Central Pacific Financial Corp., the holding company for Central Pacific Bank, tumbled as much as 27 percent in U.S. trading after reporting a loss in the second quarter and announcing a stock offering.

The net loss was $33 million to $37 million, or $1.22 to $1.35 a share, based on preliminary data, the company said in a statement today.
Three analysts surveyed by Bloomberg predicted a loss of 3 cents a share, on average. Central Pacific also said it plans to offer common stock to raise as much as $100 million.
The recession and the �resultant deterioration� in California and Hawaii real estate hurt profit, Central Pacific said. Credit costs were $77 million to $83 million, up from $29.6 million in the first quarter. Proceeds from the stock sale are expected to strengthen the company�s capital position, according to the statement.
�The loss was higher than expected, and it looks like the offering could be very dilutive if it gets done,� said Albert Savastano, an analyst at Fox-Pitt Kelton Cochran Caronia Waller. He has an �in-line� rating on the shares and doesn�t own them.
Central Pacific declined 92 cents, or 26 percent, to $2.61 at 12:26 p.m. in New York Stock Exchange composite trading after falling to $2.59, the largest intraday drop since at least September 1987. The shares had declined 65 percent this year before today.