EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| EQUITY | 9. EQUITY As a Hawaii state-chartered bank, Central Pacific Bank may only pay dividends to the extent it has Statutory Retained Earnings, as defined under Hawaii banking law, which differs from GAAP retained earnings. As of June 30, 2026 and December 31, 2025, the Bank had Statutory Retained Earnings of $240.1 million and $234.7 million, respectively. Dividends are payable at the discretion of the Board of Directors and may be restricted by federal and Hawaii state laws, regulatory guidance from the FRB, and covenants set forth in various agreements we are a party to, including covenants set forth in our junior subordinated debentures. There is no assurance that dividends will continue at the current rate, or at all. The Company repurchases shares of its common stock when it believes such repurchases are in the best interests of the Company. In January 2025, the Company’s Board of Directors authorized a share repurchase plan (the "2025 Repurchase Plan"), permitting the repurchase up to $30.0 million of the Company's common stock in open market or privately negotiated transactions. The 2025 Repurchase Plan replaced and superseded in its entirety the share repurchase plan previously approved by the Company's Board of Directors, which had $19.1 million in remaining repurchase authority. In the year ended December 31, 2025, a total of 788,261 shares of common stock, at a cost of $23.3 million, were repurchased under the 2025 Repurchase Plan. In January 2026, the Company's Board of Directors authorized a share repurchase plan (the "2026 Repurchase Plan"), permitting the repurchase of up to $55.0 million of the Company's common stock. Repurchases may be made from time to time in the open market or through privately negotiated transactions. The 2026 Repurchase Plan replaced and superseded in its entirety the 2025 Repurchase Plan previously approved by the Company’s Board of Directors, which had $6.7 million in remaining repurchase authority. During the six months ended June 30, 2026, the Company repurchased 643,254 shares of common stock at an aggregate cost of $21.8 million under the 2026 Repurchase Plan. As of June 30, 2026, $33.2 million remained available for repurchase under the 2026 Repurchase Plan. There can be no assurance that share repurchases will continue at the current rate or at all. The Company accounts for share repurchases under the cost method, recording the total cost of repurchased shares as a reduction of common stock until their future disposition is determined. These shares are held as authorized but unissued and may be reissued from time to time on such terms, prices, and conditions as determined by the Board of Directors. In connection with the Company's recapitalization in 2011, the total number of authorized shares of common stock was increased to 185,000,000. From the completion of the Company’s 2011 recapitalization through June 30, 2026 and December 31, 2025, the Company has repurchased an aggregate of 18,165,760 and 17,522,506 shares, respectively.
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