# EDGAR Filing Document

**Accession Number:** 0000701347
**File Stem:** 0000701347-25-000024
**Filing Date:** 2025-7
**Character Count:** 175117
**Document Hash:** 07c89b4ec60ed0d715b0d31ed2b02555
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000701347-25-000024.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0000701347-25-000024

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250724

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

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31567
- **FILM NUMBER:** 251148503

**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' encoding='ASCII'? cpf-20250724

**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**

**July 24, 2025**

Date of Report (date of earliest event reported)

**___________________________________**

**Central Pacific Financial Corp.**

(Exact name of registrant as specified in its charter)

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Hawaii** | **001-31567** | **99-0212597** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**220 South King Street, Honolulu, Hawaii 96813** 

(Address of principal executive offices and zip code)

**(808) 544-0500** 

(Registrant's telephone number, including area code)

**___________________________________**

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

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

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

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

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

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each 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.

☐

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On July 25, 2025, Central Pacific Financial Corp. (the "Company") issued a press release regarding its results of operations and financial condition for the quarter ended June 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

**Item 5.03 &nbsp;&nbsp;&nbsp;&nbsp;Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year**

On July 24, 2025, the Company's board of directors (the "Board") approved and adopted the Company's amended and restated bylaws (the "Amended and Restated Bylaws"), which became immediately effective. Among other things, the Amended and Restated Bylaws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhance procedural mechanics and disclosure requirements in connection with shareholder nominations of directors and submissions of proposals regarding other business at shareholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• specify the powers of the Board and the chair of a shareholder meeting to regulate conduct at a meeting and to adjourn a meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide procedural requirements for shareholders demanding special meetings of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarify the applicable voting standard at meetings of shareholders for matters other than the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require that all director candidates make themselves available for interviews with members of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implement non-substantive, technical, and conforming changes, including removing obsolete provisions.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

On July 25, 2025, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended June 30, 2025, including the attached press release and other matters relating to the Company.

The Company has also made available on its website a slide presentation containing certain additional information about the Company's financial results for the quarter ended June 30, 2025 (the "Earnings Supplement"). The Earnings Supplement is furnished herewith as Exhibit 99.2 and is incorporated herein by reference. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided except as required by law.

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

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

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

---

| | |
|:---|:---|
| Exhibit No. |  |
| 3.1 | <u>[Central Pacific Financial Corp. Bylaws (as amended and restated through July 24, 2025)](cpf-arbylawssidleydraft7.htm)</u> |
| 99.1 | <u>[Press release dated July 25, 2025](exhibit99-1erxq22025.htm)</u> |
| 99.2 | <u>[Earnings Supplement](cpf_irdeckjun2025final.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: | July 25, 2025 | <u>/s/ Dayna N. Matsumoto</u> |
| | | Dayna N. Matsumoto |
| | | Executive Vice President and Chief Financial Officer |

---

## Exhibit 3.1

![](cpf-arbylawssidleydraft7001.jpg)

CENTRAL PACIFIC FINANCIAL CORP. BYLAWS (as amended and restated through July 24, 2025) ARTICLE I Principal Office The principal office of Central Pacific Financial Corp. (the "Corporation") shall be maintained at 220 South King Street, Honolulu, Hawaii 96813, and shall be subject to change as the Board of Directors of the Corporation (the "Board of Directors") may from time to time determine in accordance with law. Additional places of business may be established from time to time and hereafter changed or discontinued, in the manner prescribed by law. ARTICLE II Stockholders Section 1. The annual meeting of the stockholders shall be held at such time and place, if any, as determined by the President, Chief Executive Officer or the Board of Directors. At such meeting, any business within the powers of the Corporation, without special notice of such business may be transacted, except as limited by law, the Restated Articles of Incorporation of the Corporation, as amended (the "Articles of Incorporation") or by these Bylaws. The Board of Directors may postpone, reschedule or cancel any annual meeting of stockholders previously scheduled by the Board of Directors. Section 2. At each annual meeting, the stockholders shall elect the directors of the Board of Directors (the "Directors") to serve until their term expires as provided in Section 1 of Article III of these Bylaws and until their successors are duly elected and qualified, and shall transact such other business as may come before them. Section 3. Special meetings of the stockholders may be called at any time by the President, the Chief Executive Officer, the Chair of the Board of Directors, or a majority of the Board of Directors. The Secretary of the Corporation shall call a special meeting of stockholders upon the written demand to the Secretary of stockholders entitled to make such demand in the manner prescribed by law and these Bylaws. A special meeting shall be held at such date, time, and place, if any, as may be stated in the notice of meeting or, if authorized by the Board of Directors, by means of remote communication in accordance with Section 8 of this Article II. Such notice must state the purpose or purposes of the meeting. The business of special meetings shall be confined to that stated in the notice. In order that the Corporation may determine the stockholders entitled to notice of or to vote at a special meeting of stockholders or at any adjournment, postponement or rescheduling thereof, the Board of Directors will fix a record date, which date may not be more than seventy days before the meeting.

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![](cpf-arbylawssidleydraft7002.jpg)

2 No stockholder may demand that the Secretary call a special meeting of stockholders pursuant to this Section 3 (a "Stockholder Demanded Special Meeting") unless one or more stockholders of record has first submitted a request in writing that the Board of Directors fix a record date (a "Requested Record Date") for the purpose of determining stockholders entitled to demand that the Secretary call such special meeting, which request to fix a Requested Record Date shall be in proper form and delivered to the Secretary at the principal executive office of the Corporation. To be in proper form, such request to fix a Requested Record Date shall: (i) bear the signature(s) and the date of signature(s) by the stockholder(s) submitting such request (each, a "Record Date Requesting Person") and set forth the name and address of such Record Date Requesting Person as they appear in the Corporation's books; (ii) include a reasonably brief description of the purpose or purposes of the special meeting, the business proposed to be conducted at the special meeting (the "Proposed Business") and the reasons for conducting the Proposed Business at the special meeting, and (iii) as to each (A) item of Proposed Business, (B) nominee that the Record Date Requesting Person proposes for election to the Board of Directors at the special meeting, if applicable, and (C) Record Date Requesting Person, include the information required to be set forth in a notice under Article II, Section 11 and/or Article III, Section 1, as applicable, as if the Proposed Business or proposed nominee, as applicable, were to be considered at an annual meeting of stockholders, except that for purposes of this Section 3, the term "Record Date Requesting Person" shall be substituted for the references to the stockholder giving the notice or proposing business in all places such person is referred to in Article II, Section 11 and/or Article III, Section 1, as applicable. Within ten (10) business days after the Secretary receives a request to fix a Requested Record Date in proper form that is in compliance with this Section 3, the Board of Directors may adopt a resolution fixing a Requested Record Date for the purpose of determining the stockholders entitled to demand that the Secretary call a Stockholder Demanded Special Meeting, which date shall not precede the date upon which the resolution fixing the Requested Record Date is adopted by the Board of Directors. Notwithstanding anything in this Section 3 to the contrary, no Requested Record Date shall be fixed if the Board of Directors determines that the demand or demands to call a Stockholder Demanded Special Meeting that would otherwise be submitted following such Requested Record Date would not be accepted by the Secretary, and would be considered ineffective, pursuant to the fifth paragraph of this Section 3. Without qualification, a Stockholder Demanded Special Meeting shall not be called by the Secretary unless the holders of at least ten percent (10%) of all the votes entitled to be cast on any issue proposed to be considered at the Stockholder Demanded Special Meeting (the "Requisite Percentage") as of the Requested Record Date timely deliver one or more demands to call such special meeting in proper written form to the Secretary at the principal executive office of the Corporation (a "Special Meeting Demand") and otherwise fully comply with the requirements under this Section 3. To be timely, a stockholder's demand to call a special meeting shall be delivered to, or mailed to and received by the Secretary at, the principal executive office of the Corporation not later than the 60th day following the Requested Record Date. In no event shall any

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![](cpf-arbylawssidleydraft7003.jpg)

3 adjournment, recess, judicial stay, rescheduling, deferral or postponement of any special meeting (including a Stockholder Demanded Special Meeting) or the announcement thereof commence a new time period (or extend any time period) for the stockholder's request or demand related to a Stockholder Demanded Special Meeting. To be in proper form, the demand of a stockholder to call a special meeting (each such stockholder, a "Calling Person") shall include the signature(s) and the date of each signature by the Calling Person(s) submitting such demand and set forth and include (i) for each such stockholder that is a stockholder of record, the name and address of such stockholder as they appear in the Corporation's books and for each such stockholder that is not a stockholder of record, the name and address of such stockholder, (ii) a reasonably brief description of the purpose or purposes of the special meeting, the Proposed Business and the reasons for conducting the Proposed Business at the special meeting, and (iii) as to each (A) item of Proposed Business, (B) nominee that the Calling Person proposes for election to the Board of Directors at the special meeting, if applicable, and (C) Calling Person, the information required to be set forth in a notice under Article II, Section 11 and/or Article III, Section 1, as applicable, and comply with the requirements of Article II, Section 11 and/or Article III, Section 1, as applicable, as if the Proposed Business or proposed nominee, as applicable, were to be considered at an annual meeting of stockholders, except that for purposes of this Section 3, the term "Calling Person" shall be substituted for the references to the stockholder giving the notice or proposing a business in all places such person is referred to in Article II, Section 11 and/or Article III, Section 1, as applicable, (D) documentary evidence that the shares included in the Requisite Percentage are owned by each Calling Person, and (E) an acknowledgment by each Calling Person and each stockholder on whose behalf a Special Meeting Demand is being made (or their respective duly authorized agents) that any reduction in the number of shares owned by the Calling Persons as of the date of delivery of the Special Meeting Demand and through the meeting date below the Requisite Percentage shall constitute a revocation of the Special Meeting Demand, and a commitment to promptly notify the Secretary of any such decrease. The Secretary shall not accept, and the Corporation shall consider ineffective, any Special Meeting Demand that (i) does not comply with this Section 3, (ii) relates to an item of business proposed to be transacted at the special meeting that is not a proper subject for stockholder action under applicable law (as determined in good faith by the Board of Directors), the Articles of Incorporation, or these Bylaws, (iii) includes an item of business proposed to be transacted at such meeting that did not appear on the written request that resulted in the determination of the Requested Record Date, (iv) is received by the Secretary during the period commencing 90 days prior to the anniversary date of the prior year's annual meeting of stockholders and ending on the date of the final adjournment of the next annual meeting of stockholders, or (v) otherwise does not comply with applicable law. If, at any point after sixty (60) days from the first date on which a Special Meeting Demand is delivered to the Corporation, the unrevoked Special Meeting Demands (whether by specific written revocation or deemed revocation pursuant to clause (E) of

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![](cpf-arbylawssidleydraft7004.jpg)

4 the fourth paragraph of this Section 3) represent in the aggregate less than the Requisite Percentage, the Board of Directors, in its discretion, may cancel the special meeting. Subject to the immediately preceding paragraph, within ten (10) days following the date on which the Secretary has received valid Special Meeting Demands in accordance with this Section 3, the Board of Directors shall fix the record date and the date, time, and place, if any, for the Stockholder Demanded Special Meeting; provided, however, that the date of any such Stockholder Demanded Special Meeting shall not be more than 90 days after the date on which valid Special Meeting Demands from stockholders holding the shares to be included in such Requisite Percentage are delivered to the Secretary (and are not revoked). Notwithstanding anything in these Bylaws to the contrary, the Board of Directors may submit its own proposal or proposals for consideration at any Stockholder Demanded Special Meeting. In determining whether Special Meeting Demands have met the requirements of this Section 3, multiple Special Meeting Demands will be considered together only if (i) each Special Meeting Demand identifies the same or substantially the same purpose or purposes of the Stockholder Demanded Special Meeting and the same or substantially the same items of business proposed to be brought before the Stockholder Demanded Special Meeting, and (ii) such Special Meeting Demands have been dated and delivered to the Secretary within 60 days of the delivery to the Secretary of the earliest dated Special Meeting Demand relating to such item(s) of business. Section 4. Notice of all meetings, annual or special, shall be given by the Corporation and shall include the following: (i) the date, time, and place, if any, of the meeting; (ii) whether it is annual or special and in the case of each special meeting stating the purpose or purposes of the meeting; and (iii) if to be held solely by means of remote communication, the means of remote communication by which stockholders may be deemed to be present in person and allowed to vote. Notice shall be given by mail, postage prepaid, or by electronic transmission, at least ten (10) days and no more than sixty (60) days before the date assigned for the meeting, to each stockholder, if by mail, at his or her address as it appears upon the transfer books of the Corporation; or, if by electronic transmission, to the facsimile number or electronic mail address to which the stockholder has previously consented to receive notice, as noted in the books and records of the Corporation, or as otherwise permitted by law; or, if the foregoing are deemed to be impractical, by publication in one or more newspapers in general circulation in Honolulu, not less than two (2) times on separate days, the first publication to be not less than three (3) days previous to the date assigned for the meeting. If means of remote communication are authorized for use in a meeting, regardless of whether the meeting is held at a designated place or solely by means of remote communication, the notice shall also inform stockholders of the means of remote communication by which stockholders may be deemed to be present in person and allowed to vote. Upon notice being given in accordance with the provisions hereof, the failure of any stockholder to receive actual notice of any meeting shall not in any way invalidate the meeting or proceedings thereat.

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![](cpf-arbylawssidleydraft7005.jpg)

5 Section 5. Notwithstanding the provisions of Sections 1 to 4 inclusive of this Article, the meeting and voting of stockholders may be dispensed with if all of the stockholders who would have been entitled to vote upon the action if such meeting of stockholders were held shall consent in writing to such corporate action being taken. A stockholder or proxy of a stockholder may deliver a written consent to the Corporation personally, by mail or by electronic transmission; provided that any electronic transmission is received by the Corporation from a facsimile number or electronic mail address for which the stockholder has previously consented to receive notice or is otherwise delivered with information from which the Corporation may determine that the electronic transmission was transmitted by the stockholder, or as otherwise permitted by law, as amended from time to time. Any copy, facsimile, or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used; provided that the copy, facsimile or other reproduction is a complete reproduction of the entire original writing. Section 6. The presence of all stockholders, in person or by proxy, at any meeting shall render the same a valid meeting, unless any stockholder shall at the opening of said meeting object to the holding of the same for noncompliance with the provisions relating to notice of meeting. Any meeting so held without objection shall, notwithstanding the fact that no notice of meeting was given or that the notice given was improper, be valid for all purposes and at such meeting any general business may be transacted and any corporate action may be taken. When notice is required to be given to any stockholder of the Corporation, a waiver thereof in writing signed by the stockholder entitled to such notice, whether before or after the time stated therein, and delivered to the Corporation personally, by mail or by electronic transmission, for inclusion in the minutes or filing with the corporate records, shall be equivalent to the giving by the Corporation of notice to such stockholder; provided that any waiver delivered by electronic transmission must be received by the Corporation from a facsimile number or electronic mail address for which the stockholder has previously consented to receive notice or is otherwise delivered with information from which the Corporation may determine that the electronic transmission was transmitted by the stockholder, or as otherwise permitted by law, as amended from time to time. Section 7. The presence, in person or by proxy, of the holders of a majority of the outstanding shares entitled to vote shall constitute a quorum at any meeting of stockholders. If a meeting cannot be organized because a quorum has not attended, those present may adjourn the meeting to such time and place as they may determine. Any meeting of stockholders, whether annual or special, and whether a quorum be present or not, may be adjourned from time to time by the chair thereof. If an annual or special stockholders' meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time, or place if the new date, time, or place is announced at the meeting before adjournment. In addition, if the annual or special stockholders' meeting was convened solely by means of remote communication, and the adjourned meeting will be held by a means of remote communication by which stockholders may be deemed to be present in

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![](cpf-arbylawssidleydraft7006.jpg)

6 person and vote, notice need not be given of the new means of remote communication if the new means of remote communication is announced at the meeting before adjournment. If a new record date for an adjourned meeting is or must be fixed, notice of the adjourned meeting shall be given to stockholders who are entitled to notice of the new record date. Section 8. If authorized by the Board of Directors, a meeting of the stockholders, whether annual or special, may be held solely by means of remote communication, in which all stockholders and proxies of stockholders will be deemed present in person for purposes of the meeting and for voting. Any meeting held by means of remote communication shall be subject to guidelines and procedures adopted by the Board of Directors and subject to other requirements of law. Section 9. At all meetings, the stockholders shall be entitled to one vote for each share standing in their respective names on the books, and they may vote either in person or by proxy. A stockholder may appoint a proxy to vote or otherwise act for a stockholder in the manner prescribed by law. Unless the Hawaii Business Corporation Act or the Articles of Incorporation require a greater number of affirmative votes, the acts of the holders of a majority of the shares represented at any meeting on a matter (other than the election of directors), at which a quorum is present, shall be the acts of the stockholders, and abstentions and broker non- votes will have no effect in calculating the votes on such matters. The stockholders present at a duly organized meeting may continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum. Section 10. After fixing a record date for a stockholder meeting, the Corporation shall prepare a complete list of stockholders entitled to notice of the meeting, arranged in alphabetical order, with the address of and the number of shares held by each, which list shall be kept on file at the principal executive office of the Corporation and shall be available for inspection by any stockholder beginning two (2) business days after notice of the meeting for which the list was prepared is given and continuing through the meeting. If the Corporation determines that the list will be made available on an electronic network, the Corporation shall take reasonable steps to ensure that such information is available only to stockholders. Such list shall also be produced and kept open at the time and place of the meeting, and shall be subject to the inspection of any stockholder, stockholder's agent or stockholder's attorney at any time during the meeting or any adjournment. Section 11. The matters to be considered and brought before any annual meeting of stockholders of the Corporation shall be limited to only such matters as shall be brought properly before such meeting in compliance with the procedures set forth in this Section 11 or Section 1 of Article III, as the case may be. For any matter to be properly brought before the annual meeting, the matter must be: (i) specified in the notice of annual meeting by or at the direction of the Board of Directors, (ii) otherwise brought before the annual meeting by or at the direction of the Board of Directors or (iii) brought before the annual meeting by a stockholder of record in the manner specified in this Section 11.

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![](cpf-arbylawssidleydraft7007.jpg)

7 In addition to any other applicable requirements, for a proposal to be properly brought before the meeting by a stockholder, such stockholder must have given timely notice thereof in proper written form to the Secretary of the Corporation at the principal executive office of the Corporation in the manner contemplated hereby. To be timely, a stockholder's notice must be delivered to or mailed and received at the principal executive office of the Corporation not less than 90 calendar days nor more than 120 calendar days prior to the first anniversary date of the annual meeting for the preceding year; provided, however, if and only if the annual meeting is not scheduled to be held within a period that commences 30 days before such anniversary date and ends 60 days after such anniversary date, the stockholder's notice shall be given in the manner provided herein by the later of (i) the close of business on the date 90 days prior to the meeting date or (ii) the tenth day following the date the meeting is first publicly announced or disclosed. To be in proper written form, a stockholder's notice of any business matter proposed to be brought before the meeting (not including the nomination of directors) (a "business noticing stockholder") shall set forth: (a) the text of the proposal to be presented (including the text of any resolutions to be proposed for consideration by the stockholders) and a brief written statement of the reasons why the business noticing stockholder favors the proposal; (b) the name and record address, as they appear on the Corporation's books, of the business noticing stockholder; (c) the number and class of all shares of each class of stock of the Corporation owned of record and beneficially by the business noticing stockholder; (d) any material interest of the business noticing stockholder in the matter proposed; (e) a representation that the business noticing stockholder intends to appear in person to present such proposal and (f) all such information and representations with respect to the business noticing stockholder set forth in Article III, Section 1 of these Bylaws which must be provided by a noticing stockholder giving notice of nomination of a director candidate (other than information required to be provided with respect to director nominees). As used in this Section 11, shares "beneficially owned" shall mean all shares which such person is deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). A business noticing stockholder shall update such business noticing stockholder's notice provided under the foregoing provisions of this Section 11, if necessary, such that the information provided or required to be provided in such notice shall be true and correct in all material respects as of (A) the record date for determining the stockholders entitled to receive notice of the meeting and (B) the date that is ten business days prior to the meeting (or any postponement, rescheduling or adjournment thereof), and such update shall (i) be received by the Secretary at the principal executive office of the Corporation (x) not later than the close of business five business days after the record date for determining the stockholders entitled to receive notice of such meeting (in the case of an update required to be made under clause (A)) and (y) not later than the close of business seven business days prior to the date of the meeting or, if practicable, any postponement, rescheduling or adjournment thereof (and, if not practicable, on the first practicable date

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![](cpf-arbylawssidleydraft7008.jpg)

8 prior to the date to which the meeting has been postponed, rescheduled or adjourned) (in the case of an update required to be made pursuant to clause (B)), (ii) be made only to the extent that information has changed since such business noticing stockholder's prior submission and (iii) clearly identify the information that has changed in any material respect since such business noticing stockholder's prior submission. For the avoidance of doubt, any information provided pursuant to this paragraph shall not be deemed to cure any deficiencies or inaccuracies in a notice previously delivered pursuant to this Section 11 and shall not extend the time period for the delivery of notice pursuant to this Section 11. If a business noticing stockholder fails to provide any update in accordance with the foregoing provisions of this Section 11, the information as to which such written update relates may be deemed not to have been provided in accordance with this Section 11. If any information submitted pursuant to this Section 11 by any business noticing stockholder nominating individuals for election or reelection as a director or proposing business for consideration at a stockholder meeting shall be inaccurate in any material respect (as determined by the Board of Directors or a committee thereof), such information shall be deemed not to have been provided in accordance with this Section 11. Any such business noticing stockholder shall notify the Secretary in writing at the principal executive office of the Corporation of any material inaccuracy or change in any information submitted pursuant to this Section 11 (including if any business noticing stockholder or any stockholder associated person no longer intends to solicit proxies) within two business days after becoming aware of such material inaccuracy or change, and any such notification shall clearly identify the inaccuracy or change, it being understood that no such notification may cure any deficiencies or inaccuracies with respect to any prior submission by such business noticing stockholder. Upon written request of the Secretary on behalf of the Board of Directors (or a duly authorized committee thereof), any such business noticing stockholder shall provide, within seven business days after delivery of such request (or such other period as may reasonably be specified in such request), (A) written verification, reasonably satisfactory to the Board of Directors, any committee thereof or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted by such business noticing stockholder pursuant to this Section 11 and (B) a written affirmation of any information submitted by such business noticing stockholder pursuant to this Section 11 as of an earlier date. If a business noticing stockholder fails to provide such written verification or affirmation within such period, the information as to which written verification or affirmation was requested may be deemed not to have been provided in accordance with this Section 11. Only such matters shall be properly brought before a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. For purposes of this Section 11, a matter shall be deemed to have been "publicly announced or disclosed" if such matter is disclosed in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a

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9 document publicly filed by the Corporation with the Securities and Exchange Commission. In no event shall the postponement, rescheduling or adjournment of an annual meeting already publicly noticed, or any announcement of such postponement, rescheduling or adjournment, commence a new period (or extend any time period) for the giving of notice as provided in this Section 11. This Section 11 shall not apply to stockholder proposals made pursuant to Rule l4a-8 under the Exchange Act. Section 12. The Chair of the Board of Directors will preside at all meetings of the stockholders, unless unavailable, in which case the Chief Executive Officer will preside at all meetings of the stockholders, unless unavailable, in which case the President will preside at all meetings of the stockholders, unless unavailable, in which case a Director or officer designated by the Board of Directors shall so preside. The Board of Directors may adopt by resolution such rules and procedures for the conduct of any meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and procedures as adopted by the Board of Directors, the chair of any meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess or adjourn the meeting, to prescribe such rules and procedures and to determine all matters relating to the conduct of the meeting of stockholders as, in the judgment of such chair of the meeting, are necessary, appropriate or convenient for the proper conduct of the meeting. Such rules and procedures, whether adopted by the Board of Directors or prescribed by the chair of the meeting, may include the following: (a) the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls shall open and close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the meeting and the safety of those present; (d) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized proxies or such other persons as the chair of the meeting shall determine; (e) restrictions on entry to the meeting after the time fixed for the commencement of the meeting; (f) limitations on the time allotted to questions or comments by participants; (g) removal of any stockholder or any other individual who refuses to comply with meeting rules or procedures; (h) restrictions on the use of audio and video recording devices, cell phones and other electronic devices; (i) rules or procedures for compliance with any state or local laws or regulations including those concerning safety, health and security; (j) procedures (if any) requiring attendees to provide the Corporation advance notice of their intent to attend the meeting and (k) any rules or procedures as the chair of the meeting may deem appropriate regarding the participation by means of remote communication of stockholders and proxyholders not physically present at a meeting, whether such meeting is to be held at a designated place or solely by means of remote communication. The chair of the meeting's power to determine all matters relating to the conduct of the meeting of stockholders includes, but is not limited to, determining whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with the provisions set forth in these Bylaws, to declare that such

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10 defective proposal or nomination shall be disregarded, notwithstanding that proxies with respect to such proposal or nomination may have been received by the Corporation. ARTICLE III Board of Directors Section 1. The business of the Corporation shall be managed by a Board of Directors. The authorized number of Directors of the Corporation shall be not less than seven (7) and not more than fourteen (14), with the exact number of Directors to be fixed (within the limits specified) by the Board of Directors or the stockholders. The number of Directors that constitutes the entire Board of Directors shall be automatically reduced, without any further action by the Board of Directors, to eliminate any vacancy on the Board of Directors (other than a vacancy resulting from an increase in the number of Directors) immediately upon the occurrence of such vacancy, but not to fewer Directors than required by the Hawaii Business Corporation Act, the Articles of Incorporation or these Bylaws. The number of Directors within the minimum and maximum may be changed from time to time by resolution of the Board of Directors or stockholders as provided in these Bylaws. Each Director who is elected or appointed shall hold office until the next annual meeting of stockholders. In each instance, a Director shall hold office until the expiration of their term and until their successors have been elected and qualified, subject to their earlier death, resignation, retirement, disqualification or removal from office. The foregoing provisions of this Section 1 are subject to the rights of the holders of any outstanding series of Preferred Stock. No person shall be eligible for election or appointment as a Director unless such person has, within ten (10) days following any reasonable request therefor from the Board of Directors or any committee thereof, made himself or herself available to be interviewed by the Board of Directors (or any committee or other subset thereof) with respect to such person's qualifications to serve as a Director or any other matter reasonably related to such person's candidacy as a Director of the Corporation. There shall be no right to have Directors elected by cumulative voting. The matters to be considered and brought before any annual or special meeting of stockholders of the Corporation shall be limited to such matters, including the nomination and election of Directors, as shall be brought properly before such meeting in compliance with the procedures set forth in this Section 1 or Section 11 of Article II, as the case may be. For any matter, including the nomination and election of Directors, to be properly before any annual meeting of stockholders, the matter must be (i) specified in the notice of annual meeting by or at the direction of the Board of Directors, (ii) otherwise brought before the annual meeting by or at the direction of the Board of Directors or (iii) brought before the annual meeting by a stockholder of record in the manner specified in this Section 1.

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11 In addition to any other applicable requirements, for a nomination to be properly brought before the meeting by a stockholder, such stockholder (the "noticing stockholder") must have given timely notice thereof in proper written form to the Secretary of the Corporation at the principal executive office of the Corporation in the manner contemplated hereby. To be timely, a stockholder's notice shall be delivered to or mailed and received at the principal executive office of the Corporation not less than 90 calendar days nor more than 120 calendar days prior to the first anniversary date of the annual meeting for the preceding year; provided, however, if and only if the annual meeting is not scheduled to be held within a period that commences 30 days before such anniversary date and ends 60 days after such anniversary date, the stockholder's notice shall be given in the manner provided herein by the later of (i) the close of business on the date 90 days prior to the meeting date or (ii) the tenth day following the date the meeting is first publicly announced or disclosed. To be in proper written form, a noticing stockholder's notice of nomination shall set forth in writing: (a) as to each person whom the noticing stockholder proposes to nominate for election as a Director, (i) the name, age, business address and residential address of the person to be nominated, and the principal occupation(s) of such person; (ii) the number and class of all shares of each class of stock of the Corporation owned of record and beneficially by such person, as reported to such stockholder by such nominee, the date such share(s) were acquired and evidence of such beneficial and/or record ownership thereof; (iii) all information relating to such person that is required to be disclosed in contested solicitations of proxies for the election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; (iv) the person's written consent to being named in the proxy statement as a nominee and to serving as a Director if elected; (v) a completed written questionnaire with respect to the background and qualification of such person in the form required by the Corporation (in the form to be provided by the Secretary upon written request of any stockholder of record within ten days of receiving such request); (vi) the date(s) of first contact between the noticing stockholder or any stockholder associated person, on the one hand, and the proposed nominee, on the other hand, with respect to any proposed nomination(s) of any person(s) (including the proposed nominee) for election as a Director of the Corporation; and (vii) a written representation and agreement completed by the proposed nominee in the form required by the Corporation (in the form to be provided by the Secretary upon written request of any stockholder of record within ten days of receiving such request) that such person: (1) consents to the running of a background check in accordance with the Corporation's policy for prospective Directors; (2) is not ineligible for election to the Board of Directors pursuant to the Director qualifications set forth in these Bylaws and, if elected as a Director of the Corporation, will comply with the applicable requirements set forth therein; (3) is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or

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12 entity as to how such person, if elected as a Director of the Corporation, will act or vote on any issue or question (a "Voting Commitment") that has not been disclosed to the Corporation or (B) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a Director of the Corporation, with such person's fiduciary duties under applicable law; (4) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a Director that has not been disclosed to the Corporation; (5) would be in compliance, if elected as a Director of the Corporation, and will comply with, all applicable laws, the rules of any stock exchange on which the Corporation's securities are traded and any publicly disclosed corporate governance, conflict of interest, code of business conduct and ethics, confidentiality and stock ownership and trading policies and guidelines of the Corporation; (6) intends to serve the full term if elected as a Director of the Corporation; and (7) will provide facts, statements and other information in all communications with the Corporation and its stockholders that are or will be true and correct in all material respects and that do not and will not omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, and (b) as to the noticing stockholder (and the beneficial owner, if any, on whose behalf the nomination is made by such noticing stockholder), (i) the name and record address, as they appear on the Corporation's books, of the noticing stockholder and each stockholder associated person; (ii) the number and class of all shares of each class of stock of the Corporation owned of record and beneficially by the noticing stockholder and each stockholder associated person; (iii) a description of all arrangements or understandings (A) between or among the noticing stockholder and any stockholder associated person or (B) between or among the noticing stockholder or, to the knowledge of such noticing stockholder (or the beneficial owner(s) on whose behalf such noticing stockholder is submitting a notice to the Corporation), any stockholder associated person and any other person or entity (including their names), in each case, relating to the nomination or proposal or other business or to acquiring, holding, voting or disposing of any securities of the Corporation, including any proxy (other than any revocable proxy given in response to a solicitation made pursuant to, and in accordance with, Section 14 of the Exchange Act by way of a solicitation statement filed on Schedule 14A); (iv) a description of all agreements, arrangements or understandings, written or oral, (including any derivative or short positions, profit interests, hedging transactions, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, repurchase agreements or arrangements, borrowed or loaned shares and so- called "stock borrowing" agreements or arrangements) that have been entered into by, or on behalf of, such noticing stockholder or any stockholder associated person, the effect or intent of which is to mitigate loss, manage risk or benefit from changes in the price of any securities of the Corporation, or maintain, increase or decrease the voting power of such noticing stockholder or any stockholder associated person with respect to securities of the Corporation, whether or not such instrument or right shall be subject to settlement in underlying shares of capital stock of the Corporation (any of the foregoing, a "Derivative

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13 Instrument"); (v) any rights to dividends on the shares of the Corporation owned by such noticing stockholder or any stockholder associated person that are separated or separable from the underlying shares of the Corporation; (vi) any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such noticing stockholder or any stockholder associated person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner; (vii) any performance-related fees (other than an asset-based fee) that such person is entitled to, based on any increase or decrease in the value of shares of the Corporation or derivative instruments, if any, as of the date of such notice, including, without limitation, any such interests held by members of such person's immediate family sharing the same household (which information shall be supplemented by such person not later than ten days after the record date for the meeting to disclose such ownership as of the record date); (viii) any material interest (other than solely as a result of security ownership) in such business of such noticing stockholder or any stockholder associated person; (ix) any other information relating to the noticing stockholder or any stockholder associated person that would be required to be disclosed in a Schedule 13D, in connection with the acquisition of shares as if such person has acquired beneficial ownership of more than 5% of the outstanding shares of common stock of the Corporation, regardless of whether such person is required to file a Schedule 13D; (x) any other information relating to the noticing stockholder or any stockholder associated person that would be required to be disclosed in a proxy statement in connection with the solicitation of proxies by such noticing stockholder or any stockholder associated person in support of the nominee(s) or other business proposed by such noticing stockholder in a contested election pursuant to Section 14 of the Exchange Act and the rules promulgated thereunder; (xi) identification of the names and addresses of other stockholders (including beneficial owners) known by such noticing stockholder to provide financial support of the nomination(s) or other business proposal(s) submitted by such noticing stockholder and, to the extent known, the class and number of shares of the Corporation's capital stock owned beneficially or of record by such other stockholder(s) or other beneficial owner(s); (xii) a representation that the noticing stockholder intends to appear at the meeting to nominate the person(s) named in the notice and an acknowledgment that, if the noticing stockholder does not appear at the meeting to nominate the person(s) named in the notice, the Corporation need not present such proposed nominee(s) for a vote at such meeting, notwithstanding that proxies in respect of such vote may have been received by the Corporation; and (xiii) a written representation from the noticing stockholder as to whether such noticing stockholder or any stockholder associated person intends or is part of a group which intends to solicit proxies in support of any proposed nominee in accordance with Rule 14a-19 under the Exchange Act; provided, however, that the disclosures described in the foregoing subclauses (i) through (x) shall not include any such disclosures with respect to the ordinary course business activities of any depositary or any broker, dealer, commercial bank, trust company or other nominee who is a stockholder submitting notice pursuant to this Section 1 solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner (any such entity, an "exempt party").

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14 A noticing stockholder shall update such noticing stockholder's notice provided under the foregoing provisions of this Section 1, if necessary, such that the information provided or required to be provided in such notice shall be true and correct in all material respects as of (A) the record date for determining the stockholders entitled to receive notice of the meeting and (B) the date that is ten business days prior to the meeting (or any postponement, rescheduling or adjournment thereof), and such update shall (i) be received by the Secretary at the principal executive office of the Corporation (x) not later than the close of business five business days after the record date for determining the stockholders entitled to receive notice of such meeting (in the case of an update required to be made under clause (A)) and (y) not later than the close of business seven business days prior to the date of the meeting or, if practicable, any postponement, rescheduling or adjournment thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been postponed, rescheduled or adjourned) (in the case of an update required to be made pursuant to clause (B)), (ii) be made only to the extent that information has changed since such noticing stockholder's prior submission and (iii) clearly identify the information that has changed in any material respect since such noticing stockholder's prior submission. For the avoidance of doubt, any information provided pursuant to this paragraph shall not be deemed to cure any deficiencies or inaccuracies in a notice previously delivered pursuant to this Section 1 and shall not extend the time period for the delivery of notice pursuant to this Section 1. If a noticing stockholder fails to provide any update in accordance with the foregoing provisions of this Section 1, the information as to which such written update relates may be deemed not to have been provided in accordance with this Section 1. If any information submitted pursuant to this Section 1 by any noticing stockholder nominating individuals for election or reelection as a director or proposing business for consideration at a stockholder meeting shall be inaccurate in any material respect (as determined by the Board of Directors or a committee thereof), such information shall be deemed not to have been provided in accordance with this Section 1. Any such noticing stockholder shall notify the Secretary in writing at the principal executive office of the Corporation of any material inaccuracy or change in any information submitted pursuant to this Section 1 (including if any noticing stockholder or any stockholder associated person no longer intends to solicit proxies in accordance with the representation made pursuant to clause (xii) of the second paragraph preceding this paragraph) within two business days after becoming aware of such material inaccuracy or change, and any such notification shall clearly identify the inaccuracy or change, it being understood that no such notification may cure any deficiencies or inaccuracies with respect to any prior submission by such noticing stockholder. Upon written request of the Secretary on behalf of the Board of Directors (or a duly authorized committee thereof), any such noticing stockholder shall provide, within seven business days after delivery of such request (or such other period as may reasonably be specified in such request), (A) written verification, reasonably satisfactory to the Board of Directors, any committee thereof or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted by such noticing stockholder pursuant to this Section 1 and (B) a written affirmation of any information submitted by such noticing stockholder pursuant to this Section 1 as of an earlier date. If a noticing stockholder fails to provide such written

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15 verification or affirmation within such period, the information as to which written verification or affirmation was requested may be deemed not to have been provided in accordance with this Section 1. At the request of the Board of Directors, any person nominated by the Board of Directors, or a committee thereof, for election as a Director shall furnish to the Secretary of the Corporation the information required to be set forth in a stockholder's notice of nomination which pertains to the nominee. As used in this Section 1, shares "beneficially owned" shall mean all shares which such person is deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Exchange Act. The Corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine the eligibility of such proposed nominee to be considered "independent" under the various rules and standards applicable to the Corporation. Notwithstanding anything to the contrary in these Bylaws, unless otherwise required by law, if any stockholder or stockholder associated person (i) provides notice pursuant to Rule 14a-19(b) under the Exchange Act with respect to any proposed nominee and (ii) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a- 19(a)(3) under the Exchange Act (or fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such person has met the requirements of Rule 14a-19(a)(3) under the Exchange Act in accordance with the following sentence), then the nomination of each such proposed nominee shall be disregarded, notwithstanding that proxies or votes in respect of the election of such proposed nominees may have been received by the Corporation (which proxies and votes shall be disregarded). Upon request by the Corporation, if any stockholder provides notice pursuant to Rule 14a-19(b) under the Exchange Act or includes the information required by such Rule 14a-19(b) in a preliminary or definitive proxy statement previously filed by such stockholder, such person shall deliver to the Corporation, no later than five business days prior to the applicable meeting, reasonable evidence that such stockholder has met the requirements of Rule 14a-19(a)(3) under the Exchange Act. In addition to complying with the foregoing provisions of this Section 1, a stockholder shall also comply with all applicable requirements of state law and the Exchange Act (including regulations thereunder) with respect to the matters set forth in this Section 1. Nothing in this Section 1 shall be deemed to affect any rights of (A) stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a- 8 under the Exchange Act or (B) the holders of any series of preferred stock to elect directors pursuant to any applicable provisions of the Articles of Incorporation. Notwithstanding anything in this Section 1 to the contrary, in the event that the number of Directors to be elected to the Board of Directors of the Corporation is increased and either all of the nominees for Director or the size of the increased Board of Directors is not publicly announced or disclosed by the Corporation at least 100 days prior to the first anniversary of the preceding year's annual meeting, such stockholder's notice shall also

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17 Corporation having a preference over the common stock of the Corporation as to dividends or upon liquidation to elect Directors under specified circumstances. The person presiding at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall have the power and duty to determine whether notice of nominees has been duly given in the manner provided in this Section 1 and, if not so given, shall direct and declare at the meeting that such nominees are not properly before the meeting and shall not be considered. Any stockholder directly or indirectly soliciting proxies from other stockholders in respect of any proposal of business or nomination must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board of Directors. Section 2. A Director may be removed for cause by the Board of Directors when a Director has been declared of unsound mind by an order of court or convicted of a felony. A Director may resign at any time by delivering written notice personally or by electronic transmission to the Board of Directors or to the Corporation. A resignation is effective when the notice is delivered or transmitted unless the notice specifies a later effective date. Section 3. Vacancies on the Board of Directors caused by the death, resignation, disqualification or otherwise of any Director who was previously duly elected or appointed or resulting from an increase in the number of number of Directors may be filled by (i) the Board of Directors or (ii) the affirmative vote of a majority of all the Directors remaining in office if the Directors remaining in office constitute fewer than a quorum of the Board of Directors, and each person so elected shall be a Director until his successor is elected by the stockholders. Section 4. A majority of all the Directors in office shall be necessary to constitute a quorum for the transaction of business, and the acts of a majority of the Directors who are present at a meeting at which a quorum is present shall be the acts of the Board of Directors. Section 5. Following the annual meeting of stockholders, the Directors-elect shall then convene to consider and act on the appointment of officers and employees, authorize their compensation, and transact any other business properly brought before the meeting. Section 6. Special meetings of the Board of Directors may be called at any time by the Chair of the Board of Directors or the Chief Executive Officer, and shall be called whenever so requested by not less than three (3) members of the Board of Directors. Section 7. No notice of the regular meetings of Directors need be given. Notice of the time, place and purpose of each special meeting shall be given to each member of the Board of Directors by telephone, telegram, personally, by mail, or by electronic transmission, in each case not less than twenty-four (24) hours prior to the time of the meeting. A meeting

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18 may be held on shorter notice if all members consent or as the person or persons calling such meeting may deem necessary or appropriate under the circumstances. A Director may waive any required notice before or after the date and time stated in the notice. Except as provided in the next sentence, the waiver must be either in a writing, signed by the Director, or by electronic transmission by the Director, and filed with the minutes or corporate records. A Director's attendance at or participation in a meeting waives any required notice to that Director of that meeting, unless the Director at the beginning of the meeting (or promptly upon the Director's arrival) objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or consent to action taken at the meeting. Section 8. The order of business at all meetings of the Board of Directors shall be as determined by the Board of Directors. Section 9. The Board of Directors shall keep complete records of its proceedings in a Minute Book kept for that purpose alone. Section 10. No Director shall be entitled to any salary as such; but the Board of Directors may fix, from time to time, reasonable compensation to be paid each Director for his services as a member of the Board of Directors; provided that nothing herein contained shall be construed to preclude any Director from serving the Corporation in any other capacity, and receiving compensation therefor. Section 11. At any annual or special meeting of stockholders, all of the acts and doings of the Board of Directors may be ratified, confirmed and approved by stockholders and such ratification, confirmation and approval shall be as valid and as binding upon the Corporation and upon all stockholders as though it had been approved, confirmed or ratified by every stockholder. Section 12. Notwithstanding any provisions to the contrary of this Article, and unless prohibited by law, the meeting and voting of Directors may be dispensed with if all of the Directors who would have been entitled to vote upon the action if such meeting of Directors were held shall consent in writing to such corporate action being taken. The action must be evidenced by one or more consents describing the action taken, given either in writing and signed before or after the intended effective date of the action by each Director, or by electronic transmission, and included in the minutes or filed with the corporate records reflecting the action taken. In the case of consent by electronic transmission, such transmission must set forth or be submitted with information from which it may be determined that the electronic transmission was authorized by the Director who sent the electronic transmission. Section 13. Unless prohibited by law, members of the Board of Directors or any committee designated thereby may participate in a meeting of the Board of Directors or such committee by means of a conference telephone or similar communication equipment by

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19 means of which all persons participating in the meeting can hear each other at the same time, and participation by such means shall constitute presence in person at a meeting. ARTICLE IV Committees Section 1. The Board of Directors may designate one or more committees, each committee to consist of two or more of the Directors of the Corporation. The Board of Directors may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors or in these by-laws, shall have and may exercise the authority of the Board of Directors in exercising all corporate powers of, and in managing the business and affairs of the Corporation under the direction of, the Board of Directors; but no such committee shall have the power or authority to: (i) authorize distributions; (ii) approve or propose to stockholders action required by law to be approved by stockholders; (iii) fill vacancies on the Board of Directors or any of its committees; (iv) amend the Articles of Incorporation pursuant to Section 414-282 of the Hawaii Business Corporation Act, or any successor statute; (v) adopt, amend or repeal bylaws; (vi) approve a plan of merger not requiring stockholder approval; (vii) authorize or approve the reacquisition of shares, except according to a formula or method prescribed by the Board of Directors; or (viii) authorize or approve the issuance or sale or contract for sale of shares, or determine the designation and relative rights, preferences and limitations of a class or series of shares, except that the Board of Directors may authorize a committee (or a senior executive officer of the Corporation) to do so within limits specifically prescribed by the Board of Directors. Section 2. Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may adopt, amend and repeal rules for the conduct of its business. In the absence of a provision by the Board of Directors or a provision in the rules of such committee that requires a greater number, a majority of the entire authorized number of members of such committee shall constitute a quorum for the transaction of business, the vote of a majority of the members present at a meeting at the time of such vote if a quorum is then present shall be the act of such committee, and in other respects each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article III of these by-laws. ARTICLE V [Deleted]

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20 ARTICLE VI Officers Section 1. The officers of the Corporation shall be a President, one or more Vice Presidents, a Secretary, a Treasurer, and such other officers, including a Chief Executive Officer, as the Board of Directors may deem necessary, and such officers shall have such powers and perform such duties as are prescribed by the Bylaws or as may be prescribed by the Board of Directors. No officer need be a Director or a stockholder and two or more offices may be held by the same person. The Board of Directors shall have the authority to appoint the officers of the Corporation. All officers of the Corporation shall have such authority and will perform such duties as set forth in these Bylaws or, to the extent consistent with these Bylaws, as prescribed by the Board of Directors or by direction of an officer authorized by the Board of Directors to prescribe the duties of other officers. The Board of Directors may, from time to time, designate a Chief Executive Officer of the Corporation, who may also be the Chair of the Board of Directors or the President. The Chief Executive Officer shall be responsible for the general supervision of the property, business and affairs of the Corporation. The Chief Executive Officer shall carry out the policies and procedures for the governing and conduct of the affairs of the Corporation as are adopted and directed by the Board of Directors and prescribed by law. The Chief Executive Officer shall serve at the pleasure of the Board of Directors and the office may be terminated at any time at the discretion of the Board of Directors without any cause. Section 2. A Chair of the Board of Directors may be elected by a majority of the whole Board of Directors. If so elected, the Chair shall preside at all meetings of the Board of Directors and shall perform such other duties and have such other powers as may be delegated by the Board of Directors. Section 3. The President shall perform such duties as are incident to his office or are prescribed by the Board of Directors. Section 4. The Vice President shall perform such duties and do such acts as may be prescribed by the Chief Executive Officer, the President, or the Board of Directors. Subject to the provisions of Section 3 of this Article, the Vice Presidents in the order directed by the Board of Directors or the Chief Executive Officer shall perform the duties and have the powers of the President in the President's absence or in the event of the inability or refusal of the latter to act. Section 5. The Treasurer shall have custody of all the funds, notes, bonds and other evidences of property of the Corporation, and shall be responsible for keeping all the books and accounts of the Corporation, and shall render statements thereof in such form and as often as required by the Chief Executive Officer, the President or the Board of Directors. He

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21 shall be responsible for the keeping of the stock books, stock transfer books and stock ledger of the Corporation. The Treasurer shall perform all other duties assigned by the President, the Chief Executive Officer or the Board of Directors. Section 6. The Secretary shall keep the minutes of the meetings of the Board of Directors and of the stockholders. The Secretary shall see that proper notices are given of all meetings of which notice is required. The Secretary shall have custody of the seal and when necessary shall attest to the same when affixed to written instruments properly executed on behalf of the Corporation; and generally shall perform such other duties as may be prescribed from time to time by the Board of Directors, the President, or the Chief Executive Officer. ARTICLE VII Authority Of Executive Officers Section 1. The Chief Executive Officer, President, Vice Presidents, Secretary, Treasurer, and such other officers as may be appointed from time to time, are authorized to do and perform such corporate and official acts as are necessary in the carrying on of the business of the Corporation, subject always to the directions of the Board of Directors. Subject to like limitation, they are fully empowered to make and execute such documents and other instruments which may be necessary or desirable to effectuate the business and affairs of the Corporation. Section 2. The Board of Directors may from time to time by resolution provide for the execution of any corporate instrument or document by a mechanical device or a machine, or by use of facsimile signatures, under such terms as shall be set forth in the resolution of the Board of Directors. ARTICLE VIII Voting of Stock or Business Interests By The Corporation In all cases where the Corporation owns, holds, or represents, under power of attorney or proxy or in any representative capacity, shares of the capital stock of any corporation, or shares or interests in business trusts, co-partnerships or other associations, such shares or interests shall be represented and voted by the Chief Executive Officer, or in the absence of the Chief Executive Officer, by the President, or in the absence of the President, by a Vice President, or, in the absence of a Vice President, by the Secretary; provided, however, that any person specifically appointed by the Board of Directors for that purpose shall have the right, if present, to represent and vote such shares or interest. ARTICLE IX [Deleted]

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22 ARTICLE X Indemnification Section 1. The Corporation shall indemnify each person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was a Director, officer, employee or agent of the Corporation or of any division of the Corporation, or is or was serving at the request of the Corporation as a Director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful. Section 2. The Corporation shall indemnify each person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or she is or was a Director, officer, employee or agent of the Corporation or of any division of the Corporation, or is or was serving at the request of the Corporation as a Director, officer, employee or agent of the Corporation or of any division of the Corporation, or is or was serving at the request of the Corporation as a Director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interest of the Corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to this Corporation unless and only to the extent that the court in which such action or suit was brought or in any other court having jurisdiction in the premises shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper. Section 3. To the extent that a Director, officer, employee or agent of the Corporation or of any division of the Corporation, or a person serving at the request of the Corporation as a Director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise has been successful on the merits or otherwise in defense of any

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![](cpf-arbylawssidleydraft7023.jpg)

23 action, suit or proceeding referred to in Section 1 or Section 2 of this Article, or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith. Section 4. Any indemnification under Section 1 or Section 2 of this Article (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the Director, officer, employee or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in Section 1 or Section 2. Such determination shall be made (1) by the Board of Directors by a majority vote of a quorum consisting of Directors who were not parties to such action, suit or proceeding, or (2) if such a quorum is not obtainable, or even if obtainable a quorum of disinterested Directors so directs, by independent legal counsel in a written opinion to the Corporation or (3) by a majority vote of the stockholders. Section 5. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding as authorized by the Board of Directors in a particular case upon receipt of an undertaking by or on behalf of the Director, officer, employee or agent to repay such amount unless it shall ultimately be determined that he or she is entitled to be indemnified by the Corporation as authorized in this Article. Section 6. Any indemnification pursuant to this Article shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled and shall continue as to the person who has ceased to be a Director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. Section 7. The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a Director, officer, employee or agent of the Corporation or of any division of the Corporation, or is or was serving at the request of the Corporation as a Director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of this Article. Any such insurance may be procured from any insurance company designated by the Board of Directors, including any insurance company in which the Corporation shall have any equity or other interest, through stock ownership or otherwise. Section 8. This Article shall be effective with respect to any person who is a Director, officer, employee or agent of the Corporation at any time on or after the date of incorporation of the Corporation with respect to any action, suit or proceeding pending on or after that date, by reason of the fact that he or she is or was, before or after that date, a Director, officer, employee or agent of the Corporation or is or was serving, before or after that date, at the request of the Corporation as a Director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.

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![](cpf-arbylawssidleydraft7024.jpg)

24 ARTICLE XI Capital Stock Section 1. The Board of Directors may authorize the issuance of some or all of the shares of any or all of its classes or series without certificates as provided by law. If shares of the Corporation are issued with certificates, such shares shall be issued and signed (either manually or in facsimile) by the President, or a Vice President, and the Secretary or Treasurer. Transfers of record of shares of stock of the Corporation shall be made only on the books of the Corporation by the holder thereof in person or by an attorney, and, with regard to certificated shares of stock, upon surrender of the certificate properly endorsed or assigned. Section 2. All shares of stock in the Corporation are assignable, and any stockholder may sell, assign and transfer his or her shares and certificates of stock at pleasure. Section 3. In case any certificate of stock is lost, mutilated or destroyed, a new certificate may be issued in place thereof upon receipt of a proper bond of indemnification in which the Corporation is named as the beneficiary. Section 4. Transfer of stock shall not be suspended preparatory to the declaration of dividends; and unless an agreement to the contrary shall be expressed in the assignment, dividends shall be paid to the stockholders in whose name the stock shall stand at the date of the declaration of dividends. ARTICLE XII Fiscal Year The fiscal year of the Corporation shall begin on the first day of January in each year and end on the thirty first day of December of each year. ARTICLE XIII Seal The seal of the Corporation shall be circular in form and shall bear the name of the Corporation around the border and such other device or inscription as the Board of Directors shall determine. ARTICLE XIV Amendments Subject to repeal or change at any regular meeting of the stockholders, or at any special meeting called for that purpose by the vote of the holders of eighty percent (80%) of the outstanding

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![](cpf-arbylawssidleydraft7025.jpg)

25 shares entitled to vote at such meeting, the power to alter, amend or repeal these Bylaws or adopt new bylaws shall be vested in the Board of Directors. ARTICLE XV Gender Clause The names and titles as used herein, or any pronouns used in place thereof, shall mean and include the masculine or feminine, the singular or plural number, according to the context hereof. As approved by all the Incorporators of this Corporation on February 1, 1982 and, as amended by the Board of Directors of the Corporation on February 20, 1985, November 7, 1986, March 6, 2000, February 12, 2003, September 24, 2003, April 1, 2004, July 27, 2005, October 25, 2006, October 31, 2007, December 22, 2008, August 26, 2009, April 27, 2011, November 18, 2011, January 25, 2012, September 21, 2023 and July 24, 2025.

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## Exhibit 99.1

**Exhibit 99.1**

![cpfmidnighta.jpg](cpfmidnighta.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **FOR IMMEDIATE RELEASE** |
| Investor Contact: | Jayrald Rabago | Media Contact: | Tim Sakahara |
|  | Senior Strategic Financial Officer |  | Corporate Communications Manager |
|  | (808) 544-3556 |  | (808) 544-5125 |
|  | **<u>jayrald.rabago@cpb.bank</u>** |  | **<u>tim.sakahara@cpb.bank</u>** |

---

NEWS RELEASE

    

**CENTRAL PACIFIC FINANCIAL REPORTS SECOND QUARTER 2025 EARNINGS OF $18.3 MILLION**

**Highlights include:**

&nbsp;&nbsp;&nbsp;&nbsp;**• Net income of $18.3 million, or $0.67 per diluted share**

&nbsp;&nbsp;&nbsp;&nbsp;**• Return on average assets of 1.00% and return on average equity of 13.04%**

&nbsp;&nbsp;&nbsp;&nbsp;**• Efficiency ratio improved to 60.36%**

&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest margin of 3.44% increased by 13 bps from 3.31% in the previous quarter**

&nbsp;&nbsp;&nbsp;&nbsp;**• Total risk-based capital and common equity tier 1 ratios of 15.8% and 12.6%, respectively**

&nbsp;&nbsp;&nbsp;&nbsp;**• The CPF Board of Directors approved a quarterly cash dividend of $0.27 per share**

&nbsp;&nbsp;&nbsp;&nbsp;• **CPB was named Best Bank In Hawaii by Forbes Magazine in 2025. This is the fourth consecutive year the Bank has made the Forbes list.** 

HONOLULU, HI, July 25, 2025 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $18.3 million, or fully diluted earnings per share ("EPS") of $0.67 for the second quarter of 2025, compared to net income of $17.8 million, or EPS of $0.65 in the previous quarter and net income of $15.8 million, or EPS of $0.58 in the year-ago quarter.

"Our second quarter financial results demonstrate the continued strength of our core business and ability to execute effectively in a dynamic market environment," stated Arnold Martines, Chairman, President and CEO. "The bank's strong asset quality, capital, and liquidity positions will enable us to grow our business by continuing to support the needs of our customers and the markets we serve. I want to thank our dedicated employees, customers and community for your continued support of our bank."

**Earnings Highlights**

Net interest income was $59.8 million for the second quarter of 2025, which increased by $2.1 million, or 3.6% from the previous quarter, and increased by $7.9 million, or 15.2% from the year-ago quarter. Net interest margin ("NIM") was 3.44% for the second quarter of 2025, an increase of 13 basis points ("bp" or "bps") from the previous quarter and an increase of 47 bps from the year-ago quarter. The sequential quarter increase in net interest income and NIM was primarily due to higher average yields earned on loans of 8 bps and investment securities of 2 bps, combined with a 7 bps decline in average rates paid on interest-bearing deposits. Interest income on investment securities also included $0.7 million in income from an interest rate swap in both the first and second quarters of 2025.

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Central Pacific Financial Reports Second Quarter 2025 Earnings of $18.3 Million

The Company recorded a provision for credit losses of $5.0 million in the second quarter of 2025, compared to a provision of $4.2 million in the previous quarter and a provision of $2.2 million in the year-ago quarter. The provision in the current quarter consisted of a provision for credit losses on loans of $3.8 million and a provision for off-balance sheet exposures of $1.2 million. The increase in the provision from the previous quarter was primarily driven by higher off-balance sheet credit exposure related to new unfunded loan commitments.

Other operating income totaled $13.0 million for the second quarter of 2025, compared to $11.1 million in the previous quarter and $12.1 million in the year-ago quarter. The increase in other operating income from the previous quarter was primarily due to higher income from bank-owned life insurance of $1.8 million.

Other operating expense totaled $43.9 million for the second quarter of 2025, compared to $42.1 million in the previous quarter and $41.2 million in the year-ago quarter. The increase in other operating expense from the previous quarter was primarily due to higher salaries and employee benefits of $0.9 million, higher computer software expense of $0.6 million, and higher directors' deferred compensation plan expense of $0.5 million (included in other).

The efficiency ratio improved to 60.36% for the second quarter of 2025, compared to 61.16% in the previous quarter and 64.26% in the year-ago quarter.

The effective tax rate was 23.5% for the second quarter of 2025, compared to 21.2% in the previous quarter and 23.4% in the year-ago quarter. The increase in the effective tax rate in the second quarter of 2025 was primarily attributable to discrete items that lowered the rate in the prior quarter.

**Balance Sheet Highlights**

Total assets of $7.37 billion at June 30, 2025 reflected a decrease of $35.7 million, or 0.5% from $7.41 billion at March 31, 2025, and a decrease of $17.4 million, or 0.2% from $7.39 billion at June 30, 2024.

Total loans, net of deferred fees and costs, of $5.29 billion at June 30, 2025 decreased by $44.7 million, or 0.8% from $5.33 billion at March 31, 2025, and decreased by $93.8 million, or 1.7% from $5.38 billion at June 30, 2024. Average yield earned on loans during the second quarter of 2025 was 4.96%, compared to 4.88% in the previous quarter and 4.80% in the year-ago quarter.

Total deposits of $6.54 billion at June 30, 2025 decreased by $51.1 million or 0.8% from $6.60 billion at March 31, 2025, and decreased by $37.5 million, or 0.6% from $6.58 billion at June 30, 2024. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $5.96 billion at June 30, 2025, and decreased by $19.0 million, or 0.3% from $5.98 billion at March 31, 2025, and increased by $44.5 million, or 0.8% from $5.91 billion at June 30, 2024. Average rate paid on total deposits during the second quarter of 2025 was 1.02%, compared to 1.08% in the previous quarter and 1.33% in the year-ago quarter.

**Asset Quality**

Nonperforming assets totaled $14.9 million, or 0.20% of total assets at June 30, 2025, compared to $11.1 million, or 0.15% of total assets at March 31, 2025 and $10.3 million, or 0.14% of total assets at June 30, 2024.

Net charge-offs totaled $4.7 million in the second quarter of 2025, compared to net charge-offs of $2.6 million in the previous quarter, and net charge-offs of $3.8 million in the year-ago quarter. The increase in net charge-offs during the second quarter of 2025 was primarily due to a $2.0 million full charge-off of a commercial and industrial loan. Annualized net charge-offs as a percentage of average loans was 0.35%, 0.20% and 0.28% during the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

The allowance for credit losses, as a percentage of total loans was 1.13% at June 30, 2025, compared to 1.13% at March 31, 2025, and 1.16% at June 30, 2024.

**Capital**

Total shareholders' equity was $568.9 million at June 30, 2025, compared to $557.4 million and $518.6 million at March 31, 2025 and June 30, 2024, respectively.

During the second quarter of 2025, the Company repurchased 103,077 shares of common stock at a total cost of $2.6 million, or $25.00 per share. As of June 30, 2025, $25.3 million in share repurchase authorization remained available under the Company's share repurchase program.

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Central Pacific Financial Reports Second Quarter 2025 Earnings of $18.3 Million

The Company's leverage, common equity tier 1, tier 1 risk-based capital, and total risk-based capital ratios were 9.6%, 12.6%, 13.5%, and 15.8%, respectively, at June 30, 2025, compared to 9.4%, 12.4%, 13.4%, and 15.6%, respectively, at March 31, 2025.

On July 24, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.27 per share on its outstanding common shares. The dividend will be payable on September 15, 2025 to shareholders of record at the close of business on August 29, 2025.

**Conference Call**

The Company's management will host a conference call today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-800-715-9871 (conference ID: 6299769). A playback of the call will be available through August 24, 2025 by dialing 1-800-770-2030 (playback ID: 6299769) and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.

**About Central Pacific Financial Corp.**

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.37 billion in assets as of June 30, 2025. Central Pacific Bank, its primary subsidiary, operates 27 branches and 55 ATMs in the State of Hawaii. Central Pacific Financial Corp. is traded on the New York Stock Exchange (NYSE) under the symbol "CPF." For additional information, please visit: cpb.bank

![fdic_equal-housingxlenderxa.jpg](fdic_equal-housingxlenderxa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![nyselisteda28a.jpg](nyselisteda28a.jpg)

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Central Pacific Financial Reports Second Quarter 2025 Earnings of $18.3 Million

**Forward-Looking Statements**

*This document may contain forward-looking statements ("FLS") concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. (the "Company") or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements.* 

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

*For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the FLS, please see the Company's publicly available SEC filings, including the Company's Forms 10-Q and* 

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Central Pacific Financial Reports Second Quarter 2025 Earnings of $18.3 Million

*10-K for the last fiscal quarter and 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 | Six Months Ended | Six Months Ended |
| (Dollars in thousands, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, |
| &nbsp;&nbsp;&nbsp;except for per share amounts) | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 |
| CONDENSED INCOME STATEMENT |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $59796 | $57699 | $55774 | $53851 | $51921 | $117495 | $102108 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 4987 | 4172 | 818 | 2833 | 2239 | 9159 | 6175 |
| &nbsp;&nbsp;&nbsp;Total other operating income | 13013 | 11096 | 2624 | 12734 | 12121 | 24109 | 23365 |
| &nbsp;&nbsp;&nbsp;Total other operating expense | 43946 | 42072 | 44177 | 46687 | 41151 | 86018 | 81727 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 5605 | 4791 | 2058 | 3760 | 4835 | 10396 | 8809 |
| &nbsp;&nbsp;&nbsp;Net income | 18271 | 17760 | 11345 | 13305 | 15817 | 36031 | 28762 |
| &nbsp;&nbsp;&nbsp;Basic earnings per share | $0.68 | $0.66 | $0.42 | $0.49 | $0.58 | $1.33 | $1.06 |
| &nbsp;&nbsp;&nbsp;Diluted earnings per share | 0.67 | 0.65 | 0.42 | 0.49 | 0.58 | 1.33 | 1.06 |
| &nbsp;&nbsp;&nbsp;Dividends declared per share | 0.27 | 0.27 | 0.26 | 0.26 | 0.26 | 0.54 | 0.52 |
| PERFORMANCE RATIOS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on average assets (ROA) [1] | 1.00% | 0.96% | 0.62% | 0.72% | 0.86% | 0.98% | 0.78% |
| &nbsp;&nbsp;&nbsp;Return on average equity (ROE) [1] | 13.04 | 13.04 | 8.37 | 10.02 | 12.42 | 13.04 | 11.38 |
| &nbsp;&nbsp;&nbsp;Average equity to average assets | 7.66 | 7.37 | 7.35 | 7.23 | 6.94 | 7.52 | 6.83 |
| &nbsp;&nbsp;&nbsp;Efficiency ratio [2] | 60.36 | 61.16 | 75.65 | 70.12 | 64.26 | 60.75 | 65.14 |
| &nbsp;&nbsp;&nbsp;Net interest margin (NIM) [1] | 3.44 | 3.31 | 3.17 | 3.07 | 2.97 | 3.37 | 2.90 |
| &nbsp;&nbsp;&nbsp;Dividend payout ratio [3] | 40.30 | 41.54 | 61.90 | 53.06 | 44.83 | 40.60 | 49.06 |
| SELECTED AVERAGE BALANCES |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average loans, including loans held for sale | $5307946 | $5311610 | $5315802 | $5330810 | $5385829 | $5309768 | $5393193 |
| &nbsp;&nbsp;&nbsp;Average interest-earning assets | 6985097 | 7054488 | 7052296 | 7022910 | 7032515 | 7019602 | 7086389 |
| &nbsp;&nbsp;&nbsp;Average assets | 7314144 | 7388783 | 7377398 | 7347403 | 7338714 | 7351257 | 7394188 |
| &nbsp;&nbsp;&nbsp;Average deposits | 6503463 | 6561100 | 6546616 | 6535422 | 6542767 | 6532122 | 6601290 |
| &nbsp;&nbsp;&nbsp;Average interest-bearing liabilities | 4807669 | 4914398 | 4906623 | 4904460 | 4910998 | 4860738 | 4960270 |
| &nbsp;&nbsp;&nbsp;Average equity | 560248 | 544888 | 542135 | 530928 | 509507 | 552610 | 505314 |
| *[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 other operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).* | *[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).* |
| *[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.* | *[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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| REGULATORY CAPITAL RATIOS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage ratio | 9.6% | 9.4% | 9.3% | 9.5% | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | 12.6 | 12.4 | 12.3 | 12.1 | 11.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 13.5 | 13.4 | 13.2 | 13.1 | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 15.8 | 15.6 | 15.4 | 15.3 | 15.1 |
| &nbsp;&nbsp;&nbsp;Central Pacific Bank |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage ratio | 10.1 | 9.8 | 9.7 | 9.8 | 9.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | 14.1 | 14.0 | 13.8 | 13.6 | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 14.1 | 14.0 | 13.8 | 13.6 | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 15.3 | 15.2 | 14.9 | 14.8 | 14.5 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, |
| (dollars in thousands, except for per share amounts) | 2025 | 2025 | 2024 | 2024 | 2024 |
| BALANCE SHEET |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | $5289809 | $5334547 | $5332852 | $5342609 | $5383644 |
| &nbsp;&nbsp;&nbsp;Total assets | 7369567 | 7405239 | 7472096 | 7415430 | 7386952 |
| &nbsp;&nbsp;&nbsp;Total deposits | 6544989 | 6596048 | 6644011 | 6583013 | 6582455 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 131466 | 131405 | 156345 | 156284 | 156223 |
| &nbsp;&nbsp;&nbsp;Total equity | 568874 | 557376 | 538385 | 543725 | 518647 |
| &nbsp;&nbsp;&nbsp;Total equity to total assets | 7.72% | 7.53% | 7.21% | 7.33% | 7.02% |
| &nbsp;&nbsp;&nbsp;Tangible common equity to tangible assets [4] | 7.72% | 7.53% | 7.21% | 7.31% | 7.00% |
| ASSET QUALITY |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses (ACL) | $59611 | $60469 | $59182 | $61647 | $62225 |
| &nbsp;&nbsp;&nbsp;Nonaccrual loans | 14895 | 11085 | 11018 | 11597 | 10257 |
| &nbsp;&nbsp;&nbsp;Non-performing assets (NPA) | 14895 | 11085 | 11018 | 11597 | 10257 |
| &nbsp;&nbsp;&nbsp;Ratio of ACL to total loans | 1.13% | 1.13% | 1.11% | 1.15% | 1.16% |
| &nbsp;&nbsp;&nbsp;Ratio of NPA to total assets | 0.20% | 0.15% | 0.15% | 0.16% | 0.14% |
| PER SHARE OF COMMON STOCK OUTSTANDING |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Book value per common share | $21.08 | $20.60 | $19.89 | $20.09 | $19.16 |
| &nbsp;&nbsp;&nbsp;Closing market price per common share | 28.03 | 27.04 | 29.05 | 29.51 | 21.20 |
| *[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company's GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.* | *[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company's GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.* | *[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company's GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.* | *[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company's GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.* | *[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company's GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.* | *[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company's GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.* |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, |
| (Dollars in thousands, except share data) | 2025 | 2025 | 2024 | 2024 | 2024 |
| ASSETS |  |  |  |  |  |
| Cash and due from financial institutions | $110935 | $106670 | $77774 | $100064 | $103829 |
| Interest-bearing deposits in other financial institutions | 206035 | 170226 | 303167 | 226505 | 195062 |
| Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt securities available-for-sale, at fair value | 765213 | 780379 | 737658 | 723453 | 676719 |
| &nbsp;&nbsp;&nbsp;Debt securities held-to-maturity, at amortized cost; fair value of: $499,833 at June 30, 2025, $511,717 at March 31, 2025, $506,681 at December 31, 2024, $546,990 at September 30, 2024, and $528,088 at June 30, 2024 | 580476 | 589688 | 596930 | 606117 | 615867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 1345689 | 1370067 | 1334588 | 1329570 | 1292586 |
| Loans held for sale |  | 2788 | 5662 | 1609 | 3950 |
| Loans, net of deferred fees and costs | 5289809 | 5334547 | 5332852 | 5342609 | 5383644 |
| &nbsp;&nbsp;&nbsp;Less: allowance for credit losses | (59611) | (60469) | (59182) | (61647) | (62225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | 5230198 | 5274078 | 5273670 | 5280962 | 5321419 |
| Premises and equipment, net | 103657 | 103490 | 104342 | 104575 | 100646 |
| Accrued interest receivable | 23518 | 24743 | 23378 | 23942 | 23184 |
| Investment in unconsolidated entities | 49370 | 50885 | 52417 | 54836 | 40155 |
| Mortgage servicing rights | 8436 | 8418 | 8473 | 8513 | 8636 |
| Bank-owned life insurance | 177639 | 176846 | 176216 | 175914 | 173716 |
| Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank ("FRB") stock | 24816 | 24163 | 6929 | 6929 | 6925 |
| Right-of-use lease assets | 30693 | 29829 | 30824 | 32192 | 32081 |
| Other assets | 58581 | 63036 | 74656 | 69819 | 84763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $7369567 | $7405239 | $7472096 | $7415430 | $7386952 |
| LIABILITIES |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing demand | $1938226 | $1854241 | $1888937 | $1838009 | $1847173 |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand | 1336620 | 1368519 | 1338719 | 1255382 | 1283669 |
| &nbsp;&nbsp;&nbsp;Savings and money market | 2242122 | 2316416 | 2329170 | 2336323 | 2234111 |
| &nbsp;&nbsp;&nbsp;Time | 1028021 | 1056872 | 1087185 | 1153299 | 1217502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 6544989 | 6596048 | 6644011 | 6583013 | 6582455 |
| Long-term debt, net of unamortized debt issuance costs | 131466 | 131405 | 156345 | 156284 | 156223 |
| Lease liabilities | 31981 | 31057 | 32025 | 33807 | 33422 |
| Accrued interest payable | 8755 | 8757 | 10051 | 12980 | 14998 |
| Other liabilities | 83502 | 80596 | 91279 | 85621 | 81207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6800693 | 6847863 | 6933711 | 6871705 | 6868305 |
| EQUITY |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 26,981,436 at June 30, 2025, 27,061,589 at March 31, 2025, 27,065,570 at December 31, 2024, 27,064,501 at September 30, 2024, and 27,063,644 at June 30, 2024 | 399823 | 402400 | 404494 | 404494 | 404494 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 106033 | 104849 | 105054 | 104794 | 104161 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 164676 | 153692 | 143259 | 138951 | 132683 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (101658) | (103565) | (114422) | (104514) | (122691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 568874 | 557376 | 538385 | 543725 | 518647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $7369567 | $7405239 | $7472096 | $7415430 | $7386952 |

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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 | Six Months Ended | Six Months Ended |
| | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, |
| (Dollars in thousands, except per share data) | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 |
| Interest income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $65668 | $64119 | $65482 | $65469 | $64422 | $129787 | $127241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends on investment securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable investment securities | 9871 | 9801 | 8626 | 8975 | 8466 | 19672 | 15677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt investment securities | 709 | 708 | 723 | 551 | 598 | 1417 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits in other financial institutions | 1484 | 2254 | 3004 | 2775 | 2203 | 3738 | 5814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income on FHLB and FRB stock | 388 | 324 | 125 | 127 | 151 | 712 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 78120 | 77206 | 77960 | 77897 | 75840 | 155326 | 150242 |
| Interest expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand | 443 | 452 | 686 | 484 | 490 | 895 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings and money market | 8414 | 8862 | 9388 | 10235 | 8977 | 17276 | 17420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 7616 | 8107 | 9881 | 11040 | 12173 | 15723 | 25163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on FHLB advances and other short-term borrowings |  |  |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on long-term debt | 1851 | 2086 | 2231 | 2287 | 2278 | 3937 | 4561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 18324 | 19507 | 22186 | 24046 | 23919 | 37831 | 48134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 59796 | 57699 | 55774 | 53851 | 51921 | 117495 | 102108 |
| Provision for credit losses | 4987 | 4172 | 818 | 2833 | 2239 | 9159 | 6175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 54809 | 53527 | 54956 | 51018 | 49682 | 108336 | 95933 |
| Other operating income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 744 | 597 | 913 | 822 | 1040 | 1341 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 2124 | 2147 | 2251 | 2167 | 2135 | 4271 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service charges and fees | 5957 | 5766 | 5476 | 5947 | 5869 | 11723 | 11130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from fiduciary activities | 1501 | 1624 | 1430 | 1447 | 1449 | 3125 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from bank-owned life insurance | 2260 | 497 | 1966 | 1897 | 1234 | 2757 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sales of investment securities |  |  | (9934) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 427 | 465 | 522 | 454 | 394 | 892 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other operating income | 13013 | 11096 | 2624 | 12734 | 12121 | 24109 | 23365 |
| Other operating expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 22696 | 21819 | 21661 | 22299 | 21246 | 44515 | 41981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net occupancy | 4253 | 4392 | 4192 | 4612 | 4597 | 8645 | 9197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer software | 5320 | 4714 | 4757 | 4590 | 4381 | 10034 | 8668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and professional services | 2873 | 2798 | 2504 | 2460 | 2506 | 5671 | 4826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | 950 | 1082 | 904 | 972 | 995 | 2032 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 832 | 887 | 911 | 889 | 901 | 1719 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication | 901 | 1033 | 943 | 740 | 657 | 1934 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6121 | 5347 | 8305 | 10125 | 5868 | 11468 | 11741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other operating expense | 43946 | 42072 | 44177 | 46687 | 41151 | 86018 | 81727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 23876 | 22551 | 13403 | 17065 | 20652 | 46427 | 37571 |
| Income tax expense | 5605 | 4791 | 2058 | 3760 | 4835 | 10396 | 8809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $18271 | $17760 | $11345 | $13305 | $15817 | $36031 | $28762 |
| Per common share data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $0.68 | $0.66 | $0.42 | $0.49 | $0.58 | $1.33 | $1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | 0.67 | 0.65 | 0.42 | 0.49 | 0.58 | 1.33 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared | 0.27 | 0.27 | 0.26 | 0.26 | 0.26 | 0.54 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average shares outstanding | 26988169 | 27087154 | 27065047 | 27064035 | 27053549 | 27037388 | 27050037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding | 27069677 | 27213406 | 27221121 | 27194625 | 27116349 | 27139969 | 27106267 |

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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 |
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| | 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 | 134270 | 4.43% | 1484 | 206108 | 4.44% | 2254 | 162393 | 5.46% | 2203 |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 1379213 | 2.86 | 9871 | 1376687 | 2.85 | 9801 | 1335100 | 2.54 | 8466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt [1] | 139103 | 2.58 | 897 | 139589 | 2.57 | 896 | 142268 | 2.13 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 1518316 | 2.84 | 10768 | 1516276 | 2.82 | 10697 | 1477368 | 2.50 | 9223 |
| &nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 5307946 | 4.96 | 65668 | 5311610 | 4.88 | 64119 | 5385829 | 4.80 | 64422 |
| &nbsp;&nbsp;&nbsp;FHLB and FRB stock | 24565 | 6.33 | 388 | 20494 | 6.32 | 324 | 6925 | 8.71 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 6985097 | 4.49 | 78308 | 7054488 | 4.43 | 77394 | 7032515 | 4.34 | 75999 |
| Noninterest-earning assets | 329047 |  |  | 334295 |  |  | 306199 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 7314144 |  |  | 7388783 |  |  | 7338714 |  |  |
| 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 | 1357049 | 0.13% | 443 | 1355360 | 0.14% | 452 | 1273901 | 0.15% | 490 |
| &nbsp;&nbsp;&nbsp;Savings and money market deposits | 2275799 | 1.48 | 8414 | 2345445 | 1.53 | 8862 | 2221754 | 1.63 | 8977 |
| &nbsp;&nbsp;&nbsp;Time deposits up to $250,000 | 439738 | 2.32 | 2546 | 457473 | 2.51 | 2832 | 555809 | 3.29 | 4548 |
| &nbsp;&nbsp;&nbsp;Time deposits over $250,000 | 603652 | 3.37 | 5070 | 603919 | 3.54 | 5275 | 703280 | 4.36 | 7625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4676238 | 1.41 | 16473 | 4762197 | 1.48 | 17421 | 4754744 | 1.83 | 21640 |
| &nbsp;&nbsp;&nbsp;FHLB advances and other short-term borrowings |  |  |  |  |  |  | 66 | 5.60 | 1 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 131431 | 5.65 | 1851 | 152201 | 5.56 | 2086 | 156188 | 5.86 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 4807669 | 1.53 | 18324 | 4914398 | 1.61 | 19507 | 4910998 | 1.96 | 23919 |
| Noninterest-bearing deposits | 1827225 |  |  | 1798903 |  |  | 1788023 |  |  |
| Other liabilities | 119002 |  |  | 130594 |  |  | 130186 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 6753896 |  |  | 6843895 |  |  | 6829207 |  |  |
| Total equity | 560248 |  |  | 544888 |  |  | 509507 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | 7314144 |  |  | 7388783 |  |  | 7338714 |  |  |
| Net interest income (taxable-equivalent) |  |  | 59984 |  |  | 57887 |  |  | 52080 |
| Taxable-equivalent adjustment |  |  | (188) |  |  | (188) |  |  | (159) |
| Net interest income (GAAP) |  |  | 59796 |  |  | 57699 |  |  | 51921 |
| Interest rate spread |  | 2.96% |  |  | 2.82% |  |  | 2.38% |  |
| **Net interest margin (taxable-equivalent)** |  | **3.44%** |  |  | **3.31%** |  |  | **2.97%** |  |
| *[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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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended |
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| | 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 | 169991 | 4.43% | 3738 | 213905 | 5.47% | 5814 |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 1377957 | 2.86 | 19672 | 1329879 | 2.36 | 15677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt [1] | 139345 | 2.57 | 1794 | 142549 | 2.23 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 1517302 | 2.83 | 21466 | 1472428 | 2.34 | 17263 |
| &nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 5309768 | 4.92 | 129787 | 5393193 | 4.74 | 127241 |
| &nbsp;&nbsp;&nbsp;FHLB and FRB stock | 22541 | 6.32 | 712 | 6863 | 7.49 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 7019602 | 4.46 | 155703 | 7086389 | 4.26 | 150575 |
| Noninterest-earning assets | 331655 |  |  | 307799 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 7351257 |  |  | 7394188 |  |  |
| 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 | 1356209 | 0.13% | 895 | 1285383 | 0.15% | 989 |
| &nbsp;&nbsp;&nbsp;Savings and money market deposits | 2310429 | 1.51 | 17276 | 2220002 | 1.58 | 17420 |
| &nbsp;&nbsp;&nbsp;Time deposits up to $250,000 | 448557 | 2.42 | 5377 | 550044 | 3.25 | 8887 |
| &nbsp;&nbsp;&nbsp;Time deposits over $250,000 | 603785 | 3.46 | 10346 | 748649 | 4.37 | 16276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4718980 | 1.45 | 33894 | 4804078 | 1.82 | 43572 |
| &nbsp;&nbsp;&nbsp;FHLB advances and other short-term borrowings |  |  |  | 33 | 5.60 | 1 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 141758 | 5.60 | 3937 | 156159 | 5.87 | 4561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 4860738 | 1.57 | 37831 | 4960270 | 1.95 | 48134 |
| Noninterest-bearing deposits | 1813142 |  |  | 1797212 |  |  |
| Other liabilities | 124767 |  |  | 131392 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 6798647 |  |  | 6888874 |  |  |
| Total equity | 552610 |  |  | 505314 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | 7351257 |  |  | 7394188 |  |  |
| Net interest income (taxable-equivalent) |  |  | 117872 |  |  | 102441 |
| Taxable-equivalent adjustment |  |  | (377) |  |  | (333) |
| Net interest income (GAAP) |  |  | 117495 |  |  | 102108 |
| Interest rate spread |  | 2.89% |  |  | 2.31% |  |
| **Net interest margin (taxable-equivalent)** |  | **3.37%** |  |  | **2.90%** |  |
| *[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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, |
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 |
| HAWAII: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial and industrial | $455372 | $461020 | $430167 | $411209 | $415538 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 172382 | 159081 | 145182 | 134043 | 147657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 1851690 | 1870239 | 1892520 | 1897919 | 1913177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 627834 | 655237 | 676982 | 697123 | 706811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 1161244 | 1174573 | 1165060 | 1157625 | 1150703 |
| &nbsp;&nbsp;&nbsp;Consumer | 224085 | 219941 | 274712 | 277849 | 287295 |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | 4492607 | 4540091 | 4584623 | 4575768 | 4621181 |
| &nbsp;&nbsp;&nbsp;Less: Allowance for credit losses | (44372) | (45937) | (45967) | (47789) | (47902) |
| &nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | $4448235 | $4494154 | $4538656 | $4527979 | $4573279 |
| U.S. MAINLAND: [1] |  |  |  |  |  |
| &nbsp;&nbsp;Commercial and industrial | $152758 | $173600 | $176769 | $188238 | $169318 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 17626 | 1011 | 29 | 24083 | 23865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 379279 | 377866 | 335620 | 312685 | 314667 |
| &nbsp;&nbsp;&nbsp;Consumer | 247539 | 241979 | 235811 | 241835 | 254613 |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | 797202 | 794456 | 748229 | 766841 | 762463 |
| &nbsp;&nbsp;&nbsp;Less: Allowance for credit losses | (15239) | (14532) | (13215) | (13858) | (14323) |
| &nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | $781963 | $779924 | $735014 | $752983 | $748140 |
| TOTAL: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial and industrial | $608130 | $634620 | $606936 | $599447 | $584856 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 190008 | 160092 | 145211 | 158126 | 171522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 1851690 | 1870239 | 1892520 | 1897919 | 1913177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 627834 | 655237 | 676982 | 697123 | 706811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 1540523 | 1552439 | 1500680 | 1470310 | 1465370 |
| &nbsp;&nbsp;&nbsp;Consumer | 471624 | 461920 | 510523 | 519684 | 541908 |
| &nbsp;&nbsp;&nbsp;Total loans, net of deferred fees and costs | 5289809 | 5334547 | 5332852 | 5342609 | 5383644 |
| &nbsp;&nbsp;&nbsp;Less: Allowance for credit losses | (59611) | (60469) | (59182) | (61647) | (62225) |
| &nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | $5230198 | $5274078 | $5273670 | $5280962 | $5321419 |
| *[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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, |
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 |
| Noninterest-bearing demand | $1938226 | $1854241 | $1888937 | $1838009 | $1847173 |
| Interest-bearing demand | 1336620 | 1368519 | 1338719 | 1255382 | 1283669 |
| Savings and money market | 2242122 | 2316416 | 2329170 | 2336323 | 2234111 |
| Time deposits up to $250,000 | 439687 | 436437 | 483378 | 536316 | 547212 |
| &nbsp;&nbsp;&nbsp;Core deposits | 5956655 | 5975613 | 6040204 | 5966030 | 5912165 |
| Other time deposits greater than $250,000 | 459945 | 475861 | 500693 | 492221 | 476457 |
| Government time deposits | 128389 | 144574 | 103114 | 124762 | 193833 |
| &nbsp;&nbsp;&nbsp;Total time deposits greater than $250,000 | 588334 | 620435 | 603807 | 616983 | 670290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $6544989 | $6596048 | $6644011 | $6583013 | $6582455 |

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| | |
|:---|:---|
| **CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES** | |
| **Nonperforming Assets and Accruing Loans 90+ Days Past Due** | |
| (Unaudited) | **TABLE 8** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, |
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 |
| Nonaccrual loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $110 | $531 | $414 | $376 | $355 |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 12327 | 9199 | 9044 | 9680 | 7991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 1889 | 746 | 952 | 915 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage |  |  |  |  | 77 |
| &nbsp;&nbsp;&nbsp;Consumer | 569 | 609 | 608 | 626 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | 14895 | 11085 | 11018 | 11597 | 10257 |
| Other real estate owned ("OREO") |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets ("NPAs") | 14895 | 11085 | 11018 | 11597 | 10257 |
| Accruing loans 90+ days past due: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 1625 |  | 323 | 13 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 21 | 87 | 78 | 135 | 135 |
| &nbsp;&nbsp;&nbsp;Consumer | 418 | 670 | 373 | 481 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accruing loans 90+ days past due | 2064 | 757 | 774 | 629 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NPAs and accruing loans 90+ days past due | $16959 | $11842 | $11792 | $12226 | $12561 |
| Ratio of total nonaccrual loans to total loans | 0.28% | 0.21% | 0.21% | 0.22% | 0.19% |
| Ratio of total NPAs to total assets | 0.20 | 0.15 | 0.15 | 0.16 | 0.14 |
| Ratio of total NPAs to total loans and OREO | 0.28 | 0.21 | 0.21 | 0.22 | 0.19 |
| Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO | 0.32 | 0.22 | 0.22 | 0.23 | 0.23 |
| Quarter-to-quarter changes in NPAs: |  |  |  |  |  |
| Balance at beginning of quarter | $11085 | $11018 | $11597 | $10257 | $10132 |
| Additions | 5879 | 2397 | 1436 | 3484 | 1920 |
| Reductions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments | (585) | (614) | (763) | (602) | (363) |
| &nbsp;&nbsp;&nbsp;Return to accrual status | (861) | (558) | (71) | (354) | (27) |
| &nbsp;&nbsp;&nbsp;Charge-offs, valuation and other adjustments | (623) | (1158) | (1181) | (1188) | (1405) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reductions | (2069) | (2330) | (2015) | (2144) | (1795) |
| Balance at end of quarter | $14895 | $11085 | $11018 | $11597 | $10257 |

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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 | Six Months Ended | Six Months Ended |
| | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Jun 30, | Jun 30, |
| (Dollars in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 |
| Allowance for credit losses ("ACL") on loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $60469 | $59182 | $61647 | $62225 | $63532 | $59182 | $63934 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses on loans | 3810 | 3905 | 1353 | 3040 | 2448 | 7715 | 6569 |
| &nbsp;&nbsp;&nbsp;Charge-offs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | (2858) | (580) | (1113) | (663) | (519) | (3438) | (1201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage |  |  |  | (99) | (284) |  | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | (2864) | (2977) | (3727) | (3956) | (4345) | (5841) | (9183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | (5722) | (3557) | (4840) | (4718) | (5148) | (9279) | (10668) |
| &nbsp;&nbsp;&nbsp;Recoveries: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 195 | 171 | 158 | 158 | 130 | 366 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 3 |  |  |  |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 7 | 10 | 11 | 8 | 9 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home equity | 9 | 3 |  |  |  | 12 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 840 | 755 | 853 | 934 | 1254 | 1595 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 1054 | 939 | 1022 | 1100 | 1393 | 1993 | 2390 |
| &nbsp;&nbsp;&nbsp;Net charge-offs | (4668) | (2618) | (3818) | (3618) | (3755) | (7286) | (8278) |
| &nbsp;&nbsp;&nbsp;Balance at end of period | $59611 | $60469 | $59182 | $61647 | $62225 | $59611 | $62225 |
| Average loans, net of deferred fees and costs | $5307946 | $5311610 | $5315802 | $5330810 | $5385829 | $5309768 | $5393193 |
| Ratio of annualized net charge-offs to average loans | 0.35% | 0.20% | 0.29% | 0.27% | 0.28% | 0.27% | 0.31% |
| Ratio of ACL to total loans | 1.13 | 1.13 | 1.11 | 1.15 | 1.16 | 1.13 | 1.16 |

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

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

A key measure of operating efficiency tracked by the Company is the efficiency ratio, which is derived from GAAP-based amounts, and is calculated by dividing total other operating expenses by total pre-provision revenue (net interest income plus total other operating income). The Company believes that the efficiency ratio, a non-GAAP financial measure, provides useful supplemental information that is important to a proper understanding of its business results and operating efficiency. The Company's efficiency ratio should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to the efficiency ratio presented by other companies. The following table sets forth our efficiency ratio for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (dollars in thousands) | Jun 30, 2025 | Mar 31, 2025 | Jun 30, 2024 | Jun 30, 2025 | Jun 30, 2024 |
| Total other operating expense | $43946 | $42072 | $41151 | $86018 | $81727 |
| Net interest income | $59796 | $57699 | $51921 | $117495 | $102108 |
| Total other operating income | 13013 | 11096 | 12121 | 24109 | 23365 |
| Total revenue | $72809 | $68795 | $64042 | $141604 | $125473 |
| Efficiency ratio (non-GAAP) | 60.36% | 61.16% | 64.26% | 60.75% | 65.14% |

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The following table presents our tangible common equity ("TCE") ratio, a non-GAAP financial measure, which is calculated by dividing tangible common equity by tangible assets, as of the dates presented.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
| Total shareholders' equity | $568874 | $557376 | $538385 | $543725 | $518647 |
| Less: Intangible assets |  |  |  | (1390) | (1414) |
| TCE | $568874 | $557376 | $538385 | $542335 | $517233 |
| Total assets | $7369567 | $7405239 | $7472096 | $7415430 | $7386952 |
| Less: Intangible assets |  |  |  | (1390) | (1414) |
| Tangible assets | $7369567 | $7405239 | $7472096 | $7414040 | $7385538 |
| TCE ratio (non-GAAP) (TCE to tangible assets) | 7.72% | 7.53% | 7.21% | 7.31% | 7.00% |

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## Exhibit 99.2

![](cpf_irdeckjun2025final001.jpg)

2nd Quarter 2025 Earnings Supplement and Investor Presentation July 25, 2025

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![](cpf_irdeckjun2025final002.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, payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. (the "Company") or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements. While we believe that our FLS and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the effects of the persistence of current inflationary pressures, or the resurgence of elevated levels of inflation in the United States and our market areas, and its impact on market interest rates, the economy and credit quality; the impact of the current U.S. administration's recent economic policies, including potential international tariffs and other cost cutting initiatives; the adverse effects of bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of pandemic viruses (and their variants), epidemics and other public health emergencies on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees, as well as the effects of government programs and initiatives in response thereto; supply chain disruptions; labor contract disputes and potential strikes; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, and earthquakes) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau, government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to, or regulatory or other governmental inquiries and proceedings and the resolution thereof; the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to, and the effect of any recurring or special FDIC assessments; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the PCAOB, the FASB and other accounting standard setters and the cost and resources required to implement such changes; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; securities market and monetary fluctuations, including the impact resulting from the elimination of the LIBOR Index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; the effects of any potential or actual acquisitions or dispositions we may make or evaluate, and the related costs associated therewith; political instability; acts of war or terrorism or military conflicts domestically or internationally; changes in consumer spending, borrowings and savings habits; technological changes and developments; cybersecurity and data privacy breaches and the consequence therefrom, including those involving our third-party vendors or other service providers; susceptibility of fraud on our business; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; our ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; changes in the competitive environment among financial holding companies and other financial service providers; our ability to successfully implement our initiatives to lower our efficiency ratio; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; our ability to successfully implement and achieve the objectives of our BaaS initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; uncertainty regarding United States fiscal debt, deficit and budget matters; and our success at managing the risks involved in the foregoing items. For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the FLS, please see the Company's publicly available SEC filings, including the Company's Forms 10-Q and 10-K for the last fiscal quarter and 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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3Central Pacific Financial Corp. MARKET INFORMATION NYSE TICKER CPF SUBSIDIARY CPB TOTAL ASSETS $7.4 BILLION MARKET CAP $758 MILLION SHARE PRICE $28.08 DIVIDEND YIELD 3.8%1 Central Pacific Financial Corp. (CPF) is a Hawaii-based bank holding company. Central Pacific Bank (CPB) was founded in 1954 by Japanese-American veterans of World War II to serve the needs of families and small businesses that did not have access to financial services. Today CPB is the 4th largest financial institution in Hawaii with 27 branches and 55 ATM's across the State. CPB provides a full suite of banking products and services to commercial clients and consumers, and continues the legacy of supporting our community. CPB was named Best Bank in Hawaii by Forbes Magazine in 2025. This is the fourth consecutive year the Bank has made the Forbes list. Note: Total assets as of June 30, 2025. Other Market Information above as of July 15, 2025. Central Pacific Financial - Corporate Profile 1 Dividend yield is calculated based on quarterly cash dividend of $0.27 per share declared for 2Q25.

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4Central Pacific Financial Corp. Tourism Visitor arrivals YoY Growth YTD 2.8% 1 Employment Unemployment Rate June 2025 2.8% 1 • Tourism industry continues to grow at modest pace • Visitor spending totaling $9 billion as of May 2025 YTD, a 6.5% increase from same prior year period • Significant Public & Private Construction Projects • Honolulu rail transit project – estimated cost of $12 billion and the largest public works project in Hawaii's history • Luxury and affordable housing development, including near Downtown, Honolulu and West Oahu • Military & Defense Spending • Pearl Harbor's shipyard infrastructure upgrade - the U.S. Navy's largest shipyard project estimated to cost $3.4 billion • Indo-Pacific Command in Hawaii plays a key role in the U.S. defense strategy 1 Source: State of Hawaii Department of Business, Economic Development & Tourism. Tourism represents total visitors as of May 2025 compared to May 2024. 2 Source: Honolulu Board of Realtors Hawaii Economy – Foundation for Sustained Economic Activity Housing Oahu Median Single-Family Home Price June 2025 $1.13MM 2 Construction Completed Construction in 2024 reached $14 billion

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5Central Pacific Financial Corp. Highlights • Profitability metrics improved on all core metrics • Net interest income growth of 3.6% quarter-over- quarter • NIM expanded 13 bps on a sequential quarter basis, and expanded every quarter for the last five quarters • Efficiency ratio improved to 60.36%1 • Quarterly cash dividend maintained at $0.27 • Repurchased 103K shares of CPF common stock for $2.6 million, or $25.00 per share Strong Performance through the First Half of 2025 2Q25 Actual 1Q25 Actual 2Q24 Actual NET INCOME / DILUTED EPS $18.3MM / $0.67 $17.8MM / $0.65 $15.8MM / $0.58 PRE-PROVISION NET REVENUE (PPNR) 1 $28.9MM $26.7MM $22.9MM RETURN ON ASSETS (ROA) 1.00% 0.96% 0.86% RETURN ON EQUITY (ROE) 13.04% 13.04% 12.42% TANGIBLE COMMON EQUITY (TCE)1 7.72% 7.53% 7.00% NET INTEREST MARGIN (NIM) 3.44% 3.31% 2.97% 1 PPNR, TCE Ratio and efficiency ratio are non-GAAP financial measure. Refer to slide 19.

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6Central Pacific Financial Corp. Diversified Loan Portfolio • Diverse loan portfolio, with 80% secured by real estate • Overall portfolio yield improved 8 bps to 4.96% from Q1 to Q2 2025 • Primed for growth in the 2nd half of 2025 given opportunities in CRE and Construction in both Hawaii and the mainland 3.77 4.08 4.45 4.96 5.10 5.56 5.44 5.33 5.29 3.00 3.50 4.00 4.50 5.00 5.50 6.00 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 $ B il li o n s Loan Balances Outstanding as of period end Commercial & Industrial 11% Construction 4% Residential Mortgage 35% Home Equity 12% Commercial Mortgage 29% Consumer 9% Loan Portfolio Composition as of June 30, 2025

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7Central Pacific Financial Corp. Low-Cost Deposits Driven by Valuable Franchise Data as of June 30, 2025 • Well-diversified and granular: 51% Commercial (Average account balance of $101K) 49% Consumer (Average account balance of $19K) • 53% Long-tenured customers with CPB 10 years or longer • Low reliance on public time deposits • No brokered deposits 4.96 4.95 5.12 5.80 6.64 6.74 6.85 6.64 6.54 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 $ B il li o n s Total Deposits as of period end Noninterest Bearing Demand 30% Interest Bearing Demand 20% Savings & Money Market 34% Time 16% Deposit Portfolio Composition as of June 30, 2025

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8Central Pacific Financial Corp. 1.02% 1.50% 2.20% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 Total Deposit Cost CPF HI Peers Nat'l Peers • Source: Earnings release for the quarter ended 6/30/2025 and S&P Global • HI Peers includes BOH and FHB as of 3/31/25 • Nat'l Peers includes publicly traded banks with total assets of $3-10 billion as of 3/31/25 Low rate-sensitive, relationship-based deposit portfolio provides significant cost advantage CPF total deposit cost declined 6 bps to 1.02% from 1Q25 to 2Q25 CPF Deposit Cost Advantage 3.17% 2.62% 3.36%3.31% 2.69% 3.41%3.44% CPF HI Peers Nat'l Peers Net Interest Margin Q4 Q1 Q2 24 25 25 Q4 Q1 24 25 Q4 Q1 24 25 29.6% 30.2% 23.8% CPF HI Peers Nat'l Peers 2Q25 1Q25 1Q25 Non-Interest Bearing Deposits to Total Deposits

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9Central Pacific Financial Corp. 2.6 11.1 13.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 4Q24 1Q25 2Q25 $ M il li o n s Noninterest Income Noninterest Income and Expense • 2Q25 increase is mostly due to income from BOLI • Opportunity to increase fee income through a growing Wealth management business, and customer swap program • 2Q25 increase primarily due to higher deferred compensation expense • Non-interest expenses was managed to be relatively flat • Priority on process improvements and expense management in all areas $9.9MM in pre-tax loss on investment repositioning 12.6 Note: Totals may not sum due to rounding. 44.2 42.1 43.9 0.0 10.0 20.0 30.0 40.0 50.0 60.0 4Q24 1Q25 2Q25 $ M il li o n s Noninterest Expense

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10Central Pacific Financial Corp. 5 Asset quality remained solid and in the expected operating range Solid Credit Profile 0.04% 0.01% 0.01% 0.01% 0.04% 2Q24 3Q24 4Q24 1Q25 2Q25 Delinquencies 90+Days/Total Loans 0.66% 0.62% 0.62% 0.82% 1.80% 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized/Total Loans 0.08% 0.07% 0.10% 0.06% 0.21% 0.20% 0.20% 0.19% 0.13% 0.14% 0.28% 0.27% 0.29% 0.20% 0.35% 2Q24 3Q24 4Q24 1Q25 2Q25 Annualized NCO/Avg Loans All Other NCO/Avg Loans Mainland Consumer NCO/Avg Loans 0.19% 0.22% 0.21% 0.21% 0.28% 2Q24 3Q24 4Q24 1Q25 2Q25 NPAs/Total Loans Note: Totals may not sum due to rounding.

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11Central Pacific Financial Corp. • $3.8 million provision for credit loss on loans, plus additional $1.2 million to the reserve for unfunded commitments, for a total provision for credit loss of $5.0 million in 2Q25 • Strong ACL coverage ratio of 1.13% for 2Q25 Note: Totals may not sum due to rounding. Allowance for Credit Losses $ Millions 2Q24 3Q24 4Q24 1Q25 2Q25 Beginning Balance 63.5 62.2 61.6 59.2 60.5 Net Charge-offs (3.7) (3.6) (3.8) (2.6) (4.7) Provision for Credit Losses 2.4 3.0 1.4 3.9 3.8 Ending Balance 62.2 61.6 59.2 60.5 59.6 Coverage Ratio (ACL to Total Loans) 1.16% 1.15% 1.11% 1.13% 1.13%

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12Central Pacific Financial Corp. High Quality Securities Portfolio • $1.3 billion or 18% of total assets • 95% AAA rated • Portfolio mix: AFS 57% / HTM 43% • Interest rate swap on $115 million of municipal securities; added $0.7 million to interest income in 2Q25 (pay fixed at 2.1%, receive float at Fed Funds). U.S. Treasury & Gov't Agency 8% Municipals 12% Agency CMBS/RMBS 76% Non-Agency CMBS/RMBS 1% Collateralized loan obligations 3% Investment Portfolio Composition as of June 30, 2025

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13Central Pacific Financial Corp. Strong Liquidity with Ample Alternative Sources $ Millions June 30, 2025 Cash on Balance Sheet 317$ Other Funding Sources: Unpledged Securities 572 FHLB Available Borrowing Capacity 1,628 FRB Available Borrowing Capacity 230 Other Funding Lines 75 Total 2,505$ Total Sources of Liquidity 2,822$

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141Central Pacific Financial Corp. Strong Capital and Shareholder Return • Regulatory capital ratios meaningfully above the well-capitalized minimums • Maintained quarterly cash dividend of $0.27 per share which will be payable on September 15, 2025 • 103,077 shares repurchased in 2Q25 at a total cost of $2.6 million or $25.00 per share $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2017 2018 2019 2020 2021 2022 2023 2024 2025\* Cash Dividends Declared per Common Share \* Annualized 9.6% 12.6% 15.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Tier 1 Leverage CET1 Total Capital Regulatory Capital Ratios As June 30, 2025 Regulatory Minimum Well-Capitalized CPF

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15Central Pacific Financial Corp. Appendix

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16Central Pacific Financial Corp. • Actively working with buyers in 20 new home projects, with an estimated 6,000 units. • Accretive to construction loans, CRE take-out financing and residential loan business • Engaged in key joint ventures with homebuilder and real estate company • Established key alliances with Hokuyo Bank and Tokyo Star Bank • Deep expertise and legacy of leadership connections • Produces deposit generating opportunities • SBA Lender of the Year Category II 16 times since 2004 • Launched our Business Express online loan portal to offer self- service credit application options 24/7 • Leads to loan and deposit growth opportunities HOME OWNERSHIP Go-to lender, driving Hawaii housing solutions SMALL BUSINESS #1 bank for small businesses in Hawaii JAPAN Bridging Hawaii and Japan Who We Are: Our Foundational Principles

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17Central Pacific Financial Corp. Efficiency Optimization Valuable Deposit Franchise Increased Revenue Opportunities Credit Profile \| Capital \| Liquidity Improving market demand and building a solid team to grow loan portfolio and fee income Providing stable, low- cost funding advantage through deep relationships Focusing on digital and technology to automate processes, improve customer and employee experience, and drive ROI Our Core Growth and Value Drivers S O L I D Small Business Home Ownership JapanJapan Built on our Foundational Principles

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181Central Pacific Financial Corp. Digital and Technology Transformation 87% Consumer deposits processed digitally Digital Engagement1 Digital Metrics 1 Deposit activity for the month of June 2025. 2 For all enrolled customers, defined as logging into online or mobile banking at least 1 time within the past 90 days as of June 30, 2025. 3 CAGR calculated over a 3-year period from July 2022 to June 2025. Engaged in Digital Banking 2 75% 72% Retail Customers Business Customers 76% 73% Retail Mobile Users 10% Annual Growth Rate 3 Resulting in reduced manual efforts and enhanced customer service experiences Leveraging Technology to Drive Efficiencies Automated Processes Implemented over 90 process improvements, which included 40 workflow automations that created efficiencies across various areas of the bank. ACH, 78% ATM, 4% Mobile, 5% Branch, 13% Branch Enhancements Technology integration provided time savings of over 80% on teller balancing, allowing more focus on customer service.

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19Central Pacific Financial Corp. Non-GAAP Disclosure To supplement our consolidated financial information, the Company uses certain non-GAAP financial measures, which are not meant to be considered in isolation or as a substitute for comparable GAAP. The Company believes these non-GAAP financial measures provide useful information to investors and others, which excludes transactions that are not meaningful in comparison to our past operating performance or not reflective of ongoing financial results. The Company believes that these measures offer a supplemental measure for period-to-period comparisons and can be used to evaluate our historical and prospective financial performance. These non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies. EFFICIENCY RATIO1 (IN 000'S) 2Q25 Actual 1Q25 Actual 2Q24 Actual Total other operating expense 43,946 42,072 41,151 Net interest income 59,796 57,699 51,921 Total other operating income 13,013 11,096 12,121 Total revenue 72,809 68,795 64,042 Efficiency ratio (non-GAAP) 60.36% 61.16% 64.26% Note: Totals may not sum due to rounding. 1 Non-GAAP financial measures. PPNR1 (IN 000'S) 2Q25 Actual 1Q25 Actual 2Q24 Actual Net income 18,271 17,760 15,817 Add: Income tax expense 5,605 4,791 4,835 Pre-tax income 23,876 22,551 20,652 Add: Provision for credit losses 4,987 4,172 2,239 PPNR (non-GAAP) 28,863 26,723 22,891 TCE RATIO1 (IN 000'S) 2Q25 Actual 1Q25 Actual 2Q24 Actual Total shareholders' equity 568,874 557,376 518,647 Less: intangible assets 0 0 -1,414 Tangible Common Equity (TCE) 568,874 557,376 517,233 Total assets 7,369,567 7,405,239 7,386,952 Less: intangible assets 0 0 -1,414 Tangible assets 7,369,567 7,405,239 7,385,538 TCE Ratio (non-GAAP) (TCE to tangible assets) 7.72% 7.53% 7.00% Efficiency ratio is derived from GAAP-based amounts, and is calculated by dividing total other operating expenses by total pre-provision revenue (net interest income plus total other operating income). Tangible Common Equity ("TCE") Ratio is calculated by dividing tangible common equity by tangible assets. Pre-Provision Net Revenue ("PPNR") is calculated by adding net income plus income tax expense plus provision for credit losses

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20Central Pacific Financial Corp. (\*) Certain amounts in prior years were reclassified to conform to current year's presentation. These reclassifications had an immaterial impact to our previously reported efficiency ratios. Note: Totals may not sum due to rounding. Historical Financial Highlights ($ Millions) 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2Q Balance Sheet (period end data) Loans and leases 3,770.6$4,078.4$4,449.5$4,964.1$5,101.6$5,555.5$5,439.0$5,332.9$5,334.5$5,289.8$ Total assets 5,623.7 5,807.0 6,012.7 6,594.6 7,419.1 7,432.8 7,642.8 7,472.1 7,405.2 7,369.6 Total deposits 4,956.4 4,946.5 5,120.0 5,796.1 6,639.2 6,736.2 6,847.6 6,644.0 6,596.0 6,545.0 Total shareholders' equity 500.0 491.7 528.5 546.7 558.3 452.9 503.8 538.4 557.4 568.9 Income Statement Net interest income 167.7 173.0 184.1 197.7 211.0 215.6 210.0 211.7 57.7 59.8 Provision (credit) for credit losses (\*) (2.6) (1.5) 6.3 42.1 (14.6) (1.3) 15.7 9.8 4.2 5.0 Other operating income 36.5 38.8 41.8 45.2 43.1 47.9 46.7 38.7 11.1 13.0 Other operating expense (\*) 131.0 135.1 141.6 151.7 163.0 166.0 164.1 172.6 42.1 43.9 Income taxes (\*) 34.6 18.8 19.6 11.8 25.8 24.8 18.2 14.6 4.8 5.6 Net income 41.2 59.5 58.3 37.3 79.9 73.9 58.7 53.4 17.8 18.3 Prof itability Return on average assets 0.75% 1.05% 0.99% 0.58% 1.13% 1.01% 0.78% 0.72% 0.96% 1.00% Return on average shareholders' equity 8.03% 12.22% 11.36% 6.85% 14.38% 15.47% 12.38% 10.25% 13.04% 13.04% Efficiency ratio 64.14% 63.79% 62.69% 62.47% 64.16% 63.00% 63.95% 68.91% 61.16% 60.36% Net interest margin 3.28% 3.22% 3.35% 3.30% 3.18% 3.09% 2.94% 3.01% 3.31% 3.44% Capital Adequacy (period end data) Leverage capital ratio 10.4% 9.9% 9.5% 8.8% 8.5% 8.5% 8.8% 9.3% 9.4% 9.6% Total risk-based capital ratio 15.9% 14.7% 13.6% 15.2% 14.5% 13.5% 14.6% 15.4% 15.6% 15.8% Asset Quality Net loan chargeoffs/average loans 0.11% 0.02% 0.15% 0.15% 0.02% 0.09% 0.27% 0.29% 0.20% 0.35% Nonaccrual loans/total loans (period end) 0.07% 0.06% 0.03% 0.12% 0.12% 0.09% 0.13% 0.21% 0.21% 0.28% Year Ended December 31, 2025

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21Central Pacific Financial Corp. Commercial Real Estate Loans Portfolio • Investor 76% ($1.2B) / Owner-Occupied 24% ($0.4B) • Hawaii 75% ($1.2B) / Mainland 25% ($0.4B) • WA LTV • Hawaii = 61% • Mainland = 57% Industrial/ Warehouse 29% Retail 18% Apartment 19% Office 13% Hotel 12% Other 4% Shopping Center 3% Storage 2% CRE Loans Portfolio Composition as of June 30, 2025

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22Central Pacific Financial Corp. • Total Hawaii Consumer $224 million • Total Mainland Consumer $248 million • Weighted average origination FICO: • 746 for Hawaii Consumer • 749 for Mainland Consumer • Mainland consumer net charge-offs peaked in 4Q23 and declined for 6 consecutive quarters since then Consumer Loans Portfolio HI Auto $151 , 32% HI Other $73 , 16% Mainland Home Improvement $89 , 19% Mainland Unsecured $25 , 5% Mainland Auto $134 , 28% Consumer Loans Portfolio Composition as of June 30, 2025 ($ Millions)

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23Central Pacific Financial Corp. CPB Named Best Bank in Hawaii by Newsweek, Forbes, and Honolulu Star-Advertiser • Newsweek's America's Best Regional Banks 2025 • Forbes' Best-In-State Banks 2025 • Forbes' America's Best Banks 2025 • Honolulu Star-Advertiser's Best Bank in Hawaii 2024

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24Central Pacific Financial Corp. Caring for our 'Aina and People

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25Central Pacific Financial Corp. Mahalo

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