Central Pacific Financial Reports Fourth Quarter and Full Year 2025 Earnings

Fourth Quarter and Full Year 2025 Highlights:

• Net income of $22.9 million, or $0.85 per diluted share for the quarter; net income of $77.5 million, or $2.86 per diluted share for the year.
• Return on average assets (ROA) of 1.25% for the quarter; ROA of 1.06% for the year.
• Return on average equity (ROE) of 15.41% for the quarter; ROE of 13.62% for the year.
• Efficiency ratio improved to 59.88%, compared to 62.84% in the prior quarter; 61.05% for the year.
• Net interest margin (NIM) of 3.56%, up 7 bps from the prior quarter; NIM of 3.45% for the year.
• Repurchased 529,613 shares of common stock at a total cost of $16.3 million during the quarter; 788,261 shares at $23.3 million during the year.

Other Highlights:

• Board of Directors authorized a new share repurchase program of $55 million for 2026.
• Board of Directors increased the quarterly cash dividend by 3.6% to $0.29 per share.

HONOLULU--(BUSINESS WIRE)--Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $22.9 million, or $0.85 per fully diluted share ("EPS"), for the fourth quarter of 2025. This compares to net income of $18.6 million, or EPS of $0.69, in the prior quarter and $11.3 million, or EPS of $0.42, in the same quarter last year. For the 2025 year, net income and EPS was $77.5 million and $2.86, respectively, compared to net income and EPS of $53.4 million and $1.97, respectively, in 2024.

"Central Pacific Financial achieved strong fourth-quarter and 2025 year-end results thanks to strong balance sheet management and meaningful progress on our strategic and business priorities," said Arnold Martines, Chairman, President and CEO. "In the fourth-quarter, our profitability strengthened further, underscoring the success of our disciplined approach. Looking ahead, we remain focused on supporting our customers and the communities we serve, while continuing to create long-term value for our shareholders."

Earnings Highlights

Net interest income for the fourth quarter of 2025 totaled $62.1 million, which increased by $0.8 million, or 1.3% from the prior quarter, and increased by $6.3 million, or 11.3%, compared to the same quarter last year. Net interest margin ("NIM") for the fourth quarter of 2025 was 3.56%, an increase of 7 basis points ("bp" or "bps") from the prior quarter, and an increase of 39 bps from the same quarter last year. The sequential quarter increase in net interest income and NIM was primarily driven by a 12 bps decrease in average rates paid on interest-bearing deposits, which outpaced the declines in average yields earned on loans, down 2 bps, and investment securities, down 5 bps.

The Company recorded a provision for credit losses of $2.4 million in the fourth quarter of 2025, compared to a provision of $4.2 million in the prior quarter, and a provision of $0.8 million in the same quarter last year. The current quarter provision for credit losses included $1.7 million for credit losses on loans and $0.7 million for off-balance sheet exposures. The decrease from prior quarter was primarily driven by a decline in loan balances and improvements in the macro-economic forecast used in our estimate of the allowance for credit losses.

Other operating income for the fourth quarter of 2025 totaled $14.2 million, compared to $13.5 million in the prior quarter, and $2.6 million in the same quarter last year. The sequential quarter increase was largely driven by a $0.9 million increase in income from bank-owned life insurance, primarily related to a death benefit recognized in the fourth quarter of 2025. The increase from the year-ago was largely attributable to a $9.9 million pre-tax loss related to an investment portfolio repositioning in the fourth quarter of 2024.

Other operating expense for the fourth quarter of 2025 totaled $45.7 million, compared to $47.0 million in the prior quarter, and $44.2 million in the same quarter last year. The sequential quarter decrease was primarily attributable to a one-time expense of $1.5 million related to the operations center consolidation in the third quarter of 2025. The increase from the year-ago quarter was primarily due to higher salaries and employee benefits of $2.8 million, partially offset by an impairment charge on intangible assets of $1.4 million (included in other) during the fourth quarter of 2024.

The efficiency ratio was 59.88% in the fourth quarter of 2025, compared to 62.84% in the prior quarter and 75.65% in the same quarter last year. The prior quarter was impacted by $1.5 million in expenses related to the operations center consolidation in the third quarter of 2025. The year-ago quarter was impacted by a $9.9 million pre-tax loss related to an investment portfolio repositioning in the fourth quarter of 2024. Excluding these items, the adjusted efficiency ratio (non-GAAP) was 60.81% and 64.65% for the third quarter of 2025 and fourth quarter of 2024, respectively. The improvement in the adjusted efficiency ratio was attributable to higher net interest income and other operating income, combined with lower other operating expense.

The effective tax rate for the fourth quarter of 2025 was 18.9%, compared to 21.4% in the prior quarter, and 15.4% in the same quarter last year. The sequential quarter decrease in the Company's effective tax rate was primarily attributable to additional tax credits and an increase in tax-exempt income. The increase in the effective tax rate compared with the year-ago quarter was primarily driven by higher pre-tax income in the current quarter, largely resulting from the loss on investment securities repositioning in the fourth quarter of 2024, as well as provision adjustments recorded in the year-ago quarter.

Balance Sheet Highlights

As of December 31, 2025, total assets were $7.41 billion, which decreased by $12.2 million, or 0.2% from $7.42 billion at September 30, 2025, and a decrease of $62.9 million, or 0.8% from $7.47 billion at December 31, 2024.

Total loans, net of deferred fees and costs, were $5.29 billion at December 31, 2025, which decreased by $78.1 million, or 1.5% from $5.37 billion at September 30, 2025, and decreased by $43.8 million, or 0.8% from $5.33 billion at December 31, 2024. The average yield earned on loans during the fourth quarter of 2025 was 4.99%, compared to 5.01% in the prior quarter and 4.91% in the same quarter last year.

Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $6.06 billion at December 31, 2025. Core deposits increased by $78.2 million, or 1.3% from $5.98 billion at September 30, 2025, and increased by $19.3 million, or 0.3% from $6.04 billion at December 31, 2024. Total deposits were $6.61 billion at December 31, 2025, which increased by $32.1 million or 0.5% from $6.58 billion at September 30, 2025, and decreased by $34.2 million, or 0.5% from $6.64 billion at December 31, 2024. The average rate paid on total deposits during the fourth quarter of 2025 was 0.94%, compared to 1.02% in the prior quarter, and 1.21% in the same quarter last year.

Asset Quality

Nonperforming assets totaled $14.4 million, or 0.19% of total assets at December 31, 2025, compared to $14.3 million, or 0.19% of total assets at September 30, 2025 and $11.0 million, or 0.15% of total assets at December 31, 2024.

Net charge-offs in the fourth quarter of 2025 totaled $2.5 million, compared to net charge-offs of $2.7 million in the prior quarter, and net charge-offs of $3.8 million in the same quarter last year. On an annualized basis, net charge-offs as a percentage of average loans improved to 0.18% in the fourth quarter of 2025, compared to 0.20% in the prior quarter, and 0.29% in the same quarter last year.

The allowance for credit losses on loans was 1.13% of total loans as of December 31, 2025, compared to 1.13% at September 30, 2025, and 1.11% at December 31, 2024.

Capital

Total shareholders' equity at December 31, 2025 was $592.6 million, compared to $588.1 million at September 30, 2025 and $538.4 million at December 31, 2024.

The Company's regulatory capital ratios remained strong, with leverage ratio of 9.8%, 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 December 31, 2025.

The Company redeemed in full at par its $55.0 million of 4.75% fixed-to-floating rate subordinated notes due 2030 on its November 1, 2025 call date.

During the fourth quarter of 2025, the Company repurchased 529,613 shares of common stock at a total cost of $16.3 million, representing an average price of $30.82 per share. For the year ended December 31, 2025, the Company repurchased 788,261 shares at a total cost of $23.3 million, or an average price of $29.60 per share. In total, the Company returned $52.7 million to shareholders during 2025 through cash dividends and share repurchases.

On January 27, 2026, the Board of Directors authorized a new share repurchase program (the "2026 Repurchase Plan") permitting the Company to repurchase up to $55 million of its common stock from time to time in the open market or through privately negotiated transactions. The 2026 Repurchase Plan replaces and supersedes the prior share repurchase program previously approved by the Board.

On January 27, 2026, the Board of Directors also declared a quarterly cash dividend of $0.29 per share. This represents an increase of 3.6% from the dividend paid in the fourth quarter of 2025 of $0.28 per share. The dividend will be payable on March 16, 2026, to shareholders of record as of February 27, 2026.

Conference Call

The Company's management will host a conference call today at 1:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) to discuss its fourth quarter of 2025 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 February 27, 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 $7.41 billion in assets as of December 31, 2025. 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.

Equal Housing Lender
Member FDIC
NYSE Listed: CPF

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, and other cost cutting 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, 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; 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 effects 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, 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 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 Forms 10-Q and 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															Year Ended
(Dollars in thousands,	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,
except for per share amounts)		2025			2025			2025			2025			2024			2025			2024
CONDENSED INCOME STATEMENT
Net interest income	$	62,087		$	61,301		$	59,796		$	57,699		$	55,774		$	240,883		$	211,733
Provision for credit losses		2,396			4,157			4,987			4,172			818			15,712			9,826
Total other operating income		14,201			13,507			13,013			11,096			2,624			51,817			38,723
Total other operating expense		45,680			47,009			43,946			42,072			44,177			178,707			172,591
Income tax expense		5,337			5,068			5,605			4,791			2,058			20,801			14,627
Net income		22,875			18,574			18,271			17,760			11,345			77,480			53,412
Basic earnings per share	$	0.86		$	0.69		$	0.68		$	0.66		$	0.42		$	2.88		$	1.97
Diluted earnings per share		0.85			0.69			0.67			0.65			0.42			2.86			1.97
Dividends declared per share		0.28			0.27			0.27			0.27			0.26			1.09			1.04
PERFORMANCE RATIOS
Return on average assets (ROA) [1]		1.25	%		1.01	%		1.00	%		0.96	%		0.62	%		1.06	%		0.72	%
Return on average equity (ROE) [1]		15.41			12.89			13.04			13.04			8.37			13.62			10.25
Average equity to average assets		8.12			7.85			7.66			7.37			7.35			7.75			7.06
Efficiency ratio [2]		59.88			62.84			60.36			61.16			75.65			61.05			68.91
Net interest margin (NIM) [1]		3.56			3.49			3.44			3.31			3.17			3.45			3.01
Dividend payout ratio [3]		32.94			39.13			40.30			41.54			61.90			38.11			52.79
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale	$	5,328,499		$	5,332,656		$	5,307,946		$	5,311,610		$	5,315,802		$	5,320,258		$	5,358,059
Average interest-earning assets		6,964,796			7,011,753			6,985,097			7,054,488			7,052,296			7,003,809			7,061,864
Average assets		7,310,098			7,341,281			7,314,144			7,388,783			7,377,398			7,338,368			7,378,207
Average deposits		6,499,119			6,509,692			6,503,463			6,561,100			6,546,616			6,518,150			6,570,990
Average interest-bearing liabilities		4,757,686			4,807,225			4,807,669			4,914,398			4,906,623			4,821,276			4,932,757
Average equity		593,750			576,531			560,248			544,888			542,135			569,009			521,008
[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)

	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
	2025		2025		2025		2025		2024
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio	9.8	%	9.7	%	9.6	%	9.4	%	9.3	%
Common equity tier 1 capital ratio	12.7		12.6		12.6		12.4		12.3
Tier 1 risk-based capital ratio	13.6		13.5		13.5		13.4		13.2
Total risk-based capital ratio	14.8		15.7		15.8		15.6		15.4
Central Pacific Bank
Leverage ratio	9.7		10.2		10.1		9.8		9.7
Common equity tier 1 capital ratio	13.5		14.1		14.1		14.0		13.8
Tier 1 risk-based capital ratio	13.5		14.1		14.1		14.0		13.8
Total risk-based capital ratio	14.7		15.3		15.3		15.2		14.9

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(dollars in thousands, except for per share amounts)		2025			2025			2025			2025			2024
BALANCE SHEET
Total loans, net of deferred fees and costs	$	5,289,096		$	5,367,202		$	5,289,809		$	5,334,547		$	5,332,852
Total assets		7,409,241			7,421,478			7,369,567			7,405,239			7,472,096
Total deposits		6,609,764			6,577,684			6,544,989			6,596,048			6,644,011
Long-term debt		76,547			131,527			131,466			131,405			156,345
Total equity		592,581			588,066			568,874			557,376			538,385
Tangible common equity to tangible assets [4]		8.00	%		7.92	%		7.72	%		7.53	%		7.21	%
ASSET QUALITY
Allowance for credit losses (ACL)	$	59,621		$	60,393		$	59,611		$	60,469		$	59,182
Nonaccrual loans		14,386			14,319			14,895			11,085			11,018
Non-performing assets (NPA)		14,386			14,319			14,895			11,085			11,018
Ratio of ACL to total loans		1.13	%		1.13	%		1.13	%		1.13	%		1.11	%
Ratio of NPA to total assets		0.19	%		0.19	%		0.20	%		0.15	%		0.15	%
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share	$	22.47		$	21.86		$	21.08		$	20.60		$	19.89
Closing market price per common share		31.16			30.34			28.03			27.04			29.05
[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

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands, except share data)		2025			2025			2025			2025			2024
ASSETS
Cash and due from financial institutions	$	88,200		$	102,859		$	110,935		$	106,670		$	77,774
Interest-bearing deposits in other financial institutions		290,453			207,034			206,035			170,226			303,167
Investment securities:
Debt securities available-for-sale, at fair value		748,212			758,683			765,213			780,379			737,658
Debt securities held-to-maturity, at amortized cost; fair value of: $495,845 at December 31, 2025, $500,859 at September 30, 2025, $499,833 at June 30, 2025, $511,717 at March 31, 2025, and $506,681 at December 31, 2024		562,391			570,886			580,476			589,688			596,930
Total investment securities		1,310,603			1,329,569			1,345,689			1,370,067			1,334,588
Loans held for sale		1,084			1,557			—			2,788			5,662
Loans, net of deferred fees and costs		5,289,096			5,367,202			5,289,809			5,334,547			5,332,852
Less: allowance for credit losses		(59,621	)		(60,393	)		(59,611	)		(60,469	)		(59,182	)
Loans, net of allowance for credit losses		5,229,475			5,306,809			5,230,198			5,274,078			5,273,670
Premises and equipment, net		100,620			100,992			103,657			103,490			104,342
Accrued interest receivable		23,559			25,232			23,518			24,743			23,378
Investment in unconsolidated entities		61,349			52,987			49,370			50,885			52,417
Mortgage servicing rights		8,672			8,459			8,436			8,418			8,473
Bank-owned life insurance		180,717			179,743			177,639			176,846			176,216
Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank ("FRB") stock		25,836			25,215			24,816			24,163			6,929
Right-of-use lease assets		24,822			25,570			30,693			29,829			30,824
Other assets		63,851			55,452			58,581			63,036			74,656
Total assets	$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239		$	7,472,096
LIABILITIES
Deposits:
Noninterest-bearing demand	$	1,891,198		$	1,903,614		$	1,938,226		$	1,854,241		$	1,888,937
Interest-bearing demand		1,388,107			1,340,725			1,336,620			1,368,519			1,338,719
Savings and money market		2,346,522			2,292,881			2,242,122			2,316,416			2,329,170
Time		983,937			1,040,464			1,028,021			1,056,872			1,087,185
Total deposits		6,609,764			6,577,684			6,544,989			6,596,048			6,644,011
Long-term debt, net of unamortized debt issuance costs		76,547			131,527			131,466			131,405			156,345
Lease liabilities		25,549			26,288			31,981			31,057			32,025
Accrued interest payable		7,068			8,604			8,755			8,757			10,051
Other liabilities		97,732			89,309			83,502			80,596			91,279
Total liabilities		6,816,660			6,833,412			6,800,693			6,847,863			6,933,711
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024		—			—			—			—			—
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 26,374,967 at December 31, 2025, 26,903,512 at September 30, 2025, 26,981,436 at June 30, 2025, 27,061,589 at March 31, 2025, and 27,065,570 at December 31, 2024		381,158			397,479			399,823			402,400			404,494
Additional paid-in capital		107,308			106,675			106,033			104,849			105,054
Retained earnings		191,383			175,968			164,676			153,692			143,259
Accumulated other comprehensive loss		(87,268	)		(92,056	)		(101,658	)		(103,565	)		(114,422	)
Total equity		592,581			588,066			568,874			557,376			538,385
Total liabilities and equity	$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239		$	7,472,096

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)	TABLE 3

	Three Months Ended												Year Ended
	Dec 31,		Sep 30,			Jun 30,		Mar 31,		Dec 31,			Dec 31,
(Dollars in thousands, except per share data)		2025		2025			2025		2025		2024			2025			2024
Interest income:
Interest and fees on loans	$	66,897	$	67,222		$	65,668	$	64,119	$	65,482		$	263,906		$	258,192
Interest and dividends on investment securities:
Taxable investment securities		9,401		9,776			9,871		9,801		8,626			38,849			33,278
Tax-exempt investment securities		696		709			709		708		723			2,822			2,527
Interest on deposits in other financial institutions		1,501		1,857			1,484		2,254		3,004			7,096			11,593
Dividend income on FHLB and FRB stock		382		395			388		324		125			1,489			509
Total interest income		78,877		79,959			78,120		77,206		77,960			314,162			306,099
Interest expense:
Interest on deposits:
Interest-bearing demand		441		490			443		452		686			1,826			2,159
Savings and money market		8,004		8,898			8,414		8,862		9,388			34,178			37,043
Time		6,999		7,410			7,616		8,107		9,881			30,132			46,084
Interest on FHLB advances and other short-term borrowings		—		—			—		—		—			—			1
Interest on long-term debt		1,346		1,860			1,851		2,086		2,231			7,143			9,079
Total interest expense		16,790		18,658			18,324		19,507		22,186			73,279			94,366
Net interest income		62,087		61,301			59,796		57,699		55,774			240,883			211,733
Provision for credit losses		2,396		4,157			4,987		4,172		818			15,712			9,826
Net interest income after provision for credit losses		59,691		57,144			54,809		53,527		54,956			225,171			201,907
Other operating income:
Mortgage banking income		1,186		958			744		597		913			3,485			3,388
Service charges on deposit accounts		2,423		2,330			2,124		2,147		2,251			9,024			8,656
Other service charges and fees		5,570		6,472			5,957		5,766		5,476			23,765			22,553
Income from fiduciary activities		1,529		1,547			1,501		1,624		1,430			6,201			5,761
Income from bank-owned life insurance		2,816		1,879			2,260		497		1,966			7,452			6,619
Net loss on sales of investment securities		—		(30	)		—		—		(9,934	)		(30	)		(9,934	)
Other		677		351			427		465		522			1,920			1,680
Total other operating income		14,201		13,507			13,013		11,096		2,624			51,817			38,723
Other operating expense:
Salaries and employee benefits		24,490		24,749			22,696		21,819		21,661			93,754			85,941
Net occupancy		4,432		4,598			4,253		4,392		4,192			17,675			18,001
Computer software		5,442		5,151			5,320		4,714		4,757			20,627			18,015
Legal and professional services		2,878		2,669			2,873		2,798		2,504			11,218			9,790
Equipment		825		867			950		1,082		904			3,724			3,881
Advertising		943		730			832		887		911			3,392			3,615
Communication		495		791			901		1,033		943			3,220			3,177
Other		6,175		7,454			6,121		5,347		8,305			25,097			30,171
Total other operating expense		45,680		47,009			43,946		42,072		44,177			178,707			172,591
Income before income taxes		28,212		23,642			23,876		22,551		13,403			98,281			68,039
Income tax expense		5,337		5,068			5,605		4,791		2,058			20,801			14,627
Net income	$	22,875	$	18,574		$	18,271	$	17,760	$	11,345		$	77,480		$	53,412
Per common share data:
Basic earnings per share	$	0.86	$	0.69		$	0.68	$	0.66	$	0.42		$	2.88		$	1.97
Diluted earnings per share		0.85		0.69			0.67		0.65		0.42			2.86			1.97
Cash dividends declared		0.28		0.27			0.27		0.27		0.26			1.09			1.04
Basic weighted average shares outstanding		26,687,551		26,968,163			26,988,169		27,087,154		27,065,047			26,931,761			27,057,329
Diluted weighted average shares outstanding		26,827,551		27,083,280			27,069,677		27,213,406		27,221,121			27,045,170			27,157,120

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)	TABLE 4

	Three Months Ended							Three Months Ended							Three Months Ended
	December 31, 2025							September 30, 2025							December 31, 2024
	Average		Average					Average		Average					Average		Average
(Dollars in thousands)	Balance		Yield/Rate		Interest			Balance		Yield/Rate		Interest			Balance		Yield/Rate		Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	151,826	3.92	%	$	1,501		$	167,247	4.41	%	$	1,857		$	250,493	4.77	%	$	3,004
Investment securities:
Taxable		1,322,341	2.84			9,401			1,348,314	2.90			9,776			1,338,569	2.58			8,626
Tax-exempt [1]		136,530	2.58			881			138,470	2.59			898			140,503	2.60			915
Total investment securities		1,458,871	2.82			10,282			1,486,784	2.87			10,674			1,479,072	2.58			9,541
Loans, including loans held for sale		5,328,499	4.99			66,897			5,332,656	5.01			67,222			5,315,802	4.91			65,482
FHLB and FRB stock		25,600	5.96			382			25,066	6.30			395			6,929	7.23			125
Total interest-earning assets		6,964,796	4.52			79,062			7,011,753	4.55			80,148			7,052,296	4.42			78,152
Noninterest-earning assets		345,302							329,528							325,102
Total assets	$	7,310,098						$	7,341,281						$	7,377,398
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,358,436	0.13	%	$	441		$	1,358,837	0.14	%	$	490		$	1,312,561	0.21	%	$	686
Savings and money market deposits		2,297,826	1.38			8,004			2,293,452	1.54			8,898			2,313,293	1.61			9,388
Time deposits up to $250,000		433,911	2.21			2,422			437,192	2.28			2,509			518,540	2.99			3,900
Time deposits over $250,000		571,240	3.18			4,577			586,251	3.32			4,901			605,920	3.93			5,981
Total interest-bearing deposits		4,661,413	1.31			15,444			4,675,732	1.43			16,798			4,750,314	1.67			19,955
Federal funds purchased and securities sold		—	—			—			—	—			—			2	5.57			—
FHLB advances and other short-term borrowings		—	—			—			—	—			—			2	5.04			—
Long-term debt		96,273	5.55			1,346			131,493	5.61			1,860			156,305	5.68			2,231
Total interest-bearing liabilities		4,757,686	1.40			16,790			4,807,225	1.54			18,658			4,906,623	1.80			22,186
Noninterest-bearing deposits		1,837,706							1,833,960							1,796,302
Other liabilities		120,956							123,565							132,338
Total liabilities		6,716,348							6,764,750							6,835,263
Total equity		593,750							576,531							542,135
Total liabilities and equity	$	7,310,098						$	7,341,281						$	7,377,398
Taxable-equivalent net interest income (non-GAAP)						62,272							61,490							55,966
Taxable-equivalent adjustment [1]						(185	)						(189	)						(192	)
Net interest income (GAAP)					$	62,087						$	61,301						$	55,774
Interest rate spread			3.12	%						3.01	%						2.62	%
Net interest margin (taxable-equivalent)			3.56	%						3.49	%						3.17	%
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)	TABLE 5

	Year Ended							Year Ended
	December 31, 2025							December 31, 2024
	Average		Average					Average		Average
(Dollars in thousands)	Balance		Yield/Rate		Interest			Balance		Yield/Rate		Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	164,721	4.31	%	$	7,096		$	220,526	5.26	%	$	11,593
Investment securities:
Taxable		1,356,467	2.86			38,849			1,334,695	2.49			33,278
Tax-exempt [1]		138,415	2.58			3,572			141,688	2.26			3,199
Total investment securities		1,494,882	2.84			42,421			1,476,383	2.47			36,477
Loans, including loans held for sale		5,320,258	4.96			263,906			5,358,059	4.82			258,192
FHLB and FRB stock		23,948	6.22			1,489			6,896	7.38			509
Total interest-earning assets		7,003,809	4.50			314,912			7,061,864	4.34			306,771
Noninterest-earning assets		334,559							316,343
Total assets	$	7,338,368						$	7,378,207
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,357,433	0.13	%	$	1,826		$	1,287,628	0.17	%	$	2,159
Savings and money market deposits		2,302,973	1.48			34,178			2,263,273	1.64			37,043
Time deposits up to $250,000		442,001	2.33			10,309			538,216	3.16			17,025
Time deposits over $250,000		591,162	3.35			19,823			687,404	4.23			29,059
Total interest-bearing deposits		4,693,569	1.41			66,136			4,776,521	1.79			85,286
Federal funds purchased and securities sold		—	—			—			1	5.57			—
FHLB advances and other short-term borrowings		—	—			—			17	5.58			1
Long-term debt		127,707	5.59			7,143			156,218	5.81			9,079
Total interest-bearing liabilities		4,821,276	1.52			73,279			4,932,757	1.91			94,366
Noninterest-bearing deposits		1,824,581							1,794,469
Other liabilities		123,502							129,973
Total liabilities		6,769,359							6,857,199
Total equity		569,009							521,008
Total liabilities and equity	$	7,338,368						$	7,378,207
Taxable-equivalent net interest income (non-GAAP)						241,633							212,405
Taxable-equivalent adjustment [1]						(750	)						(672	)
Net interest income (GAAP)					$	240,883						$	211,733
Interest rate spread			2.98	%						2.43	%
Net interest margin (taxable-equivalent)			3.45	%						3.01	%
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.

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

	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)		2025		2025		2025		2025		2024
Commercial and industrial	$	594,592	$	608,814	$	608,130	$	634,620	$	606,936
Construction		213,191		217,610		190,008		160,092		145,211
Residential mortgage		1,839,191		1,839,535		1,851,690		1,870,239		1,892,520
Home equity		600,082		610,889		627,834		655,237		676,982
Commercial mortgage		1,594,433		1,613,187		1,540,523		1,552,439		1,500,680
Consumer		447,607		477,167		471,624		461,920		510,523
Total loans, net of deferred fees and costs	$	5,289,096	$	5,367,202	$	5,289,809	$	5,334,547	$	5,332,852

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits by Category
(Unaudited)	TABLE 7

	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)		2025		2025		2025		2025		2024
Noninterest-bearing demand	$	1,891,198	$	1,903,614	$	1,938,226	$	1,854,241	$	1,888,937
Interest-bearing demand		1,388,107		1,340,725		1,336,620		1,368,519		1,338,719
Savings and money market		2,346,522		2,292,881		2,242,122		2,316,416		2,329,170
Time deposits up to $250,000		433,629		444,005		439,687		436,437		483,378
Core deposits		6,059,456		5,981,225		5,956,655		5,975,613		6,040,204
Other time deposits greater than $250,000		412,188		458,339		459,945		475,861		500,693
Government time deposits		138,120		138,120		128,389		144,574		103,114
Total time deposits greater than $250,000		550,308		596,459		588,334		620,435		603,807
Total deposits	$	6,609,764	$	6,577,684	$	6,544,989	$	6,596,048	$	6,644,011

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

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands)		2025			2025			2025			2025			2024
Nonaccrual loans:
Commercial and industrial	$	591		$	357		$	110		$	531		$	414
Residential mortgage		10,572			11,413			12,327			9,199			9,044
Home equity		2,608			2,119			1,889			746			952
Consumer		615			430			569			609			608
Total nonaccrual loans		14,386			14,319			14,895			11,085			11,018
Other real estate owned ("OREO")		—			—			—			—			—
Total nonperforming assets ("NPAs")		14,386			14,319			14,895			11,085			11,018
Accruing loans 90+ days past due:
Residential mortgage		664			1,159			1,625			—			323
Home equity		485			—			21			87			78
Consumer		403			349			418			670			373
Total accruing loans 90+ days past due		1,552			1,508			2,064			757			774
Total NPAs and accruing loans 90+ days past due	$	15,938		$	15,827		$	16,959		$	11,842		$	11,792
Ratio of total nonaccrual loans to total loans		0.27	%		0.27	%		0.28	%		0.21	%		0.21	%
Ratio of total NPAs to total assets		0.19			0.19			0.20			0.15			0.15
Ratio of total NPAs to total loans and OREO		0.27			0.27			0.28			0.21			0.21
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO		0.30			0.29			0.32			0.22			0.22
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter	$	14,319		$	14,895		$	11,085		$	11,018		$	11,597
Additions		2,549			838			5,879			2,397			1,436
Reductions:
Payments		(397	)		(286	)		(585	)		(614	)		(763	)
Return to accrual status		(1,098	)		(821	)		(861	)		(558	)		(71	)
Charge-offs, valuation adjustments and other reductions		(987	)		(307	)		(623	)		(1,158	)		(1,181	)
Total reductions		(2,482	)		(1,414	)		(2,069	)		(2,330	)		(2,015	)
Balance at end of quarter	$	14,386		$	14,319		$	14,895		$	11,085		$	11,018

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)	TABLE 9

	Three Months Ended															Year Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,
(Dollars in thousands)		2025			2025			2025			2025			2024			2025			2024
Allowance for credit losses ("ACL") on loans:
Balance at beginning of period	$	60,393		$	59,611		$	60,469		$	59,182		$	61,647		$	59,182		$	63,934
Provision for credit losses on loans		1,685			3,440			3,810			3,905			1,353			12,840			10,962
Charge-offs:
Commercial and industrial		(678	)		(1,071	)		(2,858	)		(580	)		(1,113	)		(5,187	)		(2,977	)
Residential mortgage		—			—			—			—			—			—			(383	)
Consumer		(2,831	)		(2,824	)		(2,864	)		(2,977	)		(3,727	)		(11,496	)		(16,866	)
Total charge-offs		(3,509	)		(3,895	)		(5,722	)		(3,557	)		(4,840	)		(16,683	)		(20,226	)
Recoveries:
Commercial and industrial		266			204			195			171			158			836			536
Construction		1			—			3			—			—			4			—
Residential mortgage		9			8			7			10			11			34			36
Home equity		9			9			9			3			—			30			6
Consumer		767			1,016			840			755			853			3,378			3,934
Total recoveries		1,052			1,237			1,054			939			1,022			4,282			4,512
Net charge-offs		(2,457	)		(2,658	)		(4,668	)		(2,618	)		(3,818	)		(12,401	)		(15,714	)
Balance at end of period	$	59,621		$	60,393		$	59,611		$	60,469		$	59,182		$	59,621		$	59,182
Average loans, net of deferred fees and costs	$	5,328,499		$	5,332,656		$	5,307,946		$	5,311,610		$	5,315,802		$	5,320,258		$	5,358,059
Ratio of annualized net charge-offs to average loans		0.18	%		0.20	%		0.35	%		0.20	%		0.29	%		0.23	%		0.29	%
Ratio of ACL to total loans		1.13			1.13			1.13			1.13			1.11			1.13			1.11

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 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 following reconciling adjustments from GAAP to non-GAAP adjusted financial measures are limited to: (1) net pre-tax expenses of $1.5 million related to the consolidation of the Company's former operations center into its main office in the three months ended September 30, 2025, (2) net pre-tax loss on sales of investment securities related to an investment portfolio repositioning of $9.9 million in the fourth quarter of 2024, and (3) pre-tax expenses of $3.1 million 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 related income tax effects were calculated using an assumed effective tax rate of 23%.

	Three Months Ended
	December 31, 2025									September 30, 2025									December 31, 2024
(dollars in thousands,	GAAP			Non-GAAP			Non-GAAP			GAAP			Non-GAAP			Non-GAAP			GAAP			Non-GAAP			Non-GAAP
except per share data)	Reported			Adjustment			Adjusted			Reported			Adjustment			Adjusted			Reported			Adjustment			Adjusted
Financial measures:
Net income	$	22,875		$	—		$	22,875		$	18,574		$	1,167		$	19,741		$	11,345		$	7,649		$	18,994
Diluted EPS	$	0.85		$	—		$	0.85		$	0.69		$	0.04		$	0.73		$	0.42		$	0.28		$	0.70
Efficiency ratio (non-GAAP)		59.88	%		—	%		59.88	%		62.84	%		(2.03	)%		60.81	%		75.65	%		(11.00	)%		64.65	%
ROA		1.25	%		—	%		1.25	%		1.01	%		0.07	%		1.08	%		0.62	%		0.41	%		1.03	%
ROE		15.41	%		—	%		15.41	%		12.89	%		0.78	%		13.67	%		8.37	%		5.45	%		13.82	%
As of period ended:
TCE ratio (non-GAAP)		8.00	%		0.01	%		8.01	%		7.92	%		0.02	%		7.94	%		7.21	%		0.12	%		7.33	%

	Year Ended December 31, 2025									Year Ended December 31, 2024
(dollars in thousands,	GAAP			Non-GAAP			Non-GAAP			GAAP			Non-GAAP			Non-GAAP
except per share data)	Reported			Adjustment			Adjusted			Reported			Adjustment			Adjusted
Financial measures:
Net income	$	77,480		$	1,167		$	78,647		$	53,412		$	10,011		$	63,423
Diluted EPS	$	2.86		$	0.05		$	2.91		$	1.97		$	0.37		$	2.34
Efficiency ratio (non-GAAP)		61.05	%		(0.51	)%		60.54	%		68.91	%		(3.81	)%		65.10	%
ROA		1.06	%		0.01	%		1.07	%		0.72	%		0.14	%		0.86	%
ROE		13.62	%		0.19	%		13.81	%		10.25	%		1.85	%		12.10	%
As of December 31, 2025 and 2024:
TCE ratio (non-GAAP)		8.00	%		0.01	%		8.01	%		7.21	%		0.12	%		7.33	%

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 Ended								Year Ended
(dollars in thousands, except per share data)	Dec 31, 2025		Sep 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
GAAP net income	$	22,875	$	18,574		$	11,345		$	77,480		$	53,412
Add: Net loss related to an investment portfolio repositioning		—		—			9,934			—			9,934
Add: Expenses related to the consolidation of operations center		—		1,516			—			1,516			—
Add: Expenses related to a strategic opportunity		—		—			—			—			3,068
Non-GAAP pre-tax adjustments		—		1,516			9,934			1,516			13,002
Less: Income tax effect (assumes 23% ETR)		—		(349	)		(2,285	)		(349	)		(2,991	)
Non-GAAP adjustments, net of tax		—		1,167			7,649			1,167			10,011
Adjusted net income (non-GAAP)	$	22,875	$	19,741		$	18,994		$	78,647		$	63,423
Diluted weighted average shares outstanding		26,827,551		27,083,280			27,221,121			27,045,170			27,157,120
GAAP diluted EPS	$	0.85	$	0.69		$	0.42		$	2.86		$	1.97
Add: Non-GAAP adjustments, net of tax		—		0.04			0.28			0.05			0.37
Adjusted diluted EPS (non-GAAP)	$	0.85	$	0.73		$	0.70		$	2.91		$	2.34

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)	TABLE 10 (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 and adjusted efficiency ratio for the periods indicated:

	Three Months Ended									Year Ended
(dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
Total other operating expense	$	45,680		$	47,009		$	44,177		$	178,707		$	172,591
Less: Expenses related to the consolidation of operations center		—			(1,516	)		—			(1,516	)		—
Less: Expenses related to a strategic opportunity		—			—			—			—			(3,068	)
Non-GAAP other operating expense adjustments		—			(1,516	)		—			(1,516	)		(3,068	)
Adjusted total other operating expense (non-GAAP)	$	45,680		$	45,493		$	44,177		$	177,191		$	169,523
Total other operating income	$	14,201		$	13,507		$	2,624		$	51,817		$	38,723
Add: Net loss related to an investment portfolio repositioning		—			—			9,934			—			9,934
Adjusted total other operating income (non-GAAP)	$	14,201		$	13,507		$	12,558			51,817			48,657
Net interest income	$	62,087		$	61,301		$	55,774		$	240,883		$	211,733
Total other operating income		14,201			13,507			2,624			51,817			38,723
Total revenue	$	76,288		$	74,808		$	58,398		$	292,700		$	250,456
Efficiency ratio (non-GAAP)		59.88	%		62.84	%		75.65	%		61.05	%		68.91	%
Less: Non-GAAP pre-tax adjustments		—	%		(2.03	)%		(11.00	)%		(0.51	)%		(3.81	)%
Adjusted efficiency ratio (non-GAAP)		59.88	%		60.81	%		64.65	%		60.54	%		65.10	%

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 Ended									Year Ended
(dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
Average assets	$	7,310,098		$	7,341,281		$	7,377,398		$	7,338,368		$	7,378,207
Add: Non-GAAP adjustments, net of tax		—			1,167			7,649			584			3,093
Adjusted average assets (non-GAAP)	$	7,310,098		$	7,342,448		$	7,385,047		$	7,338,952		$	7,381,300
ROA		1.25	%		1.01	%		0.62	%		1.06	%		0.72	%
Add: Non-GAAP adjustments, net of tax		—			0.07			0.41			0.01			0.14
Adjusted ROA (non-GAAP)		1.25	%		1.08	%		1.03	%		1.07	%		0.86	%
Average equity	$	593,750		$	576,531		$	542,135		$	569,009		$	521,008
Add: Non-GAAP adjustments, net of tax		—			1,167			7,649			584			3,093
Adjusted average equity (non-GAAP)	$	593,750		$	577,698		$	549,784		$	569,593		$	524,101
ROE		15.41	%		12.89	%		8.37	%		13.62	%		10.25	%
Add: Non-GAAP adjustments, net of tax		—			0.78			5.45			0.19			1.85
Adjusted ROE (non-GAAP)		15.41	%		13.67	%		13.82	%		13.81	%		12.10	%

The table below presents the Tangible Common Equity ("TCE") ratio and adjusted TCE ratio, both of which are non-GAAP financial measures, as of the dates indicated. The TCE ratio is calculated by dividing tangible common equity by tangible assets.

(dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024
Total equity	$	592,581		$	588,066		$	568,874		$	557,376		$	538,385
Less: Intangible assets		—			—			—			—			—
TCE	$	592,581		$	588,066		$	568,874		$	557,376		$	538,385
Add: Non-GAAP adjustments, net of tax		1,167			1,167			—			—			10,011
Adjusted TCE (non-GAAP)	$	593,748		$	589,233		$	568,874		$	557,376		$	548,396
Total assets	$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239		$	7,472,096
Less: Intangible assets		—			—			—			—			—
Tangible assets	$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239		$	7,472,096
Add: Non-GAAP adjustments, net of tax		1,167			1,167			—			—			10,011
Adjusted tangible assets (non-GAAP)	$	7,410,408		$	7,422,645		$	7,369,567		$	7,405,239		$	7,482,107
TCE ratio (non-GAAP)		8.00	%		7.92	%		7.72	%		7.53	%		7.21	%
Add: Non-GAAP adjustments, net of tax		0.01			0.02			—			—			0.12
Adjusted TCE ratio (non-GAAP)		8.01	%		7.94	%		7.72	%		7.53	%		7.33	%