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 FIRST QUARTER 2026 EARNINGS OF $20.7 MILLION

First Quarter Highlights:
•Net income of $20.7 million, or $0.78 per diluted share
•Return on average assets of 1.12% and return on average equity of 13.90%
•Net interest margin of 3.53% and efficiency ratio of 59.87%
•Total loans of $5.32 billion, increased by $31.3 million from the prior quarter
•Total deposits of $6.70 billion, increased by $89.6 million from the prior quarter
•Repurchased 321,396 shares of common stock at a total cost of $10.5 million during the quarter

Other Highlights:
•CPF Board of Directors approved a second quarter cash dividend of $0.29 per share
•Central Pacific Bank was named the U.S. Small Business Administration (SBA) Lender of the Year in Hawaii (Category II) for 2025

HONOLULU, HI, April 29, 2026 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $20.7 million, or $0.78 per fully diluted earnings share ("EPS"), for the first quarter of 2026. This compares to net income of $22.9 million, or EPS of $0.85, in the prior quarter and $17.8 million, or EPS of $0.65, in the first quarter last year.

"We delivered strong net income in the first quarter, marked by balance sheet growth, healthy net interest margin, and disciplined expense management,” said Arnold Martines, Chairman, President and CEO. “We are proud to be named as Hawaii SBA lender of the year for the 17th time, reflecting our ongoing commitment to supporting small businesses in our community. I want to express my sincere appreciation to our employees and customers for their continued dedication and partnership."

Earnings Highlights
Net interest income for the first quarter of 2026 totaled $61.4 million, which decreased by $0.7 million, or 1.2% from the prior quarter, and increased by $3.7 million, or 6.3%, compared to the same quarter last year. Net interest margin ("NIM") for the first quarter of 2026 was 3.53%, a decrease of 3 basis points ("bp" or "bps") from the prior quarter, and an increase of 22 bps from the same quarter last year. The sequential quarter decrease in net interest income and NIM was primarily driven by lower average yields earned on loans, down 6 bps, and investment securities, down 5 bps, partially offset by a 6 bps decrease in average rates paid on


Central Pacific Financial Reports First Quarter 2026 Earnings of $20.7 Million
Page 2

interest-bearing deposits. The sequential quarter decrease in net interest income was also due to a $60.0 million decrease in average loans and two less days in the current quarter.

The Company recorded a provision for credit losses of $2.4 million in the first quarter of 2026, compared to a provision of $2.4 million in the prior quarter, and a provision of $4.2 million in the same quarter last year. The current quarter provision for credit losses included $2.7 million for credit losses on loans offset by a $0.3 million credit for off-balance sheet credit exposures. The decrease from the year ago quarter was primarily driven by lower loan balances and changes in the economic forecast used in our current expected credit losses model.

Other operating income for the first quarter of 2026 totaled $11.6 million, compared to $14.2 million in the prior quarter, and $11.1 million in the same quarter last year. The sequential quarter decrease was primarily due to a decrease in income from bank-owned life insurance of $2.4 million and lower mortgage banking income of $0.5 million, partially offset by income related to a debit card program contract extension consideration of $0.7 million (included in other income). The decrease in income from bank-owned life insurance was largely driven by $1.4 million in death benefits recognized in the prior quarter, combined with equity market volatility and the impact on corporate-owned life insurance ("COLI") policies used to hedge deferred compensation expense.

Other operating expense for the first quarter of 2026 totaled $43.7 million, compared to $45.7 million in the prior quarter, and $42.1 million in the same quarter last year. The decrease from the prior quarter was primarily attributable to lower salaries and employee benefits of $1.4 million due to lower incentive accruals and lower deferred compensation expense, along with a reduction in legal and professional services of $0.5 million.

The efficiency ratio was 59.87% in the first quarter of 2026, compared to 59.88% in the prior quarter and 61.16% in the same quarter last year.

The effective tax rate for the first quarter of 2026 was 23.0%, compared to 18.9% in the prior quarter, and 21.2% in the same quarter last year. The increase in the Company's effective tax rate was primarily attributable to additional tax credits recognized in the previous quarter and a decrease in tax-exempt income.

Balance Sheet Highlights
As of March 31, 2026, total assets were $7.50 billion, which increased by $86.1 million, or 1.2% from $7.41 billion at December 31, 2025, and an increase of $90.1 million, or 1.22% from $7.41 billion at March 31, 2025.

Total loans, net of deferred fees and costs, were $5.32 billion at March 31, 2026, which increased by $31.3 million, or 0.6% from $5.29 billion at December 31, 2025, and decreased by $14.2 million, or 0.3% from $5.33 billion at March 31, 2025. The average yield earned on loans during the first quarter of 2026 was 4.93%, compared to 4.99% in the prior quarter and 4.88% in the same quarter last year.

Total deposits were $6.70 billion at March 31, 2026, which increased by $89.6 million or 1.4% from $6.61 billion at December 31, 2025, and increased by $103.3 million, or 1.6% from $6.60 billion at March 31, 2025. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $6.13 billion at March 31, 2026. Core deposits increased by $74.9 million, or 1.2% from $6.06 billion at December 31, 2025, and increased by $158.7 million, or 2.7% from $5.98 billion at March 31, 2025. The average rate paid on total deposits during the first quarter of 2026 was 0.90%, compared to 0.94% in the prior quarter, and 1.08% in the same quarter last year.

Asset Quality
Nonperforming assets totaled $14.5 million, or 0.19% of total assets at March 31, 2026, compared to $14.4 million, or 0.19% of total assets at December 31, 2025 and $11.1 million, or 0.15% of total assets at March 31, 2025.

Net charge-offs in the first quarter of 2026 totaled $2.4 million, compared to net charge-offs of $2.5 million in the prior quarter, and net charge-offs of $2.6 million in the same quarter last year. On an annualized basis, net charge-offs as a percentage of average loans was 0.18% in the first quarter of 2026, compared to 0.18% in the prior quarter, and 0.20% in the same quarter last year.

The allowance for credit losses on loans was 1.13% of total loans as of March 31, 2026, and remained unchanged from 1.13% at December 31, 2025 and March 31, 2025.



Central Pacific Financial Reports First Quarter 2026 Earnings of $20.7 Million
Page 3

Capital
Total shareholders' equity at March 31, 2026 was $593.9 million, compared to $592.6 million at December 31, 2025 and $557.4 million at March 31, 2025.

During the first quarter of 2026, the Company repurchased 321,396 shares of common stock at a total cost of $10.5 million, or an average price of $32.75 per share. As of March 31, 2026, $44.5 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 12.6%, a Tier 1 risk-based capital ratio of 13.5%, and a total risk-based capital ratio of 14.7% at March 31, 2026.

On April 28, 2026, the Board of Directors declared a quarterly cash dividend of $0.29 per share. The dividend will be payable on June 15, 2026, to shareholders of record as of May 29, 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 first quarter of 2026 financial 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 and entering the conference ID: 6299769.

A replay of the call will be available through May 29, 2026, by dialing 1-800-770-2030 and entering the same conference 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 $7.50 billion in assets as of March 31, 2026. Its primary subsidiary, Central Pacific Bank, operates 27 branches and 55 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: cpb.bank.


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Central Pacific Financial Reports First Quarter 2026 Earnings of $20.7 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 position, credit losses, net interest margin, or other financial items. These statements may also include the 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 or actions. In addition, such statements may address anticipated economic performance, the expected impact of business initiatives, and the assumptions underlying any of the foregoing.

Words such as "believe," "plan," "anticipate," "aim," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may," and other similar expressions are intended to identify FLS, although such terminology is not the exclusive means of doing so.

While we believe that our FLS and their underlying assumptions are reasonably based, such statements are inherently subject to risks and uncertainties that may cause actual results to differ materially from expectations. Factors that may lead to such differences, include, but are not limited to: the persistence or resurgence of 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,and other cost-cutting or fiscal initiatives; the adverse effects of bank failures on customer confidence, deposit behavior, liquidity, and regulatory responses; the 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; supply chain disruptions, labor contract disputes, strikes; 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 economic conditions 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 instability in the financial industry, deterioration in real estate markets, and declines in consumer or business confidence; revisions to estimates of reserve requirements under applicable regulatory and accounting standards; the impact of legislative and regulatory developments, including the Dodd-Frank Act, 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 efforts of governmental and regulatory exams and orders, as well as the costs of ongoing or potential compliance efforts; the effect of accounting standard changes adopted by regulatory agencies, the PCAOB, or the FASB, and the cost and resources associated with implementation; changes in trade, monetary, or fiscal policy, including actions by the Federal Reserve; market volatility and monetary fluctuations, including the transition away from the LIBOR Index; declines in our market capitalization or the price of our common stock; the effects and cost of acquisitions, dispositions, or strategic transactions we may make 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 internal control over financial reporting or disclosure controls and procedures, and our ability to remediate them; increased competition among financial institutions and other financial service providers; our ability to achieve efficiency ratio improvement goals; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and related reputational or regulatory exposures; and risks related to the United States fiscal debt, deficit, and budget uncertainties.

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 Ended
(Dollars in thousands, Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
except for per share amounts)20262025202520252025
CONDENSED INCOME STATEMENT   
Net interest income$61,358 $62,087 $61,301 $59,796 $57,699 
Provision for credit losses 2,353 2,396 4,157 4,987 4,172 
Total other operating income11,574 14,201 13,507 13,013 11,096 
Total other operating expense 43,666 45,680 47,009 43,946 42,072 
Income tax expense6,188 5,337 5,068 5,605 4,791 
Net income20,725 22,875 18,574 18,271 17,760 
Basic earnings per share$0.79 $0.86 $0.69 $0.68 $0.66 
Diluted earnings per share0.78 0.85 0.69 0.67 0.65 
Dividends declared per share0.29 0.28 0.27 0.27 0.27 
PERFORMANCE RATIOS     
Return on average assets (ROA) [1]1.12 %1.25 %1.01 %1.00 %0.96 %
Return on average equity (ROE) [1]13.90 15.41 12.89 13.04 13.04 
Average equity to average assets8.07 8.12 7.85 7.66 7.37 
Efficiency ratio [2]59.87 59.88 62.84 60.36 61.16 
Net interest margin (NIM) [1]3.53 3.56 3.49 3.44 3.31 
Dividend payout ratio [3]37.18 32.94 39.13 40.30 41.54 
SELECTED AVERAGE BALANCES     
Average loans, including loans held for sale$5,268,482 $5,328,499 $5,332,656 $5,307,946 $5,311,610 
Average interest-earning assets7,022,759 6,964,796 7,011,753 6,985,097 7,054,488 
Average assets7,396,084 7,310,098 7,341,281 7,314,144 7,388,783 
Average deposits6,592,361 6,499,119 6,509,692 6,503,463 6,561,100 
Average interest-bearing liabilities4,846,057 4,757,686 4,807,225 4,807,669 4,914,398 
Average equity596,524 593,750 576,531 560,248 544,888 
[1] ROA and ROE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual).
[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).
[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)TABLE 1 (CONTINUED)
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
20262025202520252025
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio9.7 %9.8 %9.7 %9.6 %9.4 %
Common equity tier 1 capital ratio12.6 12.7 12.6 12.6 12.4 
Tier 1 risk-based capital ratio13.5 13.6 13.5 13.5 13.4 
Total risk-based capital ratio14.7 14.8 15.7 15.8 15.6 
Central Pacific Bank
Leverage ratio9.6 9.7 10.2 10.1 9.8 
Common equity tier 1 capital ratio13.4 13.5 14.1 14.1 14.0 
Tier 1 risk-based capital ratio13.4 13.5 14.1 14.1 14.0 
Total risk-based capital ratio14.6 14.7 15.3 15.3 15.2 


Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(dollars in thousands, except for per share amounts)20262025202520252025
BALANCE SHEET   
Total loans, net of deferred fees and costs$5,320,349 $5,289,096 $5,367,202 $5,289,809 $5,334,547 
Total assets7,495,363 7,409,241 7,421,478 7,369,567 7,405,239 
Total deposits6,699,354 6,609,764 6,577,684 6,544,989 6,596,048 
Long-term debt76,547 76,547 131,527 131,466 131,405 
Total equity593,879 592,581 588,066 568,874 557,376 
Tangible common equity to tangible assets [4]7.92 %8.00 %7.92 %7.72 %7.53 %
ASSET QUALITY     
Allowance for credit losses (ACL)$59,933 $59,621 $60,393 $59,611 $60,469 
Nonaccrual loans14,524 14,386 14,319 14,895 11,085 
Non-performing assets (NPA)14,524 14,386 14,319 14,895 11,085 
Ratio of ACL to total loans1.13 %1.13 %1.13 %1.13 %1.13 %
Ratio of NPA to total assets0.19 %0.19 %0.19 %0.20 %0.15 %
PER SHARE OF COMMON STOCK OUTSTANDING     
Book value per common share$22.74 $22.47 $21.86 $21.08 $20.60 
Closing market price per common share31.96 31.16 30.34 28.03 27.04 
[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 9.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)TABLE 2
 
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands, except share data)20262025202520252025
ASSETS   
Cash and due from financial institutions$88,880 $88,200 $102,859 $110,935 $106,670 
Interest-bearing deposits in other financial institutions317,716 290,453 207,034 206,035 170,226 
Investment securities:  
Debt securities available-for-sale, at fair value779,156 748,212 758,683 765,213 780,379 
Debt securities held-to-maturity, at amortized cost; fair value of: $486,018 at March 31, 2026, $495,845 at December 31, 2025, $500,859 at September 30, 2025, $499,833 at June 30, 2025, and $511,717 at March 31, 2025554,548 562,391 570,886 580,476 589,688 
Total investment securities1,333,704 1,310,603 1,329,569 1,345,689 1,370,067 
Loans held for sale2,536 1,084 1,557 — 2,788 
Loans, net of deferred fees and costs5,320,349 5,289,096 5,367,202 5,289,809 5,334,547 
Less: allowance for credit losses(59,933)(59,621)(60,393)(59,611)(60,469)
Loans, net of allowance for credit losses5,260,416 5,229,475 5,306,809 5,230,198 5,274,078 
Premises and equipment, net99,942 100,620 100,992 103,657 103,490 
Accrued interest receivable24,320 23,559 25,232 23,518 24,743 
Investment in unconsolidated entities59,548 61,349 52,987 49,370 50,885 
Mortgage servicing rights8,520 8,672 8,459 8,436 8,418 
Bank-owned life insurance181,298 180,717 179,743 177,639 176,846 
Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank ("FRB") stock24,682 25,836 25,215 24,816 24,163 
Right-of-use lease assets24,320 24,822 25,570 30,693 29,829 
Other assets69,481 63,851 55,452 58,581 63,036 
Total assets$7,495,363 $7,409,241 $7,421,478 $7,369,567 $7,405,239 
LIABILITIES     
Deposits:     
Noninterest-bearing demand$1,897,593 $1,891,198 $1,903,614 $1,938,226 $1,854,241 
Interest-bearing demand1,428,323 1,388,107 1,340,725 1,336,620 1,368,519 
Savings and money market2,378,834 2,346,522 2,292,881 2,242,122 2,316,416 
Time994,604 983,937 1,040,464 1,028,021 1,056,872 
Total deposits6,699,354 6,609,764 6,577,684 6,544,989 6,596,048 
Long-term debt, net of unamortized debt issuance costs76,547 76,547 131,527 131,466 131,405 
Lease liabilities25,073 25,549 26,288 31,981 31,057 
Accrued interest payable6,433 7,068 8,604 8,755 8,757 
Other liabilities94,077 97,732 89,309 83,502 80,596 
Total liabilities6,901,484 6,816,660 6,833,412 6,800,693 6,847,863 
EQUITY
Shareholders' equity:     
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025— — — — — 
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 26,115,229 at March 31, 2026, 26,374,967 at December 31, 2025, 26,903,512 at September 30, 2025, 26,981,436 at June 30, 2025, and 27,061,589 at March 31, 2025370,633 381,158 397,479 399,823 402,400 
Additional paid-in capital106,501 107,308 106,675 106,033 104,849 
Retained earnings204,494 191,383 175,968 164,676 153,692 
Accumulated other comprehensive loss(87,749)(87,268)(92,056)(101,658)(103,565)
Total equity593,879 592,581 588,066 568,874 557,376 
Total liabilities and equity$7,495,363 $7,409,241 $7,421,478 $7,369,567 $7,405,239 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES 
Consolidated Statements of Income 
(Unaudited)TABLE 3
 Three Months Ended
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands, except per share data)20262025202520252025
Interest income:   
Interest and fees on loans$64,323 $66,897 $67,222 $65,668 $64,119 
Interest and dividends on investment securities:
Taxable investment securities9,210 9,401 9,776 9,871 9,801 
Tax-exempt investment securities682 696 709 709 708 
Interest on deposits in other financial institutions2,500 1,501 1,857 1,484 2,254 
Dividend income on FHLB and FRB stock381 382 395 388 324 
Total interest income77,096 78,877 79,959 78,120 77,206 
Interest expense:     
Interest on deposits:     
Interest-bearing demand522 441 490 443 452 
Savings and money market7,502 8,004 8,898 8,414 8,862 
Time6,665 6,999 7,410 7,616 8,107 
Interest on long-term debt1,049 1,346 1,860 1,851 2,086 
Total interest expense15,738 16,790 18,658 18,324 19,507 
Net interest income61,358 62,087 61,301 59,796 57,699 
Provision for credit losses2,353 2,396 4,157 4,987 4,172 
Net interest income after provision for credit losses59,005 59,691 57,144 54,809 53,527 
Other operating income:     
Mortgage banking income649 1,186 958 744 597 
Service charges on deposit accounts2,299 2,423 2,330 2,124 2,147 
Other service charges and fees5,789 5,570 6,472 5,957 5,766 
Income from fiduciary activities1,423 1,529 1,547 1,501 1,624 
Income from bank-owned life insurance399 2,816 1,879 2,260 497 
Net loss on sales of investment securities— — (30)— — 
Other1,015 677 351 427 465 
Total other operating income11,574 14,201 13,507 13,013 11,096 
Other operating expense:     
Salaries and employee benefits23,085 24,490 24,749 22,696 21,819 
Net occupancy4,322 4,432 4,598 4,253 4,392 
Computer software5,045 5,442 5,151 5,320 4,714 
Legal and professional services2,384 2,878 2,669 2,873 2,798 
Equipment807 825 867 950 1,082 
Advertising997 943 730 832 887 
Communication823 495 791 901 1,033 
Other6,203 6,175 7,454 6,121 5,347 
Total other operating expense43,666 45,680 47,009 43,946 42,072 
Income before income taxes26,913 28,212 23,642 23,876 22,551 
Income tax expense6,188 5,337 5,068 5,605 4,791 
Net income$20,725 $22,875 $18,574 $18,271 $17,760 
Per common share data:     
Basic earnings per share$0.79 $0.86 $0.69 $0.68 $0.66 
Diluted earnings per share0.78 0.85 0.69 0.67 0.65 
Cash dividends declared0.29 0.28 0.27 0.27 0.27 
Basic weighted average shares outstanding26,277,749 26,687,551 26,968,163 26,988,169 27,087,154 
Diluted weighted average shares outstanding26,414,880 26,827,551 27,083,280 27,069,677 27,213,406 
Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.



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
March 31, 2026December 31, 2025March 31, 2025
 AverageAverage AverageAverage AverageAverage 
(Dollars in thousands)BalanceYield/RateInterestBalanceYield/RateInterestBalanceYield/RateInterest
ASSETS
Interest-earning assets:         
Interest-bearing deposits in other financial institutions$274,885 3.69 %$2,500 $151,826 3.92 %$1,501 $206,108 4.44 %$2,254 
Investment securities:
Taxable [1]1,318,722 2.80 9,210 1,322,341 2.84 9,401 1,376,687 2.85 9,801 
Tax-exempt [1] [3]135,519 2.55 863 136,530 2.58 881 139,589 2.57 896 
Total investment securities1,454,241 2.77 10,073 1,458,871 2.82 10,282 1,516,276 2.82 10,697 
Loans, including loans held for sale [2]5,268,482 4.93 64,323 5,328,499 4.99 66,897 5,311,610 4.88 64,119 
FHLB and FRB stock25,151 6.07 381 25,600 5.96 382 20,494 6.32 324 
Total interest-earning assets7,022,759 4.44 77,277 6,964,796 4.52 79,062 7,054,488 4.43 77,394 
Noninterest-earning assets373,325   345,302   334,295   
Total assets$7,396,084   $7,310,098   $7,388,783   
LIABILITIES AND EQUITY
Interest-bearing liabilities:        
Interest-bearing demand deposits$1,407,877 0.15 %$522 $1,358,436 0.13 %$441 $1,355,360 0.14 %$452 
Savings and money market deposits2,371,217 1.28 7,502 2,297,826 1.38 8,004 2,345,445 1.53 8,862 
Time deposits up to $250,000432,745 2.18 2,331 433,911 2.21 2,422 457,473 2.51 2,832 
Time deposits over $250,000557,671 3.15 4,334 571,240 3.18 4,577 603,919 3.54 5,275 
Total interest-bearing deposits4,769,510 1.25 14,689 4,661,413 1.31 15,444 4,762,197 1.48 17,421 
Long-term debt76,547 5.56 1,049 96,273 5.55 1,346 152,201 5.56 2,086 
Total interest-bearing liabilities4,846,057 1.32 15,738 4,757,686 1.40 16,790 4,914,398 1.61 19,507 
Noninterest-bearing deposits1,822,851   1,837,706   1,798,903   
Other liabilities130,652   120,956   130,594   
Total liabilities6,799,560   6,716,348   6,843,895   
Total equity596,524   593,750   544,888   
Total liabilities and equity$7,396,084   $7,310,098   $7,388,783   
Net interest income (taxable-equivalent)  61,539   62,272   57,887 
Taxable-equivalent adjustment [3](181)(185)(188)
Net interest income (GAAP)$61,358 $62,087 $57,699 
Interest rate spread3.12 %3.12 %2.82 %
Net interest margin (taxable-equivalent) [4] 3.53 %  3.56 %  3.31 % 
[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 5
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20262025202520252025
Commercial and industrial$590,810 $594,592 $608,814 $608,130 $634,620 
Construction204,368 213,191 217,610 190,008 160,092 
Residential mortgage1,806,965 1,839,191 1,839,535 1,851,690 1,870,239 
Home equity582,380 600,082 610,889 627,834 655,237 
Commercial mortgage1,703,760 1,594,433 1,613,187 1,540,523 1,552,439 
Consumer432,066 447,607 477,167 471,624 461,920 
Total loans, net of deferred fees and costs5,320,349 5,289,096 5,367,202 5,289,809 5,334,547 
Less: Allowance for credit losses(59,933)(59,621)(60,393)(59,611)(60,469)
Loans, net of allowance for credit losses$5,260,416 $5,229,475 $5,306,809 $5,230,198 $5,274,078 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits
(Unaudited)TABLE 6
 
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20262025202520252025
Noninterest-bearing demand$1,897,593 $1,891,198 $1,903,614 $1,938,226 $1,854,241 
Interest-bearing demand1,428,323 1,388,107 1,340,725 1,336,620 1,368,519 
Savings and money market2,378,834 2,346,522 2,292,881 2,242,122 2,316,416 
Time deposits up to $250,000429,564 433,629 444,005 439,687 436,437 
Core deposits6,134,314 6,059,456 5,981,225 5,956,655 5,975,613 
Other time deposits greater than $250,000431,013 412,188 458,339 459,945 475,861 
Government time deposits134,027 138,120 138,120 128,389 144,574 
Total time deposits greater than $250,000565,040 550,308 596,459 588,334 620,435 
Total deposits$6,699,354 $6,609,764 $6,577,684 $6,544,989 $6,596,048 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets and Accruing Loans 90+ Days Past Due
(Unaudited)TABLE 7
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20262025202520252025
Nonaccrual loans:
Commercial and industrial$490 $591 $357 $110 $531 
Real estate:
Residential mortgage10,518 10,572 11,413 12,327 9,199 
Home equity2,986 2,608 2,119 1,889 746 
Consumer530 615 430 569 609 
Total nonaccrual loans14,524 14,386 14,319 14,895 11,085 
Other real estate owned ("OREO")— — — — — 
Total nonperforming assets ("NPAs")14,524 14,386 14,319 14,895 11,085 
Accruing loans 90+ days past due:     
Real estate:  
Residential mortgage— 664 1,159 1,625 — 
Home equity— 485 — 21 87 
Consumer290 403 349 418 670 
Total accruing loans 90+ days past due290 1,552 1,508 2,064 757 
Total NPAs and accruing loans 90+ days past due$14,814 $15,938 $15,827 $16,959 $11,842 
Ratio of total nonaccrual loans to total loans0.27 %0.27 %0.27 %0.28 %0.21 %
Ratio of total NPAs to total assets0.19 0.19 0.19 0.20 0.15 
Ratio of total NPAs to total loans and OREO0.27 0.27 0.27 0.28 0.21 
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO0.28 0.30 0.29 0.32 0.22 
Quarter-to-quarter changes in NPAs:    
Balance at beginning of quarter$14,386 $14,319 $14,895 $11,085 $11,018 
Additions2,094 2,549 838 5,879 2,397 
Reductions:  
Payments(284)(397)(286)(585)(614)
Return to accrual status(883)(1,098)(821)(861)(558)
Charge-offs, valuation adjustments and other reductions(789)(987)(307)(623)(1,158)
Total reductions(1,956)(2,482)(1,414)(2,069)(2,330)
Balance at end of quarter$14,524 $14,386 $14,319 $14,895 $11,085 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)TABLE 8
 
 Three Months Ended
 Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,
(Dollars in thousands)20262025202520252025
Allowance for credit losses ("ACL") on loans:   
Balance at beginning of period$59,621 $60,393 $59,611 $60,469 $59,182 
Provision for credit losses on loans2,724 1,685 3,440 3,810 3,905 
Charge-offs:
Commercial and industrial(1,056)(678)(1,071)(2,858)(580)
Real estate:
Consumer(2,301)(2,831)(2,824)(2,864)(2,977)
Total charge-offs(3,357)(3,509)(3,895)(5,722)(3,557)
Recoveries:   
Commercial and industrial175 266 204 195 171 
Real estate:
Construction2 1 — 3 — 
Residential mortgage8 9 8 7 10 
Home equity6 9 9 9 3 
Consumer754 767 1,016 840 755 
Total recoveries945 1,052 1,237 1,054 939 
Net charge-offs
(2,412)(2,457)(2,658)(4,668)(2,618)
Balance at end of period$59,933 $59,621 $60,393 $59,611 $60,469 
Average loans, net of deferred fees and costs$5,268,482 $5,328,499 $5,332,656 $5,307,946 $5,311,610 
Ratio of annualized net charge-offs to average loans0.18 %0.18 %0.20 %0.35 %0.20 %
Ratio of ACL to total loans1.13 1.13 1.13 1.13 1.13 



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)TABLE 9

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 months ended March 31, 2026 were not materially impacted by items outside of the normal course of business.

The Company believes that pre-provision net revenue ("PPNR"), a non-GAAP financial measure, is useful as a tool to help evaluate the ability to provide for credit costs through operations. The following table presents a recalculation of the PPNR for the periods presented.

Three Months Ended
(dollars in thousands)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
GAAP net income$20,725 $22,875 $18,574 $18,271 $17,760 
Add: Income tax expense6,188 5,337 5,068 5,605 4,791 
GAAP pre-tax income26,913 28,212 23,642 23,876 22,551 
Add: Provision for credit losses2,353 2,396 4,157 4,987 4,172 
Pre-provision net revenue ("PPNR") (non-GAAP)29,266 30,608 27,799 28,863 26,723 


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)TABLE 9 (CONTINUED)

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 Ended
(dollars in thousands)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Total other operating expense$43,666 $45,680 $47,009 $43,946 $42,072 
Net interest income$61,358 $62,087 $61,301 $59,796 $57,699 
Total other operating income11,574 14,201 13,507 13,013 11,096 
Total revenue$72,932 $76,288 $74,808 $72,809 $68,795 
Efficiency ratio (non-GAAP)59.87 %59.88 %62.84 %60.36 %61.16 %

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)Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Total equity$593,879 $592,581 $588,066 $568,874 $557,376 
Less: Intangible assets— — — — — 
TCE$593,879 $592,581 $588,066 $568,874 $557,376 
Total assets$7,495,363 $7,409,241 $7,421,478 $7,369,567 $7,405,239 
Less: Intangible assets— — — — — 
Tangible assets$7,495,363 $7,409,241 $7,421,478 $7,369,567 $7,405,239 
TCE ratio (non-GAAP)7.92 %8.00 %7.92 %7.72 %7.53 %