4th Quarter and Full Year 2024 Earnings Supplement 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, 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 bank ...

Central Pacific Financial (CPF) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.90%. A quarter ago, it was expected that this operator of Central Pacific Bank would post earnings of $0.56 per share when it actually produced earnings of $0.58, delivering a surprise of 3.57%.Over the ...

Financial Performance - Net income for Q4 2024 was $11.3 million, or $0.42 per diluted share, down from $13.3 million, or $0.49 in Q3 2024, and $14.9 million, or $0.55 in Q4 2023[2] - Full year 2024 net income was $53.4 million, or $1.97 per diluted share, compared to $58.7 million, or $2.17 in 2023[2] - Adjusted net income (non-GAAP) for Q4 2024 was $19.0 million, or $0.70 per diluted share, and $63.4 million, or $2.34 for the full year 2024, excluding pre-tax items totaling $13.0 million[5] - Net income for Q4 2024 was $11,345,000, compared to $14,866,000 in Q4 2023, a decrease of 23.8%[31] - Basic earnings per share for Q4 2024 was $0.42, down from $0.55 in Q4 2023, a decline of 23.6%[31] - Net income for the year ended December 31, 2024, was $53,412,000, down from $58,669,000 in 2023, indicating a decrease of 8.8%[36] - GAAP net income for the three months ended December 31, 2024, was $11,345,000, a decrease of 19.0% from $14,866,000 for the same period in 2023[49] Interest Income and Margin - Net interest income for Q4 2024 was $55.8 million, a 3.6% increase from Q3 2024 and a 9.1% increase from Q4 2023[7] - Net interest margin (NIM) for Q4 2024 was 3.17%, up 10 basis points from Q3 2024 and 33 basis points from Q4 2023[7] - Total interest income for Q4 2024 was $77,960,000, an increase from $74,113,000 in Q4 2023, representing a growth of 3.9% year-over-year[36] - Net interest income after provision for credit losses for Q4 2024 was $54,956,000, compared to $46,489,000 in Q4 2023, reflecting a year-over-year increase of 18.3%[36] - The interest rate spread for the three months ended December 31, 2024, was 2.62%[37] - The net interest margin for the same period was 3.17%, up from 3.07% in the previous quarter[37] Assets and Liabilities - Total assets as of December 31, 2024, were $7.47 billion, a 0.8% increase from $7.42 billion at September 30, 2024, but a 2.2% decrease from $7.64 billion at December 31, 2023[14] - Total liabilities as of December 31, 2024, were $6,835,263 thousand, with total shareholders' equity of $542,135 thousand[37] - Total deposits increased to $6.64 billion at December 31, 2024, a 0.93% increase from Q3 2024, but a 3.0% decrease from Q4 2023[16] - Total loans decreased to $5.33 billion at December 31, 2024, down 0.2% from Q3 2024 and 2.0% from Q4 2023[15] Capital and Equity - Common equity tier 1 capital ratio improved to 12.3% in Q4 2024 from 11.4% in Q4 2023, indicating stronger capital position[33] - Total risk-based capital ratio increased to 15.4% in Q4 2024 from 14.6% in Q4 2023, reflecting enhanced financial stability[33] - Total shareholders' equity decreased to $538,385 thousand from $543,725 thousand, a decline of 1.3%[35] - The tangible common equity (TCE) ratio (non-GAAP) as of December 31, 2024, was 7.21%, compared to 6.57% as of December 31, 2023, indicating improved capital strength[55] Operational Efficiency - Efficiency ratio for Q4 2024 was 75.65%, up from 64.12% in Q4 2023, indicating increased operational costs relative to revenue[31] - The efficiency ratio (non-GAAP) improved to 75.65% for the three months ended December 31, 2024, compared to 70.12% in the previous quarter, indicating a decrease in operational efficiency[45] - Total other operating expenses for the three months ended December 31, 2024, were $44,177,000, an increase of 3.9% from $42,522,000 for the same period in 2023[52] Credit Quality - Provision for credit losses decreased to $818,000 in Q4 2024 from $4,653,000 in Q4 2023, indicating improved asset quality[31] - The ratio of allowance for credit losses (ACL) to total loans decreased to 1.11% from 1.15% in the previous quarter[34] - Non-performing assets (NPA) remained stable at $11,018 thousand, unchanged from the previous quarter[34] - The allowance for credit losses decreased to $59,182 thousand as of December 31, 2024, from $61,647 thousand in the previous quarter[41] Dividends and Share Repurchase - The Board of Directors approved a 3.8% increase in the quarterly cash dividend to $0.27 per share and authorized a new share repurchase program of up to $30 million for 2025[5] - Cash dividends declared remained consistent at $0.26 per share for both Q4 2024 and Q4 2023[36]

Financial Data and Key Metrics Changes - Net income for Q3 2024 was $13.3 million or $0.49 per diluted share, excluding $3.1 million in pre-tax expenses related to a strategic opportunity, net income and diluted EPS were $15.7 million and $0.58 respectively [17] - Net interest income increased to $53.9 million, up $1.9 million from the prior quarter, with a net interest margin of 3.07%, an increase of 10 basis points sequentially [20] - Total loan portfolio decreased by $41 million or 0.8% sequentially, with growth from commercial real estate and C&I portfolios offset by runoff in other loan types [18] Business Line Data and Key Metrics Changes - Other operating income increased to $12.7 million, primarily due to higher bank-owned life insurance income [21] - Other operating expenses totaled $46.7 million, including the $3.1 million in strategic opportunity expenses, with a normalized run rate of approximately $42 million quarterly [22] Market Data and Key Metrics Changes - Hawaii's construction industry generated $11.8 billion in 2023, a 10% increase from the prior year, with private building permits up 19% in the first seven months of 2024 [13] - Statewide visitor arrivals were down 2.2% year-to-date through August, about 92% of pre-pandemic levels in 2019 [14] - Hawaii's unemployment rate remained low at 2.9% in September, outperforming the national rate of 4.1% [15] Company Strategy and Development Direction - The company opened a new state-of-the-art branch in Kahului, Maui, to serve consumer and business needs, indicating a strategy to expand presence in key markets [11] - Management remains optimistic about the resilience of the local economy, with expectations of stable growth in Hawaii, particularly in the construction sector [12] Management's Comments on Operating Environment and Future Outlook - Management noted that loan growth remained challenged due to high rates but anticipates positive trends as rates begin to decline, indicating pent-up demand for loans [9][33] - The company is committed to navigating existing market conditions effectively while supporting clients and driving shareholder value [30] Other Important Information - The effective tax rate was 22% in Q3, expected to remain in the 22% to 24% range going forward [23] - The Board of Directors declared a quarterly cash dividend of $0.26 per share, payable on December 16 [23] Q&A Session Summary Question: Loan Demand and Growth Outlook - Management indicated that the decline in loans is primarily demand-driven due to high rates, with expectations of increased loan demand as rates decline [32][33] Question: Net Interest Margin and Deposit Competition - Management forecasted NIM in the next quarter or two in the 3.10% to 3.20% range, with positive trends in deposit flows [35][36] Question: Strategic Opportunity Discussions - Management could not provide further comments on the strategic opportunity discussions that are no longer ongoing [38] Question: Capital Deployment and Buybacks - Management expressed openness to share repurchases as a function of market conditions, with a focus on improving the tangible capital ratio [42] Question: Loan Production Yields and Growth Areas - New volume loan yields were about 7.75%, with growth opportunities primarily in the commercial sector, commercial real estate, and C&I [45][46]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------|---------------------------------------------------------------------------------- ...

CENTRAL PACIFIC FINANCIAL 3rd Quarter 2024 Earnings Supplement October 30, 2024 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, the 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 manag ...

For the quarter ended September 2024, Central Pacific Financial (CPF) reported revenue of $66.59 million, up 7.4% over the same period last year. EPS came in at $0.58, compared to $0.49 in the year-ago quarter. The reported revenue represents a surprise of +2.09% over the Zacks Consensus Estimate of $65.22 million. With the consensus EPS estimate being $0.56, the EPS surprise was +3.57%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

Central Pacific Financial (CPF) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 3.57%. A quarter ago, it was expected that this operator of Central Pacific Bank would post earnings of $0.48 per share when it actually produced earnings of $0.58, delivering a surprise of 20.83%. Over t ...

Exhibit 99.1 FOR IMMEDIATE RELEASE | --- | --- | |----------|-----------------------| | | | | Investor | Contact: Ian Tanaka | | | SVP, Treasury Manager | | | (808) 544-3646 | | | ian.tanaka@cpb.bank | | | | | | NEWS RELEASE | Media Contact: Tim Sakahara AVP, Corporate Communications Manager (808) 544-5125 tim.sakahara@cpb.bank CENTRAL PACIFIC FINANCIAL REPORTS THIRD QUARTER 2024 EARNINGS Highlights include: • Net income of $13.3 million, or $0.49 per diluted share. Excluding $3.1 million in pre-tax expense ...

Central Pacific Financial (CPF) shares rallied 6.2% in the last trading session to close at $29.51. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1% gain over the past four weeks. Shares of CPF touched a new 52-week high of $29.55 on Monday. The recent 50 basis points interest rate cut by the Federal Reserve led to an optimistic investor sentiment towards banks. As rates go down, loan demand is expected to ...