0000701347false00007013472025-01-292025-01-29

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

Date of report (Date of earliest event reported):
January 29, 2025

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
(Address of principal executive offices)

96813
(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 29, 2025, Central Pacific Financial Corp. (the "Company") issued a press release regarding its results of operations and financial condition for the quarter ended December 31, 2024. 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 29, 2025, Central Pacific Financial Corp. will hold an investor conference call and webcast to discuss financial results for the quarter ended December 31, 2024, 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, 2024 (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

(d)Exhibits
 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 29, 2025/s/ David S. Morimoto
David S. Morimoto
Senior Executive Vice President and Chief Financial Officer



Exhibit 99.1
cpfmidnighta.jpg
 
  FOR IMMEDIATE RELEASE
   
Investor Contact:Ian TanakaMedia Contact:Tim Sakahara
 SVP, Treasury ManagerAVP, Corporate Communications Manager
 (808) 544-3646(808) 544-5125
 ian.tanaka@cpb.banktim.sakahara@cpb.bank
 
NEWS RELEASE

CENTRAL PACIFIC FINANCIAL REPORTS FOURTH QUARTER AND FULL YEAR 2024 EARNINGS

Highlights include:
•Net income of $11.3 million, or $0.42 per diluted share for the fourth quarter of 2024 and $53.4 million, or $1.97 per diluted share for the full year 2024
•Completed investment securities portfolio repositioning which resulted in a pre-tax loss of $9.9 million in the fourth quarter of 2024, and is estimated to improve annual net interest income by $2.7 million beginning in 2025
•Adjusted net income (non-GAAP) of $19.0 million, or $0.70 per diluted share for the fourth quarter of 2024 and $63.4 million and $2.34 per diluted share for the full year 2024, which excludes pre-tax items totaling $9.9 million and $13.0 million in the fourth quarter and full year 2024, respectively
•Net interest margin of 3.17% increased by 10 bps from 3.07% in the previous quarter
•Total risk-based capital and common equity tier 1 ratios of 15.4% and 12.3%, respectively
•CPF Board of Directors approved an increase in the quarterly cash dividend by 3.8% to $0.27 per share and authorized a new share repurchase program of up to $30.0 million for 2025
•Central Pacific Bank became a member of the Federal Reserve System

HONOLULU, HI, January 29, 2025 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $11.3 million, or fully diluted earnings per share ("EPS") of $0.42 for the fourth quarter of 2024, compared to net income of $13.3 million, or EPS of $0.49 in the previous quarter and net income of $14.9 million, or EPS of $0.55 in the year-ago quarter. For the 2024 year, net income and EPS was $53.4 million and $1.97, respectively, compared to net income and EPS of $58.7 million and $2.17, respectively, in the 2023 year.

Results for the fourth quarter of 2024 were impacted by a pre-tax loss related to an investment portfolio repositioning of $9.9 million. Results for the third quarter of 2024 were impacted by $3.1 million in pre-tax expenses related to our evaluation and assessment of a strategic opportunity, as previously reported. Excluding the aforementioned pre-tax items of $3.1 million and $9.9 million in the third and fourth quarters of 2024, respectively, adjusted net income and EPS (non-GAAP) for the third quarter was approximately $15.7 million and $0.58, respectively, compared to adjusted net income and EPS (non-GAAP) of $19.0 million and $0.70, respectively, in the fourth quarter of 2024. Excluding the aforementioned pre-tax items in the third and fourth quarters of 2024 totaling $13.0 million, adjusted net income and EPS (non-GAAP) for the 2024 year was $63.4 million and $2.34, respectively.

"2024 was a solid year for Central Pacific Bank and we would like to send a sincere thank you to our valued customers and all the communities we serve. Key contributors to our success in 2024 included strong NIM expansion and core deposit growth, along with very healthy levels of liquidity, asset quality and capital," said Arnold Martines, Chairman, President and Chief Executive Officer.


Central Pacific Financial Reports Fourth Quarter and Full Year 2024 Earnings
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"We are proud to be recognized once again as one of America’s Best Regional Banks by Newsweek, one of the Best in State Banks by Forbes, and the Best Bank in Hawaii by readers of the Honolulu Star Advertiser. It is a testament to the hard work and exceptional customer service all of our employees consistently demonstrate. In 2025, we will continue to execute upon our strategies and build upon the success we've had in 2024."

Earnings Highlights
Net interest income was $55.8 million for the fourth quarter of 2024, which increased by $1.9 million, or 3.6% from the previous quarter, and increased by $4.6 million, or 9.1% from the year-ago quarter. Net interest margin ("NIM") was 3.17% for the fourth quarter of 2024, an increase of 10 basis points ("bp" or "bps") from the previous quarter and an increase of 33 bps from the year-ago quarter. The sequential quarter increase in net interest income and NIM was primarily due to a 15 bps decline in average rates paid on interest-bearing deposits, combined with a higher average yield earned on loans of 2 bps.

During the fourth quarter of 2024, the Company completed an investment portfolio repositioning related to its available-for-sale investment securities portfolio. The Company sold lower-yielding available-for-sale debt securities with a book value of $106.5 million and received proceeds of $96.6 million, which resulted in a pre-tax loss of $9.9 million. Proceeds from the sale were reinvested in $101.6 million of higher-yielding debt securities. The Company estimates the transaction will result in a prospective annual increase to net interest income of $2.7 million and net interest margin of 4 bps. The earn-back period is estimated to be approximately 3.5 years. The securities sold had a weighted average yield of 2.1% and a weighted average duration of 3.6 years, and the securities purchased had a weighted average yield of 4.9% and a weighted average duration of 4.1 years.
The Company recorded a provision for credit losses of $0.8 million in the fourth quarter of 2024, compared to a provision of $2.8 million in the previous quarter and a provision of $4.7 million in the year-ago quarter. The provision in the current quarter consisted of a provision for credit losses on loans of $1.4 million, offset by a credit to the provision for off-balance sheet exposures of $0.6 million. The lower provision for credit losses was primarily due to improvements in the economic forecast and movements in loan balances by segment, combined with an overall loan balance decline during the quarter.

Other operating income totaled $2.6 million for the fourth quarter of 2024, compared to $12.7 million in the previous quarter and $15.2 million in the year-ago quarter. The lower other operating income was primarily due to the aforementioned pre-tax loss on sales of investment securities related to an investment portfolio repositioning of $9.9 million.

Other operating expense totaled $44.2 million for the fourth quarter of 2024, compared to $46.7 million in the previous quarter and $42.5 million in the year-ago quarter. The sequential quarter reduction in other operating expense was primarily due to the aforementioned $3.1 million in expenses related to a strategic opportunity (included in other) in the third quarter of 2024. In addition, the Company recorded lower directors' deferred compensation plan expenses of $1.2 million (included in other). These decreases were 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 75.65% for the fourth quarter of 2024, compared to 70.12% in the previous quarter and 64.12% in the year-ago quarter. Excluding the aforementioned pre-tax items, the adjusted efficiency ratio (non-GAAP) was 64.65% for the fourth quarter of 2024, compared to an adjusted efficiency ratio (non-GAAP) of 65.51% for the third quarter of 2024.

The effective tax rate was 15.4% for the fourth quarter of 2024, compared to 22.0% in the previous quarter and 22.3% in the year-ago quarter. The decrease in the effective tax rate was primarily due to additional tax credits recognized and tax return to provision adjustments.

Balance Sheet Highlights
Total assets of $7.47 billion at December 31, 2024 increased by $56.7 million, or 0.8% from $7.42 billion at September 30, 2024, and decreased by $170.7 million, or 2.2% from $7.64 billion at December 31, 2023. The Company had $380.9 million in cash on its balance sheet and $2.49 billion in total other liquidity sources, including available borrowing capacity and unpledged investment securities at December 31, 2024.

Total loans, net of deferred fees and costs, of $5.33 billion at December 31, 2024 decreased by $9.8 million, or 0.2% from $5.34 billion at September 30, 2024, and decreased by $106.1 million, or 2.0% from $5.44 billion at December 31, 2023. Average yields earned on loans during the fourth quarter of 2024 was 4.91%, compared to 4.89% in the previous quarter and 4.55% in the year-ago quarter.

Total deposits of $6.64 billion at December 31, 2024 increased by $61.0 million or 0.93% from $6.58 billion at September 30, 2024, and decreased by $203.6 million, or 3.0% from $6.85 billion at December 31, 2023. Core deposits, which include demand deposits,


Central Pacific Financial Reports Fourth Quarter and Full Year 2024 Earnings
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savings and money market deposits and time deposits up to $250,000, totaled $6.04 billion at December 31, 2024, and increased by $74.2 million, or 1.2% from $5.97 billion at September 30, 2024. Average rates paid on total deposits during the fourth quarter of 2024 was 1.21%, compared to 1.32% in the previous quarter and 1.22% in the year-ago quarter.

Asset Quality
Nonperforming assets totaled $11.0 million, or 0.15% of total assets at December 31, 2024, compared to $11.6 million, or 0.16% of total assets at September 30, 2024 and $7.0 million, or 0.09% of total assets at December 31, 2023.

Net charge-offs totaled $3.8 million in the fourth quarter of 2024, compared to net charge-offs of $3.6 million in the previous quarter, and net charge-offs of $5.5 million in the year-ago quarter. Annualized net charge-offs as a percentage of average loans was 0.29%, 0.27% and 0.41% during the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

The allowance for credit losses, as a percentage of total loans was 1.11% at December 31, 2024, compared to 1.15% at September 30, 2024, and 1.18% at December 31, 2023.

Capital
Total shareholders' equity was $538.4 million at December 31, 2024, compared to $543.7 million and $503.8 million at September 30, 2024 and December 31, 2023, respectively.

The Company's leverage, common equity tier 1, tier 1 risk-based capital, and total risk-based capital ratios were 9.3%, 12.3%, 13.2%, and 15.4%, respectively, at December 31, 2024, compared to 9.5%, 12.1%, 13.1%, and 15.3%, respectively, at September 30, 2024.

On January 28, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.27 per share on its outstanding common shares. The dividend represents an increase of 3.8% from the $0.26 per share in the fourth quarter of 2024 and will be payable on March 17, 2025 to shareholders of record at the close of business on February 28, 2025.

On January 28, 2025, the Company's Board of Directors also authorized the repurchase of up to $30 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program (the "Repurchase Plan"). The Repurchase Plan replaces and supersedes in its entirety the share repurchase program previously approved by the Company's Board of Directors. During the year ended December 31, 2024, the Company repurchased 49,960 shares of common stock, at a total cost of $0.9 million, or an average cost per share of $18.92. During the year ended December 31, 2024, the Company returned $29.1 million in capital to its shareholders through cash dividends and share repurchases.

Regulatory
On January 10, 2025, the Bank received final approval from the Federal Reserve to become a member of the Federal Reserve System (the “Fed Membership”). Accordingly, upon the effective date, the Bank’s primary federal supervisor will be the Board of Governors of the Federal Reserve System, acting through authority delegated to the Federal Reserve Bank of San Francisco. The Fed Membership became effective on January 24, 2025.

As a bank holding company, the Company is already supervised by the Federal Reserve Bank of San Francisco, and the Company believes that the Bank’s Fed Membership will streamline the Company’s regulatory oversight structure by having a single federal supervisor for both the Company and the Bank. Both the Company and the Bank will continue to be regulated by the Hawaii Division of Financial Institutions. The Bank’s deposits will continue to be insured by the Federal Deposit Insurance Corporation, in accordance with applicable limits.

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 the quarterly 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 (conference ID: 6299769). A playback of the call will be available through February 28, 2025 by dialing 1-800-770-2030 (playback 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.



Central Pacific Financial Reports Fourth Quarter and Full Year 2024 Earnings
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About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.47 billion in assets as of December 31, 2024. Central Pacific Bank, its primary subsidiary, operates 27 branches and 55 ATMs in the State of Hawaii. Central Pacific Financial Corp. is traded on the New York Stock Exchange (NYSE) under the symbol "CPF." For additional information, please visit: cpb.bank


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Central Pacific Financial Reports Fourth Quarter and Full Year 2024 Earnings
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Forward-Looking Statements
This document may contain forward-looking statements ("FLS") concerning: 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; statements of 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 and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements.

While we believe that our FLS and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the effects of inflation and interest rate fluctuations; the adverse effects of bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and its variants) and other pandemic viruses on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees, as well as the effects of government programs and initiatives in response thereto; supply chain disruptions; labor contract disputes and potential strikes; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, and earthquakes) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau, government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to, or regulatory or other governmental inquiries and proceedings and the resolution thereof; the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to, and the effect of any recurring or special FDIC assessments; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the PCAOB, the FASB and other accounting standard setters and the cost and resources required to implement such changes; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; securities market and monetary fluctuations, including the impact resulting from the elimination of the LIBOR Index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; the effects of any potential or actual acquisitions or dispositions we may make or evaluate, and the related costs; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; technological changes and developments; cybersecurity and data privacy breaches and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; our ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; changes in the competitive environment among financial holding companies and other financial service providers; our ability to successfully implement our initiatives to lower our efficiency ratio; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; our ability to successfully implement and achieve the objectives of our BaaS initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; and our success at managing the risks involved in the foregoing items.

For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the FLS, please see the Company's publicly available SEC filings, including the Company's Form 10-K for the last fiscal year and, in particular, 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 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)2024202420242024202320242023
CONDENSED INCOME STATEMENT     
Net interest income$55,774 $53,851 $51,921 $50,187 $51,142 $211,733 $210,000 
Provision for credit losses 818 2,833 2,239 3,936 4,653 9,826 15,698 
Total other operating income2,624 12,734 12,121 11,244 15,172 38,723 46,663 
Total other operating expense 44,177 46,687 41,151 40,576 42,522 172,591 164,143 
Income tax expense2,058 3,760 4,835 3,974 4,273 14,627 18,153 
Net income11,345 13,305 15,817 12,945 14,866 53,412 58,669 
Basic earnings per share$0.42 $0.49 $0.58 $0.48 $0.55 $1.97 $2.17 
Diluted earnings per share0.42 0.49 0.58 0.48 0.55 1.97 2.17 
Dividends declared per share0.26 0.26 0.26 0.26 0.26 1.04 1.04 
PERFORMANCE RATIOS       
Return on average assets (ROA) [1]0.62 %0.72 %0.86 %0.70 %0.79 %0.72 %0.78 %
Return on average shareholders’ equity (ROE) [1]8.37 10.02 12.42 10.33 12.55 10.25 12.38 
Average shareholders’ equity to average assets7.35 7.23 6.94 6.73 6.32 7.06 6.34 
Efficiency ratio [2]75.65 70.12 64.26 66.05 64.12 68.91 63.95 
Net interest margin (NIM) [1]3.17 3.07 2.97 2.83 2.84 3.01 2.94 
Dividend payout ratio [3]61.90 53.06 44.83 54.17 47.27 52.79 47.93 
SELECTED AVERAGE BALANCES       
Average loans, including loans held for sale$5,315,802 $5,330,810 $5,385,829 $5,400,558 $5,458,245 $5,358,059 $5,508,530 
Average interest-earning assets7,052,296 7,022,910 7,032,515 7,140,264 7,208,613 7,061,864 7,169,463 
Average assets7,377,398 7,347,403 7,338,714 7,449,661 7,498,097 7,378,207 7,479,243 
Average deposits6,546,616 6,535,422 6,542,767 6,659,812 6,730,883 6,570,990 6,700,127 
Average interest-bearing liabilities4,906,623 4,904,460 4,910,998 5,009,542 5,023,321 4,932,757 4,938,705 
Average shareholders’ equity542,135 530,928 509,507 501,120 473,708 521,008 473,819 
[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,
20242024202420242023
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio9.3 %9.5 %9.3 %9.0 %8.8 %
Common equity tier 1 capital ratio12.3 12.1 11.9 11.6 11.4 
Tier 1 risk-based capital ratio13.2 13.1 12.8 12.6 12.4 
Total risk-based capital ratio15.4 15.3 15.1 14.8 14.6 
Central Pacific Bank
Leverage ratio9.7 9.8 9.6 9.4 9.2 
Common equity tier 1 capital ratio13.8 13.6 13.3 13.1 12.9 
Tier 1 risk-based capital ratio13.8 13.6 13.3 13.1 12.9 
Total risk-based capital ratio14.9 14.8 14.5 14.3 14.1 


Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(dollars in thousands, except for per share amounts)20242024202420242023
BALANCE SHEET   
Total loans, net of deferred fees and costs$5,332,852 $5,342,609 $5,383,644 $5,401,417 $5,438,982 
Total assets7,472,096 7,415,430 7,386,952 7,409,999 7,642,796 
Total deposits6,644,011 6,583,013 6,582,455 6,618,854 6,847,592 
Long-term debt156,345 156,284 156,223 156,163 156,102 
Total shareholders’ equity538,385 543,725 518,647 507,203 503,815 
Total shareholders’ equity to total assets7.21 %7.33 %7.02 %6.84 %6.59 %
ASSET QUALITY     
Allowance for credit losses (ACL)$59,182 $61,647 $62,225 $63,532 $63,934 
Nonaccrual loans11,018 11,597 10,257 10,132 7,008 
Non-performing assets (NPA)11,018 11,597 10,257 10,132 7,008 
Ratio of ACL to total loans1.11 %1.15 %1.16 %1.18 %1.18 %
Ratio of NPA to total assets0.15 %0.16 %0.14 %0.14 %0.09 %
PER SHARE OF COMMON STOCK OUTSTANDING     
Book value per common share$19.89 $20.09 $19.16 $18.76 $18.63 
Closing market price per common share29.05 29.51 21.20 19.75 19.68 



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)20242024202420242023
ASSETS   
Cash and due from financial institutions$77,774 $100,064 $103,829 $98,410 $116,181 
Interest-bearing deposits in other financial institutions303,167 226,505 195,062 214,472 406,256 
Investment securities:  
Available-for-sale debt securities, at fair value737,658 723,453 676,719 660,833 647,210 
Held-to-maturity debt securities, at amortized cost; fair value of: $506,681 at December 31, 2024, $546,990 at September 30, 2024, $528,088 at June 30, 2024, $541,685 at March 31, 2024, and $565,178 at December 31, 2023596,930 606,117 615,867 624,948 632,338 
Total investment securities1,334,588 1,329,570 1,292,586 1,285,781 1,279,548 
Loans held for sale5,662 1,609 3,950 755 1,778 
Loans, net of deferred fees and costs5,332,852 5,342,609 5,383,644 5,401,417 5,438,982 
Less: allowance for credit losses(59,182)(61,647)(62,225)(63,532)(63,934)
Loans, net of allowance for credit losses5,273,670 5,280,962 5,321,419 5,337,885 5,375,048 
Premises and equipment, net104,342 104,575 100,646 97,688 96,184 
Accrued interest receivable23,378 23,942 23,184 21,957 21,511 
Investment in unconsolidated entities52,417 54,836 40,155 40,780 41,546 
Mortgage servicing rights8,473 8,513 8,636 8,599 8,696 
Bank-owned life insurance176,216 175,914 173,716 172,228 170,706 
Federal Home Loan Bank of Des Moines ("FHLB") stock6,929 6,929 6,925 6,921 6,793 
Right-of-use lease assets30,824 32,192 32,081 32,079 29,720 
Other assets74,656 69,819 84,763 92,444 88,829 
Total assets$7,472,096 $7,415,430 $7,386,952 $7,409,999 $7,642,796 
LIABILITIES     
Deposits:     
Noninterest-bearing demand$1,888,937 $1,838,009 $1,847,173 $1,848,554 $1,913,379 
Interest-bearing demand1,338,719 1,255,382 1,283,669 1,290,321 1,329,189 
Savings and money market2,329,170 2,336,323 2,234,111 2,211,966 2,209,733 
Time1,087,185 1,153,299 1,217,502 1,268,013 1,395,291 
Total deposits6,644,011 6,583,013 6,582,455 6,618,854 6,847,592 
Long-term debt, net of unamortized debt issuance costs of: $202 at December 31, 2024, $263 at September 30, 2024, $324 at June 30, 2024, $384 at March 31, 2024, and $445 at December 31, 2023156,345 156,284 156,223 156,163 156,102 
Lease liabilities32,025 33,807 33,422 33,169 30,634 
Accrued interest payable10,051 12,980 14,998 16,654 18,948 
Other liabilities91,279 85,621 81,207 77,956 85,705 
Total liabilities6,933,711 6,871,705 6,868,305 6,902,796 7,138,981 
SHAREHOLDERS' EQUITY
Shareholders' equity:     
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023— — — — — 
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,065,570 at December 31, 2024, 27,064,501 at September 30, 2024, 27,063,644 at June 30, 2024, 27,042,326 at March 31, 2024, and 27,045,033 at December 31, 2023404,494 404,494 404,494 404,494 405,439 
Additional paid-in capital105,054 104,794 104,161 103,130 102,982 
Retained earnings143,259 138,951 132,683 123,902 117,990 
Accumulated other comprehensive loss(114,422)(104,514)(122,691)(124,323)(122,596)
Total shareholders' equity538,385 543,725 518,647 507,203 503,815 
Total liabilities and shareholders' equity$7,472,096 $7,415,430 $7,386,952 $7,409,999 $7,642,796 



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)2024202420242024202320242023
Interest income:     
Interest and fees on loans$65,482 $65,469 $64,422 $62,819 $62,429 $258,192 $243,315 
Interest and dividends on investment securities:
Taxable investment securities8,626 8,975 8,466 7,211 7,292 33,278 28,789 
Tax-exempt investment securities723 551 598 655 686 2,527 2,912 
Interest on deposits in other financial institutions3,004 2,775 2,203 3,611 3,597 11,593 7,163 
Dividend income on FHLB stock125 127 151 106 109 509 478 
Total interest income77,960 77,897 75,840 74,402 74,113 306,099 282,657 
Interest expense:       
Interest on deposits:       
Interest-bearing demand686 484 490 499 467 2,159 1,701 
Savings and money market9,388 10,235 8,977 8,443 7,459 37,043 21,979 
Time9,881 11,040 12,173 12,990 12,741 46,084 39,205 
Interest on short-term borrowings— — 1 — — 1 1,139 
Interest on long-term debt2,231 2,287 2,278 2,283 2,304 9,079 8,633 
Total interest expense22,186 24,046 23,919 24,215 22,971 94,366 72,657 
Net interest income55,774 53,851 51,921 50,187 51,142 211,733 210,000 
Provision for credit losses818 2,833 2,239 3,936 4,653 9,826 15,698 
Net interest income after provision for credit losses54,956 51,018 49,682 46,251 46,489 201,907 194,302 
Other operating income:       
Mortgage banking income913 822 1,040 613 611 3,388 2,592 
Service charges on deposit accounts2,251 2,167 2,135 2,103 2,312 8,656 8,753 
Other service charges and fees5,476 5,947 5,869 5,261 5,349 22,553 20,531 
Income from fiduciary activities1,430 1,447 1,449 1,435 1,272 5,761 4,895 
Income from bank-owned life insurance1,966 1,897 1,234 1,522 2,015 6,619 4,870 
Net loss on sales of investment securities(9,934)— — — (1,939)(9,934)(2,074)
Other522 454 394 310 5,552 1,680 7,096 
Total other operating income2,624 12,734 12,121 11,244 15,172 38,723 46,663 
Other operating expense:       
Salaries and employee benefits21,661 22,299 21,246 20,735 20,164 85,941 82,050 
Net occupancy4,192 4,612 4,597 4,600 4,676 18,001 18,185 
Computer software4,757 4,590 4,381 4,287 4,026 18,015 17,726 
Legal and professional services2,504 2,460 2,506 2,320 2,245 9,790 9,959 
Equipment904 972 995 1,010 968 3,881 3,958 
Advertising911 889 901 914 1,045 3,615 3,888 
Communication943 740 657 837 632 3,177 3,010 
Other8,305 10,125 5,868 5,873 8,766 30,171 25,367 
Total other operating expense44,177 46,687 41,151 40,576 42,522 172,591 164,143 
Income before income taxes13,403 17,065 20,652 16,919 19,139 68,039 76,822 
Income tax expense2,058 3,760 4,835 3,974 4,273 14,627 18,153 
Net income$11,345 $13,305 $15,817 $12,945 $14,866 $53,412 $58,669 
Per common share data:       
Basic earnings per share$0.42 $0.49 $0.58 $0.48 $0.55 $1.97 $2.17 
Diluted earnings per share0.42 0.49 0.58 0.48 0.55 1.97 2.17 
Cash dividends declared0.26 0.26 0.26 0.26 0.26 1.04 1.04 
Basic weighted average shares outstanding27,065,047 27,064,035 27,053,549 27,046,525 27,044,121 27,057,329 27,027,681 
Diluted weighted average shares outstanding27,221,121 27,194,625 27,116,349 27,099,101 27,097,285 27,157,120 27,080,518 



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, 2024September 30, 2024December 31, 2023
 AverageAverage AverageAverage AverageAverage 
(Dollars in thousands)BalanceYield/RateInterestBalanceYield/RateInterestBalanceYield/RateInterest
ASSETS
Interest-earning assets:         
Interest-bearing deposits in other financial institutions$250,493 4.77 %$3,004 $203,657 5.42 %$2,775 $261,594 5.45 %$3,597 
Investment securities:
Taxable1,338,569 2.58 8,626 1,340,347 2.68 8,975 1,331,752 2.19 7,292 
Tax-exempt [1]140,503 2.60 915 141,168 1.98 697 146,803 2.36 868 
Total investment securities1,479,072 2.58 9,541 1,481,515 2.61 9,672 1,478,555 2.21 8,160 
Loans, including loans held for sale5,315,802 4.91 65,482 5,330,810 4.89 65,469 5,458,245 4.55 62,429 
FHLB stock6,929 7.23 125 6,928 7.31 127 10,219 4.30 109 
Total interest-earning assets7,052,296 4.42 78,152 7,022,910 4.43 78,043 7,208,613 4.10 74,295 
Noninterest-earning assets325,102   324,493   289,484   
Total assets$7,377,398   $7,347,403   $7,498,097   
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:        
Interest-bearing demand deposits$1,312,561 0.21 %$686 $1,267,135 0.15 %$484 $1,315,943 0.14 %$467 
Savings and money market deposits2,313,293 1.61 9,388 2,298,853 1.77 10,235 2,217,065 1.33 7,459 
Time deposits up to $250,000518,540 2.99 3,900 534,497 3.15 4,238 478,085 2.80 3,373 
Time deposits over $250,000605,920 3.93 5,981 647,728 4.18 6,802 856,159 4.34 9,368 
Total interest-bearing deposits4,750,314 1.67 19,955 4,748,213 1.82 21,759 4,867,252 1.68 20,667 
Federal funds purchased and securities sold2 5.57 — — — — — — — 
FHLB advances and other short-term borrowings2 5.04 — — — — — — — 
Long-term debt156,305 5.68 2,231 156,247 5.82 2,287 156,069 5.86 2,304 
Total interest-bearing liabilities4,906,623 1.80 22,186 4,904,460 1.95 24,046 5,023,321 1.81 22,971 
Noninterest-bearing deposits1,796,302   1,787,209   1,863,631   
Other liabilities132,338   124,806   137,437   
Total liabilities6,835,263   6,816,475   7,024,389   
Total shareholders' equity542,135   530,928   473,708   
Total liabilities and shareholders' equity$7,377,398   $7,347,403   $7,498,097   
Net interest income  $55,966   $53,997   $51,324 
Interest rate spread2.62 %2.48 %2.29 %
Net interest margin 3.17 %  3.07 %  2.84 % 
[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, 2024December 31, 2023
 AverageAverage AverageAverage 
(Dollars in thousands)BalanceYield/RateInterestBalanceYield/RateInterest
ASSETS
Interest-earning assets:      
Interest-bearing deposits in other financial institutions$220,526 5.26 %$11,593 $134,150 5.34 %$7,163 
Investment securities:
Taxable1,334,695 2.49 33,278 1,365,067 2.11 28,789 
Tax-exempt [1]141,688 2.26 3,199 150,399 2.45 3,686 
Total investment securities1,476,383 2.47 36,477 1,515,466 2.14 32,475 
Loans, including loans held for sale5,358,059 4.82 258,192 5,508,530 4.42 243,315 
FHLB stock6,896 7.38 509 11,317 4.23 478 
Total interest-earning assets7,061,864 4.34 306,771 7,169,463 3.95 283,431 
Noninterest-earning assets316,343   309,780   
Total assets$7,378,207   $7,479,243   
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:      
Interest-bearing demand deposits$1,287,628 0.17 %$2,159 $1,359,240 0.13 %$1,701 
Savings and money market deposits2,263,273 1.64 37,043 2,195,763 1.00 21,979 
Time deposits up to $250,000538,216 3.16 17,025 415,541 2.15 8,917 
Time deposits over $250,000687,404 4.23 29,059 795,917 3.81 30,288 
Total interest-bearing deposits4,776,521 1.79 85,286 4,766,461 1.32 62,885 
Federal funds purchased and securities sold1 5.57 — — — — 
FHLB advances and other short-term borrowings17 5.58 1 23,322 4.88 1,139 
Long-term debt156,218 5.81 9,079 148,922 5.80 8,633 
Total interest-bearing liabilities4,932,757 1.91 94,366 4,938,705 1.47 72,657 
Noninterest-bearing deposits1,794,469   1,933,666   
Other liabilities129,973   133,053   
Total liabilities6,857,199   7,005,424   
Total shareholders' equity521,008   473,819   
Total liabilities and shareholders' equity$7,378,207   $7,479,243   
Net interest income  $212,405   $210,774 
Interest rate spread2.43 %2.48 %
Net interest margin 3.01 %  2.94 % 
[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 Geographic Distribution
(Unaudited)TABLE 6
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20242024202420242023
HAWAII:     
Commercial and industrial$430,167 $411,209 $415,538 $420,009 $421,736 
Real estate:
Construction145,182 134,043 147,657 145,213 163,337 
Residential mortgage1,892,520 1,897,919 1,913,177 1,924,889 1,927,789 
Home equity676,982 697,123 706,811 729,210 736,524 
Commercial mortgage1,165,060 1,157,625 1,150,703 1,103,174 1,063,969 
Consumer274,712 277,849 287,295 306,563 322,346 
Total loans, net of deferred fees and costs4,584,623 4,575,768 4,621,181 4,629,058 4,635,701 
Less: Allowance for credit losses(45,967)(47,789)(47,902)(48,739)(48,189)
Loans, net of allowance for credit losses$4,538,656 $4,527,979 $4,573,279 $4,580,319 $4,587,512 
U.S. MAINLAND: [1]     
Commercial and industrial$176,769 $188,238 $169,318 $156,087 $153,971 
Real estate:
Construction29 24,083 23,865 23,356 22,182 
Commercial mortgage335,620 312,685 314,667 319,088 318,933 
Consumer235,811 241,835 254,613 273,828 308,195 
Total loans, net of deferred fees and costs748,229 766,841 762,463 772,359 803,281 
Less: Allowance for credit losses(13,215)(13,858)(14,323)(14,793)(15,745)
Loans, net of allowance for credit losses$735,014 $752,983 $748,140 $757,566 $787,536 
TOTAL:     
Commercial and industrial$606,936 $599,447 $584,856 $576,096 $575,707 
Real estate:
Construction145,211 158,126 171,522 168,569 185,519 
Residential mortgage1,892,520 1,897,919 1,913,177 1,924,889 1,927,789 
Home equity676,982 697,123 706,811 729,210 736,524 
Commercial mortgage1,500,680 1,470,310 1,465,370 1,422,262 1,382,902 
Consumer510,523 519,684 541,908 580,391 630,541 
Total loans, net of deferred fees and costs5,332,852 5,342,609 5,383,644 5,401,417 5,438,982 
Less: Allowance for credit losses(59,182)(61,647)(62,225)(63,532)(63,934)
Loans, net of allowance for credit losses$5,273,670 $5,280,962 $5,321,419 $5,337,885 $5,375,048 
[1] U.S. Mainland includes territories of the United States.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits
(Unaudited)TABLE 7
 
 Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(Dollars in thousands)20242024202420242023
Noninterest-bearing demand$1,888,937 $1,838,009 $1,847,173 $1,848,554 $1,913,379 
Interest-bearing demand1,338,719 1,255,382 1,283,669 1,290,321 1,329,189 
Savings and money market2,329,170 2,336,323 2,234,111 2,211,966 2,209,733 
Time deposits up to $250,000483,378 536,316 547,212 544,600 533,898 
Core deposits6,040,204 5,966,030 5,912,165 5,895,441 5,986,199 
Other time deposits greater than $250,000500,693 492,221 476,457 487,950 486,812 
Government time deposits103,114 124,762 193,833 235,463 374,581 
Total time deposits greater than $250,000603,807 616,983 670,290 723,413 861,393 
Total deposits$6,644,011 $6,583,013 $6,582,455 $6,618,854 $6,847,592 



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)20242024202420242023
Nonaccrual loans:
Commercial and industrial$414 $376 $355 $357 $432 
Real estate:
Residential mortgage9,044 9,680 7,991 7,979 4,962 
Home equity952 915 1,247 929 834 
Commercial mortgage— — 77 77 77 
Consumer608 626 587 790 703 
Total nonaccrual loans11,018 11,597 10,257 10,132 7,008 
Other real estate owned ("OREO")— — — — — 
Total nonperforming assets ("NPAs")11,018 11,597 10,257 10,132 7,008 
Accruing loans 90+ days past due:     
Real estate:  
Construction— — — 588 — 
Residential mortgage323 13 1,273 386 — 
Home equity78 135 135 560 229 
Consumer373 481 896 924 1,083 
Total accruing loans 90+ days past due774 629 2,304 2,458 1,312 
Total NPAs and accruing loans 90+ days past due$11,792 $12,226 $12,561 $12,590 $8,320 
Ratio of total nonaccrual loans to total loans0.21 %0.22 %0.19 %0.19 %0.13 %
Ratio of total NPAs to total assets0.15 0.16 0.14 0.14 0.09 
Ratio of total NPAs to total loans and OREO0.21 0.22 0.19 0.19 0.13 
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO0.22 0.23 0.23 0.23 0.15 
Quarter-to-quarter changes in NPAs:    
Balance at beginning of quarter$11,597 $10,257 $10,132 $7,008 $6,652 
Additions1,436 3,484 1,920 4,792 1,836 
Reductions:  
Payments(763)(602)(363)(263)(268)
Return to accrual status(71)(354)(27)(198)(137)
Charge-offs, valuation and other adjustments(1,181)(1,188)(1,405)(1,207)(1,075)
Total reductions(2,015)(2,144)(1,795)(1,668)(1,480)
Balance at end of quarter$11,018 $11,597 $10,257 $10,132 $7,008 



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)2024202420242024202320242023
Allowance for credit losses:     
Balance at beginning of period$61,647 $62,225 $63,532 $63,934 $64,517 $63,934 $63,738 
Provision for credit losses on loans1,353 3,040 2,448 4,121 4,959 10,962 15,235 
Charge-offs: 
Commercial and industrial(1,113)(663)(519)(682)(419)(2,977)(1,962)
Real estate:
Residential mortgage— (99)(284)— — (383)— 
Consumer(3,727)(3,956)(4,345)(4,838)(5,976)(16,866)(17,245)
Total charge-offs(4,840)(4,718)(5,148)(5,520)(6,395)(20,226)(19,207)
Recoveries:     
Commercial and industrial158 158 130 90 84 536 720 
Real estate:
Construction— — — — — — 1 
Residential mortgage11 8 9 8 7 36 77 
Home equity— — — 6 42 6 57 
Consumer853 934 1,254 893 720 3,934 3,313 
Total recoveries1,022 1,100 1,393 997 853 4,512 4,168 
Net charge-offs
(3,818)(3,618)(3,755)(4,523)(5,542)(15,714)(15,039)
Balance at end of period$59,182 $61,647 $62,225 $63,532 $63,934 $59,182 $63,934 
Average loans, net of deferred fees and costs$5,315,802 $5,330,810 $5,385,829 $5,400,558 $5,458,245 $5,358,059 $5,508,530 
Ratio of annualized net charge-offs to average loans0.29 %0.27 %0.28 %0.34 %0.41 %0.29 %0.27 %
Ratio of ACL to total loans1.11 1.15 1.16 1.18 1.18 1.11 %1.18 %



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

To supplement our consolidated financial information, the Company uses certain non-GAAP financial measures, which are not meant to be considered in isolation or as a substitute for comparable GAAP. The Company believes these non-GAAP financial measures provide useful information to investors and others, which excludes transactions that are not meaningful in comparison to our past operating performance or not reflective of ongoing financial results. The Company believes that these measures offer a supplemental measure for period-to-period comparisons and can be used to evaluate our historical and prospective financial performance. These non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies.

The following reconciling adjustments from GAAP or reported financial measures to non-GAAP adjusted financial measures are limited to: (i) pre-tax loss on sales of investment securities related to an investment portfolio repositioning of $9.9 million and $1.9 million in the fourth quarter of 2024 and fourth quarter of 2023, respectively, (ii) $3.1 million in pre-tax expenses related to our evaluation and assessment of a strategic opportunity in the third quarter of 2024, (iii) a pre-tax gain on sale of a real estate property of $5.1 million in the fourth quarter of 2023 and (iv) pre-tax branch lease termination expense of $2.3 million in the fourth quarter of 2023. Management does not consider these transactions to be representative of the Company's core operating performance. The income tax effect was calculated assuming a 23% effective tax rate.

Three Months Ended December 31, 2024Three Months Ended September 30, 2024Three Months Ended December 31, 2023
(dollars in thousands, Non-GAAPNon-GAAPNon-GAAP
except per share data)ReportedAdjustedReportedAdjustedReportedAdjusted
Financial measures:
Net income$11,345 $18,994 $13,305 $15,667 $14,866 $14,161 
Diluted earnings per share ("EPS")$0.42 $0.70 $0.49 $0.58 $0.55 $0.52 
Pre-provision net revenue (non-GAAP)$14,221 $24,155 $19,898 $22,966 $23,792 $22,877 
Efficiency ratio (non-GAAP)75.65 %64.65 %70.12 %65.51 %64.12 %63.76 %
Return on average assets ("ROA")0.62 %1.03 %0.72 %0.85 %0.79 %0.76 %
Return on average shareholders' equity ("ROE")8.37 %13.82 %10.02 %11.75 %12.55 %11.98 %
As of December 31, 2024, September 30, 2024 and December 31, 2023:
Tangible common equity ("TCE") ratio (non-GAAP)7.21 %7.33 %7.31 %7.34 %6.57 %6.57 %

Year Ended December 31, 2024Year Ended December 31, 2023
(dollars in thousands,Non-GAAPNon-GAAP
except per share data)ReportedAdjustedReportedAdjusted
Financial measures:
Net income$53,412 $63,423 $58,669 $57,964 
Diluted earnings per share ("EPS")$1.97 $2.34 $2.17 $2.14 
Pre-provision net revenue (non-GAAP)$77,865 $90,867 $92,520 $91,605 
Efficiency ratio (non-GAAP)68.91 %65.10 %63.95 %63.86 %
Return on average assets ("ROA")0.72 %0.86 %0.78 %0.78 %
Return on average shareholders' equity ("ROE")10.25 %12.10 %12.38 %12.24 %



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

The following table presents a recalculation of the non-GAAP core earnings and non-GAAP EPS presented above.

Three Months EndedYear Ended
(dollars in thousands, except per share data)Dec 31, 2024Sep 30, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023
GAAP net income$11,345 $13,305 $14,866 $53,412 $58,669 
Add: Pre-tax net loss related to an investment portfolio repositioning9,934 — 1,939 9,934 1,939 
Less: Pre-tax net gain on sale of a real estate property— — (5,128)— (5,128)
Add: Pre-tax expenses related to a strategic opportunity— 3,068 — 3,068 — 
Add: Pre-tax branch lease termination expense— — 2,274 — 2,274 
Total pre-tax adjustments (non-GAAP)9,934 3,068 (915)13,002 (915)
Less: Income tax effect (assumes 23% ETR)(2,285)(706)210 (2,991)210 
Total adjustments, net of tax (non-GAAP)7,649 2,362 (705)10,011 (705)
Adjusted net income (non-GAAP)$18,994 $15,667 $14,161 $63,423 $57,964 
Diluted weighted average shares outstanding27,221,121 27,194,625 27,097,285 27,157,120 27,080,518 
GAAP EPS$0.42 $0.49 $0.55 $1.97 $2.17 
Add: Total adjustments, net of tax (non-GAAP)0.28 0.09 (0.03)0.37 (0.03)
Adjusted EPS (non-GAAP)$0.70 $0.58 $0.52 $2.34 $2.14 

The following table presents a recalculation of the non-GAAP adjusted pre-provision net revenue ("PPNR") presented above.

Three Months EndedYear Ended
(dollars in thousands)Dec 31, 2024Sep 30, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023
GAAP net income$11,345 $13,305 $14,866 $53,412 $58,669 
Add: Income tax expense2,058 3,760 4,273 14,627 18,153 
GAAP pre-tax income13,403 17,065 19,139 68,039 76,822 
Add: Provision for credit losses818 2,833 4,653 9,826 15,698 
Pre-provision net revenue ("PPNR") (non-GAAP)14,221 19,898 23,792 77,865 92,520 
Add: Total pre-tax adjustments (non-GAAP)9,934 3,068 (915)13,002 (915)
Adjusted PPNR (non-GAAP)$24,155 $22,966 $22,877 $90,867 $91,605 



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

The following table presents a recalculation of the non-GAAP adjusted efficiency ratio presented above.

Three Months EndedYear Ended
(dollars in thousands)Dec 31, 2024Sep 30, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023
Total other operating expense$44,177 $46,687 $42,522 $172,591 $164,143 
Less: Expenses related to a strategic opportunity— (3,068)— (3,068)— 
Less: Branch lease termination expense— — (2,274)— (2,274)
Total other operating expense adjustments (non-GAAP)— (3,068)(2,274)(3,068)(2,274)
Adjusted total other operating expense (non-GAAP)$44,177 $43,619 $40,248 $169,523 $161,869 
Net interest income$55,774 $53,851 $51,142 $211,733 $210,000 
Total other operating income2,624 12,734 15,172 38,723 46,663 
Add: Net loss related to an investment portfolio repositioning9,934 — 1,939 9,934 1,939 
Less: Net gain on sale of a real estate property— — (5,128)— (5,128)
Total other operating income adjustments (non-GAAP)9,934 — (3,189)9,934 (3,189)
Adjusted total other operating income (non-GAAP)12,558 12,734 11,983 48,657 43,474 
Total revenue$58,398 $66,585 $66,314 $250,456 $256,663 
Adjusted total revenue (non-GAAP)$68,332 $66,585 $63,125 $260,390 $253,474 
Efficiency ratio (non-GAAP)75.65 %70.12 %64.12 %68.91 %63.95 %
Less: Total pre-tax adjustments (non-GAAP)(11.00)%(4.61)%(0.36)%(3.81)%(0.09)%
Adjusted efficiency ratio (non-GAAP)64.65 %65.51 %63.76 %65.10 %63.86 %



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

The following table presents a recalculation of the non-GAAP adjusted ROA and adjusted ROE presented above.

Three Months EndedYear Ended
(dollars in thousands)Dec 31, 2024Sep 30, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023
Average assets$7,377,398 $7,347,403 $7,498,097 $7,378,207 $7,479,243 
Add: Total adjustments, net of tax (non-GAAP)7,649 2,362 (705)3,093 (176)
Adjusted average assets (non-GAAP)$7,385,047 $7,349,765 $7,497,392 $7,381,300 $7,479,067 
ROA (GAAP net income to average assets)0.62 %0.72 %0.79 %0.72 %0.78 %
Add: Total adjustments, net of tax (non-GAAP)0.41 0.13 (0.03)0.14 — 
Adjusted ROA (non-GAAP)1.03 %0.85 %0.76 %0.86 %0.78 %
Average shareholders' equity$542,135 $530,928 $473,708 $521,008 $473,819 
Add: Total adjustments, net of tax (non-GAAP)7,649 2,362 (705)3,093 (176)
Adjusted average shareholders' equity (non-GAAP)$549,784 $533,290 $473,003 $524,101 $473,643 
ROE (GAAP net income to average shareholders' equity)8.37 %10.02 %12.55 %10.25 %12.38 %
Add: Total adjustments, net of tax (non-GAAP)5.45 1.73 (0.57)1.85 (0.14)
Adjusted ROE (non-GAAP)13.82 %11.75 %11.98 %12.10 %12.24 %

The following table presents a recalculation of the non-GAAP tangible common equity ("TCE") ratio presented above.

(dollars in thousands)December 31, 2024September 30, 2024December 31, 2023
Total shareholders' equity$538,385 $543,725 $503,815 
Less: Intangible assets— (1,390)(1,461)
TCE538,385 542,335 502,354 
Add: Total adjustments, net of tax (non-GAAP)10,011 2,362 (705)
Adjusted TCE (non-GAAP)$548,396 $544,697 $501,649 
Total assets$7,472,096 $7,415,430 $7,642,796 
Less: Intangible assets— (1,390)(1,461)
Tangible assets7,472,096 7,414,040 7,641,335 
Add: Total adjustments, net of tax (non-GAAP)10,011 2,362 (705)
Adjusted tangible assets (non-GAAP)$7,482,107 $7,416,402 $7,640,630 
TCE ratio (non-GAAP) (TCE to tangible assets)7.21 %7.31 %6.57 %
Add: Total adjustments, net of tax (non-GAAP)0.12 0.03 — 
Adjusted TCE ratio (non-GAAP)7.33 %7.34 %6.57 %

4th Quarter and Full Year 2024 Earnings Supplement January 29, 2025

 
2Central Pacific Financial Corp. Forward-Looking Statements This document may contain forward-looking statements (“FLS”) concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin or other financial items; statements of 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 and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements. While we believe that our FLS and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the effects of inflation and interest rate fluctuations; the adverse effects of bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and its variants) and other pandemic viruses on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees, as well as the effects of government programs and initiatives in response thereto; supply chain disruptions; labor contract disputes and potential strikes impacting both the U.S. National and Hawaii economies; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, and earthquakes) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau, government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to, or regulatory or other governmental inquiries and proceedings and the resolution thereof; the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to, and the effect of any recurring or special FDIC assessments; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters and the cost and resources required to implement such changes; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; securities market and monetary fluctuations, including the impact resulting from the elimination of the London Interbank Offered Rate Index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; the effects of any acquisitions or dispositions we may make or evaluate, and the costs associated with any potential or actual acquisition or disposition; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; technological changes and developments; cybersecurity and data privacy breaches and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; our ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; changes in the competitive environment among financial holding companies and other financial service providers; our ability to successfully implement our initiatives to lower our efficiency ratio; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; and our success at managing the risks involved in the foregoing items. For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the FLS, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, 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 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. Strong 4th Quarter and Full Year 2024 • Net income of $11.3MM in the fourth quarter, and $53.4MM for the full year 2024 • Completed investment securities portfolio repositioning which is estimated to improve prospective annual net interest income by $2.7MM • Net income impacted by $9.9M pre-tax loss on investment portfolio repositioning in 4Q, and $3.1 MM in pre-tax expenses related to a strategic opportunity in 3Q. • Adjusted net income (non-GAAP) $19.0MM in 4Q and $63.4MM in 2024 year • NIM expanded 10 bps on a sequential quarter basis • Core deposits grew $74.2MM from prior quarter • BOD approved increase in cash dividend to $0.27 per share 4Q24 Actual 4Q24 Non-GAAP * 2024Y Actual 2024Y Non-GAAP * NET INCOME DILUTED EPS $11.3MM $0.42 $19.0MM $0.70 $53.4MM $1.97 $63.4MM $2.34 PRE-PROVISION NET REVENUE (PPNR) $14.2MM $24.2MM $77.9MM $90.9MM RETURN ON ASSETS (ROA) 0.62% 1.03% 0.72% 0.86% RETURN ON EQUITY (ROE) 8.37% 13.82% 10.25% 12.10% TANGIBLE COMMON EQUITY (TCE) 7.21% 7.33% 7.21% 7.33% NET INTEREST MARGIN (NIM) 3.17% 3.17% 3.01% 3.01% * Excludes $9.9MM pre-tax loss on investment portfolio repositioning in 4Q and $3.1MM in pre- tax expenses related to a strategic opportunity in 3Q. Refer to non-GAAP table in the Appendix.

 
4Central Pacific Financial Corp. Tourism YTD Visitor arrivals compared to pre-pandemic 93% 1 Employment Unemployment Rate December 2024 3.0% 1 FACTORS FOR A FAVORABLE HAWAII OUTLOOK • Strong real estate market • Low unemployment • Substantial Federal government contracts and military investments • Record levels of construction activity • Visitor industry continues to have year-over-year growth in arrivals and spending, despite slower Maui and Japan visitor recovery 1 Source: Hawaii Department of Business, Economic Development & Tourism. Tourism represents total visitors YTD Nov 2024 compared to YTD Nov 2019. 2 Source: Honolulu Board of Realtors. Resilient Hawaii Economy Housing Oahu Median Single- Family Home Price December 2024 $1.1MM 2 1

 
5Central Pacific Financial Corp. • Pace of loan portfolio decline slowing; poised for growth in 2025 • Strong and diverse loan portfolio, with nearly 80% secured by real estate • Overall portfolio yield improved 2 bps to 4.91% in the 4Q24 Diversified Loan Portfolio2 1.22 1.34 1.43 1.60 1.69 1.88 1.94 1.93 1.92 1.91 1.90 1.89 0.88 0.98 1.04 1.12 1.16 1.22 1.36 1.38 1.42 1.47 1.47 1.50 0.36 0.41 0.47 0.49 0.55 0.64 0.74 0.74 0.73 0.71 0.70 0.68 0.45 0.47 0.49 0.57 0.48 0.62 0.80 0.63 0.58 0.54 0.52 0.51 0.51 0.50 0.58 0.57 0.96 0.62 0.55 0.57 0.58 0.58 0.59 0.60 0.10 0.07 0.07 0.10 0.12 0.12 0.17 0.19 0.17 0.17 0.16 0.15 3.52 3.77 4.08 4.45 4.96 5.10 5.56 5.44 5.40 5.38 5.34 5.33 - 1.00 2.00 3.00 4.00 5.00 6.00 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 $ Bi lli on s Loan Portfolio Composition Residential Mortgage Commercial Mortgage Home Equity Consumer Commercial & Industrial Construction Note: Totals may not sum due to rounding.

 
6Central Pacific Financial Corp. Relationship Deposits – Diversified & Granular • 58% of deposits FDIC insured; 63% including collateralized deposits • 56% Commercial (Average account balance of $103,000) / 44% Consumer (Average account balance of $19,000) • 53% Long-tenured customers with CPB 10 years or longer • No brokered deposits Note: Totals may not sum due to rounding. 1.39 1.48 1.45 1.60 1.93 2.23 2.20 2.21 2.21 2.23 2.34 2.33 1.27 1.40 1.44 1.45 1.79 2.29 2.09 1.91 1.85 1.85 1.84 1.89 0.86 0.93 0.95 1.04 1.17 1.42 1.45 1.33 1.29 1.28 1.26 1.34 0.39 0.46 0.48 0.50 0.41 0.49 0.71 1.03 1.03 1.03 1.02 0.98 0.70 0.69 0.63 0.53 0.50 0.21 0.29 0.37 0.24 0.19 0.12 0.10 4.61 4.96 4.95 5.12 5.80 6.64 6.74 6.85 6.62 6.58 6.58 6.64 - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 $ Bi lli on s Deposit Portfolio Composition Savings and Money Market Noninterest-Bearing Demand Interest-Bearing Demand Time Deposits excluding Government Government Time Deposits Total Deposits

 
7Central Pacific Financial Corp. 1.67% 2.55% 2.44% CPF HI Peers Nat'l Peers Total Interest Bearing Deposit Cost • CPF shown as of 4Q24 • HI Peers includes BOH & FHB as of 3Q24. • Nat’l Peers includes publicly traded banks with total assets of $3-10B as of 3Q24. • Source: S&P Global. Low rate-sensitive, relationship-based deposit portfolio provides significant cost advantage CPF Deposit Cost Advantage 28.4% 29.7% 23.5% CPF HI Peers Nat'l Peers Non-Interest Bearing Deposits to Total Deposits 1.21% 1.79% 2.44% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 Total Deposit Cost CPF HI Peers Nat'l Peers CPF total deposit cost declined 11 bps to 1.21% in 4Q24

 
8Central Pacific Financial Corp. 0.13% 0.19% 0.19% 0.22% 0.21% 4Q23 1Q24 2Q24 3Q24 4Q24 NPAs/Total Loans 5 Strong credit risk management continues to drive low levels of problem assets Solid Credit Profile 0.02% 0.05% 0.04% 0.01% 0.01% 4Q23 1Q24 2Q24 3Q24 4Q24 Delinquencies 90+Days/Total Loans 0.92% 0.56% 0.66% 0.62% 0.62% 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized/Total Loans 0.07% 0.10% 0.08% 0.07% 0.10% 0.34% 0.24% 0.20% 0.20% 0.19% 0.41% 0.34% 0.28% 0.27% 0.29% 4Q23 1Q24 2Q24 3Q24 4Q24 Annualized NCO/Avg Loans All Other NCO/Avg Loans Mainland Consumer NCO/Avg Loans

 
9Central Pacific Financial Corp. • $1.4MM provision for credit loss on loans in 4Q24, offset by a credit of $0.6MM to the reserve for unfunded commitments, for a total provision for credit loss of $0.8MM • Strong ACL coverage ratio of 1.11% for 4Q24 Note: Totals may not sum due to rounding. Allowance for Credit Losses $ Millions 4Q23 1Q24 2Q24 3Q24 4Q24 Beginning Balance 64.5 63.9 63.5 62.2 61.6 Net Charge-offs (5.6) (4.5) (3.7) (3.6) (3.8) Provision for Credit Losses 5.0 4.1 2.4 3.0 1.4 Ending Balance 63.9 63.5 62.2 61.6 59.2 Coverage Ratio (ACL to Total Loans) 1.18% 1.18% 1.16% 1.15% 1.11%

 
10Central Pacific Financial Corp. High Quality Securities Portfolio • $1.3B or 18% of total assets • 94% AAA rated • Portfolio mix: AFS 55% / HTM 45% Strategic Activities • Investment portfolio repositioning completed in 4Q. Sold $106.5MM in AFS debt securities and reinvested the proceeds at ~280bps higher yields. Expected to increase prospective annual net interest income by $2.7MM and NIM by 4 bps. • Interest rate swap on $115.5MM of municipal securities; added $0.6MM to interest income in 4Q24 (pay fixed at 2.1%, receive float at Fed Funds) U.S. Treasury & Gov't Agency 6% Municipals 12% Agency CMBS/RMBS 78% Non-Agency CMBS/RMBS 2% Collateralized loan obligations 2% Investment Portfolio Composition as of December 31, 2024

 
11Central Pacific Financial Corp. • Strong liquidity position with ample alternative sources • Available sources of liquidity total 113% of uninsured/uncollateralized deposits Available Sources of Liquidity $ Millions December 31, 2024 Cash on Balance Sheet 381$ Other Funding Sources: Unpledged Securities 558 FHLB Available Borrowing Capacity 1,627 FRB Available Borrowing Capacity 232 Other Funding Lines 75 Total 2,492$ Total Sources of Liquidity 2,873$ Uninsured/Uncollateralized Deposits 2,536$ % of Uninsured/Uncollateralized Deposits 113%

 
121Central Pacific Financial Corp. Solid Capital Position $260MM capital cushion to well capitalized minimum STRONG CAPITAL AND SHAREHOLDER RETURN • Regulatory capital ratios meaningfully above the well-capitalized minimums • Increased quarterly cash dividend to $0.27 per share which will be payable on March 17, 2025 • No shares repurchased in the 4Q24. Board authorized a new share repurchase program for up to $30 million for 2025 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cash Dividends Declared per Common Share 9.3% 12.3% 15.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Tier 1 Leverage CET1 Total Capital Regulatory Capital Ratios As December 31, 2024 Regulatory Minimum Well-Capitalized CPF

 
13Central Pacific Financial Corp. Appendix

 
14Central Pacific Financial Corp. Non-GAAP Disclosure To supplement our consolidated financial information, the Company uses certain non-GAAP financial measures, which are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. The Company believes these non-GAAP financial measures provide useful information to investors and others, which excludes transactions that are not meaningful in comparison to our past operating performance or not reflective of ongoing financial results. The Company believes that these measures offer a supplemental measure for period-to-period comparisons and can be used to evaluate our historical and prospective financial performance. These non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies. The following reconciling adjustments from GAAP or reported financial measures to non-GAAP adjusted financial measures are limited to: (i) a pre-tax loss on sales of investment securities of $9.9 million related to an investment portfolio repositioning in the fourth quarter of 2024, and (ii) $3.1 million in pre-tax expenses related to our evaluation and assessment of a strategic opportunity in the third quarter of 2024. Management does not consider these transactions to be representative of the Company's core operating performance. The income tax effect was calculated assuming a 23% effective tax rate. ($ in 000s) 4Q24 Actual 4Q24 Adj 4Q24 Non-GAAP 3Q24 Actual 3Q24 Adj 3Q24 Non-GAAP 2024 Actual 2024 Adj 2024 Non-GAAP NET INCOME $11.3MM +$7.6MM $19.0MM $13.3MM +$2.4MM $15.7MM $53.4MM +$10.0MM $63.4MM DILUTED EARNINGS PER SHARE (EPS) $0.42 +$0.28 $0.70 $0.49 +$0.09 $0.58 $1.97 +$0.37 $2.34 PRE-PROVISION NET REVENUE (PPNR) $14.2MM +$9.9MM $24.2MM $19.9MM +$3.1MM $23.0MM $77.9MM +$13.0MM $90.9MM EFFICIENCY RATIO 75.65% -11.00% 64.65% 70.12% -4.61% 65.51% 68.91% -3.81% 65.10% RETURN ON ASSETS (ROA) 0.62% +0.41% 1.03% 0.72% +0.13% 0.85% 0.72% +0.14% 0.86% RETURN ON EQUITY (ROE) 8.37% +5.45% 13.82% 10.02% +1.73% 11.75% 10.25% +1.85% 12.10% TANGIBLE COMMON EQUITY (TCE) 7.21% +0.12% 7.33% 7.31% +0.03% 7.34% 7.21% +0.12% 7.33% Note: Totals may not sum due to rounding.

 
15Central Pacific Financial Corp. Commercial Real Estate Portfolio OFFICE RETAIL TOTAL BALANCE $196.3MM $289.6MM % OF TOTAL CRE 13% 19% % OF TOTAL LOANS 4% 5% WA LTV 57% 65% WA MONTHS TO MATURITY 67 65 INVESTOR / OWNER- OCCUPIED $123.3MM / $73.0MM $211.4MM / $78.2MM• Hawaii 78% / Mainland 22% • Investor 75% / Owner-Occupied 25% Industrial/Warehouse 28% Retail 19% Apartment 20% Office 13% Hotel 11% Other 4% Shopping Center 3% Storage 2% CRE Portfolio Composition as of December 31, 2024

 
16Central Pacific Financial Corp. • Total Hawaii Consumer $275MM • Total Mainland Consumer $236MM • Weighted average origination FICO: • 744 for Hawaii Consumer • 738 for Mainland Consumer • Consumer net charge-offs peaked in 4Q23 and declined for 4 consecutive quarters in 2024 • Mainland Unsecured: Highly granular with average loan amounts of $12,600 Consumer Loan Portfolio HI Auto $146 , 28% HI Other $129 , 25% Mainland Home Improvement $95 , 19% Mainland Unsecured $44 , 9% Mainland Auto $97 , 19% Consumer Portfolio Composition as of December 31, 2024 ($ Millions)

 
17Central Pacific Financial Corp. CPB Named Best Bank in Hawaii by Newsweek, Forbes, and Honolulu Star-Advertiser • Newsweek’s Best In State Bank 2024 • Forbes’ Best-In-State Banks 2024 • Forbes’ America’s Best Banks 2024 • Honolulu Star-Advertiser’s Best Bank in Hawaii 2024

 
18Central Pacific Financial Corp. Caring for our Environment and People 2023 ESG Report available here: https://www.cpb.bank/esg

 
19Central Pacific Financial Corp. Mahalo

 
v3.24.4
Cover Cover
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
Entity Registrant Name Central Pacific Financial Corp
Entity Incorporation, State or Country Code HI
Entity File Number 001-31567
Entity Tax Identification Number 99-0212597
Entity Address, Address Line One 220 South King Street
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 544-0500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, No Par Value
Trading Symbol CPF
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000701347
Amendment Flag false
Central Pacific Financial (NYSE:CPF)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025 Central Pacific Financial 차트를 더 보려면 여기를 클릭.
Central Pacific Financial (NYSE:CPF)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025 Central Pacific Financial 차트를 더 보려면 여기를 클릭.