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--(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 $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 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.

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.

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, 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)		2026			2025			2025			2025			2025
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 income		11,574			14,201			13,507			13,013			11,096
Total other operating expense		43,666			45,680			47,009			43,946			42,072
Income tax expense		6,188			5,337			5,068			5,605			4,791
Net income		20,725			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 share		0.78			0.85			0.69			0.67			0.65
Dividends declared per share		0.29			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 assets		8.07			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 assets		7,022,759			6,964,796			7,011,753			6,985,097			7,054,488
Average assets		7,396,084			7,310,098			7,341,281			7,314,144			7,388,783
Average deposits		6,592,361			6,499,119			6,509,692			6,503,463			6,561,100
Average interest-bearing liabilities		4,846,057			4,757,686			4,807,225			4,807,669			4,914,398
Average equity		596,524			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,
		2026			2025			2025			2025			2025
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio		9.7	%		9.8	%		9.7	%		9.6	%		9.4	%
Common equity tier 1 capital ratio		12.6			12.7			12.6			12.6			12.4
Tier 1 risk-based capital ratio		13.5			13.6			13.5			13.5			13.4
Total risk-based capital ratio		14.7			14.8			15.7			15.8			15.6
Central Pacific Bank
Leverage ratio		9.6			9.7			10.2			10.1			9.8
Common equity tier 1 capital ratio		13.4			13.5			14.1			14.1			14.0
Tier 1 risk-based capital ratio		13.4			13.5			14.1			14.1			14.0
Total risk-based capital ratio		14.6			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)		2026			2025			2025			2025			2025
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 assets		7,495,363			7,409,241			7,421,478			7,369,567			7,405,239
Total deposits		6,699,354			6,609,764			6,577,684			6,544,989			6,596,048
Long-term debt		76,547			76,547			131,527			131,466			131,405
Total equity		593,879			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 loans		14,524			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 loans		1.13	%		1.13	%		1.13	%		1.13	%		1.13	%
Ratio of NPA to total assets		0.19	%		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 share		31.96			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)		2026			2025			2025			2025			2025
ASSETS
Cash and due from financial institutions	$	88,880		$	88,200		$	102,859		$	110,935		$	106,670
Interest-bearing deposits in other financial institutions		317,716			290,453			207,034			206,035			170,226
Investment securities:
Debt securities available-for-sale, at fair value		779,156			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, 2025		554,548			562,391			570,886			580,476			589,688
Total investment securities		1,333,704			1,310,603			1,329,569			1,345,689			1,370,067
Loans held for sale		2,536			1,084			1,557			—			2,788
Loans, net of deferred fees and costs		5,320,349			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
Premises and equipment, net		99,942			100,620			100,992			103,657			103,490
Accrued interest receivable		24,320			23,559			25,232			23,518			24,743
Investment in unconsolidated entities		59,548			61,349			52,987			49,370			50,885
Mortgage servicing rights		8,520			8,672			8,459			8,436			8,418
Bank-owned life insurance		181,298			180,717			179,743			177,639			176,846
Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank ("FRB") stock		24,682			25,836			25,215			24,816			24,163
Right-of-use lease assets		24,320			24,822			25,570			30,693			29,829
Other assets		69,481			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 demand		1,428,323			1,388,107			1,340,725			1,336,620			1,368,519
Savings and money market		2,378,834			2,346,522			2,292,881			2,242,122			2,316,416
Time		994,604			983,937			1,040,464			1,028,021			1,056,872
Total deposits		6,699,354			6,609,764			6,577,684			6,544,989			6,596,048
Long-term debt, net of unamortized debt issuance costs		76,547			76,547			131,527			131,466			131,405
Lease liabilities		25,073			25,549			26,288			31,981			31,057
Accrued interest payable		6,433			7,068			8,604			8,755			8,757
Other liabilities		94,077			97,732			89,309			83,502			80,596
Total liabilities		6,901,484			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, 2025		370,633			381,158			397,479			399,823			402,400
Additional paid-in capital		106,501			107,308			106,675			106,033			104,849
Retained earnings		204,494			191,383			175,968			164,676			153,692
Accumulated other comprehensive loss		(87,749	)		(87,268	)		(92,056	)		(101,658	)		(103,565	)
Total equity		593,879			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)		2026		2025		2025			2025		2025
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 securities		9,210		9,401		9,776			9,871		9,801
Tax-exempt investment securities		682		696		709			709		708
Interest on deposits in other financial institutions		2,500		1,501		1,857			1,484		2,254
Dividend income on FHLB and FRB stock		381		382		395			388		324
Total interest income		77,096		78,877		79,959			78,120		77,206
Interest expense:
Interest on deposits:
Interest-bearing demand		522		441		490			443		452
Savings and money market		7,502		8,004		8,898			8,414		8,862
Time		6,665		6,999		7,410			7,616		8,107
Interest on long-term debt		1,049		1,346		1,860			1,851		2,086
Total interest expense		15,738		16,790		18,658			18,324		19,507
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
Net interest income after provision for credit losses		59,005		59,691		57,144			54,809		53,527
Other operating income:
Mortgage banking income		649		1,186		958			744		597
Service charges on deposit accounts		2,299		2,423		2,330			2,124		2,147
Other service charges and fees		5,789		5,570		6,472			5,957		5,766
Income from fiduciary activities		1,423		1,529		1,547			1,501		1,624
Income from bank-owned life insurance		399		2,816		1,879			2,260		497
Net loss on sales of investment securities		—		—		(30	)		—		—
Other		1,015		677		351			427		465
Total other operating income		11,574		14,201		13,507			13,013		11,096
Other operating expense:
Salaries and employee benefits		23,085		24,490		24,749			22,696		21,819
Net occupancy		4,322		4,432		4,598			4,253		4,392
Computer software		5,045		5,442		5,151			5,320		4,714
Legal and professional services		2,384		2,878		2,669			2,873		2,798
Equipment		807		825		867			950		1,082
Advertising		997		943		730			832		887
Communication		823		495		791			901		1,033
Other		6,203		6,175		7,454			6,121		5,347
Total other operating expense		43,666		45,680		47,009			43,946		42,072
Income before income taxes		26,913		28,212		23,642			23,876		22,551
Income tax expense		6,188		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 share		0.78		0.85		0.69			0.67		0.65
Cash dividends declared		0.29		0.28		0.27			0.27		0.27
Basic weighted average shares outstanding		26,277,749		26,687,551		26,968,163			26,988,169		27,087,154
Diluted weighted average shares outstanding		26,414,880		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 Ended							Three Months Ended							Three Months Ended
	March 31, 2026							December 31, 2025							March 31, 2025
	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	$	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 securities		1,454,241	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 stock		25,151	6.07			381			25,600	5.96			382			20,494	6.32			324
Total interest-earning assets		7,022,759	4.44			77,277			6,964,796	4.52			79,062			7,054,488	4.43			77,394
Noninterest-earning assets		373,325							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 deposits		2,371,217	1.28			7,502			2,297,826	1.38			8,004			2,345,445	1.53			8,862
Time deposits up to $250,000		432,745	2.18			2,331			433,911	2.21			2,422			457,473	2.51			2,832
Time deposits over $250,000		557,671	3.15			4,334			571,240	3.18			4,577			603,919	3.54			5,275
Total interest-bearing deposits		4,769,510	1.25			14,689			4,661,413	1.31			15,444			4,762,197	1.48			17,421
Long-term debt		76,547	5.56			1,049			96,273	5.55			1,346			152,201	5.56			2,086
Total interest-bearing liabilities		4,846,057	1.32			15,738			4,757,686	1.40			16,790			4,914,398	1.61			19,507
Noninterest-bearing deposits		1,822,851							1,837,706							1,798,903
Other liabilities		130,652							120,956							130,594
Total liabilities		6,799,560							6,716,348							6,843,895
Total equity		596,524							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 spread			3.12	%						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)		2026			2025			2025			2025			2025
Commercial and industrial	$	590,810		$	594,592		$	608,814		$	608,130		$	634,620
Construction		204,368			213,191			217,610			190,008			160,092
Residential mortgage		1,806,965			1,839,191			1,839,535			1,851,690			1,870,239
Home equity		582,380			600,082			610,889			627,834			655,237
Commercial mortgage		1,703,760			1,594,433			1,613,187			1,540,523			1,552,439
Consumer		432,066			447,607			477,167			471,624			461,920
Total loans, net of deferred fees and costs		5,320,349			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)		2026		2025		2025		2025		2025
Noninterest-bearing demand	$	1,897,593	$	1,891,198	$	1,903,614	$	1,938,226	$	1,854,241
Interest-bearing demand		1,428,323		1,388,107		1,340,725		1,336,620		1,368,519
Savings and money market		2,378,834		2,346,522		2,292,881		2,242,122		2,316,416
Time deposits up to $250,000		429,564		433,629		444,005		439,687		436,437
Core deposits		6,134,314		6,059,456		5,981,225		5,956,655		5,975,613
Other time deposits greater than $250,000		431,013		412,188		458,339		459,945		475,861
Government time deposits		134,027		138,120		138,120		128,389		144,574
Total time deposits greater than $250,000		565,040		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)		2026			2025			2025			2025			2025
Nonaccrual loans:
Commercial and industrial	$	490		$	591		$	357		$	110		$	531
Real estate:
Residential mortgage		10,518			10,572			11,413			12,327			9,199
Home equity		2,986			2,608			2,119			1,889			746
Consumer		530			615			430			569			609
Total nonaccrual loans		14,524			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
Consumer		290			403			349			418			670
Total accruing loans 90+ days past due		290			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 loans		0.27	%		0.27	%		0.27	%		0.28	%		0.21	%
Ratio of total NPAs to total assets		0.19			0.19			0.19			0.20			0.15
Ratio of total NPAs to total loans and OREO		0.27			0.27			0.27			0.28			0.21
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO		0.28			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
Additions		2,094			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)		2026			2025			2025			2025			2025
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 loans		2,724			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 industrial		175			266			204			195			171
Real estate:
Construction		2			1			—			3			—
Residential mortgage		8			9			8			7			10
Home equity		6			9			9			9			3
Consumer		754			767			1,016			840			755
Total recoveries		945			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 loans		0.18	%		0.18	%		0.20	%		0.35	%		0.20	%
Ratio of ACL to total loans		1.13			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, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025
GAAP net income	$	20,725	$	22,875	$	18,574	$	18,271	$	17,760
Add: Income tax expense		6,188		5,337		5,068		5,605		4,791
GAAP pre-tax income		26,913		28,212		23,642		23,876		22,551
Add: Provision for credit losses		2,353		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, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 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 income		11,574			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, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 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	%