cpf-20260128
0000701347false00007013472026-01-282026-01-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

January 28, 2026
Date of Report (date of earliest event reported)
___________________________________

Central Pacific Financial Corp.
(Exact name of registrant as specified in its charter)
___________________________________
Hawaii 001-31567 99-0212597
(State or other jurisdiction of
incorporation)		 (Commission File Number) (I.R.S. Employer Identification No.)

220 South King Street, Honolulu, Hawaii 96813
(Address of principal executive offices and zip code)

(808) 544-0500
(Registrant’s telephone number, including area code)
___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, No Par ValueCPFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 2.02.    Results of Operations and Financial Condition

On January 28, 2026, Central Pacific Financial Corp. (the "Company") issued a press release regarding its results of operations and financial condition for the quarter ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Item 7.01.    Regulation FD Disclosure

On January 28, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended December 31, 2025, including the attached press release and other matters relating to the Company.

The Company has also made available on its website a slide presentation containing certain additional information about the Company's financial results for the quarter ended December 31, 2025 (the "Earnings Supplement"). The Earnings Supplement is furnished herewith as Exhibit 99.2 and is incorporated herein by reference. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided except as required by law.

The Earnings Supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to the Company’s current expectations and are subject to the limitations and qualifications set forth in the attached presentation as well as in the Company’s other documents filed with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements.

The information provided in Items 2.02 and 7.01 of this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information in Exhibits 99.1 and 99.2 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

Item 9.01    Financial Statements and Exhibits

Exhibit No.
99.1
99.2
104Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)



SIGNATURES

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

 Central Pacific Financial Corp.
 (Registrant)
 
 
Date:January 28, 2026/s/ Dayna N. Matsumoto
Dayna N. Matsumoto
Executive Vice President and Chief Financial Officer



Exhibit 99.1
centralpacificfinancialloga.jpg
 
  FOR IMMEDIATE RELEASE
Investor Contact:Jayrald RabagoMedia Contact:Tim Sakahara
 Senior Strategic Financial OfficerCorporate Communications Manager
 (808) 544-3556(808) 544-5125
 [email protected][email protected]

NEWS RELEASE

CENTRAL PACIFIC FINANCIAL REPORTS FOURTH QUARTER AND FULL YEAR 2025 EARNINGS

Fourth Quarter and Full Year 2025 Highlights:
•Net income of $22.9 million, or $0.85 per diluted share for the quarter; net income of $77.5 million, or $2.86 per diluted share for the year.
•Return on average assets (ROA) of 1.25% for the quarter; ROA of 1.06% for the year.
•Return on average equity (ROE) of 15.41% for the quarter; ROE of 13.62% for the year.
•Efficiency ratio improved to 59.88%, compared to 62.84% in the prior quarter; 61.05% for the year.
•Net interest margin (NIM) of 3.56%, up 7 bps from the prior quarter; NIM of 3.45% for the year.
•Repurchased 529,613 shares of common stock at a total cost of $16.3 million during the quarter; 788,261 shares at $23.3 million during the year.
Other Highlights:
•Board of Directors authorized a new share repurchase program of $55 million for 2026.
•Board of Directors increased the quarterly cash dividend by 3.6% to $0.29 per share.

HONOLULU, HI, January 28, 2026 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $22.9 million, or $0.85 per fully diluted share ("EPS"), for the fourth quarter of 2025. This compares to net income of $18.6 million, or EPS of $0.69, in the prior quarter and $11.3 million, or EPS of $0.42, in the same quarter last year. For the 2025 year, net income and EPS was $77.5 million and $2.86, respectively, compared to net income and EPS of $53.4 million and $1.97, respectively, in 2024.

"Central Pacific Financial achieved strong fourth-quarter and 2025 year-end results thanks to strong balance sheet management and meaningful progress on our strategic and business priorities," said Arnold Martines, Chairman, President and CEO. "In the fourth-quarter, our profitability strengthened further, underscoring the success of our disciplined approach. Looking ahead, we remain focused on supporting our customers and the communities we serve, while continuing to create long-term value for our shareholders."

Earnings Highlights
Net interest income for the fourth quarter of 2025 totaled $62.1 million, which increased by $0.8 million, or 1.3% from the prior quarter, and increased by $6.3 million, or 11.3%, compared to the same quarter last year. Net interest margin ("NIM") for the fourth quarter of 2025 was 3.56%, an increase of 7 basis points ("bp" or "bps") from the prior quarter, and an increase of 39 bps from the


Central Pacific Financial Reports Fourth Quarter and Full Year 2025 Earnings
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same quarter last year. The sequential quarter increase in net interest income and NIM was primarily driven by a 12 bps decrease in average rates paid on interest-bearing deposits, which outpaced the declines in average yields earned on loans, down 2 bps, and investment securities, down 5 bps.

The Company recorded a provision for credit losses of $2.4 million in the fourth quarter of 2025, compared to a provision of $4.2 million in the prior quarter, and a provision of $0.8 million in the same quarter last year. The current quarter provision for credit losses included $1.7 million for credit losses on loans and $0.7 million for off-balance sheet exposures. The decrease from prior quarter was primarily driven by a decline in loan balances and improvements in the macro-economic forecast used in our estimate of the allowance for credit losses.

Other operating income for the fourth quarter of 2025 totaled $14.2 million, compared to $13.5 million in the prior quarter, and $2.6 million in the same quarter last year. The sequential quarter increase was largely driven by a $0.9 million increase in income from bank-owned life insurance, primarily related to a death benefit recognized in the fourth quarter of 2025. The increase from the year-ago was largely attributable to a $9.9 million pre-tax loss related to an investment portfolio repositioning in the fourth quarter of 2024.

Other operating expense for the fourth quarter of 2025 totaled $45.7 million, compared to $47.0 million in the prior quarter, and $44.2 million in the same quarter last year. The sequential quarter decrease was primarily attributable to a one-time expense of $1.5 million related to the operations center consolidation in the third quarter of 2025. The increase from the year-ago quarter was primarily due to higher salaries and employee benefits of $2.8 million, partially offset by an impairment charge on intangible assets of $1.4 million (included in other) during the fourth quarter of 2024.

The efficiency ratio was 59.88% in the fourth quarter of 2025, compared to 62.84% in the prior quarter and 75.65% in the same quarter last year. The prior quarter was impacted by $1.5 million in expenses related to the operations center consolidation in the third quarter of 2025. The year-ago quarter was impacted by a $9.9 million pre-tax loss related to an investment portfolio repositioning in the fourth quarter of 2024. Excluding these items, the adjusted efficiency ratio (non-GAAP) was 60.81% and 64.65% for the third quarter of 2025 and fourth quarter of 2024, respectively. The improvement in the adjusted efficiency ratio was attributable to higher net interest income and other operating income, combined with lower other operating expense.

The effective tax rate for the fourth quarter of 2025 was 18.9%, compared to 21.4% in the prior quarter, and 15.4% in the same quarter last year. The sequential quarter decrease in the Company's effective tax rate was primarily attributable to additional tax credits and an increase in tax-exempt income. The increase in the effective tax rate compared with the year-ago quarter was primarily driven by higher pre-tax income in the current quarter, largely resulting from the loss on investment securities repositioning in the fourth quarter of 2024, as well as provision adjustments recorded in the year-ago quarter.

Balance Sheet Highlights
As of December 31, 2025, total assets were $7.41 billion, which decreased by $12.2 million, or 0.2% from $7.42 billion at September 30, 2025, and a decrease of $62.9 million, or 0.8% from $7.47 billion at December 31, 2024.

Total loans, net of deferred fees and costs, were $5.29 billion at December 31, 2025, which decreased by $78.1 million, or 1.5% from $5.37 billion at September 30, 2025, and decreased by $43.8 million, or 0.8% from $5.33 billion at December 31, 2024. The average yield earned on loans during the fourth quarter of 2025 was 4.99%, compared to 5.01% in the prior quarter and 4.91% in the same quarter last year.

Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $6.06 billion at December 31, 2025. Core deposits increased by $78.2 million, or 1.3% from $5.98 billion at September 30, 2025, and increased by $19.3 million, or 0.3% from $6.04 billion at December 31, 2024. Total deposits were $6.61 billion at December 31, 2025, which increased by $32.1 million or 0.5% from $6.58 billion at September 30, 2025, and decreased by $34.2 million, or 0.5% from $6.64 billion at December 31, 2024. The average rate paid on total deposits during the fourth quarter of 2025 was 0.94%, compared to 1.02% in the prior quarter, and 1.21% in the same quarter last year.

Asset Quality
Nonperforming assets totaled $14.4 million, or 0.19% of total assets at December 31, 2025, compared to $14.3 million, or 0.19% of total assets at September 30, 2025 and $11.0 million, or 0.15% of total assets at December 31, 2024.

Net charge-offs in the fourth quarter of 2025 totaled $2.5 million, compared to net charge-offs of $2.7 million in the prior quarter, and net charge-offs of $3.8 million in the same quarter last year. On an annualized basis, net charge-offs as a percentage of average


Central Pacific Financial Reports Fourth Quarter and Full Year 2025 Earnings
Page 3

loans improved to 0.18% in the fourth quarter of 2025, compared to 0.20% in the prior quarter, and 0.29% in the same quarter last year.

The allowance for credit losses on loans was 1.13% of total loans as of December 31, 2025, compared to 1.13% at September 30, 2025, and 1.11% at December 31, 2024.

Capital
Total shareholders' equity at December 31, 2025 was $592.6 million, compared to $588.1 million at September 30, 2025 and $538.4 million at December 31, 2024.

The Company's regulatory capital ratios remained strong, with leverage ratio of 9.8%, a Common Equity Tier 1 ratio of 12.7%, a Tier 1 risk-based capital ratio of 13.6%, and a total risk-based capital ratio of 14.8% at December 31, 2025.

The Company redeemed in full at par its $55.0 million of 4.75% fixed-to-floating rate subordinated notes due 2030 on its November 1, 2025 call date.

During the fourth quarter of 2025, the Company repurchased 529,613 shares of common stock at a total cost of $16.3 million, representing an average price of $30.82 per share. For the year ended December 31, 2025, the Company repurchased 788,261 shares at a total cost of $23.3 million, or an average price of $29.60 per share. In total, the Company returned $52.7 million to shareholders during 2025 through cash dividends and share repurchases.

On January 27, 2026, the Board of Directors authorized a new share repurchase program (the "2026 Repurchase Plan") permitting the Company to repurchase up to $55 million of its common stock from time to time in the open market or through privately negotiated transactions. The 2026 Repurchase Plan replaces and supersedes the prior share repurchase program previously approved by the Board.

On January 27, 2026, the Board of Directors also declared a quarterly cash dividend of $0.29 per share. This represents an increase of 3.6% from the dividend paid in the fourth quarter of 2025 of $0.28 per share. The dividend will be payable on March 16, 2026, to shareholders of record as of February 27, 2026.

Conference Call
The Company's management will host a conference call today at 1:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) to discuss its fourth quarter of 2025 financial results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-800-715-9871 and entering the conference ID: 6299769.

A replay of the call will be available through February 27, 2026, by dialing 1-800-770-2030 and entering the same conference ID: 6299769, and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.

About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.41 billion in assets as of December 31, 2025. Its primary subsidiary, Central Pacific Bank, operates 27 branches and 55 ATMs in the State of Hawaii. Central Pacific Financial Corp. is listed on the New York Stock Exchange under the symbol "CPF." For additional information, please visit: cpb.bank.


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Central Pacific Financial Reports Fourth Quarter and Full Year 2025 Earnings
Page 4

Forward-Looking Statements
This document may contain forward-looking statements ("FLS") concerning, among other things: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin, or other financial items. These statements may also include the plans, objectives, and expectations of Central Pacific Financial Corp. (the "Company") or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services, and regulatory developments or actions. In addition, such statements may address anticipated economic performance, the expected impact of business initiatives, and the assumptions underlying any of the foregoing.

Words such as "believe," "plan," "anticipate," "aim," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may," and other similar expressions are intended to identify FLS, although such terminology is not the exclusive means of doing so.

While we believe that our FLS and their underlying assumptions are reasonably based, such statements are inherently subject to risks and uncertainties that may cause actual results to differ materially from expectations. Factors that may lead to such differences, include, but are not limited to: the persistence or resurgence of inflationary pressures in the United States and our market areas, and their effect on market interest rates, economic conditions, and credit quality; the impact of the current U.S. administration’s economic policies, including potential international tariffs, and other cost cutting initiatives; the adverse effects of bank failures on customer confidence, deposit behavior, liquidity, and regulatory responses; the effects of pandemics, epidemics, and other public health emergencies, including their impact on Hawaii's tourism and construction sectors and on our borrowers, customers, vendors and employees; supply chain disruptions, labor contract disputes, strikes; adverse trends in the real estate or construction industries, including rising inventory levels or declining property values; deterioration in borrowers' financial performance leading to increased loan delinquencies, asset quality issues, or loan losses; the impact of local, national, and international economic conditions and natural disasters (such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, or earthquakes) on our markets and major industries within Hawaii; weakness in domestic economic conditions, including instability in the financial industry, deterioration in real estate markets, and declines in consumer or business confidence; revisions to estimates of reserve requirements under applicable regulatory and accounting standards; the impact of legislative and regulatory developments, including the Dodd-Frank Act, changing capital and consumer protection rules, and new regulations affecting our operations and competitiveness; legal and regulatory proceedings, including actual or threatened litigation and the efforts of governmental and regulatory exams and orders, as well as the costs of ongoing or potential compliance efforts; the effects of accounting standard changes adopted by regulatory agencies, the PCAOB, or the FASB, and the cost and resources associated with implementation; changes in trade, monetary, or fiscal policy, including actions by the Federal Reserve; market volatility and monetary fluctuations, including the transition away from the LIBOR Index; declines in our market capitalization or the price of our common stock; the effects and cost of acquisitions, dispositions, or strategic transactions we may make or evaluate; political instability, acts of war, terrorism, or other geopolitical conflicts; shifts in consumer spending, borrowing, and savings behaviors; technological changes and developments; cybersecurity incidents, data privacy breaches, or fraud involving us or third-party vendors; deficiencies in internal control over financial reporting or disclosure controls, and our ability to remediate them; increased competition among financial institutions and other financial service providers; our ability to achieve efficiency ratio improvement goals; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and related reputational or regulatory exposures; and risks related to the United States fiscal debt, deficit, and budget uncertainties.

For further information on factors that could cause actual results to differ materially from the expectations or projections expressed in our FLS, please refer to the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recent Forms 10-Q and 10-K, particularly, the discussion of "Risk Factors" set forth therein.

We urge investors to consider all of these factors carefully in evaluating the FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS to reflect events or circumstances occurring after the date on which such statements are made, or to reflect the occurrence of unanticipated events, except as required by law.


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)TABLE 1
 
 Three Months EndedYear Ended
(Dollars in thousands, Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,
except for per share amounts)2025202520252025202420252024
CONDENSED INCOME STATEMENT     
Net interest income$62,087 $61,301 $59,796 $57,699 $55,774 $240,883 $211,733 
Provision for credit losses 2,396 4,157 4,987 4,172 818 15,712 9,826 
Total other operating income14,201 13,507 13,013 11,096 2,624 51,817 38,723 
Total other operating expense 45,680 47,009 43,946 42,072 44,177 178,707 172,591 
Income tax expense5,337 5,068 5,605 4,791 2,058 20,801 14,627 
Net income22,875 18,574 18,271 17,760 11,345 77,480 53,412 
Basic earnings per share$0.86 $0.69 $0.68 $0.66 $0.42 $2.88 $1.97 
Diluted earnings per share0.85 0.69 0.67 0.65 0.42 2.86 1.97 
Dividends declared per share0.28 0.27 0.27 0.27 0.26 1.09 1.04 
PERFORMANCE RATIOS       
Return on average assets (ROA) [1]1.25 %1.01 %1.00 %0.96 %0.62 %1.06 %0.72 %
Return on average equity (ROE) [1]15.41 12.89 13.04 13.04 8.37 13.62 10.25 
Average equity to average assets8.12 7.85 7.66 7.37 7.35 7.75 7.06 
Efficiency ratio [2]59.88 62.84 60.36 61.16 75.65 61.05 68.91 
Net interest margin (NIM) [1]3.56 3.49 3.44 3.31 3.17 3.45 3.01 
Dividend payout ratio [3]32.94 39.13 40.30 41.54 61.90 38.11 52.79 
SELECTED AVERAGE BALANCES       
Average loans, including loans held for sale$5,328,499 $5,332,656 $5,307,946 $5,311,610 $5,315,802 $5,320,258 $5,358,059 
Average interest-earning assets6,964,796 7,011,753 6,985,097 7,054,488 7,052,296 7,003,809 7,061,864 
Average assets7,310,098 7,341,281 7,314,144 7,388,783 7,377,398 7,338,368 7,378,207 
Average deposits6,499,119 6,509,692 6,503,463 6,561,100 6,546,616 6,518,150 6,570,990 
Average interest-bearing liabilities4,757,686 4,807,225 4,807,669 4,914,398 4,906,623 4,821,276 4,932,757 
Average equity593,750 576,531 560,248 544,888 542,135 569,009 521,008 
[1] ROA and ROE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual).
[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).
[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)TABLE 1 (CONTINUED)
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
20252025202520252024
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio9.8 %9.7 %9.6 %9.4 %9.3 %
Common equity tier 1 capital ratio12.7 12.6 12.6 12.4 12.3 
Tier 1 risk-based capital ratio13.6 13.5 13.5 13.4 13.2 
Total risk-based capital ratio14.8 15.7 15.8 15.6 15.4 
Central Pacific Bank
Leverage ratio9.7 10.2 10.1 9.8 9.7 
Common equity tier 1 capital ratio13.5 14.1 14.1 14.0 13.8 
Tier 1 risk-based capital ratio13.5 14.1 14.1 14.0 13.8 
Total risk-based capital ratio14.7 15.3 15.3 15.2 14.9 


Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(dollars in thousands, except for per share amounts)20252025202520252024
BALANCE SHEET   
Total loans, net of deferred fees and costs$5,289,096 $5,367,202 $5,289,809 $5,334,547 $5,332,852 
Total assets7,409,241 7,421,478 7,369,567 7,405,239 7,472,096 
Total deposits6,609,764 6,577,684 6,544,989 6,596,048 6,644,011 
Long-term debt76,547 131,527 131,466 131,405 156,345 
Total equity592,581 588,066 568,874 557,376 538,385 
Tangible common equity to tangible assets [4]8.00 %7.92 %7.72 %7.53 %7.21 %
ASSET QUALITY     
Allowance for credit losses (ACL)$59,621 $60,393 $59,611 $60,469 $59,182 
Nonaccrual loans14,386 14,319 14,895 11,085 11,018 
Non-performing assets (NPA)14,386 14,319 14,895 11,085 11,018 
Ratio of ACL to total loans1.13 %1.13 %1.13 %1.13 %1.11 %
Ratio of NPA to total assets0.19 %0.19 %0.20 %0.15 %0.15 %
PER SHARE OF COMMON STOCK OUTSTANDING     
Book value per common share$22.47 $21.86 $21.08 $20.60 $19.89 
Closing market price per common share31.16 30.34 28.03 27.04 29.05 
[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company’s GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)TABLE 2
 
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands, except share data)20252025202520252024
ASSETS   
Cash and due from financial institutions$88,200 $102,859 $110,935 $106,670 $77,774 
Interest-bearing deposits in other financial institutions290,453 207,034 206,035 170,226 303,167 
Investment securities:  
Debt securities available-for-sale, at fair value748,212 758,683 765,213 780,379 737,658 
Debt securities held-to-maturity, at amortized cost; fair value of: $495,845 at December 31, 2025, $500,859 at September 30, 2025, $499,833 at June 30, 2025, $511,717 at March 31, 2025, and $506,681 at December 31, 2024562,391 570,886 580,476 589,688 596,930 
Total investment securities1,310,603 1,329,569 1,345,689 1,370,067 1,334,588 
Loans held for sale1,084 1,557 — 2,788 5,662 
Loans, net of deferred fees and costs5,289,096 5,367,202 5,289,809 5,334,547 5,332,852 
Less: allowance for credit losses(59,621)(60,393)(59,611)(60,469)(59,182)
Loans, net of allowance for credit losses5,229,475 5,306,809 5,230,198 5,274,078 5,273,670 
Premises and equipment, net100,620 100,992 103,657 103,490 104,342 
Accrued interest receivable23,559 25,232 23,518 24,743 23,378 
Investment in unconsolidated entities61,349 52,987 49,370 50,885 52,417 
Mortgage servicing rights8,672 8,459 8,436 8,418 8,473 
Bank-owned life insurance180,717 179,743 177,639 176,846 176,216 
Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank ("FRB") stock25,836 25,215 24,816 24,163 6,929 
Right-of-use lease assets24,822 25,570 30,693 29,829 30,824 
Other assets63,851 55,452 58,581 63,036 74,656 
Total assets$7,409,241 $7,421,478 $7,369,567 $7,405,239 $7,472,096 
LIABILITIES     
Deposits:     
Noninterest-bearing demand$1,891,198 $1,903,614 $1,938,226 $1,854,241 $1,888,937 
Interest-bearing demand1,388,107 1,340,725 1,336,620 1,368,519 1,338,719 
Savings and money market2,346,522 2,292,881 2,242,122 2,316,416 2,329,170 
Time983,937 1,040,464 1,028,021 1,056,872 1,087,185 
Total deposits6,609,764 6,577,684 6,544,989 6,596,048 6,644,011 
Long-term debt, net of unamortized debt issuance costs76,547 131,527 131,466 131,405 156,345 
Lease liabilities25,549 26,288 31,981 31,057 32,025 
Accrued interest payable7,068 8,604 8,755 8,757 10,051 
Other liabilities97,732 89,309 83,502 80,596 91,279 
Total liabilities6,816,660 6,833,412 6,800,693 6,847,863 6,933,711 
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024— — — — — 
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 26,374,967 at December 31, 2025, 26,903,512 at September 30, 2025, 26,981,436 at June 30, 2025, 27,061,589 at March 31, 2025, and 27,065,570 at December 31, 2024381,158 397,479 399,823 402,400 404,494 
Additional paid-in capital107,308 106,675 106,033 104,849 105,054 
Retained earnings191,383 175,968 164,676 153,692 143,259 
Accumulated other comprehensive loss(87,268)(92,056)(101,658)(103,565)(114,422)
Total equity592,581 588,066 568,874 557,376 538,385 
Total liabilities and equity$7,409,241 $7,421,478 $7,369,567 $7,405,239 $7,472,096 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES 
Consolidated Statements of Income 
(Unaudited)TABLE 3
 Three Months EndedYear Ended
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,
(Dollars in thousands, except per share data)2025202520252025202420252024
Interest income:     
Interest and fees on loans$66,897 $67,222 $65,668 $64,119 $65,482 $263,906 $258,192 
Interest and dividends on investment securities:
Taxable investment securities9,401 9,776 9,871 9,801 8,626 38,849 33,278 
Tax-exempt investment securities696 709 709 708 723 2,822 2,527 
Interest on deposits in other financial institutions1,501 1,857 1,484 2,254 3,004 7,096 11,593 
Dividend income on FHLB and FRB stock382 395 388 324 125 1,489 509 
Total interest income78,877 79,959 78,120 77,206 77,960 314,162 306,099 
Interest expense:       
Interest on deposits:       
Interest-bearing demand441 490 443 452 686 1,826 2,159 
Savings and money market8,004 8,898 8,414 8,862 9,388 34,178 37,043 
Time6,999 7,410 7,616 8,107 9,881 30,132 46,084 
Interest on FHLB advances and other short-term borrowings— — — — — — 1 
Interest on long-term debt1,346 1,860 1,851 2,086 2,231 7,143 9,079 
Total interest expense16,790 18,658 18,324 19,507 22,186 73,279 94,366 
Net interest income62,087 61,301 59,796 57,699 55,774 240,883 211,733 
Provision for credit losses2,396 4,157 4,987 4,172 818 15,712 9,826 
Net interest income after provision for credit losses59,691 57,144 54,809 53,527 54,956 225,171 201,907 
Other operating income:       
Mortgage banking income1,186 958 744 597 913 3,485 3,388 
Service charges on deposit accounts2,423 2,330 2,124 2,147 2,251 9,024 8,656 
Other service charges and fees5,570 6,472 5,957 5,766 5,476 23,765 22,553 
Income from fiduciary activities1,529 1,547 1,501 1,624 1,430 6,201 5,761 
Income from bank-owned life insurance2,816 1,879 2,260 497 1,966 7,452 6,619 
Net loss on sales of investment securities— (30)— — (9,934)(30)(9,934)
Other677 351 427 465 522 1,920 1,680 
Total other operating income14,201 13,507 13,013 11,096 2,624 51,817 38,723 
Other operating expense:       
Salaries and employee benefits24,490 24,749 22,696 21,819 21,661 93,754 85,941 
Net occupancy4,432 4,598 4,253 4,392 4,192 17,675 18,001 
Computer software5,442 5,151 5,320 4,714 4,757 20,627 18,015 
Legal and professional services2,878 2,669 2,873 2,798 2,504 11,218 9,790 
Equipment825 867 950 1,082 904 3,724 3,881 
Advertising943 730 832 887 911 3,392 3,615 
Communication495 791 901 1,033 943 3,220 3,177 
Other6,175 7,454 6,121 5,347 8,305 25,097 30,171 
Total other operating expense45,680 47,009 43,946 42,072 44,177 178,707 172,591 
Income before income taxes28,212 23,642 23,876 22,551 13,403 98,281 68,039 
Income tax expense5,337 5,068 5,605 4,791 2,058 20,801 14,627 
Net income$22,875 $18,574 $18,271 $17,760 $11,345 $77,480 $53,412 
Per common share data:       
Basic earnings per share$0.86 $0.69 $0.68 $0.66 $0.42 $2.88 $1.97 
Diluted earnings per share0.85 0.69 0.67 0.65 0.42 2.86 1.97 
Cash dividends declared0.28 0.27 0.27 0.27 0.26 1.09 1.04 
Basic weighted average shares outstanding26,687,551 26,968,163 26,988,169 27,087,154 27,065,047 26,931,761 27,057,329 
Diluted weighted average shares outstanding26,827,551 27,083,280 27,069,677 27,213,406 27,221,121 27,045,170 27,157,120 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES 
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent) 
(Unaudited)TABLE 4
 Three Months EndedThree Months EndedThree Months Ended
December 31, 2025September 30, 2025December 31, 2024
 AverageAverage AverageAverage AverageAverage 
(Dollars in thousands)BalanceYield/RateInterestBalanceYield/RateInterestBalanceYield/RateInterest
ASSETS
Interest-earning assets:         
Interest-bearing deposits in other financial institutions$151,826 3.92 %$1,501 $167,247 4.41 %$1,857 $250,493 4.77 %$3,004 
Investment securities:
Taxable1,322,341 2.84 9,401 1,348,314 2.90 9,776 1,338,569 2.58 8,626 
Tax-exempt [1]136,530 2.58 881 138,470 2.59 898 140,503 2.60 915 
Total investment securities1,458,871 2.82 10,282 1,486,784 2.87 10,674 1,479,072 2.58 9,541 
Loans, including loans held for sale5,328,499 4.99 66,897 5,332,656 5.01 67,222 5,315,802 4.91 65,482 
FHLB and FRB stock25,600 5.96 382 25,066 6.30 395 6,929 7.23 125 
Total interest-earning assets6,964,796 4.52 79,062 7,011,753 4.55 80,148 7,052,296 4.42 78,152 
Noninterest-earning assets345,302   329,528   325,102   
Total assets$7,310,098   $7,341,281   $7,377,398   
LIABILITIES AND EQUITY
Interest-bearing liabilities:        
Interest-bearing demand deposits$1,358,436 0.13 %$441 $1,358,837 0.14 %$490 $1,312,561 0.21 %$686 
Savings and money market deposits2,297,826 1.38 8,004 2,293,452 1.54 8,898 2,313,293 1.61 9,388 
Time deposits up to $250,000433,911 2.21 2,422 437,192 2.28 2,509 518,540 2.99 3,900 
Time deposits over $250,000571,240 3.18 4,577 586,251 3.32 4,901 605,920 3.93 5,981 
Total interest-bearing deposits4,661,413 1.31 15,444 4,675,732 1.43 16,798 4,750,314 1.67 19,955 
Federal funds purchased and securities sold— — — — — — 2 5.57 — 
FHLB advances and other short-term borrowings— — — — — — 2 5.04 — 
Long-term debt96,273 5.55 1,346 131,493 5.61 1,860 156,305 5.68 2,231 
Total interest-bearing liabilities4,757,686 1.40 16,790 4,807,225 1.54 18,658 4,906,623 1.80 22,186 
Noninterest-bearing deposits1,837,706   1,833,960   1,796,302   
Other liabilities120,956   123,565   132,338   
Total liabilities6,716,348   6,764,750   6,835,263   
Total equity593,750   576,531   542,135   
Total liabilities and equity$7,310,098   $7,341,281   $7,377,398   
Taxable-equivalent net interest income (non-GAAP)  62,272   61,490   55,966 
Taxable-equivalent adjustment [1](185)(189)(192)
Net interest income (GAAP)$62,087 $61,301 $55,774 
Interest rate spread3.12 %3.01 %2.62 %
Net interest margin (taxable-equivalent) 3.56 %  3.49 %  3.17 % 
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES 
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent) 
(Unaudited)TABLE 5
 Year EndedYear Ended
December 31, 2025December 31, 2024
 AverageAverage AverageAverage 
(Dollars in thousands)BalanceYield/RateInterestBalanceYield/RateInterest
ASSETS
Interest-earning assets:      
Interest-bearing deposits in other financial institutions$164,721 4.31 %$7,096 $220,526 5.26 %$11,593 
Investment securities:
Taxable1,356,467 2.86 38,849 1,334,695 2.49 33,278 
Tax-exempt [1]138,415 2.58 3,572 141,688 2.26 3,199 
Total investment securities1,494,882 2.84 42,421 1,476,383 2.47 36,477 
Loans, including loans held for sale5,320,258 4.96 263,906 5,358,059 4.82 258,192 
FHLB and FRB stock23,948 6.22 1,489 6,896 7.38 509 
Total interest-earning assets7,003,809 4.50 314,912 7,061,864 4.34 306,771 
Noninterest-earning assets334,559   316,343   
Total assets$7,338,368   $7,378,207   
LIABILITIES AND EQUITY
Interest-bearing liabilities:      
Interest-bearing demand deposits$1,357,433 0.13 %$1,826 $1,287,628 0.17 %$2,159 
Savings and money market deposits2,302,973 1.48 34,178 2,263,273 1.64 37,043 
Time deposits up to $250,000442,001 2.33 10,309 538,216 3.16 17,025 
Time deposits over $250,000591,162 3.35 19,823 687,404 4.23 29,059 
Total interest-bearing deposits4,693,569 1.41 66,136 4,776,521 1.79 85,286 
Federal funds purchased and securities sold— — — 1 5.57 — 
FHLB advances and other short-term borrowings— — — 17 5.58 1 
Long-term debt127,707 5.59 7,143 156,218 5.81 9,079 
Total interest-bearing liabilities4,821,276 1.52 73,279 4,932,757 1.91 94,366 
Noninterest-bearing deposits1,824,581   1,794,469   
Other liabilities123,502   129,973   
Total liabilities6,769,359   6,857,199   
Total equity569,009   521,008   
Total liabilities and equity$7,338,368   $7,378,207   
Taxable-equivalent net interest income (non-GAAP)  241,633   212,405 
Taxable-equivalent adjustment [1](750)(672)
Net interest income (GAAP)$240,883 $211,733 
Interest rate spread2.98 %2.43 %
Net interest margin (taxable-equivalent) 3.45 %  3.01 % 
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Loans by Class
(Unaudited)TABLE 6
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20252025202520252024
Commercial and industrial$594,592 $608,814 $608,130 $634,620 $606,936 
Construction213,191 217,610 190,008 160,092 145,211 
Residential mortgage1,839,191 1,839,535 1,851,690 1,870,239 1,892,520 
Home equity600,082 610,889 627,834 655,237 676,982 
Commercial mortgage1,594,433 1,613,187 1,540,523 1,552,439 1,500,680 
Consumer447,607 477,167 471,624 461,920 510,523 
Total loans, net of deferred fees and costs$5,289,096 $5,367,202 $5,289,809 $5,334,547 $5,332,852 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits by Category
(Unaudited)TABLE 7
 
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20252025202520252024
Noninterest-bearing demand$1,891,198 $1,903,614 $1,938,226 $1,854,241 $1,888,937 
Interest-bearing demand1,388,107 1,340,725 1,336,620 1,368,519 1,338,719 
Savings and money market2,346,522 2,292,881 2,242,122 2,316,416 2,329,170 
Time deposits up to $250,000433,629 444,005 439,687 436,437 483,378 
Core deposits6,059,456 5,981,225 5,956,655 5,975,613 6,040,204 
Other time deposits greater than $250,000412,188 458,339 459,945 475,861 500,693 
Government time deposits138,120 138,120 128,389 144,574 103,114 
Total time deposits greater than $250,000550,308 596,459 588,334 620,435 603,807 
Total deposits$6,609,764 $6,577,684 $6,544,989 $6,596,048 $6,644,011 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets and Accruing Loans 90+ Days Past Due
(Unaudited)TABLE 8
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20252025202520252024
Nonaccrual loans:
Commercial and industrial$591 $357 $110 $531 $414 
Residential mortgage10,572 11,413 12,327 9,199 9,044 
Home equity2,608 2,119 1,889 746 952 
Consumer615 430 569 609 608 
Total nonaccrual loans14,386 14,319 14,895 11,085 11,018 
Other real estate owned ("OREO")— — — — — 
Total nonperforming assets ("NPAs")14,386 14,319 14,895 11,085 11,018 
Accruing loans 90+ days past due:     
Residential mortgage664 1,159 1,625 — 323 
Home equity485 — 21 87 78 
Consumer403 349 418 670 373 
Total accruing loans 90+ days past due1,552 1,508 2,064 757 774 
Total NPAs and accruing loans 90+ days past due$15,938 $15,827 $16,959 $11,842 $11,792 
Ratio of total nonaccrual loans to total loans0.27 %0.27 %0.28 %0.21 %0.21 %
Ratio of total NPAs to total assets0.19 0.19 0.20 0.15 0.15 
Ratio of total NPAs to total loans and OREO0.27 0.27 0.28 0.21 0.21 
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO0.30 0.29 0.32 0.22 0.22 
Quarter-to-quarter changes in NPAs:    
Balance at beginning of quarter$14,319 $14,895 $11,085 $11,018 $11,597 
Additions2,549 838 5,879 2,397 1,436 
Reductions:  
Payments(397)(286)(585)(614)(763)
Return to accrual status(1,098)(821)(861)(558)(71)
Charge-offs, valuation adjustments and other reductions(987)(307)(623)(1,158)(1,181)
Total reductions(2,482)(1,414)(2,069)(2,330)(2,015)
Balance at end of quarter$14,386 $14,319 $14,895 $11,085 $11,018 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)TABLE 9
 
 Three Months EndedYear Ended
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Dec 31,
(Dollars in thousands)2025202520252025202420252024
Allowance for credit losses ("ACL") on loans:     
Balance at beginning of period$60,393 $59,611 $60,469 $59,182 $61,647 $59,182 $63,934 
Provision for credit losses on loans1,685 3,440 3,810 3,905 1,353 12,840 10,962 
Charge-offs: 
Commercial and industrial(678)(1,071)(2,858)(580)(1,113)(5,187)(2,977)
Residential mortgage— — — — — — (383)
Consumer(2,831)(2,824)(2,864)(2,977)(3,727)(11,496)(16,866)
Total charge-offs(3,509)(3,895)(5,722)(3,557)(4,840)(16,683)(20,226)
Recoveries:     
Commercial and industrial266 204 195 171 158 836 536 
Construction1 — 3 — — 4 — 
Residential mortgage9 8 7 10 11 34 36 
Home equity9 9 9 3 — 30 6 
Consumer767 1,016 840 755 853 3,378 3,934 
Total recoveries1,052 1,237 1,054 939 1,022 4,282 4,512 
Net charge-offs
(2,457)(2,658)(4,668)(2,618)(3,818)(12,401)(15,714)
Balance at end of period$59,621 $60,393 $59,611 $60,469 $59,182 $59,621 $59,182 
Average loans, net of deferred fees and costs$5,328,499 $5,332,656 $5,307,946 $5,311,610 $5,315,802 $5,320,258 $5,358,059 
Ratio of annualized net charge-offs to average loans0.18 %0.20 %0.35 %0.20 %0.29 %0.23 %0.29 %
Ratio of ACL to total loans1.13 1.13 1.13 1.13 1.11 1.13 1.11 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)TABLE 10

To supplement its consolidated financial information, the Company utilizes certain non-GAAP financial measures. These measures are not intended to be considered in isolation or as a substitute for comparable GAAP results. The Company believes these non-GAAP financial measures provide meaningful insight to investors and other stakeholders in understanding its financial performance and position, by excluding certain transactions that may be non-recurring, non-operational, or not indicative of ongoing results. The Company believes that these non-GAAP measures offer a useful perspective for evaluating performance trends over time and are intended to support period-to-period comparisons. The Company believes they are valuable tools for both investors and management in assessing historical results and forecasting future performance.

Non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies. The following reconciling adjustments from GAAP to non-GAAP adjusted financial measures are limited to: (1) net pre-tax expenses of $1.5 million related to the consolidation of the Company's former operations center into its main office in the three months ended September 30, 2025, (2) net pre-tax loss on sales of investment securities related to an investment portfolio repositioning of $9.9 million in the fourth quarter of 2024, and (3) pre-tax expenses of $3.1 million related to the evaluation and assessment of a strategic opportunity in the three months ended September 30, 2024.

Management does not consider these transactions to be representative of the Company's core operating performance. The related income tax effects were calculated using an assumed effective tax rate of 23%.

Three Months Ended
December 31, 2025September 30, 2025December 31, 2024
(dollars in thousands,GAAPNon-GAAPNon-GAAPGAAPNon-GAAPNon-GAAPGAAPNon-GAAPNon-GAAP
except per share data)ReportedAdjustmentAdjustedReportedAdjustmentAdjustedReportedAdjustmentAdjusted
Financial measures:
Net income$22,875 $— $22,875 $18,574 $1,167 $19,741 $11,345 $7,649 $18,994 
Diluted EPS$0.85 $— $0.85 $0.69 $0.04 $0.73 $0.42 $0.28 $0.70 
Efficiency ratio (non-GAAP)59.88 %— %59.88 %62.84 %(2.03)%60.81 %75.65 %(11.00)%64.65 %
ROA1.25 %— %1.25 %1.01 %0.07 %1.08 %0.62 %0.41 %1.03 %
ROE15.41 %— %15.41 %12.89 %0.78 %13.67 %8.37 %5.45 %13.82 %
As of period ended:
TCE ratio (non-GAAP)8.00 %0.01 %8.01 %7.92 %0.02 %7.94 %7.21 %0.12 %7.33 %

Year Ended December 31, 2025Year Ended December 31, 2024
(dollars in thousands,GAAPNon-GAAPNon-GAAPGAAPNon-GAAPNon-GAAP
except per share data)ReportedAdjustmentAdjustedReportedAdjustmentAdjusted
Financial measures:
Net income$77,480 $1,167 $78,647 $53,412 $10,011 $63,423 
Diluted EPS$2.86 $0.05 $2.91 $1.97 $0.37 $2.34 
Efficiency ratio (non-GAAP)61.05 %(0.51)%60.54 %68.91 %(3.81)%65.10 %
ROA1.06 %0.01 %1.07 %0.72 %0.14 %0.86 %
ROE13.62 %0.19 %13.81 %10.25 %1.85 %12.10 %
As of December 31, 2025 and 2024:
TCE ratio (non-GAAP)8.00 %0.01 %8.01 %7.21 %0.12 %7.33 %



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)TABLE 10 (CONTINUED)

The following table presents a reconciliation of the non-GAAP adjusted net income and adjusted diluted EPS for the periods indicated, excluding the reconciling adjustments discussed above.

Three Months EndedYear Ended
(dollars in thousands, except per share data)Dec 31, 2025Sep 30, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024
GAAP net income$22,875 $18,574 $11,345 $77,480 $53,412 
Add: Net loss related to an investment portfolio repositioning— — 9,934 — 9,934 
Add: Expenses related to the consolidation of operations center— 1,516 — 1,516 — 
Add: Expenses related to a strategic opportunity— — — — 3,068 
Non-GAAP pre-tax adjustments— 1,516 9,934 1,516 13,002 
Less: Income tax effect (assumes 23% ETR)— (349)(2,285)(349)(2,991)
Non-GAAP adjustments, net of tax— 1,167 7,649 1,167 10,011 
Adjusted net income (non-GAAP)$22,875 $19,741 $18,994 $78,647 $63,423 
Diluted weighted average shares outstanding26,827,551 27,083,280 27,221,121 27,045,170 27,157,120 
GAAP diluted EPS$0.85 $0.69 $0.42 $2.86 $1.97 
Add: Non-GAAP adjustments, net of tax— 0.04 0.28 0.05 0.37 
Adjusted diluted EPS (non-GAAP)$0.85 $0.73 $0.70 $2.91 $2.34 




CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)TABLE 10 (CONTINUED)

A key measure of operating efficiency monitored by the Company is the efficiency ratio, which is derived from GAAP-based amounts. It is calculated by dividing total other operating expenses by total pre-provision revenue (defined as net interest income plus total other operating income). The Company believes that the efficiency ratio, a non-GAAP financial measure, provides a useful supplemental metric that enhances understanding of its business performance and operating efficiency. However, this ratio should not be viewed as a substitute for GAAP results and may not be comparable to similarly titled measures reported by other companies. The following table presents the Company's efficiency ratio and adjusted efficiency ratio for the periods indicated:

Three Months EndedYear Ended
(dollars in thousands)Dec 31, 2025Sep 30, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024
Total other operating expense$45,680 $47,009 $44,177 $178,707 $172,591 
Less: Expenses related to the consolidation of operations center— (1,516)— (1,516)— 
Less: Expenses related to a strategic opportunity— — — — (3,068)
Non-GAAP other operating expense adjustments— (1,516)— (1,516)(3,068)
Adjusted total other operating expense (non-GAAP)$45,680 $45,493 $44,177 $177,191 $169,523 
Total other operating income$14,201 $13,507 $2,624 $51,817 $38,723 
Add: Net loss related to an investment portfolio repositioning— — 9,934 — 9,934 
Adjusted total other operating income (non-GAAP)$14,201 $13,507 $12,558 51,817 48,657 
Net interest income$62,087 $61,301 $55,774 $240,883 $211,733 
Total other operating income14,201 13,507 2,624 51,817 38,723 
Total revenue$76,288 $74,808 $58,398 $292,700 $250,456 
Efficiency ratio (non-GAAP)59.88 %62.84 %75.65 %61.05 %68.91 %
Less: Non-GAAP pre-tax adjustments— %(2.03)%(11.00)%(0.51)%(3.81)%
Adjusted efficiency ratio (non-GAAP)59.88 %60.81 %64.65 %60.54 %65.10 %



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)TABLE 10 (CONTINUED)

The table below provides a recalculation of the non-GAAP adjusted ROA and adjusted ROE for the periods indicated, excluding the reconciling adjustments discussed above.

Three Months EndedYear Ended
(dollars in thousands)Dec 31, 2025Sep 30, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024
Average assets$7,310,098 $7,341,281 $7,377,398 $7,338,368 $7,378,207 
Add: Non-GAAP adjustments, net of tax— 1,167 7,649 584 3,093 
Adjusted average assets (non-GAAP)$7,310,098 $7,342,448 $7,385,047 $7,338,952 $7,381,300 
ROA1.25 %1.01 %0.62 %1.06 %0.72 %
Add: Non-GAAP adjustments, net of tax— 0.07 0.41 0.01 0.14 
Adjusted ROA (non-GAAP)1.25 %1.08 %1.03 %1.07 %0.86 %
Average equity$593,750 $576,531 $542,135 $569,009 $521,008 
Add: Non-GAAP adjustments, net of tax— 1,167 7,649 584 3,093 
Adjusted average equity (non-GAAP)$593,750 $577,698 $549,784 $569,593 $524,101 
ROE15.41 %12.89 %8.37 %13.62 %10.25 %
Add: Non-GAAP adjustments, net of tax— 0.78 5.45 0.19 1.85 
Adjusted ROE (non-GAAP)15.41 %13.67 %13.82 %13.81 %12.10 %


The table below presents the Tangible Common Equity ("TCE") ratio and adjusted TCE ratio, both of which are non-GAAP financial measures, as of the dates indicated. The TCE ratio is calculated by dividing tangible common equity by tangible assets.

(dollars in thousands)Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024
Total equity$592,581 $588,066 $568,874 $557,376 $538,385 
Less: Intangible assets— — — — — 
TCE$592,581 $588,066 $568,874 $557,376 $538,385 
Add: Non-GAAP adjustments, net of tax1,167 1,167 — — 10,011 
Adjusted TCE (non-GAAP)$593,748 $589,233 $568,874 $557,376 $548,396 
Total assets$7,409,241 $7,421,478 $7,369,567 $7,405,239 $7,472,096 
Less: Intangible assets— — — — — 
Tangible assets$7,409,241 $7,421,478 $7,369,567 $7,405,239 $7,472,096 
Add: Non-GAAP adjustments, net of tax1,167 1,167 — — 10,011 
Adjusted tangible assets (non-GAAP)$7,410,408 $7,422,645 $7,369,567 $7,405,239 $7,482,107 
TCE ratio (non-GAAP)8.00 %7.92 %7.72 %7.53 %7.21 %
Add: Non-GAAP adjustments, net of tax0.01 0.02 — — 0.12 
Adjusted TCE ratio (non-GAAP)8.01 %7.94 %7.72 %7.53 %7.33 %

4th Quarter 2025 Earnings Supplement and Investor Presentation January 28, 2026

 
2Central Pacific Financial Corp. Forward-Looking Statements This document may contain forward-looking statements ("FLS") concerning, among other things: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin, or other financial items. These statements may also include the plans, objectives, and expectations of Central Pacific Financial Corp. (the "Company") or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services, and regulatory developments or actions. In addition, such statements may address anticipated economic performance, the expected impact of business initiatives, and the assumptions underlying any of the foregoing. Words such as "believe," "plan," "anticipate," "aim," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may," and other similar expressions are intended to identify FLS, although such terminology is not the exclusive means of doing so. While we believe that our FLS and their underlying assumptions are reasonably based, such statements are inherently subject to risks and uncertainties that may cause actual results to differ materially from expectations. Factors that may lead to such differences, include, but are not limited to: the persistence or resurgence of inflationary pressures in the United States and our market areas, and their effect on market interest rates, economic conditions, and credit quality; the impact of the current U.S. administration’s economic policies, including potential international tariffs, and other cost cutting initiatives; the adverse effects of bank failures on customer confidence, deposit behavior, liquidity, and regulatory responses; the effects of pandemics, epidemics, and other public health emergencies, including their impact on Hawaii's tourism and construction sectors and on our borrowers, customers, vendors and employees; supply chain disruptions, labor contract disputes, strikes; adverse trends in the real estate or construction industries, including rising inventory levels or declining property values; deterioration in borrowers' financial performance leading to increased loan delinquencies, asset quality issues, or loan losses; the impact of local, national, and international economic conditions and natural disasters (such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, or earthquakes) on our markets and major industries within Hawaii; weakness in domestic economic conditions, including instability in the financial industry, deterioration in real estate markets, and declines in consumer or business confidence; revisions to estimates of reserve requirements under applicable regulatory and accounting standards; the impact of legislative and regulatory developments, including the Dodd-Frank Act, changing capital and consumer protection rules, and new regulations affecting our operations and competitiveness; legal and regulatory proceedings, including actual or threatened litigation and the efforts of governmental and regulatory exams and orders, as well as the costs of ongoing or potential compliance efforts; the effects of accounting standard changes adopted by regulatory agencies, the PCAOB, or the FASB, and the cost and resources associated with implementation; changes in trade, monetary, or fiscal policy, including actions by the Federal Reserve; market volatility and monetary fluctuations, including the transition away from the LIBOR Index; declines in our market capitalization or the price of our common stock; the effects and cost of acquisitions, dispositions, or strategic transactions we may make or evaluate; political instability, acts of war, terrorism, or other geopolitical conflicts; shifts in consumer spending, borrowing, and savings behaviors; technological changes and developments; cybersecurity incidents, data privacy breaches, or fraud involving us or third-party vendors; deficiencies in internal control over financial reporting or disclosure controls, and our ability to remediate them; increased competition among financial institutions and other financial service providers; our ability to achieve efficiency ratio improvement goals; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and related reputational or regulatory exposures; and risks related to the United States fiscal debt, deficit, and budget uncertainties. For further information on factors that could cause actual results to differ materially from the expectations or projections expressed in our FLS, please refer to the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recent Forms 10-Q and 10-K, particularly, the discussion of "Risk Factors" set forth therein. We urge investors to consider all of these factors carefully in evaluating the FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS to reflect events or circumstances occurring after the date on which such statements are made, or to reflect the occurrence of unanticipated events, except as required by law.

 
3Central Pacific Financial Corp. Central Pacific Financial Corp. Overview Who We Are Strategic Focus 4Q 2025 Financial Results Appendix

 
4Central Pacific Financial Corp. MARKET INFORMATION NYSE TICKER CPF SUBSIDIARY CPB TOTAL ASSETS $7.4 BILLION MARKET CAP $822 MILLION SHARE PRICE $31.16, +57% 3Y1 DIVIDEND YIELD 3.6%2 Central Pacific Financial Corp. (CPF) is a Hawaii-based bank holding company. Central Pacific Bank (CPB) was founded in 1954 by Japanese-American veterans of World War II to serve the needs of families and small businesses that did not have access to financial services. Today CPB is the 4th largest financial institution in Hawaii with 27 branches and 55 ATMs across the State. CPB was named to Newsweek’s “America’s Best Regional Banks” list for 2026. This marks the fifth consecutive year CPB has made this list. Central Pacific Financial – Who We Are 1 3-year stock price change from 12/31/2022 to 12/31/2025 2 Dividend yield is calculated based on quarterly cash dividend of $0.28 per share for 4Q25. Note: Total assets and other market information above is as of December 31, 2025.

 
5Central Pacific Financial Corp. Strategic Focus

 
6Central Pacific Financial Corp. CPF Strategic Focus We aim to be a high performing bank that delivers sustainable, growing returns and provides enhanced value to positively impact our employees, customers, community and long-term shareholders. Our focus is on our core business. We are positioned to drive strong results organically. Strengthening our brand and reputation enhances customer trust, loyalty and community relevance which drives sustained deposit growth, lower customer acquisition costs and long-term shareholder value. Brand and Reputation Relationship based Hawaii retail and small business deposits provide stable, low-cost funding to support balance sheet growth and margin optimization. Diversify funding sources through strategic partnerships with customers in Japan and Korea. Stable, Low-Cost Funding Focus on high-quality, relationship-driven lending and selective investments. Priority on durable spreads over rate speculation to drive consistent earnings and capital growth. Disciplined Asset Deployment Seek diversification through selective indirect and wholesale credit exposure to reduce concentration risk, access larger markets, and enhance returns, while maintaining disciplined, deposit-funded growth anchored in our Hawaii core franchise. Thoughtful Diversification

 
7Central Pacific Financial Corp. CPF Drivers of Growth & Diversification Core Hawaii Franchise • Strong commitment to the Hawaii market • Solid franchise built on 70+ year legacy • Relative size as 4th largest bank in Hawaii provides market share growth opportunity • Leader and advocate for small business and home ownership • Valuable low-cost core deposits COMPLEMENTING THE STRATEGY FOR DIVERSIFICATION: Japan and Korea • Deepen cross-border strategic partnerships to grow high net-worth relationships and business client acquisitions • Generates low-cost core U.S. dollar deposits Mainland • Provide geographic diversification, shorter duration, and better risk/return profile • Continue to target 15-20% of total loans • Mainland exposure comprises CRE, C&I and Consumer Loans

 
8Central Pacific Financial Corp. Operational Excellence – Positive Operating Leverage Recent Highlights: • Process automation: Implemented over 90 process improvements including straight-through processing to core system. • Branch systems enhancements: provided time savings of over 80% on teller balancing, allowing more focus on customer service. • Expense optimization: Consolidation of employees from Operations Center into our main office for an annual savings of ~$1 million. • Data Center: New fully upgraded outsourced Data Center with enhanced resiliency and disaster recovery. Operational excellence framework to achieve sustainable performance and long-term organizational resilience by integrating people, processes and technology to drive efficiency, innovation and growth. 59.88% 50% 52% 54% 56% 58% 60% 62% 64% 66% 68% - 10 20 30 40 50 60 70 80 90 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Efficiency Trend ($ in millions) Noninterest Expense Revenue Efficiency ratio LTM HI Peer Avg 60.0% LTM Nat’l Peer Avg 58.4% 1Quarters are non-GAAP, normalized for non-recurring items Source: S&P Global, LTM from 4Q24 – 3Q25 HI Peers includes BOH and FHB as of 9/30/25 Nat’l Peers includes publicly traded banks with total assets of $3-10 billion as of 9/30/25

 
9Central Pacific Financial Corp. Capital Strategy: Enhancing Shareholder Value Overall focus on being good stewards of capital and allocating capital optimally to provide shareholder value, while balancing risk Drive accretive returns to fuel capital growth, dividends, and strategic expansion to create long-term shareholder value and resilience through cycles. Manage risk with discipline to preserve strength, ensuring compliance, and sustaining our capacity to grow and return capital. Key Philosophies: NOTE: Total Shareholder Return is calculated based on share price movement and assumes reinvestment of dividends over the period. 3Y and 5Y period as of 12/31/25 Source: S&P Global: HI Peers includes BOH and FHB; Nat’l Peers includes publicly traded banks with total assets of $3-10 billion as of 9/30/25. Capital Priorities & Targets: • Quarterly cash dividend with ~40% payout ratio • Fund accretive loan growth • Share repurchases • Maintain capitalization to protect against downside macroeconomic scenarios. Informed by capital stress testing • Targets: CET1: 11-12%; TCE 7.5-8.5% 77% 105% 7% 21% 35% 90% 0% 20% 40% 60% 80% 100% 120% 3Y 5Y Total Shareholder Return CPF HI Peers Nat'l Peers

 
10Central Pacific Financial Corp. 4Q 2025 Financial Results

 
11Central Pacific Financial Corp. • 2025 Net income and EPS increased 45% from 2024, or +24% on a non-GAAP basis1 • NIM expanded 7 bps quarter-over-quarter and 44 bps year-over-year • Repurchased 530K shares of CPF common stock for $16.3 million in the fourth quarter; 788K shares in 2025 for $23.3 million • Core deposits2 grew $78 million from the prior quarter • Partnered with Korea Investment & Securities to expand international reach with Korean customers 4Q and Full Year 2025 Financial Highlights 4Q25 Actual 2025Y Actual 2024Y Actual NET INCOME / DILUTED EPS $22.9MM $0.85 $77.5MM $2.86 $53.4MM $1.97 RETURN ON ASSETS (ROA) 1.25% 1.06% 0.72% RETURN ON EQUITY (ROE) 15.41% 13.62% 10.25% NET INTEREST MARGIN (NIM) 3.56% 3.45% 3.01% EFFICIENCY RATIO1 59.88% 61.05% 68.91% TANGIBLE COMMON EQUITY (TCE)1 8.00% 8.00% 7.21% 1 Refer to non-GAAP table in the appendix. 2 Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000

 
12Central Pacific Financial Corp. Key Actions & Drivers of Stronger Financial Performance • Improved loan portfolio mix with $130 million YTD reduction in low yielding, long duration residential mortgage and home equity loans, offset by growth in commercial mortgage and construction loans. • Swap on $115 million municipal securities portfolio - pay fixed at 2.1%, receive float at Fed Funds effective rate. In the money position added $2.7 million to interest income in 2025Y. Balance Sheet Optimization / Asset Liability Management • Total loan portfolio cashflows of approximately $250 million in 4Q25, with a weighted average yield of 5.0% • New loan yield weighted average yield of 6.8% in 4Q25 • Deposit costs managed down successfully over last 6 quarters Favorable Asset/Liability Repricing • Declared cash dividend of $0.29 per share in 1Q26, an increase of 3.6% from prior quarter • Share repurchases totaling $23.3 million in 2025, and share repurchase authorization of $55 million in 2026. • Redeemed subordinated debt of $55 million in 4Q25 in full at par Capital Optimization

 
13Central Pacific Financial Corp. Profitability Improvements – In-line or Better than Peers Recent performance has broken through the historical trend2; initial targets achieved 1CPF metrics are normalized for non-recurring items 2Historical trend = average from 1Q21 to 4Q24 Source: S&P Global, LTM from 4Q24 – 3Q25 HI Peers includes BOH and FHB as of 9/30/25 Nat’l Peers includes publicly traded banks with total assets of $3-10 billion as of 9/30/25 LTM HI Peer Avg 0.93% LTM Nat’l Peer Avg 1.02% LTM HI Peer Avg 10.3% LTM Nat’l Peer Avg 11.2% LTM HI Peer Avg 60.0% LTM Nat’l Peer Avg 58.4% LTM HI Peer Avg 2.72% LTM Nat’l Peer Avg 3.53% 1.25 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 4Q23 2Q24 4Q24 2Q25 4Q25 ROA1 % 15.41 8.00 10.00 12.00 14.00 16.00 18.00 4Q23 2Q24 4Q24 2Q25 4Q25 ROE1 % 3.56 2.5 2.7 2.9 3.1 3.3 3.5 3.7 3.9 4Q23 2Q24 4Q24 2Q25 4Q25 NIM % 59.88 57.00 59.00 61.00 63.00 65.00 67.00 69.00 2Q23 4Q23 2Q24 4Q24 2Q25 4Q25 EFFICIENCY RATIO1 %

 
14Central Pacific Financial Corp. Low-Cost Deposits Driven by Valuable Franchise • Well-diversified and granular: • 51% Commercial (Average account balance of $101K) • 49% Consumer (Average account balance of $19K) • 53% Long-tenured customers with CPB 10 years or longer • Low reliance on public time deposits • No brokered deposits Noninterest Bearing Demand 29% Interest Bearing Demand 21% Savings & Money Market 35% Time 15% Deposit Portfolio Composition as of Dec 31, 2025 5.80 6.64 6.74 6.85 6.64 6.61 - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2020 2021 2022 2023 2024 2025 $ B il li o n s Total Deposits as of Year-ended 0.94% 1.50% 2.13% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 2022 2023 2024 1Q25 2Q25 3Q25 4Q25 Total Deposit Cost CPF HI Peers Nat'l Peers CPF total deposit cost 0.94% 29% of deposits are non-interest bearing

 
15Central Pacific Financial Corp. CPF Margin Advantage • NIM improvement primarily driven by deposit repricing • Loan portfolio impact from Fed rate cuts mitigated by fixed rate back-book repricing • Deposit cost decreased 8 bps from the prior quarter and down 27 bps from 4Q24 • NIM expanded 7 bps quarter-over-quarter and 39 bps from 4Q24 Source: S&P Global HI Peers includes BOH and FHB as of 9/30/25 Nat’l Peers includes publicly traded banks with total assets of $3-10 billion as of 9/30/25 Q1 Q2 Q3 Q4 25 25 25 25 3.31% 3.44% 3.49% 2.83% 3.66% 3.56% Net Interest Margin Q1 Q2 Q3 25 25 25 Q1 Q2 Q3 25 25 25 3.49% 0.07% 0.03% -0.03% 3.56% 3Q25 NIM Deposit Repricing Sub Debt Payoff Loan & Other 4Q25 NIM 3.00% 3.10% 3.20% 3.30% 3.40% 3.50% 3.60% 3.70% NIM Walk: 3Q25 to 4Q25

 
16Central Pacific Financial Corp. Balanced Loan Portfolio with Improving Yields • CRE and Construction up $162MM year over year • Intentional run-off of residential mortgage, HELOC, and mainland consumer • Diverse loan portfolio, 80% secured by real estate • 84% loans in core Hawaii market • Overall portfolio yield 4.99% up 8 bps from 4Q24 Commercial & Industrial 11% Construction 4% Residential Mortgage 35% Home Equity 11% Commercial Mortgage 31% Consumer 8% Loan Portfolio Composition as of Dec 31, 2025 4.96 5.10 5.56 5.44 5.33 5.29 - 1.00 2.00 3.00 4.00 5.00 6.00 2020 2021 2022 2023 2024 2025 $ B il li o n s Total Loans as of Year-ended NOTE: Totals may not foot due to rounding ($ in millions) 12/31/2025 9/30/2025 12/31/2024 $ % $ % Resi & HELOC 2,439 2,450 2,570 (11) 0% (130) -5% CRE 1,594 1,613 1,501 (19) -1% 94 6% C&I 595 609 607 (14) -2% (12) -2% Construction 213 218 145 (4) -2% 68 47% Consumer 448 477 511 (30) -6% (63) -12% TOTAL 5,289 5,367 5,333 (78) -1% (44) -1% Loan Growth, by Category YoY GrowthQoQ Growth

 
17Central Pacific Financial Corp. Well Positioned for a Declining Rate Environment • 29% of Loan Portfolio contractually reprices within 1 year • Over 90% CDs reprice within 1 year, while high level of our Interest-Bearing Non-Maturing Deposits (NMDs) have the contractual ability to reprice immediately. Cycle to date falling rates interest bearing deposit beta 30%. 535 333 92 25 0 250 500 750 1000 ≤3m 3-6m 6-12m 1-3yr CD Maturity ($ in millions) as of Dec 31, 2025 1,327 25% 221 4% 693 13% 639 12% 845 16% 1,550 30% 0 500 1,000 1,500 2,000 ≤3m 3m-12m 1yr-3yr 3yr-5yr 5-15yr >15yr Loan Repricing Schedule1 ($ in millions) as of Dec 31, 2025 ▪ Contractual maturity ▪ Rate sensitive ▪ Non-rate sensitive Non-Int Bearing Demand, $1.9B Int Bearing Demand - WAR 0.13%, $1.4B Savings & MM - WAR 1.38% $2.3B CDs - WAR 2.79%, $1.0B Deposit Portfolio Composition 1Represents loan repricing or maturing. Excludes nonaccrual loans.

 
18Central Pacific Financial Corp. Positive Reinvestment Cashflow Despite rate cuts by the Fed, new origination continues to replace runoff at higher yields, improving weighted average yields and NIM. Note: Includes sold & called investment securities. Excludes revolver lines. 4.82% 7.01% 4.96% 2.47% 5.27% 2.84% 0.00% 2.00% 4.00% 6.00% 8.00% FY24 WAR FY25 NEW FY25 WAR Yields Analysis (%) Loans Investments 206 215 228 250 23 39 34 27 0 100 200 300 1Q25 2Q25 3Q25 4Q25 Maturities & Paydowns ($ in millions) Loans Investments Note: Investment yield lift was due to 4Q24 investment portfolio restructuring

 
19Central Pacific Financial Corp. 5 Asset quality remained solid and in the expected operating range Solid Credit Profile 0.01% 0.01% 0.01% 0.04% 0.03% 0.03% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Delinquencies 90+Days/Total Loans 0.22% 0.21% 0.21% 0.28% 0.27% 0.27% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 NPAs/Total Loans 0.20% 0.19% 0.13% 0.14% 0.10% 0.13% 0.27% 0.29% 0.20% 0.35% 0.20% 0.18% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Annualized NCO/Avg Loans All Other NCO/Avg Loans Mainland Consumer NCO/Avg Loans 0.62% 0.62% 0.82% 1.80% 1.77% 1.35% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Criticized/Total Loans

 
20Central Pacific Financial Corp. Noninterest Income and Expense • 4Q25 $1.4MM death benefit proceeds for BOLI income • Focused on growing long-term fee income from wealth management and advisory offerings • Investment services and Trust income increased 11% and 8% respectively in 2025Y vs 2024Y • 3Q25 $1.5MM in one-time expenses related to Operations Center consolidation • Focused on process improvements and driving positive operating leverage 11.1 13.0 13.5 1.4 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 1Q25 2Q25 3Q25 4Q25 $ M il li o n s Noninterest Income 42.1 43.9 45.7 1.5 0.0 10.0 20.0 30.0 40.0 50.0 60.0 1Q25 2Q25 3Q25 4Q25 $ M il li o n s Noninterest Expense 14.2 47.0

 
212Central Pacific Financial Corp. Strong Capital Position Supporting Organic Growth & Capital Return • Repurchased 530K shares of CPF common stock for $16.3 million in the 4Q25; 788K shares for $23.3 million YTD • Board approved new share repurchase authorization for up to $55 million in 2026 • Declared quarterly cash dividend of $0.29 per share, an increase of 3.6% from the prior quarter • Capital Ratio Targets: • CET1: 11-12% • TCE: 7.5-8.5% 1.09 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash Dividends Declared per Common Share 9.8% 12.7% 14.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Tier 1 Leverage CET1 Total Capital Regulatory Capital Ratios As Dec 31, 2025

 
Appendix

 
23Central Pacific Financial Corp. Non-GAAP Disclosure To supplement its consolidated financial information, the Company utilizes certain non-GAAP financial measures. These measures are not intended to be considered in isolation or as a substitute for comparable GAAP results. The Company believes these non-GAAP financial measures provide meaningful insight to investors and other stakeholders in understanding its core financial performance and position, by excluding certain transactions that may be non-recurring, non-operational, or not indicative of ongoing results. The Company believes that these non-GAAP measures offer a useful perspective for evaluating performance trends over time and are intended to support period-to-period comparisons. The Company believes they are valuable tools for both investors and management in assessing historical results and forecasting future performance. Non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies. The following reconciling adjustments from GAAP to non-GAAP adjusted financial measures are limited to: (1) net pre-tax expenses of $1.5 million related to the consolidation of the Company's former operations center into its main office in the three months ended September 30, 2025, (2) net pre-tax loss on sales of investment securities related to an investment portfolio repositioning of $9.9 million in the fourth quarter of 2024, and (3) pre-tax expenses of $3.1 million related to the evaluation and assessment of a strategic opportunity in the three months ended September 30, 2024. Management does not consider these transactions to be representative of the Company's core operating performance. The related income tax effects were calculated using an assumed effective tax rate of 23%. Refer to the Company’s earnings release tables for full non-GAAP reconciliation. 4Q25 4Q25 4Q25 3Q25 3Q25 3Q25 Year Ended Dec 31, 2025 Year Ended Dec 31, 2024 Actual Adj Non-GAAP Actual Adj Non-GAAP Actual Adj Non-GAAP Actual Adj Non-GAAP NET INCOME $MM 22.9 - 22.9 18.6 1.2 19.7 77.5 1.2 78.6 53.4 10.0 63.4 DILUTED EARNINGS PER SHARE (EPS) $0.85 - $0.85 $0.69 $0.04 $0.73 $2.86 $0.05 $2.91 $1.97 $0.37 $2.34 EFFICIENCY RATIO 59.88% - 59.88% 62.84% -2.03% 60.81% 61.05% -0.51% 60.54% 68.91% -3.81% 65.10% RETURN ON ASSETS (ROA) 1.25% - 1.25% 1.01% 0.07% 1.08% 1.06% 0.01% 1.07% 0.72% 0.14% 0.86% RETURN ON EQUITY(ROE) 15.41% - 15.41% 12.89% 0.78% 13.67% 13.62% 0.19% 13.81% 10.25% 1.85% 12.10% TANGIBLE COMMON EQUITY (TCE) 8.00% 0.01% 8.01% 7.92% 0.02% 7.94% 8.00% 0.01% 8.01% 7.21% 0.12% 7.33% NOTE: Totals may not foot due to rounding

 
24Central Pacific Financial Corp. (*) Certain amounts in prior years were reclassified to conform to current year's presentation. These reclassifications had an immaterial impact to our previously reported efficiency ratios. Note: Totals may not sum due to rounding. Historical Financial Metrics ($ Millions) 2020 2021 2022 2023 2023 2025 1Q 2Q 3Q 4Q Balance Sheet (period end data) Loans and leases 4,964.1$ 5,101.6$ 5,555.5$ 5,439.0$ 5,332.9$ 5,289.1$ 5,334.5$ 5,289.8$ 5,367.2$ 5,289.1$ Total assets 6,594.6 7,419.1 7,432.8 7,642.8 7,472.1 7,409.2 7,405.2 7,369.6 7,421.5 7,409.2 Total deposits 5,796.1 6,639.2 6,736.2 6,847.6 6,644.0 6,609.8 6,596.0 6,545.0 6,577.7 6,609.8 Total shareholders' equity 546.7 558.3 452.9 503.8 538.4 592.6 557.4 568.9 588.1 592.6 Income Statement Net interest income 197.7 211.0 215.6 210.0 211.7 240.9 57.7 59.8 61.3 62.1 Provision (credit) for credit losses (*) 42.1 (14.6) (1.3) 15.7 9.8 15.7 4.2 5.0 4.2 2.4 Other operating income 45.2 43.1 47.9 46.7 38.7 51.8 11.1 13.0 13.5 14.2 Other operating expense (*) 151.7 163.0 166.0 164.1 172.6 178.7 42.1 43.9 47.0 45.7 Income taxes (*) 11.8 25.8 24.8 18.2 14.6 20.8 4.8 5.6 5.1 5.3 Net income 37.3 79.9 73.9 58.7 53.4 77.5 17.8 18.3 18.6 22.9 Prof itability Return on average assets 0.58% 1.13% 1.01% 0.78% 0.72% 1.06% 0.96% 1.00% 1.01% 1.25% Return on average shareholders' equity 6.85% 14.38% 15.47% 12.38% 10.25% 13.62% 13.04% 13.04% 12.89% 15.41% Efficiency ratio 62.47% 64.16% 63.00% 63.95% 68.91% 61.05% 61.16% 60.36% 62.84% 59.88% Net interest margin 3.30% 3.18% 3.09% 2.94% 3.01% 3.45% 3.31% 3.44% 3.49% 3.56% Capital Adequacy (period end data) Leverage capital ratio 8.8% 8.5% 8.5% 8.8% 9.3% 9.8% 9.4% 9.6% 9.7% 9.8% Total risk-based capital ratio 15.2% 14.5% 13.5% 14.6% 15.4% 14.8% 15.6% 15.8% 15.7% 14.8% Asset Quality Net loan chargeoffs/average loans 0.15% 0.02% 0.09% 0.27% 0.29% 0.23% 0.20% 0.35% 0.20% 0.18% Nonaccrual loans/total loans (period end) 0.12% 0.12% 0.09% 0.13% 0.21% 0.27% 0.21% 0.28% 0.27% 0.27% Year Ended December 31, 2025

 
252Central Pacific Financial Corp. Tourism Visitor arrivals Nov 2025 -3.6% 1 Jobs Unemployment Rate Nov 2025 2.2% 1 Hawaii has proven to be resilient despite uncertainty and potential downstream impacts from U.S. trade policy • Tourism Industry Slowing • Softening of U.S. and global conditions have impacted visitor travel to Hawaii. While visitor arrivals are down, visitor spending is up • Construction & Military Spending Strong Support to State Economy • Aloha Stadium redevelopment expected to cost over $650 million, with the surrounding development estimated to generate $2 billion in economic activity • Pearl Harbor’s shipyard infrastructure upgrade - the U.S. Navy’s largest shipyard project estimated to cost $3.4 billion • Defense spending (direct, indirect and induced) contributes $17.4 billion or 16% to State of Hawaii GDP3 1 Source: State of Hawaii Department of Business, Economic Development & Tourism. Tourism represents total visitors as of Nov 2025 compared to Nov 2024. 2 Source: Honolulu Board of Realtors 3 Source: Military and Community Relations Office- Economic Impact Factbook 2025 Resilient Hawaii Economy Housing Oahu Median Single- Family Home Price Dec 2025 $1.1MM 2 -3.00% -2.00% -1.00% 0.00% Hawaii is less impacted in a U.S. Recession Average % Decline in Past Recessions US Hawaii Real GDP Source: UHERO Past recessions include: 1981-1982, 1990-1991, 2001, 2007-2009, and 2020 Payrolls

 
26Central Pacific Financial Corp. CPB Named Best Bank in Hawaii by Newsweek, Forbes, and Honolulu Star-Advertiser • Newsweek’s America’s Best Regional Banks 2026 • Forbes’ Best-In-State Banks 2025 • Forbes’ America’s Best Banks 2025 • Honolulu Star-Advertiser’s Best Bank in Hawaii 2024

 
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