.1 percent to $910 million.
 According to Yoshiharu Satoh, chairman of the board and chief executive officer of CPB Inc., the bank holding company has sustained stable earnings despite the continued sluggish economic climate and soft loan demand in Hawaii.
 During the third quarter, Central Pacific Bank opened its 19th branch office in the Town Center of Mililani. Also, the bank installed three automated teller machines (ATMs) at retail merchant locations on Oahu.
 CPB INC. AND SUBSIDIARY
 Financial Highlights
 (Unaudited)
 (In thousands except per share data)
 As of Sept. 30,
 1993 1992 Pct. Change
 Assets $1,254,036 $1,215,696 +3.2 pct.
 Deposits 1,041,625 1,026,210 +1.5 pct.
 Net loans 910,439 866,126 +5.1 pct.
 Stockholders' equity $109,780 $97,478 +12.6 pct.
 Number of shares outstanding 5,227 5,194 +0.6 pct.
 Book value per share $21.00 $18.77 +11.9 pct.
 Three Months Ended Sept. 30,
 1993 1992 Pct. Change
 Net income $3,978 $3,759 +5.8 pct.
 Per share 0.76 0.72 +5.6 pct.
 Cash dividends declared 1,150 1,038 +10.8 pct.
 Per share 0.22 0.20 +10.0 pct.
 Nine Months Ended Sept. 30,
 1993 1992 Pct. Change
 Net income $11,925 $10,820 +10.2 pct.
 Per share 2.29 2.08 +10.1 pct.
 Cash dividends declared 3,444 3,116 +10.5 pct
 Per share 0.66 0.60 +10.0 pct.
 CPB INC. AND SUBSIDIARY
 Financial Highlights
 (Unaudited)
 (In thousands, except per share data)
 Sept. 30, Sept. 30,
 1993 1992 Pct. Change
 Selected Financial Data
 Total assets $1,254,036 $1,215,696 3.2 pct.
 Interest earning assets 1,155,541 1,115,693 3.6 pct.
 Loans, net of unearned
 income 927,349 881,263 5.2 pct.
 Allowance for loan losses 16,910 15,137 11.7 pct.
 Net loans 910,439 866,126 5.1 pct.
 Non-performing (non-accrual)
 loans 3,932 4,664 -15.7 pct.
 Other real estate 1,950 --- ---
 Total non-performing assets 5,882 4,664 26.1 pct.
 Loans delinquent for 90 days
 or more 16,060 7,748 107.3 pct.
 Deposits 1,041,625 1,026,210 1.5 pct.
 Stockholders' equity 109,780 97,478 12.6 pct.
 Number of shares outstanding 5,227 5,194 0.6 pct.
 Book value per share $21.00 $18.77 11.9 pct.
 Three Months Ended Sept. 30,
 1993 1992 Pct. Change
 Summary Of Operations
 Interest income --
 taxable equivalent $22,947 $24,402 -6.0 pct.
 Interest expense 7,524 9,654 -22.1 pct.
 Net interest income --
 taxable equivalent 15,423 14,748 4.6 pct.
 Taxable equivalent adjustment 85 77 10.4 pct.
 Net interest income 15,338 14,671 4.5 pct.
 Provision for loan losses 850 700 21.4 pct.
 Net interest income after
 provision for loan losses 14,488 13,971 3.7 pct.
 Other operating income 2,797 2,482 12.7 pct.
 Investment securities gains(losses) 26 (300) -108.7 pct.
 Total other operating income 2,823 2,182 29.4 pct.
 Salaries and employee benefits 5,736 5,336 7.5 pct.
 Other operating expense 5,002 4,673 7.0 pct.
 Total other operating expense 10,738 10,009 7.3 pct.
 Nine Months Ended Sept. 30,
 1993 1992 Pct. Change
 Summary of Operations
 Interest income --
 taxable equivalent $69,433 $73,007 -4.9 pct.
 Interest expense 23,468 30,387 -22.8 pct.
 Net interest income --
 taxable equivalent 45,965 42,620 7.8 pct.
 Taxable equivalent adjustment 287 250 14.8 pct.
 Net interest income 45,678 42,370 7.8 pct.
 Provision for loan losses 2,450 2,000 22.5 pct.
 Net interest income after
 provision for loan losses 43,228 40,370 7.1 pct.
 Other operating income 8,112 7,037 15.3 pct.
 Investment securities gains(losses)318 (278) -214.4 pct.
 Total other operating income 8,430 6,759 24.7 pct.
 Salaries and employee benefits 17,015 15,722 8.2 pct.
 Other operating expense 15,498 13,860 11.8 pct.
 Total other operating expense 32,513 29,582 9.9 pct.
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 Pct. Pct.
 1993 1992 Change 1993 1992 Change
 Income before
 income tax
 expense 6,573 6,144 7.0 19,145 17,547 9.1
 Income tax
 expense 2,595 2,385 8.8 7,428 6,727 10.4
 Income before
 cumulative effect
 of accounting
 change 3,978 3,759 5.8 11,717 10,820 8.3
 Cumulative effect
 of accounting
 change --- --- --- 208 --- ---
 Net income $3,978 $3,759 5.8 $11,925 $10,820 10.2
 Cash dividends
 declared $1,150 $1,038 10.8 $3,444 $3,116 10.5
 Per common share:
 Income before
 cumulative effect
 of accounting
 change $0.76 $0.72 5.6 $2.25 $2.08 8.2
 Cumulative effect
 of accounting
 change --- --- --- $0.04 --- ---
 Net income $0.76 $0.72 5.6 $2.29 $2.08 10.1
 Cash dividends
 declared $0.22 $0.20 10.0 $0.66 $0.60 10.0
 Weighted average
 shares outstanding
 (in thousands) 5,226 5,194 0.6 5,212 5,191 0.4
 Selected Average
 Balances
 Total assets $1,234,709 $1,205,560 2.4 $1,219,002 $1,173,265 3.9
 Interest --
 earning
 assets 1,136,832 1,109,112 2.5 1,122,688 1,073,127 4.6
 Loans, net
 of unearned
 interest 912,045 869,634 4.9 905,211 857,957 5.5
 Other real
 estate 819,335 --- --- 926,978 --- ---
 Deposits 1,034,646 1,028,153 0.6 1,033,202 1,010,217 2.3
 Interest --
 bearing
 liabilities 961,324 952,714 0.9 950,020 922,834 2.9
 Stockholders'
 equity 108,486 96,227 12.7 105,517 93,699 12.6
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Performance Ratios
 Return on average
 assets(a)
 Before cum. effect of
 accounting change 1.29 pct. 1.25 pct. 1.28 pct. 1.23 pct.
 After cum. effect of
 accounting change 1.29 pct. 1.25 pct. 1.30 pct. 1.23 pct.
 Return on average
 stockholders' equity(a)
 Before cum. effect of
 accounting change 14.67 pct. 15.63 pct. 14.81 pct. 15.40 pct.
 After cum. effect of
 accounting change 14.67 pct. 15.63 pct. 15.07 pct. 15.40 pct.
 Net interest margin 5.43 pct. 5.32 pct. 5.46 pct. 5.30 pct.
 Net charge -- offs to
 average loans & other
 real estate(a) 0.11 pct. 0.04 pct. 0.07 pct. 0.05 pct.
 Loan charge -- offs $508 $134 $1,038 $374
 Net charge -- offs 472 91 917 298
 Dividend payout ratio 28.95 pct. 27.78 pct. 28.82 pct. 28.85 pct.
 (a) Annualized
 Sept. 30,
 1993 1992
 Balance Sheet Ratios
 Total stockholders' equity to assets 8.75 pct. 8.02 pct.
 Non-performing assets to total loans
 & other real estate 0.63 pct. 0.53 pct.
 Non-performing assets and loans delinquent
 for 90 days or more to total loans
 & other real estate 2.36 pct. 1.41 pct.
 Allowance for loan losses to total loans 1.82 pct. 1.72 pct.
 Allowance for loan losses to
 non-performing loans 430.1 pct. 324.5 pct.
 -0- 10/12/93
 /NOTE TO EDITORS: Central Pacific Bank is Hawaii's third largest commercial bank with over $1.2 bilion in assets and 19 branches statewide./
 /CONTACT: Wayne Kirihara, senior 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

MF-LM -- LA039 -- 1335 10/12/93 17:23 EDT
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