Central Pacific Financial (CPF) in Honolulu has revised its fourth-quarter earnings and now says it earned $10.3 million, or 24 cents per share, for the three months that ended Dec. 31, compared to the $9 million, or 21 cents per share, it had previously reported.
The company issued the revision after learning of an error in calculations for the allowance for loan and lease losses, according to a Thursday press release. After correcting the error, Central Pacific changed its loan-loss provision to a credit of $1.3 million, compared to the previously reported provision of $800,000.
Central Pacific also said the revision also slightly boosted its net income for the full year, to $172 million.
The $4.7 billion-asset Central Pacific said that its auditor, KPMG, is reviewing its allowance for loan and lease losses.