Central Pacific Financial Corp. Reports Third Quarter EPS of $(2.64)

Central Pacific Financial Corp. CPF today reported a net loss for the third quarter of 2010 of $72.5 million, or $2.46 per diluted share, compared to a net loss of $183.1 million, or $6.38 per diluted share in the third quarter of 2009 and a net loss of $16.1 million, or $0.60 per diluted share in the second quarter of 2010. The net loss for the third quarter of 2009 included a non-cash goodwill impairment charge of $50.0 million and a non-cash charge of $61.4 million related to the establishment of a valuation allowance against the Company's net deferred tax assets. The net loss for the third quarter of 2010 included a provision for loan and lease losses of $79.9 million, compared to $20.4 million in the second quarter of 2010 and $142.5 million in the third quarter of 2009. The current quarter's provision reflects an increase to the Company's allowance for loan and lease losses related to its commercial and residential mortgage portfolios at September 30, 2010.