FORM 8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                      Current Report Pursuant to Section 13
                     of the Securities Exchange Act of 1934

          Date of Report (Date Earliest Event reported) - July 21, 2003

                               CB BANCSHARES, INC.
             (Exact name of registrant as specified in its charter)

         Hawaii                                            99-0197163
(State of Incorporation)                       (IRS Employer Identification No.)

                   201 Merchant Street, Honolulu, Hawaii 96813
                    (Address of principal executive offices)

                                 (808) 535-2500
                         (Registrant's Telephone Number)


Item 9.  Regulation FD Disclosure  (Information  furnished  pursuant to Item 12,
         "Disclosure of Results of Operations and Financial Condition")

      On July 21, 2003, CB Bancshares,  Inc.  issued a press release  announcing
      the Company's  results of operations for the second quarter ended June 30,
      2003.

      The earnings release includes non-GAAP financial measures,  which excludes
      the effect of expenses  associated with the unsolicited  hostile  takeover
      proposal  announced by Central Pacific  Financial Corp. on April 17, 2003.
      The earnings  release  also  presents the  calculation  of the  efficiency
      ratio,  which excludes the unsolicited  hostile takeover proposal expenses
      and amortization of intangibles.

      Management  uses these non-GAAP  financial  measures  because they provide
      meaningful  information  regarding the Company's operating performance and
      facilitate management's  comparisons to the Company's historical operating
      results.  The Company believes that these non-GAAP  financial measures can
      also be useful to investors in  facilitating  comparisons to the Company's
      historical operating results.

      These  non-GAAP  financial  measures are not prepared in  accordance  with
      generally  accepted  accounting  principles  and  may  be  different  from
      non-GAAP  financial  measures used by other companies.  Non-GAAP financial
      measures  should not be  considered  as a substitute  for, or superior to,
      measures of financial performance prepared in accordance with GAAP.

      A copy of this press release is furnished with this report as Exhibit 99.1
      and shall be deemed  provided  under  "Item 12.  Disclosure  of Results of
      Operations  and Financial  Condition" and is included under this Item 9 in
      accordance with SEC Release No. 33-8216.


                                   Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed by the undersigned hereunto
duly authorized.

Date: July  21, 2003                   CB Bancshares, Inc.

                                       By:  /s/ Dean K. Hirata
                                          ------------------------------------
                                            Dean K. Hirata
                                            Senior Vice President and
                                            Chief Financial Officer
                                            (principal financial officer)


                                  EXHIBIT INDEX

Exhibit No.        Description
-----------        -----------
99.1               Earnings press release issued July 21, 2003