The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, under-capitalized, significantly under-capitalized, and critically under-capitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If under-capitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The Bank was categorized as "well-capitalized" and maintained the required capital conservation buffer under the regulatory framework for prompt corrective action as of December 31, 2024 and 2023. There are no conditions or events since then that management believes have changed the institution’s category.


	Actual				Minimum required for capital adequacy purposes				Minimum required to be well-capitalized
(Dollars in thousands)	Amount		Ratio		Amount		Ratio (1)		Amount		Ratio
Central Pacific Financial Corp.
As of December 31, 2024
Tier 1 capital to avg. assets (leverage ratio)	$	704,045	9.3	%	$	301,967	4.0	%	N/A		N/A
Common equity tier 1 ("CET1") capital to risk-weighted assets	654,045		12.3		239,366		4.5		N/A		N/A
Tier 1 capital to risk-weighted assets	704,045		13.2		319,155		6.0		N/A		N/A
Total capital to risk-weighted assets	820,796		15.4		425,540		8.0		N/A		N/A

As of December 31, 2023
Tier 1 capital to avg. assets (leverage ratio)	676,536		8.8		305,843		4.0		N/A		N/A
CET1 capital to risk-weighted assets	626,536		11.4		246,457		4.5		N/A		N/A
Tier 1 capital to risk-weighted assets	676,536		12.4		328,609		6.0		N/A		N/A
Total capital to risk-weighted assets	799,175		14.6		438,146		8.0		N/A		N/A

Central Pacific Bank
As of December 31, 2024
Tier 1 capital to avg. assets (leverage ratio)	$	731,155	9.7	%	$	301,410	4.0	%	$	376,763	5.0	%
CET1 capital to risk-weighted assets	731,155		13.8		238,814		4.5		344,953		6.5
Tier 1 capital to risk-weighted assets	731,155		13.8		318,419		6.0		424,558		8.0
Total capital to risk-weighted assets	792,906		14.9		424,558		8.0		530,698		10.0

As of December 31, 2023
Tier 1 capital to avg. assets (leverage ratio)	704,512		9.2		305,375		4.0		381,719		5.0
CET1 capital to risk-weighted assets	704,512		12.9		245,926		4.5		355,227		6.5
Tier 1 capital to risk-weighted assets	704,512		12.9		327,902		6.0		437,203		8.0
Total capital to risk-weighted assets	772,151		14.1		437,203		8.0		546,503		10.0

(1) Under the Basel III Capital Rules, the Company and the Bank must also maintain a 2.5% Capital Conservation Buffer ("CCB") to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The CCB is calculated as a ratio of CET1 capital to risk-weighted assets, and effectively increases the required minimum risk-based capital ratios.


	December 31,
(Dollars in thousands)	2024		2023
Assets
Cash and due from financial institutions	$	23,021	$	22,059

Investment in subsidiary bank	615,441		579,601

Other assets	13,425		14,805
Total assets	$	651,887	$	616,465

Liabilities and Equity
Long-term debt	$	106,345	$	106,102
Other liabilities	7,157		6,548
Total liabilities	113,502		112,650

Equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2024 and 2023	—		—
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,065,570 and 27,045,033 shares at December 31, 2024 and 2023, respectively	404,494		405,439
Additional paid-in capital	105,054		102,982
Retained earnings	143,259		117,990
Accumulated other comprehensive loss	(114,422)		(122,596)


Total equity	538,385		503,815

Total liabilities and equity	$	651,887	$	616,465


	Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Income:
Dividends from subsidiary bank	$	38,183	$	42,540	$	47,427
Interest income:
Interest income from subsidiary bank	3		3		3
Other income	224		122		64
Total income	38,410		42,665		47,494

Expense:
Interest expense on long-term debt	6,883		6,762		4,930
Other expenses	10,221		3,250		2,317
Total expenses	17,104		10,012		7,247

Income before income taxes and equity in undistributed income of subsidiaries	21,306		32,653		40,247
Income tax benefit	(4,440)		(2,620)		(1,917)
Income before equity in undistributed income of subsidiaries	25,746		35,273		42,164

Equity in undistributed income of subsidiary bank	27,666		23,396		31,764

Net income	$	53,412	$	58,669	$	73,928


	Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Cash flows from operating activities:
Net income	$	53,412	$	58,669	$	73,928
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense (benefit)	155		32		(26)

Equity in undistributed income of subsidiary bank	(27,666)		(23,396)		(31,764)

Share-based compensation expense	2,072		1,636		3,273

Net change in other assets and liabilities	1,897		(1,543)		(20)
Net cash provided by operating activities	29,870		35,398		45,391

Cash flows from investing activities:


Distributions from unconsolidated entities	—		495		—
Contributions to unconsolidated entities	180		—		—
Net cash provided by investing activities	180		495		—

Cash flows from financing activities:
Net proceeds from issuance of common stock and stock option exercises	—		—		679


Repurchases of common stock	(945)		(2,632)		(20,740)
Cash dividends paid on common stock	(28,143)		(28,117)		(28,505)

Net cash used in financing activities	(29,088)		(30,749)		(48,566)

Net increase (decrease) in cash and cash equivalents	962		5,144		(3,175)

Cash and cash equivalents at beginning of year	22,059		16,915		20,090
Cash and cash equivalents at end of year	$	23,021	$	22,059	$	16,915