The parent company of Central Pacific Bank said its earnings rose 53 percent during the first three months of the year, its third consecutive profitable quarter.

Net income totaled $2.6 million, or 3 cents per diluted share in the first quarter, up from $1.7 million, or 6 cents per diluted share in the same period a year earlier, according to 'entrap Pacific Financial Corp.

"As we navigate through this challenging economic downturn, we are encouraged by the progress we have made in strengthening our liquidity, capital and franchise for the long-term, said Ronald K. Migita, chairman, president, and chief executive officer.

Migita said the first quarter was highlighted by strong deposit growth and the origination of a record number of residential mortgage loans in the Hawaii market.

Central Pacific's stock closed at $5.86 on the New York Stock Exchange yesterday, down 2 cents.