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July 27, 2011
HONOLULU, HI, July 27, 2011 Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the “Bank”), today reported net income for the second quarter of 2011 of $8.2 million, or $0.20 per diluted share, compared to a net loss in the second quarter of 2010 of $16.1 million, or $12.01 per diluted share, and net income in the first quarter of 2011 of $4.6 million, or $4.58 per diluted share. Net income per diluted share in the first quarter of 2011 included the impact of a previously reported one-time accounting adjustment totaling $85.1 million resulting from the exchange of the Company’s preferred stock issued to the U.S. Department of Treasury for common stock as part of its recapitalization in February 2011. Excluding this one-time adjustment, which did not impact the Company’s net income of $4.6 million, the Company’s net income per diluted share for the first quarter of 2011 was $0.18.
"We are pleased to report our second consecutive profitable quarter," said John C. Dean, President and Chief Executive Officer. "Continued improvement in our asset quality led to a significant reduction in total credit costs, lower net charge-offs, and an overall decrease in our nonperforming assets during the quarter. In addition to our ongoing efforts to further reduce our credit risk exposure and improve profitability, we are pursuing strategic growth opportunities in our core Hawaii market."
Significant Highlights and Second Quarter Results