Central Pacific Financial Reports Third Quarter 2024 Earnings

Rhea-AI Summary

Central Pacific Financial Corp. (NYSE: CPF) reported Q3 2024 net income of $13.3 million, or $0.49 per diluted share. Excluding $3.1 million in pre-tax expenses related to a strategic opportunity, adjusted net income was $15.7 million ($0.58 per share). The quarter saw a net interest margin of 3.07%, up 10 basis points from previous quarter. Total loans decreased to $5.34 billion, while core deposits increased to $5.97 billion. The company maintained strong capital ratios with total risk-based capital at 15.3% and declared a quarterly dividend of $0.26 per share.

Positive

• Net interest margin increased to 3.07%, up 10 basis points from previous quarter
• Core deposits grew by $53.9 million to $5.97 billion
• Net interest income increased by $1.9 million (3.7%) quarter-over-quarter
• Lower provision for credit losses at $2.8 million vs $4.9 million year-ago quarter

Negative

• Total loans decreased by $41.0 million (0.8%) quarter-over-quarter
• Efficiency ratio deteriorated to 70.12% from 64.26% in previous quarter
• Nonperforming assets increased to $11.6 million from $10.3 million in previous quarter
• Total deposits decreased by $291.7 million (4.2%) year-over-year

Insights

Financial Analyst

Central Pacific Financial delivered a solid Q3 2024 with net income of $13.3 million ($0.49 per share), or adjusted earnings of $15.7 million ($0.58 per share) excluding strategic opportunity expenses. The bank showed resilience with improved net interest margin at 3.07%, up 10 basis points quarter-over-quarter. Core deposits grew by $53.9 million, demonstrating stable funding despite industry challenges. Asset quality remains strong with nonperforming assets at just 0.16% of total assets. The $0.26 quarterly dividend and robust capital ratios (total risk-based capital at 15.3%) reflect financial strength. However, total loans decreased by $41 million quarter-over-quarter, indicating some growth challenges in the current environment.

Banking Risk Analyst

The bank's liquidity position remains robust with $2.55 billion in total available liquidity sources, covering 118% of uninsured and uncollateralized deposits. The strategic decision to reduce $69.1 million in higher-cost government time deposits demonstrates prudent balance sheet management. Credit quality metrics are stable with annualized net charge-offs at 0.27% and allowance for credit losses at 1.15% of total loans. The 63% FDIC-insured or fully collateralized deposit ratio provides good protection against potential deposit volatility, though this has slightly decreased from 65% year-over-year.

Highlights include:

• Net income of $13.3 million, or $0.49 per diluted share. Excluding $3.1 million in pre-tax expenses related to a strategic opportunity, adjusted net income (non-GAAP) was $15.7 million, or $0.58 per diluted share.
• Net interest margin of 3.07% increased by 10 bps from 2.97% in the previous quarter
• Total loans of $5.34 billion decreased by $41.0 million from the previous quarter
• Core deposits of $5.97 billion increased by $53.9 million from the previous quarter. Total deposits of $6.58 billion increased by $0.6 million from the previous quarter, which included a decrease in government time deposits of $69.1 million.
• Total risk-based capital and common equity tier 1 ratios of 15.3% and 12.1%, respectively
• The CPF Board of Directors approved a quarterly cash dividend of $0.26 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 $13.3 million, or fully diluted earnings per share ("EPS") of $0.49 for the third quarter of 2024, compared to net income of $15.8 million, or EPS of $0.58 in the previous quarter and net income of $13.1 million, or EPS of $0.49 in the year-ago quarter. Results for the third quarter of 2024 were impacted by $3.1 million in pre-tax expenses related to our evaluation and assessment of a strategic opportunity. While the parties are no longer currently engaged in discussions, we remain interested in the opportunity under the right terms and conditions. Excluding these expenses, adjusted net income and EPS (non-GAAP) for the quarter was approximately $15.7 million and $0.58, respectively.

"Our third quarter core results were strong and we continue to pursue our strategies for future growth and additional internal operating efficiencies," said Arnold Martines, Chairman, President and Chief Executive Officer. "Our net interest income and net interest margin expanded as we successfully managed the balance sheet and repricing in this evolving interest rate environment."

"Central Pacific remains committed to supporting our customers and communities. We were pleased to open a new state-of-the-art branch in Kahului to support the business and personal financial needs of the Maui community as we move to expand our presence on the neighbor islands," Martines said.

Earnings Highlights

Net interest income was $53.9 million for the third quarter of 2024, which increased by $1.9 million, or 3.7% from the previous quarter, and increased by $1.9 million, or 3.7% from the year-ago quarter. Net interest margin ("NIM") was 3.07% for the third quarter of 2024, an increase of 10 basis points ("bp" or "bps") from the previous quarter and an increase of 19 bp from the year-ago quarter. The sequential quarter increase in net interest income and NIM was primarily due to higher average yields earned on investment securities and loans of 11 and 9 bps, respectively, combined with a 1 bp decline in average rates paid on interest-bearing deposits. The higher average yield earned on investment securities in the third quarter of 2024 includes $1.1 million in income from an interest rate swap that became effective on March 31, 2024, compared to $0.9 million in the second quarter of 2024.

The Company recorded a provision for credit losses of $2.8 million in the third quarter of 2024, compared to a provision of $2.2 million in the previous quarter and a provision of $4.9 million in the year-ago quarter. The provision in the current quarter consisted of a provision for credit losses on loans of $3.0 million, offset by a credit to the provision for off-balance sheet exposures of $0.2 million.

Other operating income totaled $12.7 million for the third quarter of 2024, compared to $12.1 million in the previous quarter and $10.0 million in the year-ago quarter. The higher other operating income was primarily due to higher income from bank-owned life insurance of $0.7 million, partially offset by lower mortgage banking income of $0.2 million.

Other operating expense totaled $46.7 million for the third quarter of 2024, compared to $41.2 million in the previous quarter and $39.6 million in the year-ago quarter. The higher other operating expense was primarily due to the aforementioned $3.1 million in expenses related to a strategic opportunity (included in other), higher salaries and employee benefits of $1.1 million, and higher directors' deferred compensation plan expenses of $1.0 million (included in other).

The efficiency ratio was 70.12% for the third quarter of 2024, compared to 64.26% in the previous quarter and 63.91% in the year-ago quarter. Excluding the aforementioned expenses related to a strategic opportunity, the adjusted efficiency ratio (non-GAAP) for the third quarter of 2024 was 65.51%.

The effective tax rate was 22.0% for the third quarter of 2024, compared to 23.4% in the previous quarter and 24.9% in the year-ago quarter. The decrease in the effective tax rate was primarily due to higher tax-exempt income from bank-owned life insurance and additional tax credits recognized.

Balance Sheet Highlights

Total assets of $7.42 billion at September 30, 2024 increased by $28.5 million, or 0.4% from $7.39 billion at June 30, 2024, and decreased by $222.5 million, or 2.9% from $7.64 billion at September 30, 2023. The Company had $326.6 million in cash on its balance sheet and $2.55 billion in total other liquidity sources, including available borrowing capacity and unpledged investment securities at September 30, 2024. Total available sources of liquidity as a percentage of uninsured and uncollateralized deposits was 118% at September 30, 2024, compared to 121% at June 30, 2024 and 122% at September 30, 2023. During the third quarter of 2024, excess balance sheet liquidity was used to pay off $69.1 million in higher cost government time deposits.

Total loans, net of deferred fees and costs, of $5.34 billion at September 30, 2024 decreased by $41.0 million, or 0.8% from $5.38 billion at June 30, 2024, and decreased by $166.1 million, or 3.0% from $5.51 billion at September 30, 2023. Average yields earned on loans during the third quarter of 2024 was 4.89%, compared to 4.80% in the previous quarter and 4.49% in the year-ago quarter.

Total deposits of $6.58 billion at September 30, 2024 increased by $0.6 million or 0.01% from $6.58 billion at June 30, 2024, and decreased by $291.7 million, or 4.2% from $6.87 billion at September 30, 2023. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $5.97 billion at September 30, 2024, and increased by $53.9 million, or 0.9% from $5.91 billion at June 30, 2024. Average rates paid on total deposits during the third quarter of 2024 was 1.32%, compared to 1.33% in the previous quarter and 1.07% in the year-ago quarter. FDIC-insured or fully collateralized deposits represented approximately 63% of total deposits at September 30, 2024, compared to 64% at June 30, 2024 and 65% at September 30, 2023.

Asset Quality

Nonperforming assets totaled $11.6 million, or 0.16% of total assets at September 30, 2024, compared to $10.3 million, or 0.14% of total assets at June 30, 2024 and $6.7 million, or 0.09% of total assets at September 30, 2023. The increase in nonperforming assets was primarily due to the addition of residential mortgage loans totaling $2.2 million which were well-collateralized with strong loan-to-value ratios.

Net charge-offs totaled $3.6 million in the third quarter of 2024, compared to net charge-offs of $3.8 million in the previous quarter, and net charge-offs of $3.9 million in the year-ago quarter. Annualized net charge-offs as a percentage of average loans was 0.27%, 0.28% and 0.28% during the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

The allowance for credit losses, as a percentage of total loans was 1.15% at September 30, 2024, compared to 1.16% at June 30, 2024, and 1.17% at September 30, 2023.

Capital

Total shareholders' equity was $543.7 million at September 30, 2024, compared to $518.6 million and $468.6 million at June 30, 2024 and September 30, 2023, respectively.

During the third quarter of 2024, the Company did not repurchase any shares of common stock. As of September 30, 2024, $19.1 million in share repurchase authorization remained available under the Company's share repurchase program.

The Company's leverage, common equity tier 1, tier 1 risk-based capital, and total risk-based capital ratios were 9.5%, 12.1%, 13.1%, and 15.3%, respectively, at September 30, 2024, compared to 9.3%, 11.9%, 12.8%, and 15.1%, respectively, at June 30, 2024.

On October 29, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares. The dividend will be payable on December 16, 2024 to shareholders of record at the close of business on November 29, 2024.

Conference Call

The Company's management will host a conference call today at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) to discuss the quarterly 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 (conference ID: 6299769). A playback of the call will be available through November 29, 2024 by dialing 1-800-770-2030 (playback 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 $7.42 billion in assets as of September 30, 2024. Central Pacific Bank, its primary subsidiary, operates 27 branches and 56 ATMs in the State of Hawaii. For additional information, please visit the Company's website at http://www.cpb.bank.

Equal Housing Lender
Member FDIC
NYSE Listed: CPF

Forward-Looking Statements

This document may contain forward-looking statements ("FLS") concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. (the "Company") or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may" and other similar expressions are intended to identify FLS but are not the exclusive means of identifying such statements.

While we believe that our FLS and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the effects of inflation and interest rate fluctuations; the adverse effects of recent bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and its variants) and other pandemic viruses on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees, as well as the effects of government programs and initiatives in response thereto; supply chain disruptions; labor contract disputes and potential strikes; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, and earthquakes) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau, government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to, or regulatory or other governmental inquiries and proceedings and the resolution thereof; the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to, and the effect of any recurring or special FDIC assessments; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the PCAOB, the FASB and other accounting standard setters and the cost and resources required to implement such changes; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; securities market and monetary fluctuations, including the impact resulting from the elimination of the LIBOR Index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; the effects of any potential or actual acquisitions or dispositions we may make or evaluate, and the related costs, including re-engagement in any potential acquisition process; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; technological changes and developments; cybersecurity and data privacy breaches and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; our ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; changes in the competitive environment among financial holding companies and other financial service providers; our ability to successfully implement our initiatives to lower our efficiency ratio; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; our ability to successfully implement and achieve the objectives of our BaaS initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; and our success at managing the risks involved in the foregoing items.

For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the FLS, please see the Company's publicly available SEC filings, including the Company's Form 10-K for the last fiscal year and, in particular, 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 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																				Nine Months Ended
(Dollars in thousands,		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,				Sep 30,
except for per share amounts)		2024				2024				2024				2023				2023				2024				2023
CONDENSED INCOME STATEMENT
Net interest income		$	53,851			$	51,921			$	50,187			$	51,142			$	51,928			$	155,959			$	158,858
Provision for credit losses			2,833				2,239				3,936				4,653				4,874				9,008				11,045
Total other operating income			12,734				12,121				11,244				15,172				10,047				36,099				31,491
Total other operating expense			46,687				41,151				40,576				42,522				39,611				128,414				121,621
Income tax expense			3,760				4,835				3,974				4,273				4,349				12,569				13,880
Net income			13,305				15,817				12,945				14,866				13,141				42,067				43,803
Basic earnings per share		$	0.49			$	0.58			$	0.48			$	0.55			$	0.49			$	1.55			$	1.62
Diluted earnings per share			0.49				0.58				0.48				0.55				0.49				1.55				1.62
Dividends declared per share			0.26				0.26				0.26				0.26				0.26				0.78				0.78
PERFORMANCE RATIOS
Return on average assets (ROA) [1]			0.72	%			0.86	%			0.70	%			0.79	%			0.70	%			0.76	%			0.78	%
Return on average shareholders’ equity (ROE) [1]			10.02				12.42				10.33				12.55				10.95				10.91				12.33
Average shareholders’ equity to average assets			7.23				6.94				6.73				6.32				6.39				6.97				6.34
Efficiency ratio [2]			70.12				64.26				66.05				64.12				63.91				66.86				63.89
Net interest margin (NIM) [1]			3.07				2.97				2.83				2.84				2.88				2.95				2.98
Dividend payout ratio [3]			53.06				44.83				54.17				47.27				53.06				50.32				48.15
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale		$	5,330,810			$	5,385,829			$	5,400,558			$	5,458,245			$	5,507,248			$	5,372,247			$	5,525,476
Average interest-earning assets			7,022,910				7,032,515				7,140,264				7,208,613				7,199,866				7,065,075				7,156,270
Average assets			7,347,403				7,338,714				7,449,661				7,498,097				7,510,537				7,378,479				7,472,890
Average deposits			6,535,422				6,542,767				6,659,812				6,730,883				6,738,071				6,579,174				6,689,762
Average interest-bearing liabilities			4,904,460				4,910,998				5,009,542				5,023,321				4,999,820				4,941,530				4,910,190
Average shareholders’ equity			530,928				509,507				501,120				473,708				480,118				513,914				473,856

[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)
		Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
		2024			2024			2024			2023			2023
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio		9.5	%		9.3	%		9.0	%		8.8	%		8.7	%
Common equity tier 1 capital ratio		12.1			11.9			11.6			11.4			11.0
Tier 1 risk-based capital ratio		13.1			12.8			12.6			12.4			11.9
Total risk-based capital ratio		15.3			15.1			14.8			14.6			14.1
Central Pacific Bank
Leverage ratio		9.8			9.6			9.4			9.2			9.1
Common equity tier 1 capital ratio		13.6			13.3			13.1			12.9			12.4
Tier 1 risk-based capital ratio		13.6			13.3			13.1			12.9			12.4
Total risk-based capital ratio		14.8			14.5			14.3			14.1			13.7

		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(dollars in thousands, except for per share amounts)		2024				2024				2024				2023				2023
BALANCE SHEET
Total loans, net of deferred fees and costs		$	5,342,609			$	5,383,644			$	5,401,417			$	5,438,982			$	5,508,710
Total assets			7,415,430				7,386,952				7,409,999				7,642,796				7,637,924
Total deposits			6,583,013				6,582,455				6,618,854				6,847,592				6,874,745
Long-term debt			156,284				156,223				156,163				156,102				156,041
Total shareholders’ equity			543,725				518,647				507,203				503,815				468,598
Total shareholders’ equity to total assets			7.33	%			7.02	%			6.84	%			6.59	%			6.14	%
ASSET QUALITY
Allowance for credit losses (ACL)		$	61,647			$	62,225			$	63,532			$	63,934			$	64,517
Nonaccrual loans			11,597				10,257				10,132				7,008				6,652
Non-performing assets (NPA)			11,597				10,257				10,132				7,008				6,652
Ratio of ACL to total loans			1.15	%			1.16	%			1.18	%			1.18	%			1.17	%
Ratio of NPA to total assets			0.16	%			0.14	%			0.14	%			0.09	%			0.09	%
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share		$	20.09			$	19.16			$	18.76			$	18.63			$	17.33
Closing market price per common share			29.51				21.20				19.75				19.68				16.68

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)		TABLE 2
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(Dollars in thousands, except share data)		2024				2024				2024				2023				2023
ASSETS
Cash and due from financial institutions		$	100,064			$	103,829			$	98,410			$	116,181			$	108,818
Interest-bearing deposits in other financial institutions			226,505				195,062				214,472				406,256				329,913
Investment securities:
Available-for-sale debt securities, at fair value			723,453				676,719				660,833				647,210				625,253
Held-to-maturity debt securities, at amortized cost; fair value of: $546,990 at September 30, 2024, $528,088 at June 30, 2024, $541,685 at March 31, 2024, $565,178 at December 31, 2023, and $531,887 at September 30, 2023			606,117				615,867				624,948				632,338				640,053
Total investment securities			1,329,570				1,292,586				1,285,781				1,279,548				1,265,306
Loans held for sale			1,609				3,950				755				1,778				—
Loans, net of deferred fees and costs			5,342,609				5,383,644				5,401,417				5,438,982				5,508,710
Less: allowance for credit losses			(61,647	)			(62,225	)			(63,532	)			(63,934	)			(64,517	)
Loans, net of allowance for credit losses			5,280,962				5,321,419				5,337,885				5,375,048				5,444,193
Premises and equipment, net			104,575				100,646				97,688				96,184				97,378
Accrued interest receivable			23,942				23,184				21,957				21,511				21,529
Investment in unconsolidated entities			54,836				40,155				40,780				41,546				42,523
Mortgage servicing rights			8,513				8,636				8,599				8,696				8,797
Bank-owned life insurance			175,914				173,716				172,228				170,706				168,543
Federal Home Loan Bank of Des Moines ("FHLB") stock			6,929				6,925				6,921				6,793				10,995
Right-of-use lease assets			32,192				32,081				32,079				29,720				32,294
Other assets			69,819				84,763				92,444				88,829				107,635
Total assets		$	7,415,430			$	7,386,952			$	7,409,999			$	7,642,796			$	7,637,924
LIABILITIES
Deposits:
Noninterest-bearing demand		$	1,838,009			$	1,847,173			$	1,848,554			$	1,913,379			$	1,969,523
Interest-bearing demand			1,255,382				1,283,669				1,290,321				1,329,189				1,345,843
Savings and money market			2,336,323				2,234,111				2,211,966				2,209,733				2,209,550
Time			1,153,299				1,217,502				1,268,013				1,395,291				1,349,829
Total deposits			6,583,013				6,582,455				6,618,854				6,847,592				6,874,745
Long-term debt, net of unamortized debt issuance costs of: $263 at September 30, 2024, $324 at June 30, 2024, $384 at March 31, 2024, $445 at December 31, 2023, and $506 at September 30, 2023			156,284				156,223				156,163				156,102				156,041
Lease liabilities			33,807				33,422				33,169				30,634				33,186
Accrued interest payable			12,980				14,998				16,654				18,948				16,752
Other liabilities			85,621				81,207				77,956				85,705				88,602
Total liabilities			6,871,705				6,868,305				6,902,796				7,138,981				7,169,326
EQUITY
Shareholders' equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023			—				—				—				—				—
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,064,501 at September 30, 2024, 27,063,644 at June 30, 2024, 27,042,326 at March 31, 2024, 27,045,033 at December 31, 2023, and 27,043,169 at September 30, 2023			404,494				404,494				404,494				405,439				405,439
Additional paid-in capital			104,794				104,161				103,130				102,982				102,550
Retained earnings			138,951				132,683				123,902				117,990				110,156
Accumulated other comprehensive loss			(104,514	)			(122,691	)			(124,323	)			(122,596	)			(149,547	)
Total shareholders' equity			543,725				518,647				507,203				503,815				468,598
Total liabilities and equity		$	7,415,430			$	7,386,952			$	7,409,999			$	7,642,796			$	7,637,924

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)		TABLE 3
		Three Months Ended																				Nine Months Ended
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,				Sep 30,
(Dollars in thousands, except per share data)		2024				2024				2024				2023				2023				2024				2023
Interest income:
Interest and fees on loans		$	65,469			$	64,422			$	62,819			$	62,429			$	62,162			$	192,710			$	180,886
Interest and dividends on investment securities:
Taxable investment securities			8,975				8,466				7,211				7,292				7,016				24,652				21,497
Tax-exempt investment securities			551				598				655				686				709				1,804				2,226
Interest on deposits in other financial institutions			2,775				2,203				3,611				3,597				2,412				8,589				3,566
Dividend income on FHLB stock			127				151				106				109				113				384				369
Total interest income			77,897				75,840				74,402				74,113				72,412				228,139				208,544
Interest expense:
Interest on deposits:
Interest-bearing demand			484				490				499				467				460				1,473				1,234
Savings and money market			10,235				8,977				8,443				7,459				6,464				27,655				14,520
Time			11,040				12,173				12,990				12,741				11,268				36,203				26,464
Interest on short-term borrowings			—				1				—				—				—				1				1,139
Interest on long-term debt			2,287				2,278				2,283				2,304				2,292				6,848				6,329
Total interest expense			24,046				23,919				24,215				22,971				20,484				72,180				49,686
Net interest income			53,851				51,921				50,187				51,142				51,928				155,959				158,858
Provision for credit losses			2,833				2,239				3,936				4,653				4,874				9,008				11,045
Net interest income after provision for credit losses			51,018				49,682				46,251				46,489				47,054				146,951				147,813
Other operating income:
Mortgage banking income			822				1,040				613				611				765				2,475				1,981
Service charges on deposit accounts			2,167				2,135				2,103				2,312				2,193				6,405				6,441
Other service charges and fees			5,947				5,869				5,261				5,349				5,203				17,077				15,182
Income from fiduciary activities			1,447				1,449				1,435				1,272				1,234				4,331				3,623
Income from bank-owned life insurance			1,897				1,234				1,522				2,015				379				4,653				2,855
Net loss on sales of investment securities			—				—				—				(1,939	)			(135	)			—				(135	)
Other			454				394				310				5,552				408				1,158				1,544
Total other operating income			12,734				12,121				11,244				15,172				10,047				36,099				31,491
Other operating expense:
Salaries and employee benefits			22,299				21,246				20,735				20,164				19,015				64,280				61,886
Net occupancy			4,612				4,597				4,600				4,676				4,725				13,809				13,509
Computer software			4,590				4,381				4,287				4,026				4,473				13,258				13,700
Legal and professional services			2,460				2,506				2,320				2,245				2,359				7,286				7,714
Equipment			972				995				1,010				968				1,112				2,977				2,990
Advertising			889				901				914				1,045				968				2,704				2,843
Communication			740				657				837				632				809				2,234				2,378
Other			10,125				5,868				5,873				8,766				6,150				21,866				16,601
Total other operating expense			46,687				41,151				40,576				42,522				39,611				128,414				121,621
Income before income taxes			17,065				20,652				16,919				19,139				17,490				54,636				57,683
Income tax expense			3,760				4,835				3,974				4,273				4,349				12,569				13,880
Net income		$	13,305			$	15,817			$	12,945			$	14,866			$	13,141			$	42,067			$	43,803
Per common share data:
Basic earnings per share		$	0.49			$	0.58			$	0.48			$	0.55			$	0.49			$	1.55			$	1.62
Diluted earnings per share			0.49				0.58				0.48				0.55				0.49				1.55				1.62
Cash dividends declared			0.26				0.26				0.26				0.26				0.26				0.78				0.78
Basic weighted average shares outstanding			27,064,035				27,053,549				27,046,525				27,044,121				27,042,762				27,054,737				27,022,141
Diluted weighted average shares outstanding			27,194,625				27,116,349				27,099,101				27,097,285				27,079,484				27,137,985				27,081,541

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
		September 30, 2024									June 30, 2024									September 30, 2023
		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		$	203,657		5.42	%		$	2,775		$	162,393		5.46	%		$	2,203		$	177,780		5.38	%		$	2,412
Investment securities:
Taxable			1,340,347		2.68				8,975			1,335,100		2.54				8,466			1,354,039		2.07				7,016
Tax-exempt [1]			141,168		1.98				697			142,268		2.13				757			149,824		2.40				897
Total investment securities			1,481,515		2.61				9,672			1,477,368		2.50				9,223			1,503,863		2.10				7,913
Loans, including loans held for sale			5,330,810		4.89				65,469			5,385,829		4.80				64,422			5,507,248		4.49				62,162
FHLB stock			6,928		7.31				127			6,925		8.71				151			10,975		4.09				113
Total interest-earning assets			7,022,910		4.43				78,043			7,032,515		4.34				75,999			7,199,866		4.01				72,600
Noninterest-earning assets			324,493									306,199									310,671
Total assets		$	7,347,403								$	7,338,714								$	7,510,537
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits		$	1,267,135		0.15	%		$	484		$	1,273,901		0.15	%		$	490		$	1,339,294		0.14	%		$	460
Savings and money market deposits			2,298,853		1.77				10,235			2,221,754		1.63				8,977			2,209,835		1.16				6,464
Time deposits up to $250,000			534,497		3.15				4,238			555,809		3.29				4,548			449,844		2.33				2,637
Time deposits over $250,000			647,728		4.18				6,802			703,280		4.36				7,625			844,842		4.05				8,631
Total interest-bearing deposits			4,748,213		1.82				21,759			4,754,744		1.83				21,640			4,843,815		1.49				18,192
FHLB advances and other short-term borrowings			—		—				—			66		5.60				1			—		—				—
Long-term debt			156,247		5.82				2,287			156,188		5.86				2,278			156,005		5.83				2,292
Total interest-bearing liabilities			4,904,460		1.95				24,046			4,910,998		1.96				23,919			4,999,820		1.63				20,484
Noninterest-bearing deposits			1,787,209									1,788,023									1,894,256
Other liabilities			124,806									130,186									136,343
Total liabilities			6,816,475									6,829,207									7,030,419
Total equity			530,928									509,507									480,118
Total liabilities and equity		$	7,347,403								$	7,338,714								$	7,510,537
Net interest income								$	53,997								$	52,080								$	52,116
Interest rate spread					2.48	%								2.38	%								2.38	%
Net interest margin					3.07	%								2.97	%								2.88	%

[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
		Nine Months Ended									Nine Months Ended
		September 30, 2024									September 30, 2023
		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		$	210,464		5.45	%		$	8,589		$	91,202		5.23	%		$	3,566
Investment securities:
Taxable			1,333,394		2.47				24,652			1,376,294		2.08				21,497
Tax-exempt [1]			142,085		2.14				2,284			151,611		2.48				2,818
Total investment securities			1,475,479		2.43				26,936			1,527,905		2.12				24,315
Loans, including loans held for sale			5,372,247		4.79				192,710			5,525,476		4.37				180,886
FHLB stock			6,885		7.43				384			11,687		4.21				369
Total interest-earning assets			7,065,075		4.32				228,619			7,156,270		3.90				209,136
Noninterest-earning assets			313,404									316,620
Total assets		$	7,378,479								$	7,472,890
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits		$	1,279,256		0.15	%		$	1,473		$	1,373,831		0.12	%		$	1,234
Savings and money market deposits			2,246,478		1.64				27,655			2,188,585		0.89				14,520
Time deposits up to $250,000			544,823		3.22				13,125			394,464		1.88				5,544
Time deposits over $250,000			714,763		4.31				23,078			775,615		3.61				20,920
Total interest-bearing deposits			4,785,320		1.82				65,331			4,732,495		1.19				42,218
FHLB advances and other short-term borrowings			22		5.60				1			31,182		4.88				1,139
Long-term debt			156,188		5.86				6,848			146,513		5.78				6,329
Total interest-bearing liabilities			4,941,530		1.95				72,180			4,910,190		1.35				49,686
Noninterest-bearing deposits			1,793,854									1,957,267
Other liabilities			129,181									131,577
Total liabilities			6,864,565									6,999,034
Total equity			513,914									473,856
Total liabilities and equity		$	7,378,479								$	7,472,890
Net interest income								$	156,439								$	159,450
Interest rate spread					2.37	%								2.55	%
Net interest margin					2.95	%								2.98	%

[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 Geographic Distribution
(Unaudited)		TABLE 6
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(Dollars in thousands)		2024				2024				2024				2023				2023
HAWAII:
Commercial and industrial		$	411,209			$	415,538			$	420,009			$	421,736			$	406,433
Real estate:
Construction			134,043				147,657				145,213				163,337				174,057
Residential mortgage			1,897,919				1,913,177				1,924,889				1,927,789				1,930,740
Home equity			697,123				706,811				729,210				736,524				753,980
Commercial mortgage			1,157,625				1,150,703				1,103,174				1,063,969				1,045,625
Consumer			277,849				287,295				306,563				322,346				338,248
Total loans, net of deferred fees and costs			4,575,768				4,621,181				4,629,058				4,635,701				4,649,083
Less: Allowance for credit losses			(47,789	)			(47,902	)			(48,739	)			(48,189	)			(48,105	)
Loans, net of allowance for credit losses		$	4,527,979			$	4,573,279			$	4,580,319			$	4,587,512			$	4,600,978
U.S. MAINLAND: [1]
Commercial and industrial		$	188,238			$	169,318			$	156,087			$	153,971			$	157,373
Real estate:
Construction			24,083				23,865				23,356				22,182				37,455
Commercial mortgage			312,685				314,667				319,088				318,933				319,802
Consumer			241,835				254,613				273,828				308,195				344,997
Total loans, net of deferred fees and costs			766,841				762,463				772,359				803,281				859,627
Less: Allowance for credit losses			(13,858	)			(14,323	)			(14,793	)			(15,745	)			(16,412	)
Loans, net of allowance for credit losses		$	752,983			$	748,140			$	757,566			$	787,536			$	843,215
TOTAL:
Commercial and industrial		$	599,447			$	584,856			$	576,096			$	575,707			$	563,806
Real estate:
Construction			158,126				171,522				168,569				185,519				211,512
Residential mortgage			1,897,919				1,913,177				1,924,889				1,927,789				1,930,740
Home equity			697,123				706,811				729,210				736,524				753,980
Commercial mortgage			1,470,310				1,465,370				1,422,262				1,382,902				1,365,427
Consumer			519,684				541,908				580,391				630,541				683,245
Total loans, net of deferred fees and costs			5,342,609				5,383,644				5,401,417				5,438,982				5,508,710
Less: Allowance for credit losses			(61,647	)			(62,225	)			(63,532	)			(63,934	)			(64,517	)
Loans, net of allowance for credit losses		$	5,280,962			$	5,321,419			$	5,337,885			$	5,375,048			$	5,444,193

[1]		U.S. Mainland includes territories of the United States.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits
(Unaudited)		TABLE 7
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(Dollars in thousands)		2024				2024				2024				2023				2023
Noninterest-bearing demand		$	1,838,009			$	1,847,173			$	1,848,554			$	1,913,379			$	1,969,523
Interest-bearing demand			1,255,382				1,283,669				1,290,321				1,329,189				1,345,843
Savings and money market			2,336,323				2,234,111				2,211,966				2,209,733				2,209,550
Time deposits up to $250,000			536,316				547,212				544,600				533,898				465,543
Core deposits			5,966,030				5,912,165				5,895,441				5,986,199				5,990,459
Other time deposits greater than $250,000			492,221				476,457				487,950				486,812				484,156
Government time deposits			124,762				193,833				235,463				374,581				400,130
Total time deposits greater than $250,000			616,983				670,290				723,413				861,393				884,286
Total deposits		$	6,583,013			$	6,582,455			$	6,618,854			$	6,847,592			$	6,874,745

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets and Accruing Loans 90+ Days Past Due
(Unaudited)		TABLE 8
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,
(Dollars in thousands)		2024				2024				2024				2023				2023
Nonaccrual loans:
Commercial and industrial		$	376			$	355			$	357			$	432			$	352
Real estate:
Residential mortgage			9,680				7,991				7,979				4,962				4,949
Home equity			915				1,247				929				834				677
Commercial mortgage			—				77				77				77				77
Consumer			626				587				790				703				597
Total nonaccrual loans			11,597				10,257				10,132				7,008				6,652
Other real estate owned ("OREO")			—				—				—				—				—
Total nonperforming assets ("NPAs")			11,597				10,257				10,132				7,008				6,652
Accruing loans 90+ days past due:
Real estate:
Construction			—				—				588				—				—
Residential mortgage			13				1,273				386				—				794
Home equity			135				135				560				229				—
Consumer			481				896				924				1,083				2,120
Total accruing loans 90+ days past due			629				2,304				2,458				1,312				2,914
Total NPAs and accruing loans 90+ days past due		$	12,226			$	12,561			$	12,590			$	8,320			$	9,566
Ratio of total nonaccrual loans to total loans			0.22	%			0.19	%			0.19	%			0.13	%			0.12	%
Ratio of total NPAs to total assets			0.16				0.14				0.14				0.09				0.09
Ratio of total NPAs to total loans and OREO			0.22				0.19				0.19				0.13				0.12
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO			0.23				0.23				0.23				0.15				0.17
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter		$	10,257			$	10,132			$	7,008			$	6,652			$	11,061
Additions			3,484				1,920				4,792				1,836				2,311
Reductions:
Payments			(602	)			(363	)			(263	)			(268	)			(5,718	)
Return to accrual status			(354	)			(27	)			(198	)			(137	)			(207	)
Charge-offs, valuation and other adjustments			(1,188	)			(1,405	)			(1,207	)			(1,075	)			(795	)
Total reductions			(2,144	)			(1,795	)			(1,668	)			(1,480	)			(6,720	)
Balance at end of quarter		$	11,597			$	10,257			$	10,132			$	7,008			$	6,652

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)		TABLE 9
		Three Months Ended																				Nine Months Ended
		Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,				Sep 30,
(Dollars in thousands)		2024				2024				2024				2023				2023				2024				2023
Allowance for credit losses:
Balance at beginning of period		$	62,225			$	63,532			$	63,934			$	64,517			$	63,849			$	63,934			$	63,738
Provision for credit losses on loans			3,040				2,448				4,121				4,959				4,526				9,609				10,276
Charge-offs:
Commercial and industrial			(663	)			(519	)			(682	)			(419	)			(402	)			(1,864	)			(1,543	)
Real estate:
Residential mortgage			(99	)			(284	)			—				—				—				(383	)			—
Consumer			(3,956	)			(4,345	)			(4,838	)			(5,976	)			(4,710	)			(13,139	)			(11,269	)
Total charge-offs			(4,718	)			(5,148	)			(5,520	)			(6,395	)			(5,112	)			(15,386	)			(12,812	)
Recoveries:
Commercial and industrial			158				130				90				84				261				378				636
Real estate:
Construction			—				—				—				—				1				—				1
Residential mortgage			8				9				8				7				10				25				70
Home equity			—				—				6				42				—				6				15
Consumer			934				1,254				893				720				982				3,081				2,593
Total recoveries			1,100				1,393				997				853				1,254				3,490				3,315
Net charge-offs			(3,618	)			(3,755	)			(4,523	)			(5,542	)			(3,858	)			(11,896	)			(9,497	)
Balance at end of period		$	61,647			$	62,225			$	63,532			$	63,934			$	64,517			$	61,647			$	64,517
Average loans, net of deferred fees and costs		$	5,330,810			$	5,385,829			$	5,400,558			$	5,458,245			$	5,507,248			$	5,372,247			$	5,525,476
Ratio of annualized net charge-offs to average loans			0.27	%			0.28	%			0.34	%			0.41	%			0.28	%			0.30	%			0.23	%
Ratio of ACL to total loans			1.15				1.16				1.18				1.18				1.17				1.15	%			1.17	%

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

The Company uses certain non-GAAP financial measures in addition to our GAAP results to provide useful information which we believe are better indicators of the Company's core activities. This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies.

The following reconciling adjustments from GAAP or reported financial measures to non-GAAP adjusted financial measures are limited to the $3.1 million in pre-tax expenses related to our evaluation and assessment of a strategic opportunity. Management does not consider these expenses to be representative of the Company's core earnings.

		Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
(dollars in thousands,										Non-GAAP												Non-GAAP
except per share data)		Reported				Adjustment				Adjusted				Reported				Adjustment				Adjusted
Financial measures:
Net income		$	13,305			$	2,362			$	15,667			$	42,067			$	2,362			$	44,429
Diluted earnings per share ("EPS")		$	0.49			$	0.09			$	0.58			$	1.55			$	0.09			$	1.64
Pre-provision net revenue (non-GAAP)		$	19,898			$	3,068			$	22,966			$	63,644			$	3,068			$	66,712
Efficiency ratio (non-GAAP)			70.12	%			(4.61	)%			65.51	%			66.86	%			(1.60	)%			65.26	%
Return on average assets ("ROA")			0.72	%			0.13	%			0.85	%			0.76	%			0.04	%			0.80	%
Return on average shareholders' equity ("ROE")			10.02	%			1.73	%			11.75	%			10.91	%			0.60	%			11.51	%
As of September 30, 2024:
Tangible common equity ratio (non-GAAP)			7.31	%			0.03	%			7.34	%

The following tables present a recalculation of the non-GAAP financial measures presented above.

		Three Months Ended				Nine Months Ended
(dollars in thousands, except per share data)		September 30, 2024				September 30, 2024
GAAP net income		$	13,305			$	42,067
Add: Pre-tax expenses related to a strategic opportunity			3,068				3,068
Less: Income tax effect (assumes 23% ETR)			(706	)			(706	)
Expenses related to a strategic opportunity, net of tax			2,362				2,362
Adjusted net income (non-GAAP)		$	15,667			$	44,429
Diluted weighted average shares outstanding			27,194,625				27,137,985
GAAP EPS		$	0.49			$	1.55
Add: Expenses related to a strategic opportunity, net of tax			0.09				0.09
Adjusted EPS (non-GAAP)		$	0.58			$	1.64

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)		TABLE 10 (CONTINUED)
		Three Months Ended				Nine Months Ended
(dollars in thousands)		September 30, 2024				September 30, 2024
GAAP net income		$	13,305			$	42,067
Add: Income tax expense			3,760				12,569
GAAP pre-tax income			17,065				54,636
Add: Provision for credit losses			2,833				9,008
Pre-provision net revenue ("PPNR") (non-GAAP)			19,898				63,644
Add: Pre-tax expenses related to a strategic opportunity			3,068				3,068
Adjusted PPNR (non-GAAP)		$	22,966			$	66,712
		Three Months Ended				Nine Months Ended
(dollars in thousands)		September 30, 2024				September 30, 2024
Total other operating expense		$	46,687			$	128,414
Less: Expenses related to a strategic opportunity			(3,068	)			(3,068	)
Adjusted total other operating expense (non-GAAP)		$	43,619			$	125,346
Net interest income		$	53,851			$	155,959
Total other operating income			12,734				36,099
Total revenue		$	66,585			$	192,058
Efficiency ratio (non-GAAP)			70.12	%			66.86	%
Less: Expenses related to a strategic opportunity			(4.61	)%			(1.60	)%
Adjusted efficiency ratio (non-GAAP)			65.51	%			65.26	%
		Three Months Ended				Nine Months Ended
(dollars in thousands)		September 30, 2024				September 30, 2024
Average assets		$	7,347,403			$	7,378,479
Add: Expenses related to a strategic opportunity, net of tax			2,362				787
Adjusted average assets (non-GAAP)		$	7,349,765			$	7,379,266
ROA (GAAP net income divided by average assets)			0.72	%			0.76	%
Add: Expenses related to a strategic opportunity, net of tax			0.13				0.04
Adjusted ROA (non-GAAP)			0.85	%			0.80	%
Average shareholders' equity		$	530,928			$	513,914
Add: Expenses related to a strategic opportunity, net of tax			2,362				787
Adjusted average shareholders' equity (non-GAAP)		$	533,290			$	514,701
ROE (GAAP net income divided by average shareholders' equity)			10.02	%			10.91	%
Add: Expenses related to a strategic opportunity, net of tax			1.73				0.60
Adjusted ROE (non-GAAP)			11.75	%			11.51	%

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)	TABLE 10 (CONTINUED)
(dollars in thousands)		September 30, 2024
Total shareholders' equity		$	543,725
Less: Intangible assets			(1,390	)
Tangible common equity ("TCE")			542,335
Add: Expenses related to a strategic opportunity, net of tax			2,362
Adjusted TCE (non-GAAP)		$	544,697
Total assets		$	7,415,430
Less: Intangible assets			(1,390	)
Tangible assets			7,414,040
Add: Expenses related to a strategic opportunity, net of tax			2,362
Adjusted tangible assets (non-GAAP)		$	7,416,402
TCE ratio (non-GAAP) (TCE divided by tangible assets)			7.31	%
Add: Expenses related to a strategic opportunity, net of tax			0.03
Adjusted TCE ratio (non-GAAP)			7.34	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030600615/en/

Investor Contact:

Ian Tanaka

SVP, Treasury Manager

(808) 544-3646

ian.tanaka@cpb.bank



Media Contact:

Tim Sakahara

AVP, Corporate Communications Manager

(808) 544-5125

tim.sakahara@cpb.bank

Source: Central Pacific Financial Corp.

FAQ

What was Central Pacific Financial's (CPF) earnings per share in Q3 2024?

CPF reported earnings of $0.49 per diluted share in Q3 2024, or $0.58 per share when adjusted for strategic opportunity expenses.

What is CPF's quarterly dividend payment for Q3 2024?

The Board declared a quarterly cash dividend of $0.26 per share, payable on December 16, 2024.

How did CPF's net interest margin (NIM) perform in Q3 2024?

CPF's net interest margin was 3.07%, increasing by 10 basis points from 2.97% in the previous quarter.

What was CPF's total loan balance at the end of Q3 2024?

CPF's total loans were $5.34 billion, decreasing by $41.0 million from the previous quarter.