Central Pacific Reports Fourth Consecutive Profitable Quarter
By Sonia Isotov
Central Pacific Financial Corp., parent company of Central Pacific Bank, today reported a profit of $12.1 million for the fourth quarter of 2011, making this its fourth consecutive profitable quarter.
In what may be another sign that the economy is improving, Central Pacific Bank is making strong strides towards returning to sustained profitability, returning from deep loses in 2010 as it moves through its recovery plan.
Central Pacific’s net income for the fourth quarter of 2011 was $12.1 million compared to a net loss in the fourth quarter of 2010 of $2.1 million and net income in the third quarter of 2011 of $11.6 million.
For the year ended December 31, 2011, the Company’s net income was $36.6 million compared to a net loss of $251.0 million in the previous year.
“In a year where we believe we have made tremendous progress in executing our recovery plan, we are pleased to end 2011 with our fourth consecutive profitable quarter,” said John C. Dean, president and chief executive officer, in a written statement. John. C. Dean has been credited for three successful bank turnarounds in his extensive 29-year career in the financial industry.
“As we saw during the year, continued improvement in our credit risk profile and further reductions in our nonperforming assets allowed us to once again meaningfully reduce our allowance for loan and lease losses, which contributed greatly to our profitable quarter.”