Central Pacific Bank parent reporting net loss
HONOLULU — The parent company of Central Pacific Bank is reporting a net loss for the fourth quarter of 2009 of $77.8 million, or $2.64 per diluted share.
Central Pacific Financial Corp. said Friday that compares with net income of $3.1 million, or 11 cents per diluted share, in the fourth quarter of 2008.
It says the fourth quarter net loss included an increase in the valuation allowance against net deferred tax assets totaling $32 million.
During the fourth quarter, Central Pacific Financial says it reduced its credit risk exposure by selling $204.4 million of commercial real estate loans.
Company Chairman, President and Chief Executive Officer Ronald K. Migita says progress is being made in the near-term objectives of improving capital position and reducing credit risk.