000070134712/312022Q2FALSE1P2Y00007013472022-01-012022-06-3000007013472022-07-15xbrli:shares00007013472022-06-30iso4217:USD00007013472021-12-31iso4217:USDxbrli:shares00007013472022-04-012022-06-3000007013472021-04-012021-06-3000007013472021-01-012021-06-300000701347cpf:CommonSharesOutstandingMember2021-12-310000701347us-gaap:CommonStockMember2021-12-310000701347us-gaap:AdditionalPaidInCapitalMember2021-12-310000701347us-gaap:RetainedEarningsMember2021-12-310000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000701347us-gaap:NoncontrollingInterestMember2021-12-310000701347us-gaap:RetainedEarningsMember2022-01-012022-03-3100007013472022-01-012022-03-310000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000701347us-gaap:CommonStockMember2022-01-012022-03-310000701347cpf:CommonSharesOutstandingMember2022-01-012022-03-310000701347us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000701347us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000701347cpf:CommonSharesOutstandingMember2022-03-310000701347us-gaap:CommonStockMember2022-03-310000701347us-gaap:AdditionalPaidInCapitalMember2022-03-310000701347us-gaap:RetainedEarningsMember2022-03-310000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000701347us-gaap:NoncontrollingInterestMember2022-03-3100007013472022-03-310000701347us-gaap:RetainedEarningsMember2022-04-012022-06-300000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000701347us-gaap:CommonStockMember2022-04-012022-06-300000701347cpf:CommonSharesOutstandingMember2022-04-012022-06-300000701347us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000701347us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000701347cpf:CommonSharesOutstandingMember2022-06-300000701347us-gaap:CommonStockMember2022-06-300000701347us-gaap:AdditionalPaidInCapitalMember2022-06-300000701347us-gaap:RetainedEarningsMember2022-06-300000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000701347us-gaap:NoncontrollingInterestMember2022-06-300000701347cpf:CommonSharesOutstandingMember2020-12-310000701347us-gaap:CommonStockMember2020-12-310000701347us-gaap:AdditionalPaidInCapitalMember2020-12-310000701347us-gaap:RetainedEarningsMember2020-12-310000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000701347us-gaap:NoncontrollingInterestMember2020-12-3100007013472020-12-310000701347us-gaap:RetainedEarningsMember2021-01-012021-03-3100007013472021-01-012021-03-310000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000701347cpf:CommonSharesOutstandingMember2021-01-012021-03-310000701347us-gaap:CommonStockMember2021-01-012021-03-310000701347us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000701347cpf:CommonSharesOutstandingMember2021-03-310000701347us-gaap:CommonStockMember2021-03-310000701347us-gaap:AdditionalPaidInCapitalMember2021-03-310000701347us-gaap:RetainedEarningsMember2021-03-310000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000701347us-gaap:NoncontrollingInterestMember2021-03-3100007013472021-03-310000701347us-gaap:RetainedEarningsMember2021-04-012021-06-300000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000701347us-gaap:CommonStockMember2021-04-012021-06-300000701347cpf:CommonSharesOutstandingMember2021-04-012021-06-300000701347us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000701347cpf:CommonSharesOutstandingMember2021-06-300000701347us-gaap:CommonStockMember2021-06-300000701347us-gaap:AdditionalPaidInCapitalMember2021-06-300000701347us-gaap:RetainedEarningsMember2021-06-300000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000701347us-gaap:NoncontrollingInterestMember2021-06-3000007013472021-06-300000701347cpf:OahuHomeLoansLLCMember2020-01-31xbrli:pure0000701347cpf:IslandPacificHomeLoansLLCMember2022-06-300000701347cpf:GentryHomeLoansLLCMember2022-06-300000701347cpf:HasekoHomeLoansLLCMember2022-06-300000701347cpf:SwellFinancialIncMember2022-03-310000701347cpf:SwellFinancialIncMember2022-01-012022-03-310000701347cpf:JAMFINTOPBanktechFundLPMember2021-06-300000701347cpf:OtherPartnershipsMember2022-06-3000007013472020-07-012020-09-30cpf:segment0000701347us-gaap:USStatesAndPoliticalSubdivisionsMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMember2022-06-300000701347us-gaap:CorporateDebtSecuritiesMember2022-06-300000701347us-gaap:USTreasurySecuritiesMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2022-06-300000701347us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMember2022-06-300000701347us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000701347us-gaap:CorporateDebtSecuritiesMember2021-12-310000701347us-gaap:USTreasurySecuritiesMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2021-12-310000701347us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMember2021-12-3100007013472022-03-012022-03-31cpf:investment00007013472022-05-012022-05-3100007013472022-05-31cpf:security0000701347cpf:MortgageBackedSecuritiesCommercialUSGovernmentSponsoredEntitiesMember2022-06-300000701347cpf:MortgageBackedSecuritiesCommercialUSGovernmentSponsoredEntitiesMember2021-12-310000701347us-gaap:CommonClassBMembercpf:VisaMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2021-12-310000701347srt:MinimumMember2020-03-272020-03-270000701347srt:MaximumMember2020-03-272020-03-2700007013472020-03-270000701347srt:MinimumMember2020-03-270000701347srt:MaximumMember2020-03-2700007013472020-08-31cpf:loan0000701347us-gaap:ConsumerPortfolioSegmentMember2022-04-012022-06-300000701347cpf:ConsumerAutomobilePortfolioSegmentMember2022-04-012022-06-300000701347us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-06-300000701347cpf:ConsumerAutomobilePortfolioSegmentMember2022-01-012022-06-300000701347us-gaap:ConsumerPortfolioSegmentMember2021-04-012021-06-300000701347cpf:ConsumerAutomobilePortfolioSegmentMember2021-04-012021-06-300000701347us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-06-300000701347cpf:ConsumerAutomobilePortfolioSegmentMember2021-01-012021-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMembercpf:A14FamilyResidentialPropertiesMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMembercpf:NonfarmNonresidentialPropertiesMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMembercpf:RealEstateAndBusinessAssetsMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMembercpf:A14FamilyResidentialPropertiesMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMembercpf:NonfarmNonresidentialPropertiesMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMembercpf:RealEstateAndBusinessAssetsMember2022-06-300000701347cpf:A14FamilyResidentialPropertiesMember2022-06-300000701347cpf:NonfarmNonresidentialPropertiesMember2022-06-300000701347cpf:RealEstateAndBusinessAssetsMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMembercpf:A14FamilyResidentialPropertiesMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMembercpf:NonfarmNonresidentialPropertiesMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMembercpf:RealEstateAndBusinessAssetsMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMembercpf:A14FamilyResidentialPropertiesMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMembercpf:NonfarmNonresidentialPropertiesMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMembercpf:RealEstateAndBusinessAssetsMember2021-12-310000701347cpf:A14FamilyResidentialPropertiesMember2021-12-310000701347cpf:NonfarmNonresidentialPropertiesMember2021-12-310000701347cpf:RealEstateAndBusinessAssetsMember2021-12-31cpf:property0000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300000701347us-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300000701347us-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300000701347us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347us-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347us-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300000701347us-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300000701347us-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300000701347us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347us-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347us-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerLoanMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerLoanMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerLoanMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2022-06-300000701347us-gaap:FinancingReceivables30To59DaysPastDueMember2022-06-300000701347us-gaap:FinancingReceivables60To89DaysPastDueMember2022-06-300000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-06-300000701347us-gaap:FinancialAssetNotPastDueMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000701347us-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310000701347us-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000701347us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:ResidentialMortgageMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000701347us-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310000701347us-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000701347us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:CommercialRealEstateMembercpf:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerLoanMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerLoanMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerLoanMember2021-12-310000701347us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000701347us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000701347us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000701347us-gaap:FinancialAssetNotPastDueMember2021-12-310000701347us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMemberstpr:HI2022-01-012022-06-300000701347us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMemberstpr:HI2022-06-300000701347us-gaap:NonperformingFinancingReceivableMember2022-06-300000701347us-gaap:NonperformingFinancingReceivableMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:PassMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMemberus-gaap:PassMember2022-06-300000701347us-gaap:SpecialMentionMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:SubstandardMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2022-06-300000701347us-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMemberus-gaap:PassMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMemberus-gaap:SubstandardMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2022-06-300000701347us-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2022-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMemberus-gaap:PassMember2022-06-300000701347cpf:CommercialRealEstateLoanMemberus-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMembercpf:OtherLoanMember2022-06-300000701347us-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMembercpf:OtherLoanMember2022-06-300000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:OtherLoanMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:PassMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMemberus-gaap:PassMember2021-12-310000701347us-gaap:SpecialMentionMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:SubstandardMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMemberus-gaap:PassMember2021-12-310000701347us-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMemberus-gaap:SubstandardMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2021-12-310000701347us-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2021-12-310000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMemberus-gaap:PassMember2021-12-310000701347cpf:CommercialRealEstateLoanMemberus-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMembercpf:OtherLoanMember2021-12-310000701347us-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMembercpf:OtherLoanMember2021-12-310000701347us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:OtherLoanMember2021-12-310000701347us-gaap:SpecialMentionMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:SubstandardMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2022-06-300000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-300000701347us-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2022-06-300000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2022-06-300000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-06-300000701347cpf:CommercialRealEstateLoanMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMember2022-06-300000701347us-gaap:PassMember2022-06-300000701347us-gaap:SpecialMentionMember2022-06-300000701347us-gaap:SubstandardMember2022-06-300000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-06-300000701347us-gaap:SpecialMentionMembercpf:CommercialFinancialAndAgriculturalPortfolioSegmentMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:SubstandardMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:SmallBusinessAdministrationPaycheckProtectionProgramLoansMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347us-gaap:SpecialMentionMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2021-12-310000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-310000701347cpf:CommercialRealEstateLoanMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMembercpf:RealEstatePortfolioSegmentMember2021-12-310000701347us-gaap:PassMember2021-12-310000701347us-gaap:SpecialMentionMember2021-12-310000701347us-gaap:SubstandardMember2021-12-310000701347us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2022-03-310000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-03-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-03-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2022-03-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-310000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2022-03-310000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2022-03-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2022-04-012022-06-300000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-04-012022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-04-012022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2022-04-012022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-04-012022-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2022-04-012022-06-300000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2022-04-012022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2021-03-310000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-03-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-03-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2021-03-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-03-310000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2021-03-310000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2021-03-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2021-04-012021-06-300000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-04-012021-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-04-012021-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2021-04-012021-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-04-012021-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2021-04-012021-06-300000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2021-04-012021-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2021-06-300000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2021-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2021-06-300000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2021-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2022-01-012022-06-300000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2022-01-012022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-01-012022-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2022-01-012022-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-01-012022-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2022-01-012022-06-300000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2022-01-012022-06-300000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2020-12-310000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2020-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-12-310000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2020-12-310000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-12-310000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2020-12-310000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2020-12-310000701347cpf:CommercialFinancialAndAgriculturalPortfolioSegmentMember2021-01-012021-06-300000701347cpf:CommercialFinancialAndAgriculturalOtherPortfolioSegmentMember2021-01-012021-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-01-012021-06-300000701347cpf:RealEstatePortfolioSegmentMembercpf:ResidentialRealEstateLoanMember2021-01-012021-06-300000701347cpf:RealEstatePortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-01-012021-06-300000701347cpf:CommercialRealEstateLoanMembercpf:RealEstatePortfolioSegmentMember2021-01-012021-06-300000701347us-gaap:ConsumerPortfolioSegmentMembercpf:OtherLoanMember2021-01-012021-06-300000701347srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-03-310000701347srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-04-012022-06-300000701347srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-04-012021-06-300000701347srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-01-012022-06-300000701347srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-01-012021-06-300000701347cpf:FundCommitments2022Member2022-06-300000701347cpf:FundCommitmentsMember2022-06-300000701347cpf:FundCommitmentsMember2021-12-310000701347cpf:UnfundedCommitmentsMember2022-06-300000701347cpf:UnfundedCommitmentsMember2021-12-310000701347cpf:SwellFinancialIncMember2022-01-012022-06-300000701347cpf:JAMFINTOPBanktechFundLPMember2021-09-300000701347cpf:OtherPartnershipsMember2021-12-310000701347cpf:LowIncomeHousingTaxCreditMember2022-06-300000701347cpf:MortgageServicingRightsMember2021-12-310000701347cpf:MortgageServicingRightsMember2022-01-012022-06-300000701347cpf:MortgageServicingRightsMember2022-06-300000701347cpf:MortgageServicingRightsMember2020-12-310000701347cpf:MortgageServicingRightsMember2021-01-012021-06-300000701347cpf:MortgageServicingRightsMember2021-06-300000701347cpf:MortgageServicingRightsMember2022-04-012022-06-300000701347cpf:MortgageServicingRightsMember2021-04-012021-06-300000701347cpf:MortgageServicingRightsMemberus-gaap:MeasurementInputDiscountRateMember2022-06-300000701347cpf:MortgageServicingRightsMemberus-gaap:MeasurementInputDiscountRateMember2021-06-300000701347cpf:MortgageServicingRightsMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2022-06-300000701347cpf:MortgageServicingRightsMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2021-06-300000701347us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2022-06-300000701347cpf:BackToBackSwapAgreementsMemberus-gaap:NondesignatedMember2022-06-300000701347us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-06-300000701347cpf:InterestRateLockandForwardSaleCommitmentMemberus-gaap:NondesignatedMember2022-06-300000701347cpf:InterestRateLockandForwardSaleCommitmentMemberus-gaap:NondesignatedMember2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:NondesignatedMember2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:NondesignatedMember2021-12-310000701347cpf:BackToBackSwapAgreementsMemberus-gaap:NondesignatedMember2021-12-310000701347us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-310000701347us-gaap:CashFlowHedgingMembercpf:MortgageBankingIncomeMembercpf:InterestRateLockandForwardSaleCommitmentMemberus-gaap:NondesignatedMember2022-04-012022-06-300000701347cpf:LoansHeldforsaleMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2022-04-012022-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:RiskParticipationAgreementMemberus-gaap:NondesignatedMember2022-04-012022-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:BackToBackSwapAgreementsMemberus-gaap:NondesignatedMember2022-04-012022-06-300000701347us-gaap:CashFlowHedgingMembercpf:MortgageBankingIncomeMembercpf:InterestRateLockandForwardSaleCommitmentMemberus-gaap:NondesignatedMember2021-04-012021-06-300000701347cpf:LoansHeldforsaleMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2021-04-012021-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:RiskParticipationAgreementMemberus-gaap:NondesignatedMember2021-04-012021-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:BackToBackSwapAgreementsMemberus-gaap:NondesignatedMember2021-04-012021-06-300000701347us-gaap:CashFlowHedgingMembercpf:MortgageBankingIncomeMembercpf:InterestRateLockandForwardSaleCommitmentMemberus-gaap:NondesignatedMember2022-01-012022-06-300000701347cpf:LoansHeldforsaleMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2022-01-012022-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:RiskParticipationAgreementMemberus-gaap:NondesignatedMember2022-01-012022-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:BackToBackSwapAgreementsMemberus-gaap:NondesignatedMember2022-01-012022-06-300000701347us-gaap:CashFlowHedgingMembercpf:MortgageBankingIncomeMembercpf:InterestRateLockandForwardSaleCommitmentMemberus-gaap:NondesignatedMember2021-01-012021-06-300000701347cpf:LoansHeldforsaleMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherIncomeMemberus-gaap:NondesignatedMember2021-01-012021-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:RiskParticipationAgreementMemberus-gaap:NondesignatedMember2021-01-012021-06-300000701347cpf:OtherServiceChargesandFeesMemberus-gaap:CashFlowHedgingMembercpf:BackToBackSwapAgreementsMemberus-gaap:NondesignatedMember2021-01-012021-06-300000701347us-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-04-012022-06-300000701347us-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-04-012021-06-300000701347us-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-06-300000701347us-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-01-012021-06-300000701347us-gaap:FederalHomeLoanBankBorrowingsMember2022-06-300000701347us-gaap:FederalHomeLoanBankBorrowingsMember2021-12-310000701347us-gaap:FederalReserveBankAdvancesMember2022-06-300000701347us-gaap:FederalReserveBankAdvancesMember2021-12-310000701347cpf:CPBCapitalTrustIVMember2004-09-012004-09-300000701347us-gaap:SubordinatedDebtMembercpf:CPBCapitalTrustIVMember2022-06-300000701347cpf:CPBCapitalTrustVMember2004-12-012004-12-310000701347cpf:CPBCapitalTrustVMemberus-gaap:SubordinatedDebtMember2022-06-300000701347us-gaap:JuniorSubordinatedDebtMembercpf:TrustIVMember2022-06-300000701347us-gaap:JuniorSubordinatedDebtMembercpf:TrustVMember2022-06-300000701347us-gaap:JuniorSubordinatedDebtMember2022-06-300000701347us-gaap:JuniorSubordinatedDebtMembercpf:TrustIVMember2021-12-310000701347us-gaap:JuniorSubordinatedDebtMembercpf:TrustVMember2021-12-310000701347us-gaap:JuniorSubordinatedDebtMember2021-12-310000701347us-gaap:SubordinatedDebtMembersrt:MaximumMember2022-01-012022-06-300000701347us-gaap:SubordinatedDebtMember2022-01-012022-06-30cpf:period0000701347us-gaap:SeniorSubordinatedNotesMembercpf:SubordinatedNotesDue2030Member2022-06-300000701347us-gaap:SeniorSubordinatedNotesMembercpf:SubordinatedNotesDue2030Member2021-12-310000701347us-gaap:SeniorSubordinatedNotesMembercpf:SubordinatedNotesDue2030Member2020-10-200000701347us-gaap:SeniorSubordinatedNotesMembercpf:SubordinatedNotesDue2030Member2020-10-202020-10-200000701347us-gaap:SeniorSubordinatedNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembercpf:SubordinatedNotesDue2030Member2020-10-202020-10-200000701347cpf:LoanPlacementFeesMember2022-04-012022-06-300000701347cpf:LoanPlacementFeesMember2021-04-012021-06-300000701347cpf:LoanPlacementFeesMember2022-01-012022-06-300000701347cpf:LoanPlacementFeesMember2021-01-012021-06-300000701347cpf:ServiceChargesonDepositAccountsMember2022-04-012022-06-300000701347cpf:ServiceChargesonDepositAccountsMember2021-04-012021-06-300000701347cpf:ServiceChargesonDepositAccountsMember2022-01-012022-06-300000701347cpf:ServiceChargesonDepositAccountsMember2021-01-012021-06-300000701347cpf:OtherServiceChargesandFeesMember2022-04-012022-06-300000701347cpf:OtherServiceChargesandFeesMember2021-04-012021-06-300000701347cpf:OtherServiceChargesandFeesMember2022-01-012022-06-300000701347cpf:OtherServiceChargesandFeesMember2021-01-012021-06-300000701347cpf:IncomefromFiduciaryActivitiesMember2022-04-012022-06-300000701347cpf:IncomefromFiduciaryActivitiesMember2021-04-012021-06-300000701347cpf:IncomefromFiduciaryActivitiesMember2022-01-012022-06-300000701347cpf:IncomefromFiduciaryActivitiesMember2021-01-012021-06-300000701347cpf:RestrictedStockAndRestrictedStockUnitsRSUMember2021-12-310000701347cpf:RestrictedStockAndRestrictedStockUnitsRSUMember2022-01-012022-06-300000701347cpf:RestrictedStockAndRestrictedStockUnitsRSUMember2022-06-300000701347us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-300000701347us-gaap:PensionPlansDefinedBenefitMember2022-04-012022-06-300000701347us-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300000701347us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300000701347us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-04-012022-06-300000701347us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-04-012021-06-300000701347us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-01-012022-06-300000701347us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-01-012021-06-300000701347us-gaap:AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember2022-04-012022-06-300000701347cpf:GainLossOnUnrealizedLossesOnDerivativeInstrumentsMember2022-04-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-04-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-04-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2022-04-012022-06-300000701347cpf:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMember2022-04-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300000701347us-gaap:AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember2021-04-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-04-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2021-04-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300000701347us-gaap:AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember2022-01-012022-06-300000701347cpf:GainLossOnUnrealizedLossesOnDerivativeInstrumentsMember2022-01-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2022-01-012022-06-300000701347cpf:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMember2022-01-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-06-300000701347us-gaap:AccumulatedNetInvestmentGainLossAttributableToNoncontrollingInterestMember2021-01-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2021-01-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2022-03-310000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2022-04-012022-06-300000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2020-12-310000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2021-04-012021-06-300000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2021-12-310000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2022-01-012022-06-300000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000701347us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300000701347cpf:DebtSecuritiesDerivativesFairValueHedgeHeldToMaturityMember2021-01-012021-06-300000701347us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembercpf:AccumulatedNetUnrealizedLossOnHeldToMaturitySecuritiesMember2022-04-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembercpf:AccumulatedNetUnrealizedLossOnHeldToMaturitySecuritiesMember2021-04-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-04-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-04-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2022-04-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2021-04-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-04-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-04-012021-06-300000701347cpf:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000701347cpf:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembercpf:AccumulatedNetUnrealizedLossOnHeldToMaturitySecuritiesMember2022-01-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembercpf:AccumulatedNetUnrealizedLossOnHeldToMaturitySecuritiesMember2021-01-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2022-01-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2021-01-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-01-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-01-012021-06-300000701347cpf:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000701347cpf:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000701347us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000701347us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000701347us-gaap:EmployeeStockOptionMember2022-04-012022-06-300000701347us-gaap:EmployeeStockOptionMember2021-04-012021-06-300000701347us-gaap:EmployeeStockOptionMember2022-01-012022-06-300000701347us-gaap:EmployeeStockOptionMember2021-01-012021-06-300000701347us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000701347us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300000701347us-gaap:FairValueInputsLevel1Member2022-06-300000701347us-gaap:FairValueInputsLevel2Member2022-06-300000701347us-gaap:FairValueInputsLevel3Member2022-06-300000701347cpf:InterestRateForwardsMember2022-06-300000701347cpf:InterestRateForwardsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:InterestRateForwardsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:InterestRateForwardsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:InterestRateForwardsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:InterestRateForwardsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:RiskParticipationAgreementMember2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel1Member2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel2Member2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel3Member2022-06-300000701347cpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2022-06-300000701347us-gaap:CarryingReportedAmountFairValueDisclosureMembercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2022-06-300000701347us-gaap:EstimateOfFairValueFairValueDisclosureMembercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2022-06-300000701347cpf:BackToBackSwapAgreementsReceiveFixedPayVariableMemberus-gaap:FairValueInputsLevel1Member2022-06-300000701347us-gaap:FairValueInputsLevel2Membercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2022-06-300000701347us-gaap:FairValueInputsLevel3Membercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2022-06-300000701347cpf:BackToBackSwapAgreementsPayVariableReceiveFixedMember2022-06-300000701347us-gaap:CarryingReportedAmountFairValueDisclosureMembercpf:BackToBackSwapAgreementsPayVariableReceiveFixedMember2022-06-300000701347us-gaap:EstimateOfFairValueFairValueDisclosureMembercpf:BackToBackSwapAgreementsPayVariableReceiveFixedMember2022-06-300000701347cpf:BackToBackSwapAgreementsPayVariableReceiveFixedMemberus-gaap:FairValueInputsLevel1Member2022-06-300000701347us-gaap:FairValueInputsLevel2Membercpf:BackToBackSwapAgreementsPayVariableReceiveFixedMember2022-06-300000701347cpf:BackToBackSwapAgreementsPayVariableReceiveFixedMemberus-gaap:FairValueInputsLevel3Member2022-06-300000701347us-gaap:InterestRateSwapMember2022-06-300000701347us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:InterestRateSwapMember2022-06-300000701347us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2022-06-300000701347us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2022-06-300000701347us-gaap:CommitmentsToExtendCreditMember2022-06-300000701347us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommitmentsToExtendCreditMember2022-06-300000701347us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommitmentsToExtendCreditMember2022-06-300000701347us-gaap:FairValueInputsLevel1Memberus-gaap:CommitmentsToExtendCreditMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:CommitmentsToExtendCreditMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:CommitmentsToExtendCreditMember2022-06-300000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMember2022-06-300000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:FairValueInputsLevel1Member2022-06-300000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:FairValueInputsLevel2Member2022-06-300000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:FairValueInputsLevel3Member2022-06-300000701347us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000701347us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000701347us-gaap:FairValueInputsLevel1Member2021-12-310000701347us-gaap:FairValueInputsLevel2Member2021-12-310000701347us-gaap:FairValueInputsLevel3Member2021-12-310000701347cpf:InterestRateForwardsMember2021-12-310000701347cpf:InterestRateForwardsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:InterestRateForwardsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:InterestRateForwardsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:InterestRateForwardsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:InterestRateForwardsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:RiskParticipationAgreementMember2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel1Member2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel2Member2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel3Member2021-12-310000701347cpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2021-12-310000701347us-gaap:CarryingReportedAmountFairValueDisclosureMembercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2021-12-310000701347us-gaap:EstimateOfFairValueFairValueDisclosureMembercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2021-12-310000701347cpf:BackToBackSwapAgreementsReceiveFixedPayVariableMemberus-gaap:FairValueInputsLevel1Member2021-12-310000701347us-gaap:FairValueInputsLevel2Membercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2021-12-310000701347us-gaap:FairValueInputsLevel3Membercpf:BackToBackSwapAgreementsReceiveFixedPayVariableMember2021-12-310000701347cpf:BackToBackSwapAgreementsPayVariableReceiveFixedMember2021-12-310000701347cpf:BackToBackSwapAgreementsPayVariableReceiveFixedMemberus-gaap:FairValueInputsLevel1Member2021-12-310000701347us-gaap:FairValueInputsLevel2Membercpf:BackToBackSwapAgreementsPayVariableReceiveFixedMember2021-12-310000701347cpf:BackToBackSwapAgreementsPayVariableReceiveFixedMemberus-gaap:FairValueInputsLevel3Member2021-12-310000701347us-gaap:CommitmentsToExtendCreditMember2021-12-310000701347us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommitmentsToExtendCreditMember2021-12-310000701347us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommitmentsToExtendCreditMember2021-12-310000701347us-gaap:FairValueInputsLevel1Memberus-gaap:CommitmentsToExtendCreditMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:CommitmentsToExtendCreditMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:CommitmentsToExtendCreditMember2021-12-310000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMember2021-12-310000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000701347cpf:StandbyLettersOfCreditAndFinancialGuaranteesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000701347us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-06-300000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-06-300000701347us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-06-300000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-06-300000701347us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Membercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Membercpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2022-06-300000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Membercpf:RiskParticipationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel3Membercpf:RiskParticipationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:BackToBackSwapAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347cpf:BackToBackSwapAgreementsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Membercpf:BackToBackSwapAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel3Membercpf:BackToBackSwapAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000701347us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000701347us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310000701347us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialUSGovernmentSponsoredEntitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Membercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Membercpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageBackedSecuritiesCommercialNonGovernmentAgenciesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:InterestRateOptionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:InterestRateOptionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Membercpf:InterestRateOptionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel3Membercpf:InterestRateOptionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2021-12-310000701347us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercpf:InterestRateForwardsMember2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:RiskParticipationAgreementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Membercpf:RiskParticipationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel3Membercpf:RiskParticipationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:BackToBackSwapAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:BackToBackSwapAgreementsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Membercpf:BackToBackSwapAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel3Membercpf:BackToBackSwapAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000701347cpf:MortgageRevenueBondsMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000701347cpf:MortgageRevenueBondsMembercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2021-12-310000701347cpf:MortgageRevenueBondsMember2021-12-310000701347cpf:MortgageRevenueBondsMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-01-012022-06-300000701347cpf:MortgageRevenueBondsMembercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2022-01-012022-06-300000701347cpf:MortgageRevenueBondsMember2022-01-012022-06-300000701347cpf:MortgageRevenueBondsMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-06-300000701347cpf:MortgageRevenueBondsMembercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2022-06-300000701347cpf:MortgageRevenueBondsMember2022-06-300000701347cpf:MortgageRevenueBondsMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000701347cpf:MortgageRevenueBondsMembercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2020-12-310000701347cpf:MortgageRevenueBondsMember2020-12-310000701347cpf:MortgageRevenueBondsMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-06-300000701347cpf:MortgageRevenueBondsMembercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2021-01-012021-06-300000701347cpf:MortgageRevenueBondsMember2021-01-012021-06-300000701347cpf:MortgageRevenueBondsMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-06-300000701347cpf:MortgageRevenueBondsMembercpf:MortgageBackedSecuritiesResidentialNonGovernmentAgenciesMember2021-06-300000701347cpf:MortgageRevenueBondsMember2021-06-300000701347cpf:MortgageRevenueBondsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2022-06-300000701347cpf:MortgageRevenueBondsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2021-12-31

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 June 30, 2022
 
or

         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from               to              
 
Commission File Number: 001-31567

CENTRAL PACIFIC FINANCIAL CORP.
(Exact name of registrant as specified in its charter) 
Hawaii99-0212597
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
220 South King Street, Honolulu, Hawaii 96813
(Address of principal executive offices) (Zip Code)
 
(808) 544-0500
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, No Par ValueCPFNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer 
Non-accelerated filer 
Smaller reporting company 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

The number of shares outstanding of registrant's common stock, no par value, on July 22, 2022 was 27,382,562 shares.



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Form 10-Q
 
Table of Contents
 Page
 

2


PART I.   FINANCIAL INFORMATION
 
Forward-Looking Statements and Factors that Could Affect Future Results

This document may contain forward-looking statements 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. 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 in light of the COVID-19 pandemic virus (and ongoing pandemic variants) and anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

While we believe that our forward-looking statements 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 adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) 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 to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; 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; our ability to achieve the objectives of our RISE2020 initiative; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service ("BaaS") initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases, including COVID-19) 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 (the "Dodd-Frank 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 (the "CFPB"), 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 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; ability to successfully implement our initiatives to lower our efficiency ratio; 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 (the "FRB" or the "Federal Reserve"); inflation, interest rate, securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index and uncertainties regarding potential alternative reference rates, including the Secured Overnight Financing Rate ("SOFR"); negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism; pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board ("PCAOB"), the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items.

3


For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the forward-looking statements, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, the discussion of "Risk Factors" set forth therein and herein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 10-Q. Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events except as required by law.
4


Item 1. Financial Statements


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in thousands)June 30,
2022
December 31,
2021
Assets  
Cash and due from banks$108,389 $81,506 
Interest-bearing deposits in other banks22,741 247,401 
Investment securities:
Available-for-sale debt securities, at fair value787,373 1,631,699 
Held-to-maturity debt securities, at amortized cost; fair value of: 635,565 at June 30, 2022 and none at December 31, 2021
663,365  
Total investment securities1,450,738 1,631,699 
Loans held for sale535 3,531 
Loans5,301,633 5,101,649 
Allowance for credit losses(65,211)(68,097)
Loans, net of allowance for credit losses5,236,422 5,033,552 
Premises and equipment, net88,664 80,354 
Accrued interest receivable17,146 16,709 
Investment in unconsolidated entities37,341 29,679 
Mortgage servicing rights9,369 9,738 
Bank-owned life insurance167,202 169,148 
Federal Home Loan Bank stock8,943 7,964 
Right-of-use lease asset36,978 39,441 
Other assets114,710 68,367 
Total assets$7,299,178 $7,419,089 
Liabilities  
Deposits:  
Noninterest-bearing demand$2,282,967 $2,291,246 
Interest-bearing demand1,444,566 1,415,277 
Savings and money market2,214,146 2,225,903 
Time680,382 706,732 
Total deposits6,622,061 6,639,158 
Long-term debt105,738 105,616 
Lease liability38,037 40,731 
Other liabilities78,242 75,317 
Total liabilities6,844,078 6,860,822 
Contingent liabilities and other commitments (see Notes 8, 16 and 17)
Equity  
Preferred stock, no par value, authorized 1,000,000 shares;
issued and outstanding: none at June 30, 2022 and December 31, 2021
  
Common stock, no par value, authorized 185,000,000 shares;
issued and outstanding: 27,463,562 at June 30, 2022 and 27,714,071 at December 31, 2021
417,862 426,091 
Additional paid-in capital98,977 98,073 
Retained earnings64,693 42,015 
Accumulated other comprehensive loss(126,432)(7,960)
Total shareholders' equity455,100 558,219 
Non-controlling interest 48 
Total equity455,100 558,267 
Total liabilities and equity$7,299,178 $7,419,089 

See accompanying notes to consolidated financial statements.
5



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands, except per share data)2022202120222021
Interest income:    
Interest and fees on loans$46,963 $49,024 $91,912 $95,098 
Interest and dividends on investment securities:
Taxable interest7,200 4,447 14,334 9,553 
Tax-exempt interest642 346 1,293 860 
Dividends 18 21 36 
Interest on deposits in other banks191 61 263 71 
Dividends on Federal Home Loan Bank stock68 63 127 122 
Total interest income55,064 53,959 107,950 105,740 
Interest expense:    
Interest on deposits:    
Demand144 93 256 179 
Savings and money market317 282 646 556 
Time490 498 959 1,086 
Interest on short-term borrowings2  2 2 
Interest on long-term debt1,133 1,025 2,174 2,052 
Total interest expense2,086 1,898 4,037 3,875 
Net interest income52,978 52,061 103,913 101,865 
Provision (credit) for credit losses 989 (3,443)(2,206)(4,264)
Net interest income after provision (credit) for credit losses51,989 55,504 106,119 106,129 
Other operating income:    
Mortgage banking income1,140 1,533 2,312 4,503 
Service charges on deposit accounts2,026 1,443 3,887 2,921 
Other service charges and fees4,610 4,619 9,098 8,409 
Income from fiduciary activities1,188 1,269 2,342 2,500 
Net gain on sales of investment securities8,506 50 8,506 50 
Income from bank-owned life insurance(1,028)1,210 (489)2,007 
Other696 406 1,033 851 
Total other operating income17,138 10,530 26,689 21,241 
Other operating expense:    
Salaries and employee benefits22,369 23,790 43,311 43,617 
Net occupancy4,448 4,055 8,222 7,819 
Equipment1,075 1,048 2,157 2,048 
Communication744 756 1,550 1,525 
Legal and professional services2,916 2,572 5,542 4,949 
Computer software3,624 3,398 6,706 7,181 
Advertising1,150 1,329 2,300 2,987 
Other9,023 4,485 13,766 9,153 
Total other operating expense45,349 41,433 83,554 79,279 
Income before income taxes23,778 24,601 49,254 48,091 
Income tax expense6,184 5,887 12,222 11,339 
Net income$17,594 $18,714 $37,032 $36,752 
Per common share data:    
Basic earnings per common share$0.64 $0.66 $1.34 $1.31 
Diluted earnings per common share$0.64 $0.66 $1.33 $1.29 
Cash dividends declared$0.26 $0.24 $0.52 $0.47 
Basic weighted average shares outstanding27,516,284 28,173,710 27,553,629 28,141,360 
Diluted weighted average shares outstanding27,676,619 28,456,624 27,759,187 28,407,479 

 See accompanying notes to consolidated financial statements.
6



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands)2022202120222021
Net income$17,594 $18,714 $37,032 $36,752 
Other comprehensive (loss) income, net of tax:
Net change in fair value of available-for-sale investment securities(45,150)1,727 (124,600)(15,574)
Amortization of unrealized losses on investment securities transferred to held-to-maturity1,448  1,448  
Net change in fair value of derivatives2,147  2,110  
Defined benefit retirement plan and SERPs2,470 188 2,570 372 
Total other comprehensive (loss) income, net of tax(39,085)1,915 (118,472)(15,202)
Comprehensive (loss) income$(21,491)$20,629 $(81,440)$21,550 
 
See accompanying notes to consolidated financial statements.
7



CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) 
Common
Shares
Outstanding
Preferred
Stock
Common
Stock
Additional Paid-In CapitalRetained EarningsAccum.
Other
Comp.
Loss
Non-
Controlling
Interest
Total
 (dollars in thousands, except per share data)
Balance at December 31, 202127,714,071 $— $426,091 $98,073 $42,015 $(7,960)$48 $558,267 
Net income— — — — 19,438 — — 19,438 
Other comprehensive loss— — — — — (79,387)— (79,387)
Cash dividends declared ($0.26 per share)
— — — — (7,201)— — (7,201)
Common stock sold by directors' deferred compensation plan (40,670 shares, net)
— — 1,114 — — — — 1,114 
Common stock repurchased and retired and other related costs(234,981)— (6,731)— — — — (6,731)
Share-based compensation 105,839 — 679 197 — — — 876 
Non-controlling interest — — — — — — 2 2 
Balance at March 31, 202227,584,929 — 421,153 98,270 54,252 (87,347)50 486,378 
Net income— — — — 17,594 — — 17,594 
Other comprehensive loss— — — — — (39,085)— (39,085)
Cash dividends declared ($0.26 per share)
— — — — (7,153)— — (7,153)
Common stock sold by directors' deferred compensation plan (38,000 shares, net)
— — 927 — — — — 927 
Common stock repurchased and retired and other related costs(174,429)— (4,218)—  — — (4,218)
Share-based compensation53,062 — — 707 — — — 707 
Non-controlling interest— — — — — — (50)(50)
Balance at June 30, 202227,463,562 $— $417,862 $98,977 $64,693 $(126,432)$ $455,100 
Common
Shares
Outstanding
Preferred
Stock
Common
Stock
Additional Paid-In Capital(Accum. Deficit) Retained EarningsAccum.
Other
Comp.
Income
Non-
Controlling
Interest
Total
 (dollars in thousands, except per share data)
Balance at December 31, 202028,183,340 $— $442,635 $94,842 $(10,920)$20,128 $48 $546,733 
Net income— — — — 18,038 — — 18,038 
Other comprehensive loss— — — — — (17,117)— (17,117)
Cash dividends declared ($0.23 per share)
— — — — (6,490)— — (6,490)
Share-based compensation99,190 — 870 879 — — — 1,749 
Balance at March 31, 202128,282,530 — 443,505 95,721 628 3,011 48 542,913 
Net income— — — — 18,714 — — 18,714 
Other comprehensive income— — — — — 1,915 — 1,915 
Cash dividends declared ($0.24 per share)
— — — — (6,787)— — (6,787)
Common stock purchased by directors' deferred compensation plan (6,900 shares, net)
— — (191)— — — — (191)
Common stock repurchased and retired and other related costs(156,600)— (2,603)— (1,724)— — (4,327)
Share-based compensation92,930 — 461 — — — 604 
Balance at June 30, 202128,218,860 $— $440,854 $96,182 $10,831 $4,926 $48 $552,841 
 See accompanying notes to consolidated financial statements.
8


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
June 30,
(dollars in thousands)20222021
Cash flows from operating activities: