# EDGAR Filing Document

**Accession Number:** 0000701347
**File Stem:** 0000701347-25-000019
**Filing Date:** 2025-6
**Character Count:** 38057
**Document Hash:** a31a9871c7c293bd289bf37e190fc8e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000701347-25-000019.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000701347-25-000019

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTRAL PACIFIC FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000701347
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 990212597
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31567
- **FILM NUMBER:** 251062274

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

______________________

**FORM 11-K**

______________________

**FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS** 

**AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934** 

**(Mark One)**

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| | |
|:---|:---|
| 🗷 | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

For the fiscal year ended December 31, 2024

**or**

□ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from ________ to ________

**Commission file number: 001-31567**

A. Full title of the plan and the address of the plan, if different from that of issuer named below:

**CENTRAL PACIFIC BANK**

**401(k) RETIREMENT SAVINGS PLAN**

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**CENTRAL PACIFIC FINANCIAL CORP.**

**220 South King Street**

**Honolulu, Hawaii 96813**

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**Table of Contents**

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| | |
|:---|:---|
| | <u>Page</u> |
| Report of Independent Registered Public Accounting Firm | <u>[3](#i9a316b5c57974cb591fcc9710eda9397_7)</u> |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;Statements of Net Assets Available for Benefits | <u>[4](#i9a316b5c57974cb591fcc9710eda9397_10)</u> |
| &nbsp;&nbsp;&nbsp;Statement of Changes in Net Assets Available for Benefits | <u>[5](#i9a316b5c57974cb591fcc9710eda9397_13)</u> |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | <u>[6](#i9a316b5c57974cb591fcc9710eda9397_16)</u> |
| Supplemental Schedule: |  |
| &nbsp;&nbsp;&nbsp;Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | <u>[11](#i9a316b5c57974cb591fcc9710eda9397_34)</u> |
| Exhibit Index | <u>[13](#i9a316b5c57974cb591fcc9710eda9397_40)</u> |
| &nbsp;&nbsp;&nbsp;Exhibit 23.1 - Consent of Independent Registered Public Accounting Firm |  |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Retirement Plan Administrative

Committee of the Board of Directors of the

Central Pacific Bank 401(k) Retirement Savings Plan

Honolulu, Hawaii

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Central Pacific Bank 401(k) Retirement Savings Plan (the "Plan") as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental Schedule H, Line 4i – Schedule of Assets (Held at End Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Central Pacific Bank 401(k) Retirement Savings Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.

<u>/s/ Crowe LLP</u>

We have served as the Plan's auditor since 2019.

New York, New York

June 20, 2025

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| | | |
|:---|:---|:---|
| **CENTRAL PACIFIC BANK** | **CENTRAL PACIFIC BANK** | **CENTRAL PACIFIC BANK** |
| **401(k) RETIREMENT SAVINGS PLAN** | **401(k) RETIREMENT SAVINGS PLAN** | **401(k) RETIREMENT SAVINGS PLAN** |
| Statements of Net Assets Available for Benefits | Statements of Net Assets Available for Benefits | Statements of Net Assets Available for Benefits |
| December 31, 2024 and 2023 | December 31, 2024 and 2023 | December 31, 2024 and 2023 |
|  | **2024** | **2023** |
| Total investments at fair value | $186132918 | $169633757 |
| &nbsp;&nbsp;&nbsp;Notes receivable from participants | 2146446 | 1872759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets available for benefits | $188279364 | $171506516 |
| *See accompanying notes to financial statements.* | *See accompanying notes to financial statements.* | *See accompanying notes to financial statements.* |

---

------

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| | |
|:---|:---|
| **CENTRAL PACIFIC BANK** | **CENTRAL PACIFIC BANK** |
| **401(k) RETIREMENT SAVINGS PLAN** | **401(k) RETIREMENT SAVINGS PLAN** |
| Statement of Changes in Net Assets Available for Benefits | Statement of Changes in Net Assets Available for Benefits |
| December 31, 2024 | December 31, 2024 |
|  | **2024** |
| Additions: |  |
| &nbsp;&nbsp;&nbsp;Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $12790408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 8634578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 363031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net investment gain | 21788017 |
| &nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 60110 |
| &nbsp;&nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participants | 5477526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | 2323896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 160650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 7962072 |
| Deductions: |  |
| &nbsp;&nbsp;&nbsp;Benefits paid to participants | (12949426) |
| &nbsp;&nbsp;&nbsp;Administrative expenses, net | (87925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deductions to net assets available for benefits | (13037351) |
| Net increase in net assets available for benefits | 16772848 |
| Net assets available for benefits: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 171506516 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $188279364 |
| *See accompanying notes to financial statements.* | *See accompanying notes to financial statements.* |

---

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**CENTRAL PACIFIC BANK**

**401(k) RETIREMENT SAVINGS PLAN**

Notes to Financial Statements

December 31, 2024 and 2023

(1)**Description of the Plan**

The following brief description of the Central Pacific Bank 401(k) Retirement Savings Plan (the "Plan") provides only general information. Participants should refer to the plan documents for a more complete description of the Plan's provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***General***

The Plan is a defined contribution retirement savings plan covering all employees of Central Pacific Bank and subsidiaries (the "Bank"), a wholly owned subsidiary of Central Pacific Financial Corp. (the "Company"), and certain other affiliated companies. Effective January 1, 2006, there were two classes of participants in the Plan: 401(k) Participants and Full Participants. Effective July 1, 2024, there are three classes of participants in the Plan: Elective Deferral Participants, 401(k) Participants and Full Participants. The Plan permits employees to make elective deferrals on the first day of the calendar month after one hour of service. Such employee is known as an Elective Deferral Participant. An employee becomes a 401(k) Participant after six months of service and is entitled to receive base matching contributions. An employee becomes a Full Participant after completing one year of employment and is entitled to share in any discretionary profit sharing, and Employee Stock Ownership Plan ("ESOP") contributions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Participant Contributions***

Participant contributions to the Plan are based on an elected percentage of 1% to 100% of participant compensation up to the limit set by the Internal Revenue Service ("IRS") of $23,000 in 2024. Participants who have attained age 50 before the end of the plan year are eligible to make additional catch-up contributions up to the IRS limit of $7,500 in 2024.

Effective January 4, 2016, the Plan adopted an automatic contribution arrangement ("auto-enrollment") under which newly eligible Plan participants are automatically enrolled in the Plan with a 4% pre-tax contribution rate and in a default investment (an age-appropriate Target Retirement Fund) unless the participants opt out or otherwise make a different election for their Plan contributions and investments. The 4% contribution rate allows participants to receive the maximum Company match on their contributions. As part of the initial roll out of the auto-enrollment, current Plan participants who were already eligible but not contributing, or contributing less than 4%, to the Plan were included in the automatic enrollment. Participants can change their Plan contribution and investments at any time regardless of when or what elections were previously made.

In April 2017, the Plan added an auto-increase feature which, unless opted out of, automatically increases the pre-tax contributions of certain Plan participants by 1% annually until a contribution cap of 10% is reached. Participants subject to the auto-increase each year are those who: (1) contribute less than 10%, (2) have not opted out of auto-increase, (3) have not opted out of auto-enrollment, and (4) have been a participant for more than 3 months. Certain other participants are excluded from the program, such as those who make only Roth contributions, or have elected Vanguard to manage their account for them. Participants can opt out of the program at anytime.

In May 2019, the Plan was modified to allow participants to take hardship withdrawals for losses incurred due to a federally declared disaster and burial or funeral expenses for a deceased parent. Hardship withdrawals may be taken from a participant's own contributions, including the earnings thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Employer Contributions - 401(k)***

The Bank makes matching contributions to the Plan out of its own funds equal to 100% of the elective deferrals made by eligible participants, up to a limit of 4% of the participant's eligible compensation (the "Base Matching Contribution").

The Bank may also make additional matching contributions ("Excess Matching Contributions") at its discretion. The Bank did not make any Excess Matching Contributions in 2024.

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There were no employer contributions receivable related to Base and Excess Matching Contributions at December 31, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Employer Contributions - Profit Sharing***

The Bank's annual profit sharing contribution is at the discretion of the Bank's board of directors. The annual contribution is limited to the maximum allowed deduction for federal income tax purposes and may not exceed 25% of the compensation earned by eligible participants during the plan year. The participant must be employed on the last day of the plan year to be eligible to share in any profit sharing contribution. The Bank did not make any profit sharing contributions in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)***Employer Contributions - Employee Stock Ownership Plan***

The Bank may also make ESOP contributions in the form of company stock to the Plan at the discretion of the Bank's board of directors. The annual contribution is limited to the maximum allowed deduction for federal income tax purposes and may not exceed 25% of the compensation earned by eligible participants during the plan year. The Bank did not make any ESOP contributions in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)***Rollover Contributions***

Participants may elect to rollover amounts from other qualified plans into this Plan in accordance with the guidelines required by the Plan and the Internal Revenue Code (the "Code").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)***Participants' Accounts and Forfeitures***

Each participant's account is credited with the participant's contribution, the employer matching contribution, and any specified discretionary contributions, and is credited or charged with an allocation of plan net earnings or losses and plan administrative expenses. Daily allocations of plan net earnings or losses are based on participants' account balances at the end of the previous day. Forfeitures of employer contributions may be: (1) reallocated to participants, (2) used to reduce employer contributions, or (3) used to offset plan expenses. The Bank uses forfeitures to offset plan expenses as allowed in the plan document. At December 31, 2024, there were $4,469 of forfeited non-vested employer matching contributions and $29,548 of forfeited non-vested profit sharing and/or discretionary contributions to be used to offset plan expenses. At December 31, 2023, there were $4,049 of forfeited non-vested employer matching contributions and $26,762 of forfeited non-vested profit sharing and/or discretionary contributions to be used to offset plan expenses. In 2024, there were no plan expenses paid by the application of forfeited non-vested accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)***Vesting***

Participant contributions and employer Base Matching Contributions plus actual earnings thereon are immediately vested. A participant's balance of his or her employer Excess Matching Contributions and discretionary profit-sharing and ESOP contributions are vested based on the participant's years of service, at a rate of 20% per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)***Notes Receivable from Participants***

Participants may have up to two loans outstanding at one time and may borrow from their account up to 50% of their vested 401(k) account balance up to a maximum of $50,000, provided that the loan is paid back with interest within 5 years (or 15 years for the purchase of a primary residence). The loans are secured by the balance in the participant's account and bear interest at prevailing rates. Participant loans may be granted for any personal reason. At December 31, 2024, notes receivable from participants bear interest at various rates ranging from 2.00% to 3.63%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)***Payment of Benefits***

Upon a participant's death, disability, retirement, or other termination of employment with the Bank, the participant may elect to be paid either a lump-sum amount, periodic installments over a fixed period, a direct rollover to another qualified plan or traditional individual retirement account, or a combination of these options equal to the value of his or her account. If a participant's vested interest in his or her account is $1,000 or less, the participant's vested interest may be distributed to the participant in a lump sum as soon as practicable after the participant's severance from employment. No consent of the participant is required for this involuntary cash-out to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)***Administration***

The Plan is administered by an administrative committee, which is composed of certain appointed employees of the Bank. The administrative committee has the responsibility of selecting the investment options of the trust into which participants can direct their contributions.

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Vanguard Fiduciary Trust Company (the "Trustee") is the trustee of the Plan. The Trustee has the responsibilities of investing, holding, collecting, distributing, and accounting for the assets of the trust.

All expenses incurred in the administration of the Plan have been paid by the Bank to the extent not paid by the Plan. These expenses paid by the Bank totaled $85,405 in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)***SECURE Act 2.0***

In December 2022, SECURE Act 2.0 ("SECURE 2.0") was enacted. SECURE 2.0 contains numerous significant changes for retirement plans, plan sponsors, and retirement plan providers. For example, SECURE 2.0 contains provisions related to, among many other things, increasing the required minimum distribution age, reducing required minimum distribution penalties, and removing required minimum distribution barriers for annuities. Many of the provisions in SECURE 2.0 were effective in 2023 and 2024, but SECURE 2.0 will not be completely implemented until 2027. The Bank is currently in the process of evaluating the impact of SECURE 2.0 on the Bank, Plan and its participants.

(2)**Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Basis of Accounting***

The accompanying financial statements have been prepared on the accrual basis of accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Use of Estimates***

The preparation of the financial statements in accordance with U.S. generally accepted accounting principles requires management of the Plan to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Investment Valuation and Income Recognition***

The Plan's investments are stated at fair value in accordance with ASC 820, *"Fair Value Measurements and Disclosures"*. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 discusses acceptable valuation techniques and the related valuation inputs used. These inputs are assumptions market participants use in pricing investments. ASC 820 establishes a fair value hierarchy that prioritizes the inputs, which are summarized as follows:

Level 1 - Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Plan's own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that require the use of significant judgment or estimation.

The Plan's investment in the Company's stock is included in a unitized stock fund. The Central Pacific Financial Corp. Stock Fund (the "stock fund") consists of shares of Company stock, measured at fair value, and a small investment in a money market fund for liquidity purposes, and is divided into units (rather than shares of stock) for the purpose of valuing assets of the Plan and the members' accounts. A unit represents a proportionate ownership interest in investments of the stock fund. A unit value is calculated daily by dividing the total value of Company stock and the money market fund by the number of units credited to members. Common stock is valued at its year-end unit closing price (based on year-end market price). Quoted market prices in active markets are used to value the money market fund. Mutual funds are valued based on quoted market prices in active markets.

The collective trust funds invest primarily in synthetic investment contracts backed by high-credit-quality fixed income investments and traditional investments issued by insurance companies and banks. These investments are presented at the net asset value of units held by the Plan based on the fair value of the underlying assets as of

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December 31 in the statements of net assets available for benefits. The net asset value is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported net asset value. Participant-directed redemptions have no restrictions; however, the Plan may be required to provide a one-year redemption notice to liquidate its entire share in the funds.

The following tables set forth by level, within the fair value hierarchy, the Plan's net assets at fair value as of December 31, 2024 and 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **December 31, 2024:** | | | | |
| &nbsp;&nbsp;&nbsp;Mutual funds | $172844709 | $172844709 | $— | $— |
| &nbsp;&nbsp;&nbsp;Common stock fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1475450 | 1475450 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market fund | 15118 | 15118 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stock fund | 1490568 | 1490568 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Plan assets in fair value hierarchy | 174335277 | 174335277 |  |  |
| &nbsp;&nbsp;&nbsp;Collective trust funds, at net asset value (\*) | 11797641 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investments | $186132918 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **December 31, 2023:** | | | | |
| &nbsp;&nbsp;&nbsp;Mutual funds | $151760214 | $151760214 | $— | $— |
| &nbsp;&nbsp;&nbsp;Common stock fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1059847 | 1059847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market fund | 8843 | 8843 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stock fund | 1068690 | 1068690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Plan assets in fair value hierarchy | 152828904 | 152828904 |  |  |
| &nbsp;&nbsp;&nbsp;Collective trust funds, at net asset value (\*) | 16804853 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investments | $169633757 |  |  |  |
| &nbsp;&nbsp;(\*) *In accordance with ASC 820-10, certain investments that are measured at net asset value per share (or its equivalent as a practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.* | &nbsp;&nbsp;(\*) *In accordance with ASC 820-10, certain investments that are measured at net asset value per share (or its equivalent as a practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.* | &nbsp;&nbsp;(\*) *In accordance with ASC 820-10, certain investments that are measured at net asset value per share (or its equivalent as a practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.* | &nbsp;&nbsp;(\*) *In accordance with ASC 820-10, certain investments that are measured at net asset value per share (or its equivalent as a practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.* | &nbsp;&nbsp;(\*) *In accordance with ASC 820-10, certain investments that are measured at net asset value per share (or its equivalent as a practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.* |

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There were no transfers in or out of levels 1, 2, or 3 during the years ended December 31, 2024 and 2023.

Net appreciation (depreciation) in fair value of investments includes realized and unrealized changes in the values of investments bought, sold, and held during the year.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)***Notes Receivable from Participants***

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses has been recorded as of December 31, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)***Payment of Benefits***

Benefits are recorded when paid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)***Risks and Uncertainties***

The Plan may invest in various types of investment securities, including shares of Central Pacific Financial Corp. common stock held in the Central Pacific Financial Corp. Stock Fund. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

(3)**Related-Party Transactions**

Plan investments include shares of mutual funds and shares of a collective trust fund managed by an affiliate of the Trustee. Therefore, these transactions qualify as exempt party-in-interest transactions. Administrative expenses paid to the Trustee by the Plan amounted to $87,925 for the year ended December 31, 2024. Participant loans also qualify as exempt party-in-interest transactions.

Plan investments also include 50,790 and 53,854 shares of Central Pacific Financial Corp. common stock held in the Central Pacific Financial Corp. Stock Fund as of December 31, 2024 and 2023, respectively.

The Plan purchased $47,951 in shares of the Central Pacific Financial Corp. Stock Fund during the year ended December 31, 2024. The Plan sold $99,122 in shares of the Central Pacific Financial Stock Fund during the year ended December 31, 2024. The Plan received $53,192 in dividends from Central Pacific Financial Corp. during the year ended December 31, 2024.

(4)**Plan Termination**

Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their employer contributions.

(5)**Tax Status**

The Plan obtained its latest determination letter dated September 30, 2013, in which the IRS stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. The Plan has been amended since receiving the determination letter. However, the plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. The Plan is exempt from income tax and therefore no provision for income taxes has been included in the Plan's financial statements.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there were no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2021.

(6)**Subsequent Events**

There were no material subsequent events through June 20, 2025 that have occurred which require recognition or disclosure in the financial statements.

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| | | | |
|:---|:---|:---|:---|
| | | | **Schedule H** |
| **CENTRAL PACIFIC BANK** | **CENTRAL PACIFIC BANK** | **CENTRAL PACIFIC BANK** | **CENTRAL PACIFIC BANK** |
| **401(k) RETIREMENT SAVINGS PLAN** | **401(k) RETIREMENT SAVINGS PLAN** | **401(k) RETIREMENT SAVINGS PLAN** | **401(k) RETIREMENT SAVINGS PLAN** |
| **EIN 99-0212597, PN 003** | **EIN 99-0212597, PN 003** | **EIN 99-0212597, PN 003** | **EIN 99-0212597, PN 003** |
| Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | Schedule H, Line 4i – Schedule of Assets (Held at End of Year) |
| December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | **(b)** | **(c)** |  |
|  | **Identity of issue,** | **Description of investment including** | **(e)** |
|  | **borrower, lessor,** | **maturity date, rate of interest,** | **Current** |
| **(a)** | **or similar party** | **collateral, par, or maturity value** | **value \*\*** |
|  | Mutual funds: |  |  |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Total Stock Market Index Fund | Mutual fund | $30137120 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard PRIMECAP Fund: Admiral Shares | Mutual fund | 29053127 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Growth and Income Fund Admiral Shares | Mutual fund | 16322168 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Windsor II Fund: Admiral Shares | Mutual fund | 11961831 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Total International Stock Index Fund | Mutual fund | 11244561 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2030 Fund | Mutual fund | 8968536 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2035 Fund | Mutual fund | 8526063 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2040 Fund | Mutual fund | 7370141 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2025 Fund | Mutual fund | 6719159 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Total Bond Market Index Fund | Mutual fund | 6519821 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2045 Fund | Mutual fund | 5778316 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2020 Fund | Mutual fund | 5131863 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Institutional Retirement Income Fund | Mutual fund | 4760508 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2050 Fund | Mutual fund | 3961617 |
| \* | &nbsp;&nbsp;&nbsp;Hartford Schroders U.S. Small Cap Opportunities Fund | Mutual fund | 3948532 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Long-Term Investment Grade Fund: Admiral Shares | Mutual fund | 3729865 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2055 Fund | Mutual fund | 2748388 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2060 Fund | Mutual fund | 2506840 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Total International Bond Index Fund | Mutual fund | 1874890 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard International Growth Fund Admiral Shares | Mutual fund | 910212 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2065 Fund | Mutual fund | 563135 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Federal Money Market Fund | Mutual fund | 85215 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2070 Fund | Mutual fund | 22801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total mutual funds, at fair value |  | 172844709 |
|  | Common stock fund: |  |  |
| \* | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | Common stock | 1475450 |
| \* | &nbsp;&nbsp;&nbsp;Vanguard Federal Money Market Fund | Money market fund | 15118 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total common stock fund, at fair value |  | 1490568 |
| \* | Vanguard Retirement Savings Trust III | Collective trust fund | 11797641 |
| \* | Participant notes receivable | Notes receivable from participants, with interest rates ranging from 2.00% to 3.625%, maturing in years beginning in 2025 through 2039 | 2146446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $188279364 |
| \* | *Party-in-interest.* | *Party-in-interest.* | *Party-in-interest.* |
| \*\* | *Related cost information is not required for participant-directed investments.* | *Related cost information is not required for participant-directed investments.* | *Related cost information is not required for participant-directed investments.* |

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**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, Central Pacific Financial Corporation who administers the employee benefit plan has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | | CENTRAL PACIFIC BANK 401(k) RETIREMENT SAVINGS PLAN |
| Date: | June 20, 2025 | By: | <u>/s/ Dayna N. Matsumoto</u> |
|  |  |  | Dayna N. Matsumoto |
|  |  |  | Executive Vice President and Chief Financial Officer |

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**Exhibit Index** 

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm](exhibit23111-k2024401k.htm)</u> |

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## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-141232 and 333-196873 on Form S-8 of Central Pacific Financial Corp. of our report dated June 20, 2025 appearing in this Annual Report on Form 11-K of Central Pacific Bank 401(k) Retirement Savings Plan for the year ended December 31, 2024.

<u>/s/ Crowe LLP</u>

New York, New York

June 20, 2025

<br>