Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Hawaii's Central Pacific Financial (NYSE: CPF) was not seeing the brighter side of life today as investors knocked shares down as much as 15% on heavier-than-average volume.

So what: Central Pacific filed two prospectuses with the Securities and Exchange Commission today. The first is an underwritten offering of 5.6 million shares that are being sold by the U.S. Treasury, and the second makes 12.8 million shares (which includes the Treasury's shares) held by private investors available for sale on the public markets. While investors should have known this was coming, it's not surprising that the announcements have put sour pusses on shareholders, since 12.8 million shares can really put pressure on a stock's price when it only has 42 million total shares and an average daily volume of less than 70,000.

Now what: The Treasury shares will all be sold at once, but depending on institutional investors' appetite for shares, the deal pricing could provide another knock for current investors. Meanwhile, the millions of other shares being registered could put pressure on the stock's price for some time to come. This could make it a bumpy road for shareholders for a while, but it's worth remembering that all of this is more a matter of market mechanics than changes to the intrinsic value of the bank.

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