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Exhibit 11

        Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding. Stock options are considered common stock equivalents for purposes of calculating diluted earnings per share. All earnings per share data for CB Bancshares are adjusted to reflect the 10% stock dividend paid on June 27, 2003.

			Pro Forma(1)			CPF Historical Data(2)
			Six Months Ended June 30,	Year Ended December 31,		Six Months Ended June 30,			Year Ended December 31,
			2003	2002		2003	2002		2002		2001		2000		1999		1998
			(Dollars in thousands)
Basic earnings per share computation
Numerator:
	Net income available to common stockholders		$	$	41,965	$	$	15,214	$	33,283	$	28,705	$	19,434	$	16,326	$	15,069
Denominator:
	Weighted average common shares outstanding				22,952			15,903		15,931		16,410		17,834		19,260		20,708
Basic earnings per share			$	$	1.83	$	$	0.96	$	2.09	$	1.75	$	1.09	$	0.85	$	0.73
Diluted earnings per share computation
Numerator:
	Net income available to common stockholders		$	$	41,965	$	$	15,214	$	33,283	$	28,705	$	19,434	$	16,326	$	15,069
Denominator:
	Weighted average common shares outstanding				22,952			15,903		15,931		16,410		17,834		19,260		20,708
	Incremental shares from conversion of options				395			356		395		350		298		220		156
		Weighted average diluted shares outstanding			23,347			16,259		16,326		16,760		18,132		19,480		20,864
	Diluted earnings per share		$	$	1.80	$	$	0.94	$	2.04	$	1.71	$	1.07	$	0.84	$	0.72

(1)

Pro Forma data reflect CB Bancshares historical data, which is adjusted to reflect the 10% stock dividend paid on June 27, 2003, and CPF historical data, adjusted to give effect to the exchange offer and the proposed merger.

(2)

CPF historical data derived from information contained in CPF's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31 and June 30, 2003 and Annual Report on Form 10-K for the fiscal year ended December 31, 2002, which are incorporated by reference into this registration statement.

			CB Bancshares Historical Data(3)
			Six Months Ended June 30,			Year Ended December 31,
			2003	2002		2002		2001		2000		1999		1998
			(in thousands)
Basic earnings per share computation
Numerator:
	Net income available to common stockholders		$	$	7,157	$	13,482	$	6,150	$	11,218	$	306	$	8,369
Denominator:
	Weighted average common shares outstanding				4,225		4,254		4,225		4,288		4,576		4,728
Basic earnings per share			$	$	1.69	$	3.17	$	1.46	$	2.62	$	0.07	$	1.77
Diluted earnings per share computation
Numerator:
	Net income available to common stockholders		$	$	7,157	$	13,482	$	6,150	$	11,218	$	306	$	8,369
Denominator:
	Weighted average common shares outstanding				4,225		4,254		4,225		4,288		4,576		4,728
	Incremental shares from conversion of options				76		75		56		—		1		9
		Weighted average diluted shares outstanding			4,301		4,329		4,281		4,288		4,577		4,737
	Diluted earnings per share		$	$	1.66	$	3.12	$	1.44	$	2.62	$	0.07	$	1.77

(3)

CB Bancshares historical data derived from information contained in CB Bancshares' Quarterly Reports on Form 10-Q for the quarterly periods ended March 31 and June 30, 2003 and Annual Report on Form 10-K for the fiscal year ended December 31, 2002, which are incorporated by reference into this registration statement. All earnings per share data and weighted average common shares outstanding data for CB Bancshares is adjusted to reflect the 10% stock dividend paid on June 27, 2003. Earnings per share data and weighted average common shares outstanding data for CB Bancshares for the years ended December 31, 2001, 2000, 1999 and 1998 is also adjusted to reflect the 10% stock dividend paid in 2002, and earnings per share data and weighted average common shares outstanding data for CB Bancshares for the years ended December 31, 2000, 1999 and 1998 is also adjusted to reflect the 10% stock dividend paid in 2001.

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Exhibit 11