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The Treasury Department is looking to fully vacate its role as a common shareholder of Central Pacific Financial in Honolulu.
March 30
Central Pacific Financial (CPF) said Thursday that first-quarter earnings rose 191% from a year earlier, to $13.5 million, as it reduced nonperforming assets and decreased the amount of chargeoffs.
The $4.2 billion-asset company, based in Honolulu, said it earned 32 cents per share, 6 cents better than consensus estimates of analysts, according to Thomson Reuters. A year ago, Central Pacific had net income of $4.59 per share, which included a one-time accounting adjustment related to its participation in the Treasury Department's Troubled Asset Relief Program. Excluding that item, Central Pacific's year-ago net income was 18 cents per share.
Nonperforming assets fell 28%, to $205.6 million, from a year earlier. The company said net chargeoffs totaled $2.8 million, compared to $13.3 million a year ago. The improvements in credit quality allowed Central Pacific to reduce its allowance for loan and lease losses, President and Chief Executive John Dean said in a statement.
The Hawaii banking company said last month that the U.S. Treasury Department planned an offering on the remaining shares of Central Pacific it