The parent of Central Pacific Bank said today it expects to report a profit for the third quarter, reversing from a $146.3 million loss in the previous quarter.

For the three months ending Sept. 30, 2008, Central Pacific Financial Corp. said it expects to earn between $2.2 million and $3.2 million, or 8 cents to 11 cents per share.

Due to problem loans to California homebuilders, the company recorded a $94.3 million goodwill impairment charge during the second quarter. Central Pacific said it does not expect to take a goodwill impairment charge during the third quarter.

"Despite the turmoil and uncertainty in the financial markets, the fundamentals and overall safety and soundness of our bank remain strong and we believe we are well-positioned to meet the needs of our customers during these challenging times," said Ronald Migita, Central Pacific's chairman and chief executive officer.

CPF shares closed up 42 cents at $15.38 on the New York Stock Exchange.