The parent of Central Pacific Bank said today it is postponing its previously announced $100 million stock offering.

“The company was unable to raise the additional capital it targeted given the number of its authorized but unissued common shares combined with the current price level of its common stock,” Central Pacific Financial Corp. said in news release accompanying is quarterly financial results.
“The company plans to increase its number of authorized common shares, subject to shareholder approval, which will provide the company with increased flexibility as it proceeds with its capital raising efforts.”
Central Pacific Financial Corp. reported a net loss of $34.4 million, or $1.27 per share in the second quarter, compared to a net loss of $146.3 million, or $5.10 per diluted share, reported in the second quarter of 2008.
The net loss for the second quarter of 2008 included a non-cash goodwill impairment charge of $94.3 million compared to no charge in the current quarter. The net loss, net loss per diluted share and total credit costs for the second quarter of 2009 were all within the ranges previously announced.
“As we previously announced, our second quarter results were impacted by higher credit costs resulting from the weak economy and further deterioration in the Hawaii and California commercial real estate markets,” said Ronald Migita, chairman, president, and chief executive officer.
“As we continue to navigate through these turbulent times, although we remain focused on reducing credit risk, our customers will continue to receive the high level of quality service and innovative products they have come to expect from us.”