HONOLULU - Pacific Century Financial Corp. said late Wednesday that it charged off $19.5 million in soured loans to a South Korean conglomerate and put another $10.7 million on nonperforming status during the fourth quarter.The actions pushed net chargeoffs for the quarter to $36.8 million, exceeding the company's quarterly loan loss provision of $20.9 million.

The company said it filled in the gap by drawing $16 million from its reserves, which had been beefed up to prepare for the effects of Asian economic turmoil.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.