# EDGAR Filing Document

**Accession Number:** 0000701347
**File Stem:** 0000701347-23-000002
**Filing Date:** 2023-1
**Character Count:** 93617
**Document Hash:** 9d5f4c9e0c6b354fba64849021b88740
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000701347-23-000002.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0000701347-23-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20230125

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTRAL PACIFIC FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000701347
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 990212597
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31567
- **FILM NUMBER:** 23549662

**BUSINESS ADDRESS:**
- **STREET 1:** 220 S KING ST
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 8085440500

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 3590
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CPB INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? cpf-20230125

**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 25, 2023** 

**Central Pacific Financial Corp.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Hawaii** | **001-31567** | **99-0212597** |
| (State or other<br>jurisdiction of<br>incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>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 class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, No Par Value | CPF | New 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 25, 2023, Central Pacific Financial Corp. (the "Company") issued a press release regarding its results of operations and financial condition for the quarter ended December 31, 2022. 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 25, 2023, Central Pacific Financial Corp. will hold an investor conference call and webcast to discuss financial results for the quarter ended December 31, 2022, 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, 2022 (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 | Exhibits |
|  | 99.1 | <u>[Press release dated January 25, 2023](exhibit99-1erq42022.htm)</u> |
|  | 99.2 | <u>[Earnings Supplement](cpf_4q2022earningssupple.htm)</u> |
|  | 104 | Cover 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 25, 2023 | <u>/s/ David S. Morimoto</u> |
| | | David S. Morimoto |
| | | Senior Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![cpfmidnight.jpg](cpfmidnight.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **FOR IMMEDIATE RELEASE** |
| Investor Contact: | Ian Tanaka | Media Contact: | Tim Sakahara |
|  | SVP, Treasurer |  | AVP, Corporate Communications Manager |
|  | (808) 544-3646 |  | (808) 544-5125 |
|  | **<u>ian.tanaka@cpb.bank</u>** |  | **<u>tim.sakahara@cpb.bank</u>** |

---

NEWS RELEASE

    

**CENTRAL PACIFIC FINANCIAL REPORTS FOURTH QUARTER EARNINGS OF $20.2 MILLION** 

**AND FULL YEAR 2022 EARNINGS OF $73.9 MILLION**

&nbsp;&nbsp;&nbsp;&nbsp;**• Net income of $20.2 million, or $0.74 per diluted share for the fourth quarter. Net income of $73.9 million, or $2.68 per diluted share for the 2022 year.** 

&nbsp;&nbsp;&nbsp;&nbsp;**• ROA of 1.09% and ROE of 18.30% for the fourth quarter. ROA of 1.01% and ROE of 15.47% for the 2022 year.** 

&nbsp;&nbsp;&nbsp;&nbsp;**• Total loans of $5.56 billion increased by $133.3 million, or 2.5% (10.0% annualized) in the fourth quarter. Total loans increased by $453.8 million, or 8.9% for the 2022 year.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Total deposits of $6.74 billion increased by $179.8 million, or 2.7% (10.8% annualized) in the fourth quarter. Total deposits increased by $97.1 million, or 1.5% for the 2022 year.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income increased by $0.9 million, or 1.7% from the previous quarter. Net interest margin of 3.17% was consistent with the previous quarter. Net interest margin, excluding PPP loans, of 3.16% increased by 3 bps from the previous quarter.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Board of Directors approved quarterly cash dividend of $0.26 per share and new $25 million share repurchase program.**

HONOLULU, HI, January 25, 2023 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income for the fourth quarter of 2022 of $20.2 million, compared to $16.7 million in the previous quarter and $22.3 million in the year-ago quarter. Fully diluted earnings per share ("EPS") of $0.74 for the fourth quarter of 2022 reflected a 21% increase from $0.61 in the previous quarter and a 8% decrease from $0.80 in the year-ago quarter. For the 2022 year, net income was $73.9 million, or EPS of $2.68, compared to net income of $79.9 million, or EPS of $2.83 last year.

"We ended the 2022 year successfully with strong loan, deposit and net interest income growth," said Arnold Martines, President and Chief Executive Officer. "At the same time, we continued to have solid asset quality, liquidity and capital positions. We believe the Hawaii economy will be resilient and fare better than the rest of the country because of our strong housing and tourism markets, as well as the large military presence in our State. I would like to thank our hard-working and committed team of employees, as well as our customers for their ongoing support of our bank."

------

Central Pacific Financial Reports Fourth Quarter Earnings of $20.2 Million and Full Year 2022 Earnings of $73.9 Million

**Earnings Highlights**

Net interest income for the fourth quarter of 2022 was $56.3 million, an increase of $0.9 million, or 1.7% from the previous quarter, and an increase of $3.2 million, or 6.0% from the year-ago quarter. The sequential quarter increase in net interest income is primarily due to higher asset yields and continued strong loan growth which outpaced the increase in rates paid on deposits. Net interest income in the fourth quarter of 2022 included $0.1 million in net PPP interest income and fees, compared to $0.7 million and $4.7 million, in the previous and year-ago quarters, respectively. Net interest income for the 2022 year included $3.6 million in net PPP interest income and fees, compared to $26.4 million for the 2021 year.

Net interest margin ("NIM") for the fourth quarter of 2022 was 3.17%, which remained unchanged from the previous quarter and increased by 9 basis points ("bps") from the year-ago quarter. NIM, excluding PPP loans, of 3.16% increased by 3 bps from the previous quarter. The increase in NIM, excluding PPP loans, was primarily attributable to higher yields earned during the quarter on investment securities and core loans, or total loans excluding PPP loans, partially offset by increases in rates paid on deposits and borrowings. Additional information on average balances, interest income and expenses and yields and rates is presented in Tables 4, 5 and 10.

In the fourth quarter of 2022, the Company recorded a provision for credit losses of $0.6 million, compared to a provision of $0.4 million in the previous quarter and a release of the credit loss reserves of $7.7 million in the year-ago quarter.

Other operating income for the fourth quarter of 2022 totaled $11.6 million, compared to $9.6 million in the previous quarter and $11.6 million in the year-ago quarter. The increase from the previous quarter was primarily due to higher income from bank-owned life insurance. Additional information on other operating income is presented in Table 3.

Other operating expense for the fourth quarter of 2022 totaled $40.4 million, compared to $42.0 million in the previous quarter and $42.4 million in the year-ago quarter. The decrease in other operating expense from the previous quarter was primarily due to lower net occupancy and advertising expenses. Additional information on other operating expense is presented in Table 3.

The efficiency ratio for the fourth quarter of 2022 was 59.56%, compared to 64.62% in the previous quarter and 65.61% in the year-ago quarter.

The effective tax rate for the fourth quarter of 2022 was 24.9%, compared to 26.2% in the previous quarter and 25.4% in the year-ago quarter.

**Balance Sheet Highlights**

Total assets at December 31, 2022 of $7.43 billion increased by $95.1 million, or 1.3% from $7.34 billion at September 30, 2022, and increased by $13.7 million, or 0.2% from $7.42 billion at December 31, 2021.

Total loans, net of deferred fees and costs, at December 31, 2022 of $5.56 billion increased by $133.3 million, or 2.5% from $5.42 billion at September 30, 2022, and increased by $453.8 million, or 8.9%, from $5.10 billion at December 31, 2021. Loans by type and geographic distribution are summarized in Table 6.

Total deposits at December 31, 2022 of $6.74 billion increased by $179.8 million or 2.7% from $6.56 billion at September 30, 2022, and increased by $97.1 million, or 1.5%, from $6.64 billion at December 31, 2021. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $6.08 billion at December 31, 2022, and increased by $38.8 million from September 30, 2022. Core deposit and total deposit balances are summarized in Table 7.

**Asset Quality**

Nonperforming assets at December 31, 2022 totaled $5.3 million, or 0.07% of total assets, compared to $4.2 million, or 0.06% of total assets at September 30, 2022, and $5.9 million, or 0.08% of total assets at December 31, 2021. Additional information on nonperforming assets, past due and restructured loans is presented in Table 8.

Net charge-offs in the fourth quarter of 2022 totaled $1.7 million, compared to net charge-offs of $1.6 million in the previous quarter, and net recoveries of $0.9 million in the year-ago quarter.

The allowance for credit losses, as a percentage of total loans at December 31, 2022 was 1.15%, compared to 1.19% at September 30, 2022, and 1.33% at December 31, 2021. Additional information on net charge-offs and recoveries and the allowance for credit losses is presented in Table 9.

------

Central Pacific Financial Reports Fourth Quarter Earnings of $20.2 Million and Full Year 2022 Earnings of $73.9 Million

**Capital**

Total shareholders' equity was $452.9 million at December 31, 2022, compared to $438.5 million and $558.2 million at September 30, 2022 and December 31, 2021, respectively. The decline in shareholders' equity from a year ago was primarily due to an increase in unrealized losses on our available-for-sale investment securities portfolio which is included in accumulated other comprehensive income, and were driven by the rising interest rate environment.

At December 31, 2022, the Company's leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ratios were 8.5%, 11.3%, 13.5%, and 10.5%, respectively, compared to 8.7%, 11.5%, 13.7%, and 10.6%, respectively, at September 30, 2022.

On January 24, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares. The dividend will be payable on March 15, 2023 to shareholders of record at the close of business on February 28, 2023.

On January 24, 2023, the Company's Board of Directors also authorized the repurchase of up to $25 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, which had $10.3 million in remaining repurchase authority as of December 31, 2022. During the fourth quarter of 2022, the Company repurchased 241,203 shares of common stock, at a total cost of $4.9 million, or an average cost per share of $20.41. During the year ended December 31, 2022, the Company returned $49.2 million in capital to its shareholders through cash dividends and share repurchases.

**Key Business Highlights during the fourth quarter included the following:**

&nbsp;&nbsp;&nbsp;&nbsp;• Arnold Martines, a veteran of the local banking industry and Central Pacific Bank, was promoted to President & CEO of Central Pacific Bank and Central Pacific Financial.

&nbsp;&nbsp;&nbsp;&nbsp;• Newsweek named Central Pacific Bank one of the Best Banks in Hawaii.

&nbsp;&nbsp;&nbsp;&nbsp;• Jason Fujimoto, President & CEO of HPM Building Supply on the island of Hawaii, was named to the boards of CPB and CPF.

&nbsp;&nbsp;&nbsp;&nbsp;• The Central Pacific Bank Foundation again contributed generously to the local community with total donations in 2022 of $1.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;• In the community, the Bank launched a major small business marketing campaign aimed at a key customer segment and area of strategic focus for the Bank.

**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 1-844-200-6205 (access code: 274117). A playback of the call will be available through February 24, 2023 by dialing 1-866-813-9403 (access code: 649427) 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 $7.43 billion in assets as of December 31, 2022. Central Pacific Bank, its primary subsidiary, operates 27 branches and 64 ATMs in the state of Hawaii. For additional information, please visit the Company's website at http://www.cpb.bank.

![equalhousinga28.jpg](equalhousinga28.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![memberfdica28.jpg](memberfdica28.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![nyselisteda28.jpg](nyselisteda28.jpg)

\*\*\*\*\*\*\*\*\*\*

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Central Pacific Financial Reports Fourth Quarter Earnings of $20.2 Million and Full Year 2022 Earnings of $73.9 Million

**Forward-Looking Statements ("FLS")**

*This document may contain FLS concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. 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 "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "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, and 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 rising interest rates; the adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) 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 to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; 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; our ability to achieve the objectives of our RISE2020 initiative; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service ("BaaS") initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases) 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 (the "Dodd-Frank 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 (the "CFPB"), 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 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; ability to successfully implement our initiatives to lower our efficiency ratio; 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 (the "FRB" or the "Federal Reserve"); securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index and uncertainties regarding potential alternative reference rates, including the Secured Overnight Financing Rate ("SOFR"); negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; 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 ("PCAOB"), the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; 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.*

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---

| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Financial Highlights** | |
| (Unaudited) | **TABLE 1** |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in thousands, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Dec 31, | Dec 31, |
| &nbsp;&nbsp;&nbsp;except for per share amounts) | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| CONDENSED INCOME STATEMENT |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $56285 | $55365 | $52978 | $50935 | $53096 | $215563 | $211047 |
| &nbsp;&nbsp;&nbsp;Provision (credit) for credit losses | 571 | 362 | 989 | (3195) | (7692) | (1273) | (14591) |
| &nbsp;&nbsp;&nbsp;Total other operating income | 11601 | 9629 | 17138 | 9551 | 11566 | 47919 | 43060 |
| &nbsp;&nbsp;&nbsp;Total other operating expense | 40434 | 41998 | 45349 | 38205 | 42422 | 165986 | 163046 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 6700 | 5919 | 6184 | 6038 | 7605 | 24841 | 25758 |
| &nbsp;&nbsp;&nbsp;Net income | 20181 | 16715 | 17594 | 19438 | 22327 | 73928 | 79894 |
| &nbsp;&nbsp;&nbsp;Basic earnings per common share | $0.74 | $0.61 | $0.64 | $0.70 | $0.80 | $2.70 | $2.85 |
| &nbsp;&nbsp;&nbsp;Diluted earnings per common share | 0.74 | 0.61 | 0.64 | 0.70 | 0.80 | 2.68 | 2.83 |
| &nbsp;&nbsp;&nbsp;Dividends declared per common share | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 1.04 | 0.96 |
| PERFORMANCE RATIOS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on average assets (ROA) [1] | 1.09% | 0.91% | 0.96% | 1.06% | 1.22% | 1.01% | 1.13% |
| &nbsp;&nbsp;&nbsp;Return on average shareholders' equity (ROE) [1] | 18.30 | 14.49 | 14.93 | 14.44 | 16.05 | 15.47 | 14.38 |
| &nbsp;&nbsp;&nbsp;Average shareholders' equity to average assets | 5.97 | 6.30 | 6.45 | 7.34 | 7.61 | 6.51 | 7.85 |
| &nbsp;&nbsp;&nbsp;Efficiency ratio [2] | 59.56 | 64.62 | 64.68 | 63.16 | 65.61 | 63.00 | 64.16 |
| &nbsp;&nbsp;&nbsp;Net interest margin (NIM) [1] | 3.17 | 3.17 | 3.05 | 2.97 | 3.08 | 3.09 | 3.18 |
| &nbsp;&nbsp;&nbsp;Dividend payout ratio [3] | 35.14 | 42.62 | 40.63 | 37.14 | 31.25 | 38.81 | 33.92 |
| SELECTED AVERAGE BALANCES |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average loans, including loans held for sale | $5498800 | $5355088 | $5221300 | $5114260 | $5073069 | $5298573 | $5071516 |
| &nbsp;&nbsp;&nbsp;Average interest-earning assets | 7103841 | 6991773 | 6982556 | 6932649 | 6890829 | 7003232 | 6643193 |
| &nbsp;&nbsp;&nbsp;Average assets | 7389712 | 7320751 | 7309939 | 7341850 | 7315325 | 7340261 | 7078025 |
| &nbsp;&nbsp;&nbsp;Average deposits | 6673922 | 6535321 | 6626462 | 6581593 | 6536826 | 6604049 | 6299369 |
| &nbsp;&nbsp;&nbsp;Average interest-bearing liabilities | 4708045 | 4538893 | 4442172 | 4429114 | 4407612 | 4530347 | 4288041 |
| &nbsp;&nbsp;&nbsp;Average shareholders' equity | 441084 | 461328 | 471420 | 538601 | 556462 | 477775 | 555600 |
| *[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).* | *[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).* | *[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).* | *[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).* | *[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).* | *[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).* | *[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).* | *[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 operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total 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.* | *[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.* | *[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.* | *[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.* | *[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.* | *[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.* |  |  |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Financial Highlights** | |
| (Unaudited) | **TABLE 1 (CONTINUED)** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2022 | Sep 30,<br>2022 | Jun 30,<br>2022 | Mar 31,<br>2022 | Dec 31,<br>2021 |
| REGULATORY CAPITAL RATIOS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. (consolidated) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage capital ratio | 8.5% | 8.7% | 8.6% | 8.5% | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 11.3 | 11.5 | 11.6 | 11.9 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 13.5 | 13.7 | 13.9 | 14.2 | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | 10.5 | 10.6 | 10.7 | 10.9 | 11.2 |
| &nbsp;&nbsp;&nbsp;Central Pacific Bank |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage capital ratio | 9.0 | 9.1 | 9.0 | 9.0 | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 11.9 | 12.2 | 12.2 | 12.6 | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 13.1 | 13.4 | 13.5 | 13.8 | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | 11.9 | 12.2 | 12.2 | 12.6 | 12.8 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, |
| (dollars in thousands, except for per share amounts) | 2022 | 2022 | 2022 | 2022 | 2021 |
| BALANCE SHEET |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | $5555466 | $5422212 | $5301633 | $5174837 | $5101649 |
| &nbsp;&nbsp;&nbsp;Total assets | 7432763 | 7337631 | 7299178 | 7298819 | 7419089 |
| &nbsp;&nbsp;&nbsp;Total deposits | 6736223 | 6556434 | 6622061 | 6599031 | 6639158 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 105859 | 105799 | 105738 | 105677 | 105616 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 452871 | 438468 | 455100 | 486328 | 558219 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity to total assets | 6.09% | 5.98% | 6.23% | 6.66% | 7.52% |
| ASSET QUALITY |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses (ACL) | $63738 | $64382 | $65211 | $64754 | $68097 |
| &nbsp;&nbsp;&nbsp;Nonaccrual loans | 5251 | 4220 | 4983 | 5336 | 5881 |
| &nbsp;&nbsp;&nbsp;Non-performing assets (NPA) | 5251 | 4220 | 4983 | 5336 | 5881 |
| &nbsp;&nbsp;&nbsp;ACL to total loans | 1.15% | 1.19% | 1.23% | 1.25% | 1.33% |
| &nbsp;&nbsp;&nbsp;ACL to nonaccrual loans | 1213.83% | 1525.64% | 1308.67% | 1213.53% | 1157.92% |
| &nbsp;&nbsp;&nbsp;NPA to total assets | 0.07% | 0.06% | 0.07% | 0.07% | 0.08% |
| PER SHARE OF COMMON STOCK OUTSTANDING |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Book value per common share | $16.76 | $16.08 | $16.57 | $17.63 | $20.14 |
| &nbsp;&nbsp;&nbsp;Closing market price per common share | 20.28 | 20.69 | 21.45 | 27.90 | 28.17 |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Consolidated Balance Sheets** | |
| (Unaudited) | **TABLE 2** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, |
| (Dollars in thousands, except share data) | 2022 | 2022 | 2022 | 2022 | 2021 |
| ASSETS |  |  |  |  |  |
| Cash and due from financial institutions | $97150 | $116365 | $108389 | $83947 | $81506 |
| Interest-bearing deposits in other financial institutions | 14894 | 22332 | 22741 | 118183 | 247401 |
| Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities, at fair value | 671794 | 686681 | 787373 | 1199482 | 1631699 |
| &nbsp;&nbsp;&nbsp;Held-to-maturity debt securities, at amortized cost; fair value of: $596,781 at December 31, 2022, $590,880 at September 30, 2022, $635,565 at June 30, 2022, $329,503 at March 31, 2022, and none at December 31, 2021 | 664883 | 662827 | 663365 | 329507 |  |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 1336677 | 1349508 | 1450738 | 1528989 | 1631699 |
| Loans held for sale | 1105 | 1701 | 535 | 4677 | 3531 |
| Loans, net of deferred fees and costs | 5555466 | 5422212 | 5301633 | 5174837 | 5101649 |
| &nbsp;&nbsp;&nbsp;Less: allowance for credit losses | 63738 | 64382 | 65211 | 64754 | 68097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | 5491728 | 5357830 | 5236422 | 5110083 | 5033552 |
| Premises and equipment, net | 91634 | 89979 | 88664 | 79455 | 80354 |
| Accrued interest receivable | 20345 | 18134 | 17146 | 16423 | 16709 |
| Investment in unconsolidated entities | 46641 | 36769 | 37341 | 31092 | 29679 |
| Mortgage servicing rights | 9074 | 9216 | 9369 | 9480 | 9738 |
| Bank-owned life insurance | 167967 | 167761 | 167202 | 167407 | 169148 |
| Federal Home Loan Bank ("FHLB") stock | 9146 | 13546 | 8943 | 8943 | 7964 |
| Right of use lease asset | 34985 | 35978 | 36978 | 38435 | 39441 |
| Other assets | 111417 | 118512 | 114710 | 101705 | 68367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $7432763 | $7337631 | $7299178 | $7298819 | $7419089 |
| LIABILITIES |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing demand | $2092823 | $2138083 | $2282967 | $2269562 | $2291246 |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand | 1453167 | 1441302 | 1444566 | 1433284 | 1415277 |
| &nbsp;&nbsp;&nbsp;Savings and money market | 2199028 | 2194991 | 2214146 | 2197647 | 2225903 |
| &nbsp;&nbsp;&nbsp;Time | 991205 | 782058 | 680382 | 698538 | 706732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 6736223 | 6556434 | 6622061 | 6599031 | 6639158 |
| FHLB advances and other short-term borrowings | 5000 | 115000 |  |  |  |
| Long-term debt | 105859 | 105799 | 105738 | 105677 | 105616 |
| Lease liability | 35889 | 36941 | 38037 | 39610 | 40731 |
| Other liabilities | 96921 | 84989 | 78242 | 68123 | 75317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6979892 | 6899163 | 6844078 | 6812441 | 6860822 |
| EQUITY |  |  |  |  |  |
| Shareholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,025,070 at December 31, 2022, 27,262,879 at September 30, 2022, 27,463,562 at June 30, 2022, 27,584,929 at March 31, 2022, and 27,714,071 at December 31, 2021 | 408071 | 412994 | 417862 | 421153 | 426091 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 101346 | 100426 | 98977 | 98270 | 98073 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 87438 | 74301 | 64693 | 54252 | 42015 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (143984) | (149253) | (126432) | (87347) | (7960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 452871 | 438468 | 455100 | 486328 | 558219 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest |  |  |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 452871 | 438468 | 455100 | 486378 | 558267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $7432763 | $7337631 | $7299178 | $7298819 | $7419089 |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Consolidated Statements of Income** | |
| (Unaudited) | **TABLE 3** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | December 31, | December 31, |
| (Dollars in thousands, except per share data) | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| Interest income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $56682 | $51686 | $46963 | $44949 | $47576 | $200280 | $193778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends on investment securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable investment securities | 7104 | 6933 | 7035 | 6969 | 6667 | 28041 | 22430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt investment securities | 776 | 805 | 807 | 816 | 642 | 3204 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income on investment securities |  |  |  | 21 | 21 | 21 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits in other financial institutions | 370 | 107 | 191 | 72 | 86 | 740 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income on FHLB stock | 105 | 138 | 68 | 59 | 61 | 370 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 65037 | 59669 | 55064 | 52886 | 55053 | 232656 | 218762 |
| Interest expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand | 333 | 217 | 144 | 112 | 104 | 806 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings and money market | 2488 | 1054 | 317 | 329 | 352 | 4188 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 4063 | 1092 | 490 | 469 | 478 | 6114 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on short-term borrowings | 393 | 660 | 2 |  |  | 1055 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on long-term debt | 1475 | 1281 | 1133 | 1041 | 1023 | 4930 | 4097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 8752 | 4304 | 2086 | 1951 | 1957 | 17093 | 7715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 56285 | 55365 | 52978 | 50935 | 53096 | 215563 | 211047 |
| Provision (credit) for credit losses | 571 | 362 | 989 | (3195) | (7692) | (1273) | (14591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision (credit) for credit losses | 55714 | 55003 | 51989 | 54130 | 60788 | 216836 | 225638 |
| Other operating income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 667 | 831 | 1140 | 1172 | 1902 | 3810 | 7732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 2172 | 2138 | 2026 | 1861 | 1800 | 8197 | 6358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service charges and fees | 4972 | 4955 | 4610 | 4488 | 5016 | 19025 | 18367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from fiduciary activities | 1058 | 1165 | 1188 | 1154 | 1283 | 4565 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sales of investment securities |  |  | 8506 |  |  | 8506 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from bank-owned life insurance | 2187 | 167 | (1028) | 539 | 946 | 1865 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 545 | 373 | 696 | 337 | 619 | 1951 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other operating income | 11601 | 9629 | 17138 | 9551 | 11566 | 47919 | 43060 |
| Other operating expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 22692 | 22778 | 22369 | 20942 | 23030 | 88781 | 90213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net occupancy | 3998 | 4743 | 4448 | 3774 | 4129 | 16963 | 16133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | 996 | 1085 | 1075 | 1082 | 1207 | 4238 | 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication | 696 | 712 | 744 | 806 | 922 | 2958 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and professional services | 2677 | 2573 | 2916 | 2626 | 2928 | 10792 | 10452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer software | 3996 | 4138 | 3624 | 3082 | 3125 | 14840 | 13304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 701 | 1150 | 1150 | 1150 | 1179 | 4151 | 5495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4678 | 4819 | 9023 | 4743 | 5902 | 23263 | 19834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other operating expense | 40434 | 41998 | 45349 | 38205 | 42422 | 165986 | 163046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 26881 | 22634 | 23778 | 25476 | 29932 | 98769 | 105652 |
| Income tax expense | 6700 | 5919 | 6184 | 6038 | 7605 | 24841 | 25758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $20181 | $16715 | $17594 | $19438 | $22327 | $73928 | $79894 |
| Per common share data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $0.74 | $0.61 | $0.64 | $0.70 | $0.80 | $2.70 | $2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | 0.74 | 0.61 | 0.64 | 0.70 | 0.80 | 2.68 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 1.04 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average shares outstanding | 27134970 | 27356614 | 27516284 | 27591390 | 27769651 | 27398445 | 28003744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding | 27303249 | 27501212 | 27676619 | 27874924 | 28045826 | 27567780 | 28257323 |
| *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* | *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* | *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* | *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* | *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* | *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* | *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* | *Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.* |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** |  |
| **Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)** |  |
| (Unaudited) | **TABLE 4** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | December 31, 2022 | December 31, 2022 | December 31, 2022 | September 30, 2022 | September 30, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| | Average | Average | | Average | Average | | Average | Average | |
| (Dollars in thousands) | Balance | Yield/Rate | Interest | Balance | Yield/Rate | Interest | Balance | Yield/Rate | Interest |
| ASSETS | ASSETS | ASSETS | ASSETS | ASSETS | ASSETS | ASSETS | ASSETS | ASSETS | ASSETS |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits in other financial institutions | 38610 | 3.80% | 370 | 19802 | 2.14% | 107 | 225560 | 0.15% | 86 |
| &nbsp;&nbsp;&nbsp;Investment securities, excluding valuation allowance: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 1399627 | 2.03 | 7104 | 1445781 | 1.92 | 6934 | 1469711 | 1.82 | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt [1] | 156079 | 2.52 | 982 | 158052 | 2.57 | 1018 | 114529 | 2.84 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 1555706 | 2.08 | 8086 | 1603833 | 1.98 | 7952 | 1584240 | 1.89 | 7501 |
| &nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 5498800 | 4.10 | 56682 | 5355088 | 3.84 | 51686 | 5073069 | 3.73 | 47576 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock | 10725 | 3.90 | 105 | 13050 | 4.23 | 138 | 7960 | 3.05 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 7103841 | 3.66 | 65243 | 6991773 | 3.41 | 59883 | 6890829 | 3.19 | 55224 |
| Noninterest-earning assets | 285871 |  |  | 328978 |  |  | 424496 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 7389712 |  |  | 7320751 |  |  | 7315325 |  |  |
| LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 1441787 | 0.09% | 333 | 1450434 | 0.06% | 217 | 1383696 | 0.03% | 104 |
| &nbsp;&nbsp;&nbsp;Savings and money market deposits | 2209166 | 0.45 | 2488 | 2208037 | 0.19 | 1054 | 2224592 | 0.06 | 352 |
| &nbsp;&nbsp;&nbsp;Time deposits up to $250,000 | 311639 | 1.50 | 1174 | 228707 | 0.42 | 245 | 225451 | 0.31 | 176 |
| &nbsp;&nbsp;&nbsp;Time deposits over $250,000 | 595133 | 1.93 | 2889 | 443178 | 0.76 | 847 | 468292 | 0.26 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4557725 | 0.60 | 6884 | 4330356 | 0.22 | 2363 | 4302031 | 0.09 | 934 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances and other short-term borrowings | 44491 | 3.51 | 393 | 102777 | 2.55 | 660 |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 105829 | 5.53 | 1475 | 105760 | 4.80 | 1281 | 105581 | 3.85 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 4708045 | 0.74 | 8752 | 4538893 | 0.38 | 4304 | 4407612 | 0.18 | 1957 |
| Noninterest-bearing deposits | 2116197 |  |  | 2204965 |  |  | 2234795 |  |  |
| Other liabilities | 124386 |  |  | 115565 |  |  | 116408 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 6948628 |  |  | 6859423 |  |  | 6758815 |  |  |
| Shareholders' equity | 441084 |  |  | 461328 |  |  | 556462 |  |  |
| Non-controlling interest |  |  |  |  |  |  | 48 |  |  |
| &nbsp;&nbsp;&nbsp;Total equity | 441084 |  |  | 461328 |  |  | 556510 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | 7389712 |  |  | 7320751 |  |  | 7315325 |  |  |
| Net interest income |  |  | 56491 |  |  | 55579 |  |  | 53267 |
| Interest rate spread |  | 2.92% |  |  | 3.03% |  |  | 3.01% |  |
| **Net interest margin** |  | **3.17%** |  |  | **3.17%** |  |  | **3.08%** |  |
| *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** |  |
| **Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)** |  |
| (Unaudited) | **TABLE 5** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| | Average | Average | | Average | Average | |
| (Dollars in thousands) | Balance | Yield/Rate | Interest | Balance | Yield/Rate | Interest |
| ASSETS | ASSETS | ASSETS | ASSETS | ASSETS | ASSETS | ASSETS |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits in other financial institutions | 80096 | 0.92% | 740 | 191967 | 0.14% | 262 |
| &nbsp;&nbsp;&nbsp;Investment securities, excluding valuation allowance: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 1455246 | 1.93 | 28062 | 1269900 | 1.77 | 22505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt [1] | 159120 | 2.55 | 4056 | 101877 | 2.45 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 1614366 | 1.99 | 32118 | 1371777 | 1.82 | 25001 |
| &nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 5298573 | 3.78 | 200280 | 5071516 | 3.82 | 193778 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock | 10197 | 3.63 | 370 | 7933 | 3.09 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 7003232 | 3.33 | 233508 | 6643193 | 3.30 | 219286 |
| Noninterest-earning assets | 337029 |  |  | 434832 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 7340261 |  |  | 7078025 |  |  |
| LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 1438232 | 0.06% | 806 | 1300022 | 0.03% | 384 |
| &nbsp;&nbsp;&nbsp;Savings and money market deposits | 2208630 | 0.19 | 4188 | 2099388 | 0.06 | 1240 |
| &nbsp;&nbsp;&nbsp;Time deposits up to $250,000 | 245599 | 0.70 | 1723 | 230705 | 0.34 | 795 |
| &nbsp;&nbsp;&nbsp;Time deposits over $250,000 | 494943 | 0.89 | 4391 | 551831 | 0.22 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4387404 | 0.25 | 11108 | 4181946 | 0.09 | 3616 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances and other short-term borrowings | 37211 | 2.84 | 1055 | 607 | 0.30 | 2 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 105732 | 4.66 | 4930 | 105488 | 3.88 | 4097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 4530347 | 0.38 | 17093 | 4288041 | 0.18 | 7715 |
| Noninterest-bearing deposits | 2216645 |  |  | 2117423 |  |  |
| Other liabilities | 115478 |  |  | 116936 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 6862470 |  |  | 6522400 |  |  |
| Shareholders' equity | 477775 |  |  | 555600 |  |  |
| Non-controlling interest | 16 |  |  | 25 |  |  |
| &nbsp;&nbsp;&nbsp;Total equity | 477791 |  |  | 555625 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | 7340261 |  |  | 7078025 |  |  |
| Net interest income |  |  | 216415 |  |  | 211571 |
| Interest rate spread |  | 2.95% |  |  | 3.12% |  |
| **Net interest margin** |  | **3.09%** |  |  | **3.18%** |  |
| *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* | *[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%.* |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Loans by Geographic Distribution** | |
| (Unaudited) | **TABLE 6** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, |
| (Dollars in thousands) | 2022 | 2022 | 2022 | 2022 | 2021 |
| HAWAII: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial and agricultural: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Paycheck Protection Program | $2555 | $5208 | $19469 | $43380 | $87459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 383665 | 358805 | 367676 | 407559 | 422388 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 150208 | 138724 | 134103 | 122329 | 122867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 1940999 | 1923068 | 1890783 | 1874048 | 1875980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 739380 | 719399 | 698209 | 676326 | 637249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 1029708 | 1002874 | 994405 | 927241 | 922146 |
| &nbsp;&nbsp;&nbsp;Consumer | 346789 | 347388 | 341213 | 337188 | 333843 |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | 4593304 | 4495466 | 4445858 | 4388071 | 4401932 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (45169) | (47814) | (51374) | (51521) | (55808) |
| &nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | $4548135 | $4447652 | $4394484 | $4336550 | $4346124 |
| U.S. MAINLAND: [1] |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial and agricultural: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Paycheck Protection Program | $— | $— | $712 | $851 | $3868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 160282 | 158474 | 156567 | 136857 | 107733 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 16515 | 12872 | 10935 | 988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 333367 | 332872 | 309230 | 316258 | 298058 |
| &nbsp;&nbsp;&nbsp;Consumer | 451998 | 422528 | 378331 | 331812 | 290058 |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | 962162 | 926746 | 855775 | 786766 | 699717 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (18569) | (16568) | (13837) | (13233) | (12289) |
| &nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | $943593 | $910178 | $841938 | $773533 | $687428 |
| TOTAL: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial and agricultural: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Paycheck Protection Program | $2555 | $5208 | $20181 | $44231 | $91327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 543947 | 517279 | 524243 | 544416 | 530121 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 166723 | 151596 | 145038 | 123317 | 122867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 1940999 | 1923068 | 1890783 | 1874048 | 1875980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 739380 | 719399 | 698209 | 676326 | 637249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 1363075 | 1335746 | 1303635 | 1243499 | 1220204 |
| &nbsp;&nbsp;&nbsp;Consumer | 798787 | 769916 | 719544 | 669000 | 623901 |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | 5555466 | 5422212 | 5301633 | 5174837 | 5101649 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (63738) | (64382) | (65211) | (64754) | (68097) |
| &nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | $5491728 | $5357830 | $5236422 | $5110083 | $5033552 |
| *[1] U.S. Mainland includes territories of the United States.* | *[1] U.S. Mainland includes territories of the United States.* | *[1] U.S. Mainland includes territories of the United States.* | *[1] U.S. Mainland includes territories of the United States.* | *[1] U.S. Mainland includes territories of the United States.* | *[1] U.S. Mainland includes territories of the United States.* |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Deposits** | |
| (Unaudited) | **TABLE 7** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, |
| (Dollars in thousands) | 2022 | 2022 | 2022 | 2022 | 2021 |
| Noninterest-bearing demand | $2092823 | $2138083 | $2282967 | $2269562 | $2291246 |
| Interest-bearing demand | 1453167 | 1441302 | 1444566 | 1433284 | 1415277 |
| Savings and money market | 2199028 | 2194991 | 2214146 | 2197647 | 2225903 |
| Time deposits less than $100,000 | 181547 | 153238 | 129103 | 132712 | 136584 |
| Other time deposits $100,000 to $250,000 | 148601 | 108723 | 84840 | 87838 | 88873 |
| &nbsp;&nbsp;&nbsp;Core deposits | 6075166 | 6036337 | 6155622 | 6121043 | 6157883 |
| Government time deposits | 290057 | 195057 | 165000 | 188000 | 214950 |
| Other time deposits greater than $250,000 | 371000 | 325040 | 301439 | 289988 | 266325 |
| &nbsp;&nbsp;&nbsp;Total time deposits greater than $250,000 | 661057 | 520097 | 466439 | 477988 | 481275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $6736223 | $6556434 | $6622061 | $6599031 | $6639158 |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Nonperforming Assets, Past Due and Restructured Loans** | |
| (Unaudited) | **TABLE 8** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, |
| (Dollars in thousands) | 2022 | 2022 | 2022 | 2022 | 2021 |
| Nonaccrual loans: [1] |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial and agricultural - Other | $297 | $277 | $333 | $293 | $183 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 3808 | 2771 | 3490 | 3804 | 4623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 570 | 584 | 592 | 820 | 786 |
| &nbsp;&nbsp;&nbsp;Consumer | 576 | 588 | 568 | 419 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | 5251 | 4220 | 4983 | 5336 | 5881 |
| Other real estate owned ("OREO"): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total OREO |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets ("NPAs") | 5251 | 4220 | 4983 | 5336 | 5881 |
| Loans delinquent for 90 days or more still accruing interest: [1] |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial and agricultural - Other | 39 | 669 | 309 | 592 | 945 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 559 | 503 |  | 111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity |  |  |  |  | 44 |
| &nbsp;&nbsp;&nbsp;Consumer | 1240 | 623 | 842 | 621 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans delinquent for 90 days or more still accruing interest | 1838 | 1795 | 1151 | 1324 | 1363 |
| Restructured loans still accruing interest: [1] |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 1845 | 2030 | 2006 | 2751 | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 886 | 925 | 965 | 1004 | 1043 |
| &nbsp;&nbsp;&nbsp;Consumer | 62 | 69 | 76 | 83 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total restructured loans still accruing interest | 2793 | 3024 | 3047 | 3838 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NPAs and loans delinquent for 90 days or more and restructured loans still accruing interest | $9882 | $9039 | $9181 | $10498 | $12147 |
| Total nonaccrual loans as a percentage of total loans | 0.09% | 0.08% | 0.09% | 0.10% | 0.12% |
| Total NPAs as a percentage of total loans and OREO | 0.09% | 0.08% | 0.09% | 0.10% | 0.12% |
| Total NPAs and loans delinquent for 90 days or more still accruing interest as a percentage of total loans and OREO | 0.13% | 0.11% | 0.12% | 0.13% | 0.14% |
| Total NPAs, loans delinquent for 90 days or more and restructured loans still accruing interest as a percentage of total loans and OREO | 0.18% | 0.17% | 0.17% | 0.20% | 0.24% |
| Quarter-to-quarter changes in NPAs: |  |  |  |  |  |
| Balance at beginning of quarter | $4220 | $4983 | $5336 | $5881 | $7237 |
| Additions | 2162 | 1072 | 1881 | 1659 | 1375 |
| Reductions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments | (198) | (329) | (285) | (1598) | (933) |
| &nbsp;&nbsp;&nbsp;Return to accrual status | (44) | (616) | (979) | (38) | (1034) |
| Charge-offs, valuation and other adjustments | (889) | (890) | (970) | (568) | (764) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reductions | (1131) | (1835) | (2234) | (2204) | (2731) |
| Balance at end of quarter | $5251 | $4220 | $4983 | $5336 | $5881 |
| *[1] Section 4013 of the CARES Act and the revised Interagency Statement were applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. This relief ended on January 1, 2022. These loan modifications were not included in the delinquent or restructured loan balances presented above.* | *[1] Section 4013 of the CARES Act and the revised Interagency Statement were applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. This relief ended on January 1, 2022. These loan modifications were not included in the delinquent or restructured loan balances presented above.* | *[1] Section 4013 of the CARES Act and the revised Interagency Statement were applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. This relief ended on January 1, 2022. These loan modifications were not included in the delinquent or restructured loan balances presented above.* | *[1] Section 4013 of the CARES Act and the revised Interagency Statement were applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. This relief ended on January 1, 2022. These loan modifications were not included in the delinquent or restructured loan balances presented above.* | *[1] Section 4013 of the CARES Act and the revised Interagency Statement were applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. This relief ended on January 1, 2022. These loan modifications were not included in the delinquent or restructured loan balances presented above.* | *[1] Section 4013 of the CARES Act and the revised Interagency Statement were applied to loan modifications related to the COVID-19 pandemic as eligible and applicable. This relief ended on January 1, 2022. These loan modifications were not included in the delinquent or restructured loan balances presented above.* |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Allowance for Credit Losses on Loans** | |
| (Unaudited) | **TABLE 9** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | December 31, | December 31, |
| (Dollars in thousands) | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| Allowance for credit losses ("ACL"): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ACL at beginning of period | $64382 | $65211 | $64754 | $68097 | $74587 | $68097 | $83269 |
| &nbsp;&nbsp;&nbsp;Provision (credit) for credit losses on loans [1] | 1032 | 731 | 1456 | (2931) | (7417) | 288 | (14323) |
| &nbsp;&nbsp;&nbsp;Charge-offs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial and agricultural - Other | 678 | 550 | 487 | 254 | 379 | 1969 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 1881 | 1912 | 1390 | 1216 | 952 | 6399 | 4402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | 2559 | 2462 | 1877 | 1470 | 1331 | 8368 | 6125 |
| &nbsp;&nbsp;&nbsp;Recoveries: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial and agricultural - Other | 210 | 220 | 215 | 350 | 358 | 995 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction |  | 14 | 62 |  | 1159 | 76 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 133 | 14 | 36 | 112 | 13 | 295 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home equity |  | 36 |  |  |  | 36 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage |  |  |  |  |  |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 540 | 618 | 565 | 596 | 728 | 2319 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 883 | 902 | 878 | 1058 | 2258 | 3721 | 5276 |
| &nbsp;&nbsp;&nbsp;Net charge-offs (recoveries)  | 1676 | 1560 | 999 | 412 | (927) | 4647 | 849 |
| &nbsp;&nbsp;&nbsp;ACL at end of period | $63738 | $64382 | $65211 | $64754 | $68097 | $63738 | $68097 |
| Average loans, net of deferred fees and costs | $5498800 | $5355088 | $5221300 | $5114260 | $5073069 | $5298573 | $5071516 |
| Annualized ratio of net charge-offs to average loans | 0.12% | 0.12% | 0.08% | 0.03% | (0.07)% | 0.09% | 0.02% |
| *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* | *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* | *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* | *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* | *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* | *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* | *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* | *[1] As of January 1, 2021, the provision for credit losses on off-balance sheet credit exposures (previously included in other operating expense) is included in the provision for credit losses line on the consolidated statements of income. The allowance for off-balance sheet credit exposures continues to be included in other liabilities. For roll-forward purposes, in this table we exclude the provision for credit losses on off-balance sheet credit exposures.* |

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

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The following table sets forth a reconciliation of net interest income and net interest margin ("NIM"), excluding the impact of SBA Paycheck Protection Program ("PPP") loans and its related net interest income and fees, for each of the periods indicated:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | | | | | | December 31, | December 31, |
| | Dec 31,<br>2022 | Sep 30,<br>2022 | Jun 30,<br>2022 | Mar 31,<br>2022 | Dec 31,<br>2021 | 2022 | 2021 |
| Net interest income, reported | $56285 | $55365 | $52978 | $50935 | $53096 | $215563 | $211047 |
| Less: Net interest income on PPP loans | (140) | (667) | (890) | (1941) | (4685) | (3638) | (26352) |
| Net income income, excl. PPP loans | $56145 | $54698 | $52088 | $48994 | $48411 | $211925 | $184695 |
| Average interest-earning assets, reported | $7103841 | $6991773 | $6982556 | $6932649 | $6890829 | $7003232 | $6643193 |
| Less: Average PPP loans | (3615) | (12406) | (33022) | (68657) | (153792) | (29200) | (389795) |
| Average interest-earning assets, excl. PPP | $7100226 | $6979367 | $6949534 | $6863992 | $6737037 | $6974032 | $6253398 |
| Net interest margin, reported | 3.17% | 3.17% | 3.05% | 2.97% | 3.08% | 3.09% | 3.18% |
| Less: Impact of PPP loans on net interest margin | (0.01)% | (0.04)% | (0.04)% | (0.08)% | (0.21)% | (0.04)% | (0.22)% |
| Net interest margin, excl. PPP | 3.16% | 3.13% | 3.01% | 2.89% | 2.87% | 3.05% | 2.96% |

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The following table sets for a reconciliation of pre-tax pre-provision ("PTPP") earnings, excluding net interest income and fees on PPP loans, for each of the periods indicated:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | December 31, | December 31, |
| (Dollars in thousands) | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 |
| Net income | $20181 | $16715 | $17594 | $19438 | $22327 | $73928 | $79894 |
| Add: Income tax expense | 6700 | 5919 | 6184 | 6038 | 7605 | 24841 | 25758 |
| Income before taxes | 26881 | 22634 | 23778 | 25476 | 29932 | 98769 | 105652 |
| Add: (Credit) provision for credit losses | 571 | 362 | 989 | (3195) | (7692) | (1273) | (14591) |
| PTPP earnings | 27452 | 22996 | 24767 | 22281 | 22240 | 97496 | 91061 |
| Less: Net interest income on PPP loans | (140) | (667) | (890) | (1941) | (4685) | (3638) | (26352) |
| PTPP earnings, excluding net interest income on PPP loans | $27312 | $22329 | $23877 | $20340 | $17555 | $93858 | $64709 |

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## Exhibit 99.2

![](cpf_4q2022earningssupple001.jpg)

4th Quarter 2022 Earnings Supplement January 25, 2023

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![](cpf_4q2022earningssupple002.jpg)

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, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. 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 "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "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, and 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 rising interest rates; the adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) 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 to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; 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; our ability to achieve the objectives of our RISE2020 initiative; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service ("BaaS") initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases, including COVID-19) 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 (the "Dodd-Frank 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 (the "CFPB"), 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 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; ability to successfully implement our initiatives to lower our efficiency ratio; 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 (the "FRB" or the "Federal Reserve"); securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index and uncertainties regarding potential alternative reference rates, including the Secured Overnight Financing Rate ("SOFR"); negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism; pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; 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 ("PCAOB"), the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; 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.

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![](cpf_4q2022earningssupple003.jpg)

3Central Pacific Financial Corp. Strong Hawaii Economic Position Tourism Visitor arrivals 2022 compared to 2019 91% Employment Unemployment Rate November 2022 3.3% Housing Oahu Median Single- Family Home Price 2022Y $1.1 Mil FACTORS FOR A FAVORABLE HAWAII OUTLOOK Rebound in International visitors expected • Japanese visitors to Hawaii expected to increase with travel restrictions lifted and strengthening yen Military spending serves a prominent and growing role in Hawaii's economy • Defense spending in Hawaii totaled $7.9 billion in 2021 or 8.3% of Hawaii's GDP • Hawaii based U.S. Indo-Pacific Command oversees the military's largest theater of operations Continued housing strength and development • Significant home construction ongoing with two major master-planned community projects being built in West Oahu totaling over 15,000 homes

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![](cpf_4q2022earningssupple004.jpg)

4Central Pacific Financial Corp. 4th Quarter 2022 Financial Highlights • Highest quarterly net income and EPS compared to prior 3 quarters • Strong loan growth and deposit growth • Net interest income grew by $0.9 million from the prior quarter • NIM excluding PPP, increased 3 bps sequential quarter • Pre-tax, pre-provision earnings, excluding PPP was $93.9 million in the 2022 year, an increase of 45% compared to the 2021 year\* 4Q 2022 3Q 2022 2022Y NET INCOME / DILUTED EPS $20.2 Mil / $0.74 $16.7 Mil / $0.61 $73.9 Mil / $2.68 RETURN ON ASSETS (ROA) 1.09% 0.91% 1.01% RETURN ON EQUITY (ROE) 18.30% 14.49% 15.47% TOTAL LOAN GROWTH +$133 Mil (+2.5%) +$121 Mil (+2.3%) +$454 Mil (+8.9%) TOTAL DEPOSIT GROWTH +$180 Mil (+2.7%) -$65 Mil (-1.0%) +$97 Mil (+1.5%) NET INTEREST MARGIN (NIM) 3.17% 3.16% (excl PPP)\* 3.17% 3.13% (excl PPP)\* 3.09% 3.05% (excl PPP)\* \* Excludes $0.1 Mil, $0.7 Mil and $3.6 Mil in net PPP interest and fees in 4Q22, 3Q22 and 2022Y respectively. Also excludes $3.6 Mil, $12.4 Mil and $29.2 Mil in average PPP balances from interest earning assets in 4Q22, 3Q22 and 2022Y respectively. Refer to the Earnings Press Release Table 10 for the reconciliation of non-GAAP financial measures.

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5Central Pacific Financial Corp. Consistent Loan Growth Total loans grew by $454 Mil or 8.9% in 2022 Strong and diverse loan portfolio, with over 75% secured by real estate • Loan market share increased from 13% to 15% in the last 5 years\* • Weighted average LTVs of 65% for Residential Mortgage, 61% for Home Equity and 60% for Commercial Mortgage • Strong Consumer credit quality with weighted average origination FICO of 741 for Hawaii Consumer and 740 for Mainland Consumer • Mainland loan portfolio purchase/participation strategy provides geographic diversification and higher risk-adjusted yields \* Market share among the 4 largest Hawaii banks (Bank of Hawaii, First Hawaiian Bank, American Savings Bank and Central Pacific Bank). Source: S&P Global. 3,000 3,500 4,000 4,500 5,000 5,500 6,000 2016 2017 2018 2019 2020 2021 2022 $ M ils Loan Balances Outstanding-Excluding PPP $5.55B C&I 10% Construction 3% Residential Mortgage 35% Home Equity 13% Coml Mortgage 25% Consumer 14% Loan Portfolio Composition as of December 31, 2022

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![](cpf_4q2022earningssupple006.jpg)

6Central Pacific Financial Corp. Solid Low-Cost Core Deposit Portfolio • Strong deposit portfolio consisting of 90% core deposits and a total deposit cost of 0.41% in the 4Q 2022 • Total interest-bearing deposit repricing beta only 15% in the current Fed tightening cycle 4,000 4,500 5,000 5,500 6,000 6,500 7,000 2016 2017 2018 2019 2020 2021 2022 $ M ils Total Deposits $6.7B Noninterest Bearing Demand 31% Interest Bearing Demand 21% Savings & Money Market 33% Time 15% Deposit Portfolio Composition as of December 31, 2022

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![](cpf_4q2022earningssupple007.jpg)

7Central Pacific Bank Strong Asset Quality Low and stable levels of problem loans 0.03% 0.03% 0.02% 0.03% 0.03% 4Q21 1Q22 2Q22 3Q22 4Q22 Delinquencies/Total Loans 1.50% 1.53% 1.75% 1.39% 1.39% 4Q21 1Q22 2Q22 3Q22 4Q22 Criticized/Total Loans 0.12% 0.10% 0.09% 0.08% 0.09% 4Q21 1Q22 2Q22 3Q22 4Q22 NPAs/Total Loans -0.07% 0.03% 0.08% 0.12% 0.12% 4Q21 1Q22 2Q22 3Q22 4Q22 Annualized NCO/Avg Loans

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![](cpf_4q2022earningssupple008.jpg)

8Central Pacific Bank Strong Credit Profile to Weather a Recession Key Strength Factors: • Loan portfolio is over 75% secured by real estate with strong LTVsReal Estate Focus • 83% of total loan portfolio is in Hawaii • Hawaii real estate values are exceptionally strong and have a track record of outperforming the nation during past recessions Majority of Loans in Hawaii • Tighter LTV standards compared to regulatory requirements • Loan amounts >$500K fully underwritten with well-defined credit standards, including repayment capacity Conservative Underwriting • Total portfolio as of 12/31/22 of $452 million or just 8.1% of total loans\* • Strong origination FICO scores 740+ • Purchases must meet CPB's internal underwriting guidelines • Portfolio is granular and well diversified by originator and state Managed Mainland Consumer Risk \* Data for total mainland consumer loan portfolio, including auto, home improvement and unsecured.

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![](cpf_4q2022earningssupple009.jpg)

9Central Pacific Financial Corp. Mainland Consumer Portfolio – Managed Risk Strong Credit Criteria • Purchases adhere to CPF's strong credit criteria • Weighted average credit scores at origination 740+ FICO Diversified • Portfolio consists of Auto ($136MM, 30%) Home Improvement ($133MM, 30%) and Unsecured ($183MM, 40%) • Home improvement: borrowers are homeowners who are shown to have better credit risk; majority are solar PV loans with ability to turn service off • YTD 12/31/22 NCO %: Auto 0.35%, Home Improvement 0.84%, Unsecured 1.07% • Loans are geographically diversified and granular with average loan amounts of ~$12K for unsecured Managed Losses • Loans are underwritten based on stressed losses at approximately 3 times current loss levels • In the Great Financial Crisis, industry wide consumer loan loss rates peaked at ~1.6% in 2009\* Limiting Exposure • Out of abundance of caution, new home improvement and unsecured consumer purchases have ceased during the 4Q 2022 \* Seasonally adjusted non-credit card consumer loan charge-off rate for U.S. commercial banks excluding the top 100 largest asset banks. Source: federalreserve.gov

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![](cpf_4q2022earningssupple010.jpg)

10Central Pacific Financial Corp. Allowance for Credit Losses • $1.0 million provision for credit loss on loans in 4Q22 driven by loan growth and net charge-offs; partially offset by a $0.4 million credit to the reserve for unfunded commitments, for a total provision for credit loss of $0.6 million • ACL coverage ratio at 1.15% for 4Q22 \* Public banks $3-10 billion in total assets, source: S&P Global. $ Millions 4Q21 1Q22 2Q22 3Q22 4Q22 Beginning Balance 74.6 68.1 64.8 65.2 64.4 Less: Net charge-offs (Recoveries) (0.9) 0.4 1.0 1.6 1.7 Plus: Provision (Credit) for Credit Losses (7.4) (2.9) 1.4 0.7 1.0 Ending Balance 68.1 64.8 65.2 64.4 63.7 Coverage Ratio (ACL to Total Loans, excl PPP) 1.36% 1.26% 1.23% 1.19% 1.15% Coverage Ratio Peers ($3-10 Billion in Assets) 1.24% 1.22% 1.24% 1.22%

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![](cpf_4q2022earningssupple011.jpg)

111Central Pacific Financial Corp. 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 of December 31, 2022 Regulatory Minimum Well-Capitalized CPF 13.5% 10.5% Solid Capital Position 8.5% STRONG CAPITAL AND SHAREHOLDER RETURN • Maintained quarterly cash dividend at $0.26 per share which will be payable on March 15, 2023 • Consistent history of dividend growth, with attractive dividend yield of 5.13% compared to peer average of 2.44%\* • Repurchased 241,203 shares in the 4Q 2022, and returned $49.2 million in capital in 2022Y to shareholders through cash dividends and share repurchases • New Board share repurchase authorization approved for up to $25 million in common stock repurchases \* Dividend yield based on annualized dividend paid in 4Q 2022 and market price as of 12/30/2022. Peers includes U.S. Public banks with total assets $3-10 billion. Source: S&P Global $195 Mil capital cushion to well capitalized minimum $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2016 2017 2018 2019 2020 2021 2022 Cash Dividends Declared per Common Share

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![](cpf_4q2022earningssupple012.jpg)

Appendix

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![](cpf_4q2022earningssupple013.jpg)

13Central Pacific Financial Corp. Central Pacific Bank recognized by Newsweek and Forbes – Best Bank in Hawaii\* \* Newsweek ranked CPB best small bank in Hawaii for 2023. Forbes named CPB best bank in Hawaii for 2022.

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![](cpf_4q2022earningssupple014.jpg)

14Central Pacific Financial Corp. Environmental, Social & Governance (ESG) 2021 ESG report published in early 2022 can be viewed here: https://www.cpb.bank/esg

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Mahalo

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