Central Pacific Financial Corp. achieved strong loan and deposit growth in the fourth quarter but earnings fell 11.4 percent because of a special item that boosted net income a year ago.

The parent of the state’s fourth-largest bank had net income of $10.9 million, or 34 cents a share, to match analysts’ estimates. That compared with $12.3 million, or 39 cents a share, in the fourth quarter of 2014.

Central Pacific Bank’s loans rose 9.5 percent to $3.2 billion while deposits increased 7.9 percent to $4.4 billion.

“It was a strong quarter for us and it reflects the commitment and hard work of our employees,” CEO Catherine Ngo said Wednesday in a telephone interview ahead of today’s official earnings release. “Hawaii’s favorable economic conditions certainly provided a lift for us, but it was our employees focusing on building and growing relationships that drove our performance.”

Central Pacific has now posted 20 straight profitable quarters following $703.1 million in losses from 2008 to 2010. For the year, the bank’s net income rose 13.3 percent to $45.9 million, or $1.40 a share, from $40.5 million, or $1.07 a share.

Assets increased 5.9 percent to $5.1 billion to rank the bank fourth locally in that category behind First Hawaiian Bank ($19.3 billion), Bank of Hawaii ($15.5 billion) and American Savings Bank ($5.9 billion as of Sept. 30).

Central Pacific saw its net income positively affected by $2 million it returned to its income statement in the fourth quarter that previously had been set aside for potential loan losses. A year ago, Central Pacific returned $5.4 million to income for similar reasons.

“The difference between $2 million and $5.4 million largely explains the difference in net income for the two quarters,” Ngo said.

Central Pacific, which has been dramatically reducing its delinquent loans over the last five years after being burned by the California real estate meltdown, had $496 million in nonperforming assets — delinquent loans not accruing interest and foreclosed real estate — in March 2010. But since that time the bank has sharply reduced that amount and had just $16.2 million in nonperforming assets at the end of 2015. The $16.2 million was down 61.4 percent from $42 million at the same time in 2014.

“Our NPAs (nonperforming assets) have continued to trend downward with businesses’ improved performance and the strength of the economy,” said Anna Hu, interim chief credit officer for Central Pacific. “Our credit provision is based on our overall loan portfolio, growth of our portfolio mix and continued strong credit quality. So everything is trending in the right direction.”

Since weeding out problem loans, the bank gradually has been building up its loan portfolio.

“Our loan growth was really spread out among the various loan categories but the largest growth we’ve seen were on the residential mortgage side and commercial mortgage,” Central Pacific Chief Banking Officer Lance Mizumoto said.

Central Pacific also has been focused on increasing shareholder value. Since reinstating its quarterly cash dividends in 2013, the bank has returned a total of $46.3 million to its shareholders and repurchased $234.8 million of common stock, excluding fees and expenses.

On Wednesday, the bank’s board authorized the repurchase of up to $30 million of the company’s stock. During the quarter, the bank paid a special dividend of 32 cents a share.

“Repurchasing shares and paying special dividends both reward our shareholders,” Chief Financial Officer David Morimoto said. “They just do it in a slightly different fashion.”

Central Pacific’s stock was unchanged Wednesday at $19.48.