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HONOLULU (HawaiiNewsNow) -
Central Pacific Bank, Hawaii's
fourth largest bank, made a $13.5 million winter profit last year. So why did
it make $137.3 million this time?
Most of that, $119.8 million, was a one-time item, a
non-cash benefit from deferred tax assets. Dial that out, and the winter profit
was $17.5 million.
Total loans were $2.3 billion, up 9.2 percent from last
year at the same time. Total deposits were $3.8 billion, up 7.3 percent. Total
assets were $4.6 billion, up 10.2 percent.
Non-performing asserts were cut by another $14.7 million,
to $75.3 million.
CEO John Dean called it "another quarter of strong
profitability and further improvement in our asset quality."
Deferred tax assets allow a company to apply earlier
losses to reduce a tax bill. When it was operating in the red and couldn't make
use of deferred tax assets, Central Pacific wasn't allowed by generally
accepted accounting to principles to book the tax assets. Now it can. But the
FDIC doesn't count stuff like this when it evaluates a bank's capital ratio, so
the real world impact is small. Central Pacific Bank continues to be