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Central Pacific Financial Q3 profit rises to $22.8M

The board declared a fourth-quarter cash dividend of $0.31 per share, payable December 15, 2026, following a 3.3% increase.

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Form Type
8-K

Rhea-AI Filing Summary

Central Pacific Financial Corp. (CPF) reported third-quarter 2026 net income of $22.8 million, or $0.88 diluted earnings per share, compared with $18.6 million and $0.69 a year earlier. Net interest income was $64.5 million, up 5.2% year over year, and net interest margin was 3.62%, 13 basis points above the same quarter in 2025. The efficiency ratio was 58.27%, compared with 62.84% a year earlier. The average rate paid on total deposits was 0.90%.

At September 30, 2026, assets were $7.45 billion, loans were $5.31 billion and deposits were $6.66 billion. The company repurchased 294,110 shares for $11.2 million, averaging $38.18 per share, and had $22.0 million remaining under its authorization. The board declared a fourth-quarter cash dividend of $0.31 per share, up 3.3% from the prior quarter. Shareholders’ equity was $581.4 million, down $14.9 million from June 30, 2026, primarily because the available-for-sale investment portfolio’s fair value declined as market interest rates rose.

3 points · 0 major

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0 major · 0 points

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Positive

  • Moderate pointThird-quarter net income reached $22.8 million, versus $18.6 million a year earlier.
  • Moderate pointNet interest income increased 5.2% year over year to $64.5 million.
  • Minor pointQuarterly dividend rose 3.3% to $0.31 per share.

Negative

  • None.

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Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income $22.8 million Third quarter of 2026
Diluted earnings per share $0.88 Third quarter of 2026
Net interest income $64.5 million Third quarter of 2026; increased 5.2% year over year
Net interest margin 3.62% Third quarter of 2026; increased 13 basis points year over year
Efficiency ratio 58.27% Third quarter of 2026; 62.84% in the same quarter of 2025
Share repurchases 294,110 shares for $11.2 million Third quarter of 2026
Declared cash dividend $0.31 per share Fourth quarter of 2026; increased 3.3% from the prior quarter
Net interest margin financial
"Net interest margin ("NIM") for the third quarter of 2026 was 3.62%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Efficiency ratio financial
"The efficiency ratio was 58.27% in the third quarter of 2026"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Allowance for credit losses financial
"Allowance for credit losses (ACL) on loans"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Common equity tier 1 capital ratio financial
"Common equity tier 1 capital ratio | 12.7%"
A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.
Net income $22.8 million Compared with $18.6 million in the same period last year
Diluted earnings per share $0.88 Compared with $0.69 in the same period last year
Net interest income $64.5 million Increased 5.2% compared with the same quarter last year
Net interest margin 3.62% Increased 13 basis points from the same quarter last year
Efficiency ratio 58.27% Compared with 62.84% in the same quarter last year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will CPF's fourth-quarter 2026 dividend be paid?
Central Pacific Financial Corp. declared a $0.31-per-share cash dividend, payable December 15, 2026, to shareholders of record as of November 30, 2026.

What were CPF's capital ratios at September 30, 2026?
Central Pacific Financial Corp. reported a 9.7% leverage ratio, a 12.7% Common Equity Tier 1 ratio, a 13.6% Tier 1 risk-based capital ratio and a 14.8% total risk-based capital ratio.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000701347false00007013472026-10-282026-10-28

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

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

Central Pacific Financial Corp.
(Exact name of registrant as specified in its charter)
___________________________________
Hawaii001-3156799-0212597
(State or other jurisdiction of
incorporation)		(Commission File Number)(I.R.S. Employer Identification No.)

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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


Item 2.02.    Results of Operations and Financial Condition

On October 28, 2026, Central Pacific Financial Corp. (the "Company") issued a press release regarding its results of operations and financial condition for the quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Item 7.01.    Regulation FD Disclosure

On October 28, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended September 30, 2026, 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 September 30, 2026 (the "Earnings Supplement"). The Earnings Supplement is furnished herewith as Exhibit 99.2 and is incorporated herein by reference. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided except as required by law.

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

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

Item 9.01    Financial Statements and Exhibits

Exhibit No.
99.1
Press release dated October 28, 2026
99.2
Earnings Supplement
104Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)



SIGNATURES

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

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



Exhibit 99.1
centralpacificfinancialloga.jpg
 
Investor Contact:Jayrald RabagoMedia Contact:Tim Sakahara
Senior Strategic Financial OfficerCorporate Communications Manager
(808) 544-3556(808) 544-5125
jayrald.rabago@cpb.banktim.sakahara@cpb.bank


FOR IMMEDIATE RELEASE

NEWS RELEASE

CENTRAL PACIFIC FINANCIAL REPORTS THIRD QUARTER 2026 EARNINGS OF $22.8 MILLION

Highlights:
•Net income of $22.8 million, or $0.88 per diluted share
•Net interest margin increased by 5 bps to 3.62% from the prior quarter
•Return on average assets of 1.22% and return on average equity of 15.28%
•Efficiency ratio improved to 58.27%, compared to 59.62% in the prior quarter
•Repurchased 294,110 shares of common stock at a total cost of $11.2 million during the quarter
•Board of Directors declared a fourth quarter cash dividend of $0.31 per share, an increase of 3.3% from prior quarter

HONOLULU, HI, October 28, 2026 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), reported net income of $22.8 million, or $0.88 diluted earnings per share ("EPS"), for the third quarter of 2026. This compares to net income of $20.8 million, or diluted EPS of $0.80, in the prior quarter and $18.6 million, or diluted EPS of $0.69, in the same period last year. Results for the third quarter of 2025 included $1.5 million in pre-tax expenses related to the consolidation of the Company's former operations center into its main office. Excluding this item, adjusted net income (non-GAAP) for the third quarter of 2025 was $19.7 million, or diluted EPS (non-GAAP) of $0.73.

“We delivered another quarter of strong financial performance, driven by net interest margin expansion, disciplined expense management, and solid asset quality," said Arnold Martines, Chairman, President and CEO. "We believe we are well positioned to serve our customers, support our communities, and deliver meaningful value to our shareholders.”

Earnings Highlights
Net interest income for the third quarter of 2026 totaled $64.5 million, which increased by $1.6 million, or 2.6%, from the prior quarter, and increased by $3.2 million, or 5.2%, compared to the same quarter last year. Net interest margin ("NIM") for the third quarter of 2026 was 3.62%, an increase of 5 basis points ("bp" or "bps") from the prior quarter, and an increase of 13 bps from the same quarter last year. The sequential quarter increase in net interest income and NIM was primarily driven by an increase in loan yields and higher average balances and yields earned on investment securities.

The Company recorded a provision for credit losses of $1.9 million in the third quarter of 2026, compared to a provision of $4.4 million in the prior quarter, and a provision of $4.2 million in the same quarter last year. The current quarter included a provision for loan losses of $1.9 million, while the reserve for off-balance sheet credit exposures remained flat. In the prior quarter there was an increase to the reserve for off-balance sheet credit exposures of $1.1 million.


Central Pacific Financial Reports Third Quarter 2026 Earnings of $22.8 Million
Page 2


Other operating income for the third quarter of 2026 totaled $12.4 million, compared to $14.6 million in the prior quarter, and $13.5 million in the same quarter last year. The sequential quarter decrease was primarily due to a $2.4 million decrease in income from bank-owned life insurance due to equity market volatility and the impact on corporate-owned life insurance policies.

Other operating expense for the third quarter of 2026 totaled $44.8 million, compared to $46.2 million in the prior quarter, and $47.0 million in the same quarter last year. The decrease from the prior quarter was primarily attributable to decreases in salaries and employee benefits of $1.2 million and other expense of $1.0 million, due to lower deferred compensation expenses. The lower deferred compensation expense was related to equity market performance.

The efficiency ratio was 58.27% in the third quarter of 2026, compared to 59.62% in the prior quarter and 62.84% in the same quarter last year. In the same quarter last year, the adjusted efficiency ratio (non-GAAP) was 60.81%, when excluding the $1.5 million in expenses related to the operations center consolidation.

The effective tax rate for the third quarter of 2026 was 24.5%, compared to 22.6% in the prior quarter, and 21.4% in the same quarter last year. The increase in the Company's effective tax rate was primarily attributable to an increase in pre-tax income and lower tax-exempt income.

Balance Sheet Highlights
As of September 30, 2026, total assets were $7.45 billion, which decreased by $51.5 million or 0.7%, from $7.50 billion at June 30, 2026, and increased $28.1 million, or 0.4%, from $7.42 billion at September 30, 2025.

Total loans, net of deferred fees and costs, were $5.31 billion at September 30, 2026, and remained relatively stable compared to June 30, 2026, and decreased by $54.1 million, or 1.0%, from $5.37 billion at September 30, 2025. The average yield earned on loans during the third quarter of 2026 was 5.01%, compared to 4.96% in the prior quarter and 5.01% in the same quarter last year.

Total deposits were $6.66 billion at September 30, 2026, which decreased by $31.9 million, or 0.5%, from $6.70 billion at June 30, 2026, and increased by $86.2 million, or 1.3%, from $6.58 billion at September 30, 2025. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $6.11 billion at September 30, 2026, generally consistent with $6.12 billion at June 30, 2026, and increased by $127.2 million, or 2.1%, from $5.98 billion at September 30, 2025. The average rate paid on total deposits during the third quarter of 2026 was 0.90%, consistent with 0.90% in the prior quarter, and decreased from 1.02% in the same quarter last year.

Asset Quality
Nonperforming assets totaled $14.0 million, or 0.19% of total assets at September 30, 2026, compared to $16.5 million, or 0.22% of total assets at June 30, 2026 and $14.3 million, or 0.19% of total assets at September 30, 2025.

Net charge-offs in the third quarter of 2026 totaled $2.7 million, or 0.20% of average loans on an annualized basis, consistent with the prior quarter and the same quarter last year.

The allowance for credit losses on loans was 1.13% of total loans as of September 30, 2026, compared to 1.14% at June 30, 2026 and 1.13% at September 30, 2025.

Capital
Total shareholders' equity at September 30, 2026 was $581.4 million, compared to $596.3 million at June 30, 2026 and $588.1 million at September 30, 2025. The decrease in shareholders' equity of $14.9 million, or 2.5% was primarily attributed to a decline in Accumulated Other Comprehensive Income ("AOCI") resulting from a decrease in the fair value of the available-for-sale investment portfolio due to the rise in market interest rates.

During the third quarter of 2026, the Company repurchased 294,110 shares of common stock at a total cost of $11.2 million, or an average price of $38.18 per share. As of September 30, 2026, $22.0 million remained available under the Company's share repurchase authorization.

The Company's regulatory capital ratios remained strong, with a leverage ratio of 9.7%, a Common Equity Tier 1 ratio of 12.7%, a Tier 1 risk-based capital ratio of 13.6%, and a total risk-based capital ratio of 14.8% at September 30, 2026.



Central Pacific Financial Reports Third Quarter 2026 Earnings of $22.8 Million
Page 3

On October 27, 2026, the Board of Directors increased the quarterly cash dividend by 3.3% to $0.31 per share. The dividend will be payable on December 15, 2026, to shareholders of record as of November 30, 2026.

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 its third quarter of 2026 financial results. Interested parties may listen to the conference by calling 1-833-461-5787 and entering the meeting ID: 104 617 134 or by registering for the webcast at the following link: https://events.q4inc.com/attendee/104617134 The Company's investor relations website, https://ir.cpb.bank, will also include a link to the webcast and a slide presentation.

A replay of the call will be available on the Company's investor relations website until October 28, 2027.

About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.45 billion in assets as of September 30, 2026. Its primary subsidiary, Central Pacific Bank, operates 27 branches and 56 ATMs in the State of Hawaii. Central Pacific Financial Corp. is listed on the New York Stock Exchange under the symbol "CPF." For additional information, please visit: https://cpb.bank.


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Central Pacific Financial Reports Third Quarter 2026 Earnings of $22.8 Million
Page 4

Forward-Looking Statements
This document may contain forward-looking statements ("FLS") concerning, among other things: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, net interest income, capital levels, credit losses, net interest margin, liquidity, and other financial items. These statements may also include 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 strategies, use of capital, products or services, technology initiatives, acquisitions, and regulatory developments or actions. In addition, such statements may address future economic performance and anticipated results from our business initiatives and strategic objectives, and statements regarding assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "aim," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may," "could," "would," and other similar expressions are intended to identify FLS, although not all forward-looking statements contain such identifying words.

While we believe that our FLS and the assumptions underlying them are reasonable, such statements are inherently subject to significant risks and uncertainties that are difficult to predict and are beyond our control. Actual results may differ materially from those expressed or implied by such FLS as a result of numerous factors, including, but are not limited to: the persistence or resurgence of current inflationary pressures in the United States and our market areas, and their effect on market interest rates, economic conditions, and credit quality; the impact of the current U.S. administration's economic policies, including potential international tariffs, geopolitical instability, trade tensions, fiscal policy changes, cost-cutting, and other governmental initiatives; disruptions in the economy, including the effects of government shutdown(s) and supply chain disruptions; labor contract disputes, and potential strikes impacting both the U.S. National and Hawaii economies; adverse trends in the real estate or construction industries, including rising inventory levels or declining property values; deterioration in borrowers' financial performance leading to increased loan delinquencies, asset quality issues, or loan losses; the impact of local, national, and international economies and natural disasters (such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, floods, or earthquakes) on our markets and major industries within Hawaii; weakness in domestic economic conditions, including higher unemployment levels, instability in the financial industry, deterioration in the real estate markets, and declines in consumer or business confidence; revisions to estimates of reserve requirements under applicable regulatory and accounting standards; the adverse effects of bank failures on customer confidence, deposit behavior, liquidity, and regulatory responses; the adverse effects of pandemics, epidemics, and other public health emergencies, including their impact on Hawaii's tourism and construction sectors, and on our borrowers, customers, vendors, and employees; the impact of legislative and regulatory developments, changing capital and consumer protection rules, and new regulations affecting our operations and competitiveness; the costs and effects of legal and regulatory proceedings, including actual or threatened litigation and the results of governmental and regulatory examinations and orders, as well as the costs of ongoing or potential compliance efforts; the effect of accounting standard changes adopted by regulatory agencies, the Securities and Exchange Commission ("SEC"), the Public Company Accounting Oversight Board ("PCAOB"), or the Financial Accounting Standards Board ("FASB"), and the cost and resources associated with implementation; changes in trade, tariff, monetary, or fiscal policies and laws, including actions by the Board of Governors of the Federal Reserve System; increased competition from banks, credit unions, fintech companies, nonbank lenders, and other financial service providers; market volatility and monetary fluctuations; declines in our market capitalization or changes in the price of the Company's common stock; the effects and cost of acquisitions, dispositions, strategic investments, business combinations, restructurings, or other strategic transactions we may pursue or evaluate; political instability, acts of war or terrorism, or other geopolitical conflicts; shifts in consumer spending, borrowing and savings behaviors; technological changes and developments; cybersecurity incidents, data privacy breaches, or fraud involving us or third-party vendors; deficiencies in our internal control over financial reporting or disclosure controls and procedures, and our ability to remediate them; our ability to achieve efficiency ratio improvement goals; changes in management, directors, key personnel, organizational structure, compensation programs, employee benefit plans, or our ability to attract and retain qualified personnel; risks related to the United States fiscal debt, deficit and budget uncertainties; and our ability to successfully manage the risks associated with any of the foregoing items.

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

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


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)TABLE 1
 
Three Months EndedNine Months Ended
(Dollars in thousands,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,
       except for per share amounts)2026202620262025202520262025
CONDENSED INCOME STATEMENT
Net interest income$64,473 $62,834 $61,358 $62,087 $61,301 $188,665 $178,796 
Provision for credit losses 1,892 4,382 2,353 2,396 4,157 8,627 13,316 
Total other operating income12,357 14,620 11,574 14,201 13,507 38,551 37,616 
Total other operating expense 44,770 46,180 43,666 45,680 47,009 134,616 133,027 
Income tax expense7,392 6,070 6,188 5,337 5,068 19,650 15,464 
Net income22,776 20,822 20,725 22,875 18,574 64,323 54,605 
Basic earnings per share$0.89 $0.80 $0.79 $0.86 $0.69 $2.48 $2.02 
Diluted earnings per share0.88 0.80 0.78 0.85 0.69 2.46 2.01 
Dividends declared per share0.30 0.29 0.29 0.28 0.27 0.88 0.81 
PERFORMANCE RATIOS
Return on average assets (ROA) [1]1.22 %1.12 %1.12 %1.25 %1.01 %1.15 %0.99 %
Return on average equity (ROE) [1]15.28 13.94 13.90 15.41 12.89 14.37 12.99 
Average equity to average assets7.99 8.03 8.07 8.12 7.85 8.03 7.63 
Efficiency ratio [2]58.27 59.62 59.87 59.88 62.84 59.25 61.47 
Net interest margin (NIM) [1]3.62 3.57 3.53 3.56 3.49 3.57 3.41 
Dividend payout ratio [3]34.09 36.25 37.18 32.94 39.13 35.77 40.30 
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale$5,297,112 $5,300,949 $5,268,482 $5,328,499 $5,332,656 $5,288,952 $5,317,481 
Average interest-earning assets7,105,807 7,076,331 7,022,759 6,964,796 7,011,753 7,068,604 7,016,957 
Average assets7,463,644 7,433,822 7,396,084 7,310,098 7,341,281 7,431,431 7,347,895 
Average deposits6,663,050 6,630,910 6,592,361 6,499,119 6,509,692 6,629,032 6,524,563 
Average interest-bearing liabilities4,898,094 4,876,776 4,846,057 4,757,686 4,807,225 4,873,833 4,842,703 
Average equity596,147 597,299 596,524 593,750 576,531 596,655 560,671 
[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). See Reconciliation of Non-GAAP Financial Measures in Table 10.
[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)TABLE 1 (CONTINUED)
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
20262026202620252025
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio9.7 %9.7 %9.7 %9.8 %9.7 %
Common equity tier 1 capital ratio12.7 12.7 12.6 12.7 12.6 
Tier 1 risk-based capital ratio13.6 13.6 13.5 13.6 13.5 
Total risk-based capital ratio14.8 14.8 14.7 14.8 15.7 
Central Pacific Bank
Leverage ratio9.6 9.6 9.6 9.7 10.2 
Common equity tier 1 capital ratio13.4 13.4 13.4 13.5 14.1 
Tier 1 risk-based capital ratio13.4 13.4 13.4 13.5 14.1 
Total risk-based capital ratio14.6 14.7 14.6 14.7 15.3 


Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands, except for per share amounts)20262026202620252025
BALANCE SHEET
Total loans, net of deferred fees and costs$5,313,070 $5,308,322 $5,320,349 $5,289,096 $5,367,202 
Total assets7,449,610 7,501,060 7,495,363 7,409,241 7,421,478 
Total deposits6,663,862 6,695,754 6,699,354 6,609,764 6,577,684 
Long-term debt76,547 76,547 76,547 76,547 131,527 
Total equity581,437 596,331 593,879 592,581 588,066 
Tangible common equity to tangible assets [4]7.80 %7.95 %7.92 %8.00 %7.92 %
ASSET QUALITY
Allowance for credit losses (ACL)$59,841 $60,581 $59,933 $59,621 $60,393 
Nonaccrual loans13,037 15,622 14,524 14,386 14,319 
Nonperforming assets (NPA)14,010 16,546 14,524 14,386 14,319 
Ratio of ACL to total loans1.13 %1.14 %1.13 %1.13 %1.13 %
Ratio of NPA to total assets0.19 %0.22 %0.19 %0.19 %0.19 %
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share$22.79 $23.11 $22.74 $22.47 $21.86 
Closing market price per common share35.89 38.20 31.96 31.16 30.34 
[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company’s GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 10.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)TABLE 2
 
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands, except share data)20262026202620252025
ASSETS
Cash and due from financial institutions$116,691 $96,678 $88,880 $88,200 $102,859 
Interest-bearing deposits in other financial institutions242,725 286,593 317,716 290,453 207,034 
Investment securities:
Debt securities available-for-sale, at fair value806,230 835,378 779,156 748,212 758,683 
Debt securities held-to-maturity, at amortized cost; fair value of: $434,634 at September 30, 2026, $474,928 at June 30, 2026, $486,018 at March 31, 2026, $495,845 at December 31, 2025, and $500,859 at September 30, 2025
535,182 545,215 554,548 562,391 570,886 
Total investment securities1,341,412 1,380,593 1,333,704 1,310,603 1,329,569 
Loans held for sale777 2,364 2,536 1,084 1,557 
Loans, net of deferred fees and costs5,313,070 5,308,322 5,320,349 5,289,096 5,367,202 
Less: allowance for credit losses(59,841)(60,581)(59,933)(59,621)(60,393)
Loans, net of allowance for credit losses5,253,229 5,247,741 5,260,416 5,229,475 5,306,809 
Premises and equipment, net100,305 100,231 99,942 100,620 100,992 
Accrued interest receivable25,176 23,419 24,320 23,559 25,232 
Investment in unconsolidated entities56,051 57,738 59,548 61,349 52,987 
Other real estate owned973 924 — — — 
Mortgage servicing rights8,212 8,364 8,520 8,672 8,459 
Bank-owned life insurance183,444 185,134 181,298 180,717 179,743 
Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank ("FRB") stock24,818 24,744 24,682 25,836 25,215 
Right-of-use lease assets22,296 23,311 24,320 24,822 25,570 
Other assets73,501 63,226 69,481 63,851 55,452 
Total assets$7,449,610 $7,501,060 $7,495,363 $7,409,241 $7,421,478 
LIABILITIES
Deposits:
Noninterest-bearing demand$1,897,421 $1,917,502 $1,897,593 $1,891,198 $1,903,614 
Interest-bearing demand1,423,298 1,407,574 1,428,323 1,388,107 1,340,725 
Savings and money market2,398,449 2,376,831 2,378,834 2,346,522 2,292,881 
Time944,694 993,847 994,604 983,937 1,040,464 
Total deposits6,663,862 6,695,754 6,699,354 6,609,764 6,577,684 
Long-term debt, net of unamortized debt issuance costs76,547 76,547 76,547 76,547 131,527 
Lease liabilities23,045 24,063 25,073 25,549 26,288 
Accrued interest payable5,397 6,044 6,433 7,068 8,604 
Other liabilities99,322 102,321 94,077 97,732 89,309 
Total liabilities6,868,173 6,904,729 6,901,484 6,816,660 6,833,412 
EQUITY
Shareholders' equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025— — — — — 
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 25,513,202 at September 30, 2026, 25,806,418 at June 30, 2026, 26,115,229 at March 31, 2026, 26,374,967 at December 31, 2025, and 26,903,512 at September 30, 2025
348,135 359,364 370,633 381,158 397,479 
Additional paid-in capital108,239 107,534 106,501 107,308 106,675 
Retained earnings232,878 217,789 204,494 191,383 175,968 
Accumulated other comprehensive loss(107,815)(88,356)(87,749)(87,268)(92,056)
Total equity581,437 596,331 593,879 592,581 588,066 
Total liabilities and equity$7,449,610 $7,501,060 $7,495,363 $7,409,241 $7,421,478 


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)TABLE 3
Three Months EndedNine Months Ended
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,
(Dollars in thousands, except per share data)2026202620262025202520262025
Interest income:
Interest and fees on loans$66,695 $65,553 $64,323 $66,897 $67,222 $196,571 $197,009 
Interest and dividends on investment securities:
Taxable investment securities10,277 9,732 9,210 9,401 9,776 29,219 29,448 
Tax-exempt investment securities685 684 682 696 709 2,051 2,126 
Interest on deposits in other financial institutions2,558 2,331 2,500 1,501 1,857 7,389 5,595 
Dividend income on FHLB and FRB stock413 389 381 382 395 1,183 1,107 
Total interest income80,628 78,689 77,096 78,877 79,959 236,413 235,285 
Interest expense:
Interest on deposits:
Interest-bearing demand765 757 522 441 490 2,044 1,385 
Savings and money market8,009 7,554 7,502 8,004 8,898 23,065 26,174 
Time6,308 6,488 6,665 6,999 7,410 19,461 23,133 
Interest on FHLB advances and other short-term borrowings1 — — — — 1 — 
Interest on long-term debt1,072 1,056 1,049 1,346 1,860 3,177 5,797 
Total interest expense16,155 15,855 15,738 16,790 18,658 47,748 56,489 
Net interest income64,473 62,834 61,358 62,087 61,301 188,665 178,796 
Provision for credit losses1,892 4,382 2,353 2,396 4,157 8,627 13,316 
Net interest income after provision for credit losses62,581 58,452 59,005 59,691 57,144 180,038 165,480 
Other operating income:
Mortgage banking income548 693 649 1,186 958 1,890 2,299 
Service charges on deposit accounts2,450 2,250 2,299 2,423 2,330 6,999 6,601 
Other service charges and fees6,516 6,330 5,789 5,570 6,472 18,635 18,195 
Income from fiduciary activities1,614 1,580 1,423 1,529 1,547 4,617 4,672 
Income from bank-owned life insurance584 2,999 399 2,816 1,879 3,982 4,636 
Net loss on sales of investment securities— — — — (30)— (30)
Other645 768 1,015 677 351 2,428 1,243 
Total other operating income12,357 14,620 11,574 14,201 13,507 38,551 37,616 
Other operating expense:
Salaries and employee benefits24,148 25,372 23,085 24,490 24,749 72,605 69,264 
Net occupancy4,671 4,299 4,322 4,432 4,598 13,292 13,243 
Computer software5,025 4,952 5,045 5,442 5,151 15,022 15,185 
Legal and professional services2,825 2,607 2,384 2,878 2,669 7,816 8,340 
Equipment822 822 807 825 867 2,451 2,899 
Advertising813 762 997 943 730 2,572 2,449 
Communication983 840 823 495 791 2,646 2,725 
Other5,483 6,526 6,203 6,175 7,454 18,212 18,922 
Total other operating expense44,770 46,180 43,666 45,680 47,009 134,616 133,027 
Income before income taxes30,168 26,892 26,913 28,212 23,642 83,973 70,069 
Income tax expense7,392 6,070 6,188 5,337 5,068 19,650 15,464 
Net income$22,776 $20,822 $20,725 $22,875 $18,574 $64,323 $54,605 
Per common share data:
Basic earnings per share$0.89 $0.80 $0.79 $0.86 $0.69 $2.48 $2.02 
Diluted earnings per share0.88 0.80 0.78 0.85 0.69 2.46 2.01 
Cash dividends declared0.30 0.29 0.29 0.28 0.27 0.88 0.81 
Basic weighted average shares outstanding25,676,279 25,999,122 26,277,749 26,687,551 26,968,163 25,982,180 27,014,059 
Diluted weighted average shares outstanding25,817,417 26,109,241 26,414,880 26,827,551 27,083,280 26,111,724 27,118,824 


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)TABLE 4
Three Months EndedThree Months EndedThree Months Ended
September 30, 2026June 30, 2026September 30, 2025
AverageAverageAverageAverageAverageAverage
(Dollars in thousands)BalanceYield/RateInterestBalanceYield/RateInterestBalanceYield/RateInterest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions$272,554 3.72 %$2,558 $253,598 3.69 %$2,331 $167,247 4.41 %$1,857 
Investment securities:
Taxable [1]1,376,837 2.98 10,277 1,362,100 2.86 9,732 1,348,314 2.90 9,776 
Tax-exempt [1] [3]134,512 2.56 867 134,964 2.56 866 138,470 2.59 898 
Total investment securities1,511,349 2.94 11,144 1,497,064 2.83 10,598 1,486,784 2.87 10,674 
Loans, including loans held for sale [2]5,297,112 5.01 66,695 5,300,949 4.96 65,553 5,332,656 5.01 67,222 
FHLB and FRB stock24,792 6.66 413 24,720 6.28 389 25,066 6.30 395 
Total interest-earning assets7,105,807 4.52 80,810 7,076,331 4.47 78,871 7,011,753 4.55 80,148 
Noninterest-earning assets357,837 357,491 329,528 
Total assets$7,463,644 $7,433,822 $7,341,281 
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits$1,444,639 0.21 %$765 $1,442,933 0.21 %$757 $1,358,837 0.14 %$490 
Savings and money market deposits2,406,350 1.32 8,009 2,367,169 1.28 7,554 2,293,452 1.54 8,898 
Time deposits up to $250,000404,823 2.05 2,096 428,642 2.14 2,290 437,192 2.28 2,509 
Time deposits over $250,000565,681 2.95 4,212 561,485 3.00 4,198 586,251 3.32 4,901 
Total interest-bearing deposits4,821,493 1.24 15,082 4,800,229 1.24 14,799 4,675,732 1.43 16,798 
FHLB advances and other short-term borrowings54 4.20 1 — — — — — — 
Long-term debt76,547 5.55 1,072 76,547 5.53 1,056 131,493 5.61 1,860 
Total interest-bearing liabilities4,898,094 1.31 16,155 4,876,776 1.30 15,855 4,807,225 1.54 18,658 
Noninterest-bearing deposits1,841,557 1,830,681 1,833,960 
Other liabilities127,846 129,066 123,565 
Total liabilities6,867,497 6,836,523 6,764,750 
Total equity596,147 597,299 576,531 
Total liabilities and equity$7,463,644 $7,433,822 $7,341,281 
Net interest income (taxable-equivalent)64,655 63,016 61,490 
Taxable-equivalent adjustment [3](182)(182)(189)
Net interest income (GAAP)$64,473 $62,834 $61,301 
Interest rate spread3.21 %3.17 %3.01 %
Net interest margin (taxable-equivalent) [4]3.62 %3.57 %3.49 %
[1] At amortized cost.
[2] Includes nonaccrual loans.
[3] 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%.
[4] 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).


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)TABLE 5
Nine Months EndedNine Months Ended
September 30, 2026September 30, 2025
AverageAverageAverageAverage
(Dollars in thousands)BalanceYield/RateInterestBalanceYield/RateInterest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions$267,004 3.70 %$7,389 $169,066 4.42 %$5,595 
Investment securities:
Taxable [1]1,352,766 2.88 29,219 1,367,968 2.87 29,448 
Tax-exempt [1] [3]134,995 2.56 2,596 139,050 2.58 2,691 
Total investment securities1,487,761 2.85 31,815 1,507,018 2.84 32,139 
Loans, including loans held for sale [2]5,288,952 4.97 196,571 5,317,481 4.95 197,009 
FHLB and FRB stock24,887 6.34 1,183 23,392 6.31 1,107 
Total interest-earning assets7,068,604 4.48 236,958 7,016,957 4.49 235,850 
Noninterest-earning assets362,827 330,938 
Total assets$7,431,431 $7,347,895 
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits$1,431,951 0.19 %$2,044 $1,357,095 0.14 %$1,385 
Savings and money market deposits2,381,708 1.29 23,065 2,304,708 1.52 26,174 
Time deposits up to $250,000421,967 2.13 6,717 444,726 2.37 7,887 
Time deposits over $250,000561,642 3.03 12,744 597,876 3.41 15,246 
Total interest-bearing deposits4,797,268 1.24 44,570 4,704,405 1.44 50,692 
FHLB advances and other short-term borrowings18 4.20 1 — — — 
Long-term debt76,547 5.55 3,177 138,298 5.60 5,797 
Total interest-bearing liabilities4,873,833 1.31 47,748 4,842,703 1.56 56,489 
Noninterest-bearing deposits1,831,764 1,820,158 
Other liabilities129,179 124,363 
Total liabilities6,834,776 6,787,224 
Total equity596,655 560,671 
Total liabilities and equity$7,431,431 $7,347,895 
Net interest income (taxable-equivalent)189,210 179,361 
Taxable-equivalent adjustment [3](545)(565)
Net interest income (GAAP)$188,665 $178,796 
Interest rate spread3.17 %2.93 %
Net interest margin (taxable-equivalent) [4]3.57 %3.41 %
[1] At amortized cost.
[2] Includes nonaccrual loans.
[3] 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%.
[4] 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).


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Loans
(Unaudited)TABLE 6

Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands)20262026202620252025
Commercial and industrial$578,574 $590,404 $590,810 $594,592 $608,814 
Construction217,144 211,007 204,368 213,191 217,610 
Residential mortgage1,802,348 1,815,342 1,806,965 1,839,191 1,839,535 
Home equity568,114 577,283 582,380 600,082 610,889 
Commercial mortgage1,713,014 1,686,361 1,703,760 1,594,433 1,613,187 
Consumer433,876 427,925 432,066 447,607 477,167 
Total loans, net of deferred fees and costs5,313,070 5,308,322 5,320,349 5,289,096 5,367,202 
Less: Allowance for credit losses(59,841)(60,581)(59,933)(59,621)(60,393)
Loans, net of allowance for credit losses$5,253,229 $5,247,741 $5,260,416 $5,229,475 $5,306,809 
Deposits
(Unaudited)TABLE 7
 
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands)20262026202620252025
Noninterest-bearing demand$1,897,421 $1,917,502 $1,897,593 $1,891,198 $1,903,614 
Interest-bearing demand1,423,298 1,407,574 1,428,323 1,388,107 1,340,725 
Savings and money market2,398,449 2,376,831 2,378,834 2,346,522 2,292,881 
Time deposits up to $250,000389,305 421,811 429,564 433,629 444,005 
Core deposits6,108,473 6,123,718 6,134,314 6,059,456 5,981,225 
Other time deposits greater than $250,000438,230 441,059 431,013 412,188 458,339 
Government time deposits117,159 130,977 134,027 138,120 138,120 
Total time deposits greater than $250,000555,389 572,036 565,040 550,308 596,459 
Total deposits$6,663,862 $6,695,754 $6,699,354 $6,609,764 $6,577,684 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets and Accruing Loans 90+ Days Past Due
(Unaudited)TABLE 8
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,
(Dollars in thousands)20262026202620252025
Nonaccrual loans:
Commercial and industrial$138 $192 $490 $591 $357 
Residential mortgage9,620 9,268 10,518 10,572 11,413 
Home equity2,673 5,619 2,986 2,608 2,119 
Consumer606 543 530 615 430 
Total nonaccrual loans13,037 15,622 14,524 14,386 14,319 
Other real estate owned ("OREO"):
Residential mortgage973 924 — — — 
Total OREO973 924 — — — 
Total nonperforming assets ("NPAs")14,010 16,546 14,524 14,386 14,319 
Accruing loans 90+ days past due:
Residential mortgage— — — 664 1,159 
Home equity— — — 485 — 
Consumer521 286 290 403 349 
Total accruing loans 90+ days past due521 286 290 1,552 1,508 
Total NPAs and accruing loans 90+ days past due$14,531 $16,832 $14,814 $15,938 $15,827 
Ratio of total nonaccrual loans to total loans0.25 %0.29 %0.27 %0.27 %0.27 %
Ratio of total NPAs to total assets0.19 0.22 0.19 0.19 0.19 
Ratio of total NPAs to total loans and OREO0.26 0.31 0.27 0.27 0.27 
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO0.27 0.32 0.28 0.30 0.29 
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter$16,546 $14,524 $14,386 $14,319 $14,895 
Additions2,136 4,202 2,094 2,549 838 
Reductions:
Payments(663)(782)(284)(397)(286)
Return to accrual status(2,704)(16)(883)(1,098)(821)
Charge-offs, valuation adjustments and other reductions(1,305)(1,382)(789)(987)(307)
Total reductions(4,672)(2,180)(1,956)(2,482)(1,414)
Balance at end of quarter$14,010 $16,546 $14,524 $14,386 $14,319 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)TABLE 9
 
Three Months EndedNine Months Ended
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,
(Dollars in thousands)2026202620262025202520262025
Allowance for credit losses ("ACL") on loans:
Balance at beginning of period$60,581 $59,933 $59,621 $60,393 $59,611 $59,621 $59,182 
Provision for credit losses on loans1,929 3,304 2,724 1,685 3,440 7,957 11,155 
Charge-offs:
Commercial and industrial(885)(1,353)(1,056)(678)(1,071)(3,294)(4,509)
Residential mortgage— (23)— — — (23)— 
Consumer(2,666)(2,283)(2,301)(2,831)(2,824)(7,250)(8,665)
Total charge-offs(3,551)(3,659)(3,357)(3,509)(3,895)(10,567)(13,174)
Recoveries:
Commercial and industrial284 198 175 266 204 657 570 
Construction— — 2 1 — 2 3 
Residential mortgage9 10 8 9 8 27 25 
Home equity3 6 6 9 9 15 21 
Consumer586 789 754 767 1,016 2,129 2,611 
Total recoveries882 1,003 945 1,052 1,237 2,830 3,230 
Net charge-offs
(2,669)(2,656)(2,412)(2,457)(2,658)(7,737)(9,944)
Balance at end of period$59,841 $60,581 $59,933 $59,621 $60,393 $59,841 $60,393 
Average loans, net of deferred fees and costs$5,297,112 $5,300,949 $5,268,482 $5,328,499 $5,332,656 $5,288,952 $5,317,481 
Ratio of annualized net charge-offs to average loans0.20 %0.20 %0.18 %0.18 %0.20 %0.20 %0.25 %
Ratio of ACL to total loans1.13 1.14 1.13 1.13 1.13 1.13 1.13 



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

To supplement its consolidated financial information, the Company utilizes certain non-GAAP financial measures. These measures are not intended to be considered in isolation or as a substitute for comparable GAAP results. The Company believes these non-GAAP financial measures provide meaningful insight to investors and other stakeholders in understanding its financial performance and position, by excluding certain transactions that may be non-recurring, non-operational, or not indicative of ongoing results. The Company also believes that these non-GAAP measures offer a useful perspective for evaluating performance trends over time and are intended to support period-to-period comparisons. In addition, the Company believes they are valuable tools for both investors and management in assessing historical results and forecasting future performance. Non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. The results for the three and nine months ended September 30, 2026 were not materially impacted by items outside of the normal course of business.

Non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. The following reconciling adjustments from GAAP to non-GAAP adjusted financial measures include a net pre-tax expenses of $1.5 million related to the consolidation of the Company's former operations center into its main office during the three months ended September 30, 2025.

Management does not consider this transaction to be representative of the Company's core operating performance. The related income tax effect was calculated using an assumed effective tax rate of 23%.

Three Months Ended
September 30, 2026September 30, 2025
(Dollars in thousands,GAAPNon-GAAPNon-GAAPGAAPNon-GAAPNon-GAAP
except per share data)ReportedAdjustmentAdjustedReportedAdjustmentAdjusted
Financial measures:
Net income$22,776 $— $22,776 $18,574 $1,167 $19,741 
Diluted earnings per share ("EPS")$0.88 $— $0.88 $0.69 $0.04 $0.73 
Efficiency ratio (non-GAAP)58.27 %— %58.27 %62.84 %(2.03)%60.81 %
Return on average assets ("ROA")1.22 %— %1.22 %1.01 %0.07 %1.08 %
Return on average equity ("ROE")15.28 %— %15.28 %12.89 %0.78 %13.67 %
As of September 30, 2026 and 2025:
Tangible common equity ("TCE") ratio (non-GAAP)7.80 %— %7.80 %7.92 %0.02 %7.94 %

Nine Months Ended
September 30, 2026September 30, 2025
(Dollars in thousands,GAAPNon-GAAPNon-GAAPGAAPNon-GAAPNon-GAAP
except per share data)ReportedAdjustmentAdjustedReportedAdjustmentAdjusted
Financial measures:
Net income$64,323 $— $64,323 $54,605 $1,167 $55,772 
Diluted EPS$2.46 $— $2.46 $2.01 $0.05 $2.06 
Efficiency ratio (non-GAAP)59.25 %— %59.25 %61.47 %(0.70)%60.77 %
ROA1.15 %— %1.15 %0.99 %0.02 %1.01 %
ROE14.37 %— %14.37 %12.99 %0.26 %13.25 %
As of September 30, 2026 and 2025:
TCE ratio (non-GAAP)7.80 %— %7.80 %7.92 %0.02 %7.94 %



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

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

Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)Sep 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
GAAP net income$22,776 $18,574 $64,323 $54,605 
Add: Expenses related to the consolidation of operations center— 1,516 — 1,516 
Non-GAAP pre-tax adjustments— 1,516 — 1,516 
Less: Income tax effect (assumes 23% ETR)— (349)— (349)
Non-GAAP adjustments, net of tax— 1,167 — 1,167 
Adjusted net income (non-GAAP)$22,776 $19,741 $64,323 $55,772 
Diluted weighted average shares outstanding25,817,417 27,083,280 26,111,724 27,118,824 
GAAP diluted EPS$0.88 $0.69 $2.46 $2.01 
Add: Non-GAAP adjustments, net of tax— 0.04 — 0.05 
Adjusted diluted EPS (non-GAAP)$0.88 $0.73 $2.46 $2.06 


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

Three Months EndedNine Months Ended
(Dollars in thousands)Sep 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
Total other operating expense$44,770 $47,009 $134,616 $133,027 
Less: Expenses related to the consolidation of operations center— (1,516)— (1,516)
Non-GAAP other operating expense adjustments— (1,516)— (1,516)
Adjusted total other operating expense (non-GAAP)$44,770 $45,493 $134,616 $131,511 
Net interest income$64,473 $61,301 $188,665 $178,796 
Total other operating income12,357 13,507 38,551 37,616 
Total revenue$76,830 $74,808 $227,216 $216,412 
Efficiency ratio (non-GAAP)58.27 %62.84 %59.25 %61.47 %
Less: Non-GAAP pre-tax adjustments— %(2.03)%— %(0.70)%
Adjusted efficiency ratio (non-GAAP)58.27 %60.81 %59.25 %60.77 %



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

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

Three Months EndedNine Months Ended
(Dollars in thousands)Sep 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
Average assets$7,463,644 $7,341,281 $7,431,431 $7,347,895 
Add: Non-GAAP adjustments, net of tax— 1,167 — 389 
Adjusted average assets (non-GAAP)$7,463,644 $7,342,448 $7,431,431 $7,348,284 
ROA1.22 %1.01 %1.15 %0.99 %
Add: Non-GAAP adjustments, net of tax— 0.07 — 0.02 
Adjusted ROA (non-GAAP)1.22 %1.08 %1.15 %1.01 %
Average equity$596,147 $576,531 $596,655 $560,671 
Add: Non-GAAP adjustments, net of tax— 1,167 — 389 
Adjusted average equity (non-GAAP)$596,147 $577,698 $596,655 $561,060 
ROE15.28 %12.89 %14.37 %12.99 %
Add: Non-GAAP adjustments, net of tax— 0.78 — 0.26 
Adjusted ROE (non-GAAP)15.28 %13.67 %14.37 %13.25 %


The table below presents the Tangible Common Equity ("TCE") ratio, a non-GAAP financial measure, as of the dates indicated. The TCE ratio is calculated by dividing tangible common equity by tangible assets.

(Dollars in thousands)Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025
Total equity$581,437 $596,331 $593,879 $592,581 $588,066 
Less: Intangible assets— — — — — 
TCE$581,437 $596,331 $593,879 $592,581 $588,066 
Add: Non-GAAP adjustments, net of tax— — — 1,167 1,167 
Adjusted TCE (non-GAAP)$581,437 $596,331 $593,879 $593,748 $589,233 
Total assets$7,449,610 $7,501,060 $7,495,363 $7,409,241 $7,421,478 
Less: Intangible assets— — — — — 
Tangible assets$7,449,610 $7,501,060 $7,495,363 $7,409,241 $7,421,478 
Add: Non-GAAP adjustments, net of tax— — — 1,167 1,167 
Adjusted tangible assets (non-GAAP)$7,449,610 $7,501,060 $7,495,363 $7,410,408 $7,422,645 
TCE ratio (non-GAAP)7.80 %7.95 %7.92 %8.00 %7.92 %
Add: Non-GAAP adjustments, net of tax— — — 0.01 0.02 
Adjusted TCE ratio (non-GAAP)7.80 %7.95 %7.92 %8.01 %7.94 %

3rd Quarter 2026 Earnings Supplement and Investor Presentation October 28, 2026

 

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

 

3Central Pacific Financial Corp. MARKET INFORMATION NYSE TICKER CPF SUBSIDIARY Central Pacific Bank TOTAL ASSETS $7.45 billion MARKET CAP $916 million SHARE PRICE $35.89, +115% (3Y1) DIVIDEND YIELD 3.5%2 Central Pacific Financial Corp. (CPF) is a Hawaii-based bank holding company. Central Pacific Bank (CPB), member FDIC, was founded in 1954 by Japanese-American veterans of World War II to serve the need of families and small businesses that did not have access to financial services in Hawaii. Today, CPB is the 4th largest financial institution, by deposit base in Hawaii, with 27 branches and 56 ATMs across the State. Central Pacific Financial – Who We Are 1 3-year stock price change from 9/30/2023 to 9/30/2026 2 Dividend yield is calculated based on quarterly cash dividend of $0.31 per share for 4Q26 Note: Total assets and market information above is as of 9/30/26

 

Strategic Focus

 

5Central Pacific Financial Corp. CPF Strategic Focus Our objective is to operate as a high-performing bank that delivers sustainable, growing returns and provides enhanced value to positively impact our employees, customers, community and shareholders. Our focus is on our core business. We believe we are positioned to drive strong results organically. Strengthen our brand and reputation to enhance customer trust, loyalty and community relevance which drives sustained deposit growth, lower customer acquisition costs and long-term shareholder value. Brand and Reputation Relationship-based Hawaii retail and small business deposits provide stable, low-cost funding to support balance sheet growth and margin optimization. Diversify funding sources through strategic partnerships with financial institutions in Japan and Korea. Stable, Low-Cost Funding Focus on high-quality, relationship-driven lending and selective investments. Prioritize durable spreads over rate speculation to drive consistent earnings and capital growth. Disciplined Asset Deployment Seek diversification through selective indirect and wholesale credit exposure to reduce concentration risk, access larger markets, and enhance returns, while maintaining disciplined, deposit-funded growth anchored in our Hawaii core franchise. Thoughtful Diversification

 

6Central Pacific Financial Corp. Core Hawaii franchise, supported by complementary drivers of growth Core Hawaii Franchise • Strong commitment to the Hawaii market • Solid franchise built on 70+ year legacy • Relative size in Hawaii provides market share growth opportunity • Leader and advocate for small business and home ownership • Valuable low-cost core deposits Japan and Korea • Deepen cross-border strategic partnerships to support individual and business customer investment in Hawaii • Generates core U.S. dollar deposits, with an average deposit cost of ~1.21% U.S. Mainland • Provides geographic diversification, shorter duration, and strong economics • Mainland exposure comprises CRE, C&I, and consumer loans 1 As of 9/30/2026

 

Operational Excellence – Positive Operating Leverage 1 4Q24 and 3Q25 are presented on a non-GAAP basis, normalized for non-recurring items. Refer to Appendix for non-GAAP reconciliation. 2 Total Revenue = Net Interest Income + Other Operating Income Central Pacific Financial Corp. 7 58.3% Efficiency Ratio1 6.4 pts lower vs 4Q24 +16% Total Revenue2 Growth $66 million to $77 million from 4Q24 to 3Q26 58.27% 50% 52% 54% 56% 58% 60% 62% 64% 66% - 10 20 30 40 50 60 70 80 90 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Efficiency Trend1 ($ in millions) Other Operating Expense Total Revenue Efficiency ratio (right axis)

 

8Central Pacific Financial Corp. Capital Strategy: Enhancing Shareholder Value Overall focus on being good stewards of capital and allocating capital optimally to provide shareholder value, while balancing risk Drive accretive returns to fuel capital growth, dividends, and strategic expansion to create long-term shareholder value and resilience through cycles. Manage risk with discipline to preserve strength, ensuring compliance, and sustaining our capacity to grow and return capital. Key Philosophies: NOTES: Total Shareholder Return is calculated based on share price movement and assumes reinvestment of dividends over the period. 3Y and 5Y period as of 9/30/2026 Source: S&P Global: HI Peers represents First Hawaiian Bank (FHB) and Bank of Hawaii (BOH); Nat’l Peers includes publicly traded banks with total assets of $3-10 billion as of 6/30/2026. Capital Priorities & Targets: • Quarterly cash dividend with ~40% payout ratio • Fund accretive loan growth • Share repurchases • Maintain capitalization to protect against downside macroeconomic scenarios, informed by capital stress testing • Targets: CET1: 11-12%; TCE 7.5-8.5% 143% 74% 56% 4% 100% 73% 0% 50% 100% 150% 200% 3Y 5Y Total Shareholder Returns CPF HI Peers Nat'l Peers

 

3Q 2026 Financial Results

 

10Central Pacific Financial Corp. 3Q 2026 Financial Highlights 3Q26 2Q26 NET INCOME / DILUTED EPS $22.8 million $0.88 $20.8 million $0.80 RETURN ON ASSETS (ROA) 1.22% 1.12% RETURN ON EQUITY (ROE) 15.28% 13.94% NET INTEREST MARGIN (NIM) 3.62% 3.57% EFFICIENCY RATIO1 58.27% 59.62% TANGIBLE COMMON EQUITY (TCE)1 7.80% 7.95% 1 Non-GAAP measure; refer to the Non-GAAP reconciliation in the Appendix. • Net interest margin increased by 5 bps to 3.62%, driven by higher loan and investment securities yields, while deposits costs held steady at 0.90% • Average interest-earning assets grew by $29 million, while average low-cost, non- maturity deposits grew by $41 million • Continued strong liquidity, asset quality and capital positions • Repurchased 294,110 shares of CPF common stock for $11 million in 3Q

 

11Central Pacific Financial Corp. Key Actions & Drivers of Stronger Financial Performance •Improved loan portfolio mix with $102 million year-over-year growth in commercial mortgage loans, offset by $80 million year-over-year reduction in residential mortgage and home equity loans •Loan portfolio mix improved to 56% fixed/44% variable from 62% fixed/38% variable in 2024 •Existing swap on $115 million municipal securities portfolio - pay fixed at 2.1%, receive float at the effective fed funds rate. The position was in the money and added $1.2 million to interest income year-to-date as of 3Q26 Balance Sheet Optimization/Asset Liability Management •Total loan portfolio runoff of approximately $204 million in 3Q26 •New loan weighted average yield of 6.3% in 3Q26 •Deposit costs held at 0.90%, reflecting disciplined deposit pricing and retention strategies Favorable Asset/Liability Repricing •Paid quarterly cash dividend of $0.30 per share in 3Q26 •294 thousand shares repurchased, totaling $11.2 million in 3Q26; $22.0 million remaining authorization •Declared quarterly cash dividend of $0.31 per share for 4Q26, an increase of 3.3% from prior quarter Capital Optimization

 

12Central Pacific Financial Corp. 58.27 57.00 60.00 63.00 66.00 69.00 72.00 75.00 1Q24 3Q24 1Q25 3Q25 1Q26 3Q26 EFFICIENCY RATIO2 % Efficiency Ratio Normalized (non-GAAP) Profitability Improvements Sustainable profitability and capital generation 1 Metrics are normalized for non-recurring items. 2 Non-GAAP measure; refer to the Non-GAAP reconciliation in the Appendix. 1.22 0.50 0.70 0.90 1.10 1.30 1Q24 3Q24 1Q25 3Q25 1Q26 3Q26 ROA % GAAP Normalized (non-GAAP) 1 15.28 8.00 10.00 12.00 14.00 16.00 18.00 1Q24 3Q24 1Q25 3Q25 1Q26 3Q26 ROE % GAAP Normalized (non-GAAP) 1 1 3.62 2.50 2.80 3.10 3.40 3.70 4.00 1Q24 3Q24 1Q25 3Q25 1Q26 3Q26 NIM % GAAP 2

 

13Central Pacific Financial Corp. 0.90% 1.05% 1.95% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 2021 2022 2023 2024 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Total Deposit Cost CPF HI Peers Nat'l Peers CPF total deposit cost 0.90% Total deposit beta of 24% in last rising-rate cycle Low-Cost Deposits Driven by Valuable Franchise • 57% of deposits FDIC insured; 62% including collateralized deposits • Well-diversified and granular: • 52% Commercial (Average account balance of $102 thousand) • 48% Consumer (Average account balance of $19 thousand) • 54% long-tenured customers with CPB 10 years or longer • Low reliance on public time deposits and no brokered deposits Source: S&P Global HI Peers represents FHB, BOH, and ASB as of 6/30/2026 Nat’l Peers includes publicly traded banks with total assets of $3-10 billion as of 6/30/2026 5.80 6.64 6.74 6.85 6.64 6.61 6.66 4.00 4.50 5.00 5.50 6.00 6.50 7.00 2020 2021 2022 2023 2024 2025 3Q26 Total Deposits ($ in billions)

 

14Central Pacific Financial Corp. Net Interest Income and NIM Expansion 53.9 55.8 57.7 59.8 61.3 62.1 61.4 62.8 64.5 3.62% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 35.0 40.0 45.0 50.0 55.0 60.0 65.0 70.0 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $ in millions NII NIM Net Interest Margin 3.62% +5 bps QoQ | +13 bps YoY Net Interest Income $64.5 million +2.6% QoQ | +5.2% YoY Deposit Cost 0.90% Stable QoQ Loan Yield 5.01% +5 bps QoQ

 

15Central Pacific Financial Corp. Balanced Loan Portfolio NOTE: Totals may not foot due to rounding • CRE up $100 million year-over-year • Offset by run-off of residential mortgage, HELOC, and mainland consumer • Diverse loan portfolio with over 80% secured by real estate • 82% of loans in core Hawaii market 4.96 5.10 5.56 5.44 5.33 5.29 5.31 3.50% 3.70% 3.90% 4.10% 4.30% 4.50% 4.70% 4.90% 5.10% - 1.00 2.00 3.00 4.00 5.00 6.00 2020 2021 2022 2023 2024 2025 3Q26 Loan Balances Outstanding ($ in billions) Loans Yields ($ in millions) 9/30/2026 6/30/2026 9/30/2025 $ % $ % Resi & HELOC 2,370 2,393 2,450 (22) -1% (80) -3% CRE 1,713 1,686 1,613 27 2% 100 6% C&I 579 590 609 (12) -2% (30) -5% Construction 217 211 218 6 3% (0) 0% Consumer 434 428 477 6 1% (43) -9% TOTAL 5,313 5,308 5,367 5 0% (54) -1% Loan Growth, by Category QoQ Growth YoY Growth

 

16Central Pacific Financial Corp. Balance Sheet Sensitivity 411 383 120 31 0 250 500 ≤3m 3-6m 6-12m 1-3yr CD Maturity ($ in millions) as of 9/30/2026 1,491 28% 307 6% 603 11% 706 13% 738 14% 1,456 28% 0 500 1,000 1,500 2,000 ≤3m 3m-12m 1yr-3yr 3yr-5yr 5-15yr >15yr Loan Repricing Schedule1 ($ in millions) as of 9/30/2026 ▪ Contractual maturity ▪ Rate sensitive ▪ Non-rate sensitive 1 Represents loan repricing or maturing. Excludes nonaccrual loans. • 34% or $1.8B of the loan portfolio contractually reprices within 1 year • Over 95% or $0.9B CDs reprice within 1 year • Balance sheet sensitivity position is neutral to slightly asset sensitive • Loan rate mix: 56% fixed and 44% variable

 

17Central Pacific Financial Corp. 5 Solid Credit Profile Asset quality remained solid and in the expected operating range 1 Totals Loans includes OREO 60.4 59.6 59.9 60.6 59.8 1.13% 1.13% 1.13% 1.14% 1.13% 3Q25 4Q25 1Q26 2Q26 3Q26 Allowance for Credit Losses and Coverage Ratio ACL ACL to Total Loans Ratio 1.77% 1.34% 1.86% 2.34% 1.81% 3Q25 4Q25 1Q26 2Q26 3Q26 Criticized/Total Loans 0.27% 0.27% 0.27% 0.31% 0.26% 3Q25 4Q25 1Q26 2Q26 3Q26 NPAs/Total Loans 0.10% 0.13% 0.09% 0.10% 0.12% 0.20% 0.18% 0.18% 0.20% 0.20% 3Q25 4Q25 1Q26 2Q26 3Q26 Annualized NCO/Avg Loans All Other NCO/Avg Loans Mainland Consumer NCO/Avg Loans

 

18Central Pacific Financial Corp. 11.6 14.6 12.41.4 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 4Q25 1Q26 2Q26 3Q26 Other Operating Income ($ in millions) Other Operating Income Non-recurring • 3Q26 and 2Q26 QoQ changes primarily driven by BOLI income • 4Q25 $1.4 million death benefit proceeds for BOLI income • Focused on growing long-term fee income from wealth management and advisory offerings • 3Q26 and 2Q26 changes primarily driven by equity market performance in deferred compensation expense • Focused on process improvements and driving positive operating leverage Other Operating Income and Expense 14.2 45.7 43.7 46.2 44.8 0.0 10.0 20.0 30.0 40.0 50.0 60.0 4Q25 1Q26 2Q26 3Q26 Other Operating Expense ($ in millions) Other Operating Expense Non-recurring

 

19Central Pacific Financial Corp. Strong Capital Position Supporting Organic Growth & Capital Return 49.2 30.7 29.1 52.7 55.8 0 10 20 30 40 50 60 2022 2023 2024 2025 3Q26 YTD Capital Return ($ in millions) Cash Dividends Share repurchases 9.7% 12.7% 14.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Tier 1 Leverage CET1 Total Capital Regulatory Capital Ratios as of 9/30/26 • 87% YTD capital return ratio through 9/30/2026 • Repurchased 4% of shares YTD through 9/30/2026 • Dividend payout ratio of 35% YTD • Dividend yield of 3.5%1 1 Dividend yield is calculated based on quarterly cash dividend of $0.31 per share for 4Q26 and CPF share price as of 9/30/26.

 

Appendix

 

21Central Pacific Financial Corp. Non-GAAP Disclosure To supplement its consolidated financial information, the Company utilizes certain non-GAAP financial measures. These measures are not intended to be considered in isolation or as a substitute for comparable GAAP results. The Company believes these non-GAAP financial measures provide meaningful insight to investors and other stakeholders in understanding its financial performance and position, by excluding certain transactions that may be non-recurring, non-operational, or not indicative of ongoing results. The Company believes that these non-GAAP measures offer a useful perspective for evaluating performance trends over time and are intended to support period-to-period comparisons. The Company believes they are valuable tools for both investors and management in assessing historical results and forecasting future performance. Non- GAAP financial measures may not be comparable to similarly entitled measures reported by other companies. The results for the three and nine months ended September 30, 2026 were not materially impacted by items outside of the normal course of business. Refer to the Company’s earnings release tables for full non-GAAP reconciliation. EFFICIENCY RATIO 3Q26 2Q26 Total other operating expense 44.8 46.2 Net interest income 64.5 62.8 Total other operating income 12.4 14.6 Total revenue 76.8 77.5 Efficiency ratio (non-GAAP) 58.27% 59.62% TCE RATIO 3Q26 2Q26 Total shareholders’ equity 581.4 596.3 Less: intangible assets 0 0 TCE 581.4 596.3 Total assets 7,449.6 7,501.1 Less: intangible assets 0 0 Tangible assets 7,449.6 7,501.1 TCE Ratio (non-GAAP) 7.80% 7.95% 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. Note: Dollar amounts in millions. Totals may not sum due to rounding.

 

22Central Pacific Financial Corp. Non-GAAP Disclosure (cont’d) Historical reconciling adjustments shown below are: • 3Q25: approximately $1.2 million after tax related to the consolidation of the Company's former operations center into its main office in the three months ended September 30, 2025 • 4Q24: approximately $7.6 million after tax loss on sales of investment securities related to an investment portfolio repositioning • 3Q24: approximately $2.4 million after tax related to the evaluation and assessment of a strategic opportunity in the three months ended September 30, 2024 Management does not consider these transactions to be representative of the Company's core operating performance. The net income adjustments shown below reflect the after-tax impact of these items, using an assumed effective tax rate of 23%. 3Q25 GAAP 3Q25 Adjustment 3Q25 Non-GAAP 4Q24 GAAP 4Q24 Adjustment 4Q24 Non-GAAP 3Q24 GAAP 3Q24 Adjustment 3Q24 Non-GAAP NET INCOME ($ in millions) $18.6 +$1.2 $19.7 $11.3 +$7.6 $19.0 $13.3 +$2.4 $15.7 DILUTED EARNINGS PER SHARE (EPS) $0.69 +$0.04 $0.73 $0.42 +$0.28 $0.70 $0.49 +$0.09 $0.58 RETURN ON ASSETS (ROA) 1.01% +0.07% 1.08% 0.62% +0.41% 1.03% 0.72% +0.13% 0.85% RETURN ON EQUITY (ROE) 12.89% +0.78% 13.67% 8.37% +5.45% 13.82% 10.02% +1.73% 11.75% TANGIBLE COMMON EQUITY (NON-GAAP) 7.92% +0.02% 7.94% 7.21% +0.12% 7.33% 7.31% +0.03% 7.34% EFFICIENCY RATIO (NON-GAAP) 62.84% -2.03% 60.81% 75.65% -11.00% 64.65% 70.12% -4.61% 65.51%

 

23Central Pacific Financial Corp. (*) Certain amounts in prior years were reclassified to conform to current year's presentation. These reclassifications had an immaterial impact on our previously reported efficiency ratios. Historical Financial Metrics ($ in millions) 2020 2021 2022 2023 2024 2025 1Q 2Q 3Q Balance Sheet (period end data) Loans and leases 4,964.1$ 5,101.6$ 5,555.5$ 5,439.0$ 5,332.9$ 5,289.1$ 5,320.3$ 5,308.3$ 5,313.1$ Total assets 6,594.6 7,419.1 7,432.8 7,642.8 7,472.1 7,409.2 7,495.4 7,501.1 7,449.6 Total deposits 5,796.1 6,639.2 6,736.2 6,847.6 6,644.0 6,609.8 6,699.4 6,695.8 6,663.9 Total shareholders' equity 546.7 558.3 452.9 503.8 538.4 592.6 593.9 596.3 581.4 Income Statement Net interest income 197.7 211.0 215.6 210.0 211.7 240.9 61.4 62.8 64.5 Provision (credit) for credit losses (*) 42.1 (14.6) (1.3) 15.7 9.8 15.7 2.4 4.4 1.9 Other operating income 45.2 43.1 47.9 46.7 38.7 51.8 11.6 14.6 12.4 Other operating expense (*) 151.7 163.0 166.0 164.1 172.6 178.7 43.7 46.2 44.8 Income taxes (*) 11.8 25.8 24.8 18.2 14.6 20.8 6.2 6.1 7.4 Net income 37.3 79.9 73.9 58.7 53.4 77.5 20.7 20.8 22.8 Prof itability Return on average assets 0.58% 1.13% 1.01% 0.78% 0.72% 1.06% 1.12% 1.12% 1.22% Return on average shareholders' equity 6.85% 14.38% 15.47% 12.38% 10.25% 13.62% 13.90% 13.94% 15.28% Efficiency ratio 62.47% 64.16% 63.00% 63.95% 68.91% 61.05% 59.87% 59.62% 58.27% Net interest margin 3.30% 3.18% 3.09% 2.94% 3.01% 3.45% 3.53% 3.57% 3.62% Capital Adequacy (period end data) Leverage capital ratio 8.8% 8.5% 8.5% 8.8% 9.3% 9.8% 9.7% 9.7% 9.7% Total risk-based capital ratio 15.2% 14.5% 13.5% 14.6% 15.4% 14.8% 14.7% 14.8% 14.8% Asset Quality Net loan chargeoffs/average loans 0.15% 0.02% 0.09% 0.27% 0.29% 0.23% 0.18% 0.20% 0.20% Nonaccrual loans/total loans (period end) 0.12% 0.12% 0.09% 0.13% 0.21% 0.27% 0.27% 0.29% 0.25% Year Ended December 31, 2026

 

24Central Pacific Financial Corp. CPB’s Branch Footprint 70+ year legacy 27 branches on 4 islands Kauai (1), Oahu (20), Maui (4), and Hawaii (2) & 56 ATMs Kauai Oahu Molokai Maui Hawaii Island Niihau Kahoolawe Lanai Note: Map is not to scale

 

252Central Pacific Financial Corp. Tourism Visitor arrivals Aug 2026 +1.8%1 Jobs Unemployment Rate Sep 2026 2.8%1 Key State of Hawaii Highlights Hawaii Visitor Industry Update • Visitor expenditures totaled $15.2 billion through August 2026 year-to-date, up 4.1% year-over-year, while arrivals increased 1.8% to 6.7 million1 • Maui’s tourism recovery continued, with year-to-date visitor spending up 8.1% to $4.3 billion and arrivals up 6.0% through August 2026 year-to-date 1 Military and Infrastructure Investment Support Construction Activity • Construction continues on Pearl Harbor’s Dry Dock 5, the Navy’s largest military construction project; with an original task order of $2.8 billion3 • Federal military projects, Honolulu Skyline, the Kapalama port upgrade and private condominium development support a multiyear construction pipeline; UHERO expects construction employment to remain above 40,000 through 20314 Healthcare Growth and Low Unemployment Provide Additional Support • Healthcare and social assistance employment increased 2.8%, adding 2,100 jobs in the first seven months of 2026 compared with the prior-year period1 1 Source: State of Hawaii Department of Business, Economic Development & Tourism. Tourism represents total visitors year-to-date as of Aug 2026 compared to Aug 2025. Unemployment rate is seasonally adjusted. 2 Source: Honolulu Board of Realtors 3 Source: NAVFAC Pacific 4 Source: UHERO Resilient Hawaii Economy Housing Oahu Median Single- Family Home Price Sep 2026 $1.1mil2 -3.00% -2.00% -1.00% 0.00% Hawaii is less impacted in a U.S. Recession Average % Decline in Past Recessions US Hawaii Real GDP Source: UHERO Past recessions include: 1981-1982, 1990-1991, 2001, 2007-2009, and 2020 Payrolls

 

26Central Pacific Financial Corp. CPB Named Best Bank in Hawaii by TIME, Forbes, Newsweek, and Honolulu Star-Advertiser • TIME’s America’s Best Companies of 2026 List • Forbes’ Best-In-State Banks 2026 • Newsweek’s America’s Best Regional Banks 2026 • SBA Lender of the Year for 2025

 

Mahalo

 

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