Exhibit 99.1

			FOR IMMEDIATE RELEASE
Investor Contact:	Ian Tanaka	Media Contact:	Tim Sakahara
	SVP, Treasury Manager		AVP, Corporate Communications Manager
	(808) 544-3646		(808) 544-5125
	ian.tanaka@cpb.bank		tim.sakahara@cpb.bank

NEWS RELEASE

CENTRAL PACIFIC FINANCIAL REPORTS FOURTHQUARTER EARNINGS OF $14.9 MILLION

AND FULL YEAR 2023 EARNINGS OF $58.7 MILLION

Highlights Included:

•Net income of $14.9 million, or $0.55 per diluted share for the fourth quarter.

•ROA of 0.79%, ROE of 12.55% and NIM of 2.84% for the fourth quarter.

•Net income of $58.7 million, or $2.17 per diluted share for the 2023 year.

•ROA of 0.78%, ROE of 12.38% and NIM of 2.94% for the 2023 year.

•Completed balance sheet repositioning including the sale of an office real estate property, branch lease termination and investment securities portfolio restructuring, resulting in a net $0.9 million pre-tax gain in the fourth quarter, and a total estimated annual positive impact to future pre-tax income of $2.0 million.

•Board of Directors approved quarterly cash dividend of $0.26 per share and authorized a new share repurchase program of up to $20.0 million for 2024.

HONOLULU, HI, January 31, 2024 – Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank (the "Bank" or "CPB"), today reported net income of $14.9 million, or fully diluted earnings per share ("EPS") of $0.55 for the fourth quarter of 2023, compared to net income of $13.1 million, or EPS of $0.49 in the previous quarter and net income of $20.2 million, or EPS of $0.74 in the year-ago quarter. For the 2023 year, net income was $58.7 million, or EPS of $2.17, compared to net income of $73.9 million, or EPS of $2.68 last year.

Pre-provision net revenue ("PPNR"), or net income excluding provision for credit losses and income taxes, totaled $23.8 million in the fourth quarter of 2023, compared to PPNR of $22.4 million in the previous quarter and $27.5 million in the year-ago quarter.

"Our solid 2023 results reflect our consistent business approach, strong credit culture and commitment to the Hawaii marketplace. We are proud to have been named to Newsweek’s 2024 list of America’s Best Regional Banks, based on our creditworthiness, profitability, net loan activity and public image. This achievement was made possible through our hardworking and committed team of employees and support of our customers and the community." said Arnold Martines, President and Chief Executive Officer. "We believe we are positioned to deliver a strong financial performance in 2024, highlighted by our strategic relationship focused approach and our solid liquidity, capital and asset quality."

Central Pacific Financial Reports Fourth Quarter Earnings of $14.9 Million and Full Year 2023 Earnings of $58.7 Million

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Earnings Highlights

Net interest income was $51.1 million for the fourth quarter of 2023, which decreased by $0.8 million, or 1.5% from the previous quarter, and decreased by $5.1 million, or 9.1% from the year-ago quarter. Net interest margin ("NIM") was 2.84% for the fourth quarter of 2023, which decreased by 4 basis points ("bps") from the previous quarter and decreased by 33 bps from the year-ago quarter. The sequential quarter decreases in net interest income and NIM was primarily due to increases in average balances and rates paid on interest-bearing deposits, which outpaced the increases in average yields earned on investment securities and loans and the increase in average interest-earning deposits at the Federal Reserve Bank.

During the quarter, the Company completed a $30.0 million investment portfolio restructuring designed to increase prospective earnings and net interest margin. The Company sold available-for-sale debt securities with a book value of $30.0 million, weighted average yield of 3.3%, weighted average duration of 3.4 years, and recognized a loss of $1.9 million. Proceeds from the sale were used to purchase $28.3 million in debt securities with a weighted average yield of 5.7% and a weighted average duration of 2.5 years. The Company estimates the earn-back period to be approximately 2.8 years.

The Company recorded a provision for credit losses of $4.7 million in the fourth quarter of 2023, compared to a provision of $4.9 million in the previous quarter and a provision of $0.6 million in the year-ago quarter. The provision in the fourth quarter consisted of a provision for credit losses on loans of $5.0 million, offset by a credit to the provision for credit losses on off-balance sheet exposures of $0.3 million.

Other operating income totaled $15.2 million for the fourth quarter of 2023, compared to $10.0 million in the previous quarter and $11.6 million in the year-ago quarter. The increase from the previous quarter was primarily due to a non-recurring pre-tax net gain on the sale of a real estate property (included in other) of $5.1 million, combined with higher income from bank-owned life insurance ("BOLI") of $1.6 million, partially offset by the aforementioned losses on sales of investment securities totaling $1.9 million recognized in the current quarter. The Company expects future annual savings from the sale and consolidation of the real estate office space of approximately $0.6 million. The higher BOLI income was primarily attributable to equity market volatility and was offset by higher deferred compensation expense in other operating expenses.

Other operating expense totaled $42.5 million for the fourth quarter of 2023, compared to $39.6 million in the previous quarter and $40.4 million in the year-ago quarter. The increase from the previous quarter was primarily due to a non-recurring branch lease termination expense (included in other) of $2.3 million, combined with higher salaries and employee benefits of $1.1 million, partially offset by lower computer software expense of $0.4 million. The Company expects future annual savings from the branch lease termination and consolidation of approximately $0.7 million.

The efficiency ratio was 64.12% for the fourth quarter of 2023, compared to 63.91% in the previous quarter and 59.56% in the year-ago quarter.

The effective tax rate was 22.3% for the fourth quarter of 2023, compared to 24.9% in the previous quarter and 24.9% in the year-ago quarter. The lower effective tax rate was primarily attributable to higher tax-exempt BOLI income as a percentage of pre-tax income.

Balance Sheet Highlights

Total assets of $7.64 billion at December 31, 2023 remained relatively flat from $7.64 billion at September 30, 2023, and increased by $210.0 million, or 2.8% from $7.43 billion at December 31, 2022. The Company had $522.4 million in cash on its balance sheet and $2.45 billion in total other liquidity sources, including available borrowing capacity and unpledged investment securities at December 31, 2023. Total available sources of liquidity as a percentage of uninsured and uncollateralized deposits was 125% at December 31, 2023.

Total loans, net of deferred fees and costs, of $5.44 billion at December 31, 2023 decreased by $69.7 million, or 1.3%from $5.51 billion at September 30, 2023, and decreased by $116.5 million, or 2.1% from $5.56 billion at December 31, 2022. Average yields earned on loans during the fourth quarter of 2023 was 4.55%, compared to 4.49% in the previous quarter and 4.10% in the year-ago quarter.

Total deposits of $6.85 billion at December 31, 2023 decreased by $27.2 million or 0.4% from $6.87 billion at September 30, 2023, and increased by $111.4 million, or 1.7% from $6.74 billion at December 31, 2022. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $5.99 billion at December 31, 2023, and remained relatively flat from $5.99 billion at September 30, 2023. Average rates paid on total deposits during the fourth quarter of 2023 was

Central Pacific Financial Reports Fourth Quarter Earnings of $14.9 Million and Full Year 2023 Earnings of $58.7 Million

Page 3

1.22%, compared to 1.07% in the previous quarter and 0.41% in the year-ago quarter. At December 31, 2023, approximately 65% of the Company's total deposits were FDIC-insured or fully collateralized.

Asset Quality

Nonperforming assets totaled $7.0 million, or 0.09% of total assets at December 31, 2023, compared to $6.7 million, or 0.09% of total assets at September 30, 2023 and $5.3 million, or 0.07% of total assets at December 31, 2022.

Net charge-offs totaled $5.5 million in the fourth quarter of 2023, compared to net charge-offs of $3.9 million in the previous quarter, and net charge-offs of $1.7 million in the year-ago quarter. The increase in net charge-offs was primarily attributable to the mainland consumer loan portfolio. Annualized net charge-offs as a percentage of average loans was 0.41%, 0.28% and 0.12% during the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

The allowance for credit losses, as a percentage of total loans was 1.18% at December 31, 2023, compared to 1.17% at September 30, 2023, and 1.15% at December 31, 2022.

Capital

Total shareholders' equity was $503.8 million at December 31, 2023, compared to $468.6 million and $452.9 million at September 30, 2023 and December 31, 2022, respectively. The increase from the previous and year-ago quarters is primarily due to net income, combined with the decrease in unrealized losses on investment securities, partially offset by dividends paid.

The Company's leverage, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 capital ratios were 8.8%, 12.4%, 14.6%, and 11.4%, respectively, at December 31, 2023, compared to 8.7%, 11.9%, 14.1%, and 11.0%, respectively, at September 30, 2023.

On January 30, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.26 per share on its outstanding common shares. The dividend will be payable on March 15, 2024 to shareholders of record at the close of business on February 29, 2024.

On January 30, 2024, the Company's Board of Directors also authorized the repurchase of up to $20 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program (the "Repurchase Plan"). The Repurchase Plan replaces and supersedes in its entirety the share repurchase program previously approved by the Company's Board of Directors. The Company did not repurchase any shares of common stock during the fourth quarter of 2023. During the year ended December 31, 2023, the Company repurchased 130,010 shares of common stock, at a total cost of $2.6 million, or an average cost per share of $20.24. During the year ended December 31, 2023, the Company returned $30.7 million in capital to its shareholders through cash dividends and share repurchases.

Conference Call

The Company's management will host a conference call today at 1:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) to discuss the quarterly results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company's website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-888-510-2553 (access code: 9816541). A playback of the call will be available through March 1, 2024 by dialing 1-800-770-2030 (access code: 9816541) and on the Company's website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company's website at http://ir.cpb.bank.

About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.64 billion in assets as of December 31, 2023. Central Pacific Bank, its primary subsidiary, operates 27 branches and 58 ATMs in the State of Hawaii. For additional information, please visit the Company's website at http://www.cpb.bank.

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Central Pacific Financial Reports Fourth Quarter Earnings of $14.9 Million and Full Year 2023 Earnings of $58.7 Million

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Forward-Looking Statements ("FLS")

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

While we believe that our FLS and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the effects of inflation and interest rate fluctuations; the adverse effects of recent bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of the COVID-19 pandemic virus (and 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; supply chain disruptions; 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 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) 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 and lawsuits we are or may become subject to, or regulatory or other governmental inquiries and proceedings and the resolution thereof, the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to; 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"); securities market and monetary fluctuations, including the impact resulting from the elimination of the London Interbank Offered Rate ("LIBOR") Index; 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; changes in consumer spending, borrowings and savings habits; cybersecurity and data privacy breaches and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; 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.

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

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)	TABLE 1

	Three Months Ended															Year Ended
(Dollars in thousands,	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,
except for per share amounts)	2023			2023			2023			2023			2022			2023			2022
CONDENSED INCOME STATEMENT
Net interest income	$	51,142		$	51,928		$	52,734		$	54,196		$	56,285		$	210,000		$	215,563
Provision (credit) for credit losses	4,653			4,874			4,319			1,852			571			15,698			(1,273)
Total other operating income	15,172			10,047			10,435			11,009			11,601			46,663			47,919
Total other operating expense	42,522			39,611			39,903			42,107			40,434			164,143			165,986
Income tax expense	4,273			4,349			4,472			5,059			6,700			18,153			24,841
Net income	14,866			13,141			14,475			16,187			20,181			58,669			73,928
Basic earnings per share	$	0.55		$	0.49		$	0.54		$	0.60		$	0.74		$	2.17		$	2.70
Diluted earnings per share	0.55			0.49			0.53			0.60			0.74			2.17			2.68
Dividends declared per share	0.26			0.26			0.26			0.26			0.26			1.04			1.04
PERFORMANCE RATIOS
Return on average assets (ROA) [1]	0.79		%	0.70		%	0.78		%	0.87		%	1.09		%	0.78		%	1.01		%
Return on average shareholders’ equity (ROE) [1]	12.55			10.95			12.12			13.97			18.30			12.38			15.47
Average shareholders’ equity to average assets	6.32			6.39			6.40			6.23			5.97			6.34			6.51
Efficiency ratio [2]	64.12			63.91			63.17			64.58			59.56			63.95			63.00
Net interest margin (NIM) [1]	2.84			2.88			2.96			3.08			3.17			2.94			3.09
Dividend payout ratio [3]	47.27			53.06			49.06			43.33			35.14			47.93			38.81
SELECTED AVERAGE BALANCES
Average loans, including loans held for sale	$	5,458,245		$	5,507,248		$	5,543,398		$	5,525,988		$	5,498,800		$	5,508,530		$	5,298,573
Average interest-earning assets	7,208,613			7,199,866			7,155,606			7,112,377			7,103,841			7,169,463			7,003,232
Average assets	7,498,097			7,510,537			7,463,629			7,443,767			7,389,712			7,479,243			7,340,261
Average deposits	6,730,883			6,738,071			6,674,650			6,655,660			6,673,922			6,700,127			6,604,049
Average interest-bearing liabilities	5,023,321			4,999,820			4,908,120			4,820,660			4,708,045			4,938,705			4,530,347
Average shareholders’ equity	473,708			480,118			477,711			463,556			441,084			473,819			477,775
[1] ROA and ROE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual).
[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).
[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)	TABLE 1 (CONTINUED)

	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
	2023		2023		2023		2023		2022
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio	8.8	%	8.7	%	8.7	%	8.6	%	8.5	%
Tier 1 risk-based capital ratio	12.4		11.9		11.8		11.5		11.3
Total risk-based capital ratio	14.6		14.1		13.9		13.6		13.5
Common equity tier 1 capital ratio	11.4		11.0		10.9		10.6		10.5
Central Pacific Bank
Leverage ratio	9.2		9.1		9.1		9.0		9.0
Tier 1 risk-based capital ratio	12.9		12.4		12.3		12.0		11.9
Total risk-based capital ratio	14.1		13.7		13.5		13.2		13.1
Common equity tier 1 capital ratio	12.9		12.4		12.3		12.0		11.9

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(dollars in thousands, except for per share amounts)	2023			2023			2023			2023			2022
BALANCE SHEET
Total loans, net of deferred fees and costs	$	5,438,982		$	5,508,710		$	5,520,683		$	5,557,397		$	5,555,466
Total assets	7,642,796			7,637,924			7,567,592			7,521,247			7,432,763
Total deposits	6,847,592			6,874,745			6,805,737			6,746,968			6,736,223
Long-term debt	156,102			156,041			155,981			155,920			105,859
Total shareholders’ equity	503,815			468,598			476,279			470,926			452,871
Total shareholders’ equity to total assets	6.59		%	6.14		%	6.29		%	6.26		%	6.09		%
ASSET QUALITY
Allowance for credit losses ("ACL")	$	63,934		$	64,517		$	63,849		$	63,099		$	63,738
Nonaccrual loans	7,008			6,652			11,061			5,313			5,251
Non-performing assets ("NPA")	7,008			6,652			11,061			5,313			5,251
Ratio of ACL to total loans	1.18		%	1.17		%	1.16		%	1.14		%	1.15		%
Ratio of NPA to total assets	0.09		%	0.09		%	0.15		%	0.07		%	0.07		%
PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share	$	18.63		$	17.33		$	17.61		$	17.44		$	16.76
Closing market price per common share	19.68			16.68			15.71			17.90			20.28

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)	TABLE 2

	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands, except share data)	2023		2023		2023		2023		2022
ASSETS
Cash and due from financial institutions	$	116,181	$	108,818	$	129,071	$	108,535	$	97,150
Interest-bearing deposits in other financial institutions	406,256		329,913		181,913		90,247		14,894
Investment securities:
Available-for-sale debt securities, at fair value	647,210		625,253		664,071		687,188		671,794
Held-to-maturity debt securities, at amortized cost; fair value of: $565,178 at December 31, 2023, $531,887 at September 30, 2023, $581,222 at June 30, 2023, $599,300 at March 31, 2023, and $596,780 at December 31, 2022	632,338		640,053		649,946		658,596		664,883
Total investment securities	1,279,548		1,265,306		1,314,017		1,345,784		1,336,677
Loans held for sale, at fair value	1,778		—		2,593		—		1,105
Loans, net of deferred fees and costs	5,438,982		5,508,710		5,520,683		5,557,397		5,555,466
Less: allowance for credit losses	63,934		64,517		63,849		63,099		63,738
Loans, net of allowance for credit losses	5,375,048		5,444,193		5,456,834		5,494,298		5,491,728
Premises and equipment, net	96,184		97,378		96,479		93,761		91,634
Accrued interest receivable	21,511		21,529		20,463		20,473		20,345
Investment in unconsolidated entities	41,546		42,523		45,218		45,953		46,641
Mortgage servicing rights	8,696		8,797		8,843		8,943		9,074
Bank-owned life insurance	170,706		168,543		168,136		168,244		167,967
Federal Home Loan Bank of Des Moines ("FHLB") stock	6,793		10,995		10,960		11,960		9,146
Right-of-use lease assets	29,720		32,294		33,247		34,237		34,985
Other assets	88,829		107,635		99,818		98,812		111,417
Total assets	$	7,642,796	$	7,637,924	$	7,567,592	$	7,521,247	$	7,432,763
LIABILITIES
Deposits:
Noninterest-bearing demand	$	1,913,379	$	1,969,523	$	2,009,387	$	2,028,087	$	2,092,823
Interest-bearing demand	1,329,189		1,345,843		1,359,978		1,386,913		1,453,167
Savings and money market	2,209,733		2,209,550		2,184,652		2,184,675		2,199,028
Time	1,395,291		1,349,829		1,251,720		1,147,293		991,205
Total deposits	6,847,592		6,874,745		6,805,737		6,746,968		6,736,223
FHLB advances and other short-term borrowings	—		—		—		25,000		5,000
Long-term debt, net of unamortized debt issuance costs of: $445 at December 31, 2023, $506 at September 30, 2023, $566 at June 30, 2023, $627 at March 31, 2023 and $688 at December 31, 2022	156,102		156,041		155,981		155,920		105,859
Lease liabilities	30,634		33,186		34,111		35,076		35,889
Other liabilities	104,653		105,354		95,484		87,357		96,921
Total liabilities	7,138,981		7,169,326		7,091,313		7,050,321		6,979,892
EQUITY
Shareholders' equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022	—		—		—		—		—
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 27,045,033 at December 31, 2023, 27,043,169 at September 30, 2023, 27,045,792 at June 30, 2023, 27,005,545 at March 31, 2023, and 27,025,070 at December 31, 2022	405,439		405,439		405,511		405,866		408,071
Additional paid-in capital	102,982		102,550		101,997		101,188		101,346
Retained earnings	117,990		110,156		104,046		96,600		87,438
Accumulated other comprehensive loss	(122,596)		(149,547)		(135,275)		(132,728)		(143,984)
Total shareholders' equity	503,815		468,598		476,279		470,926		452,871
Total liabilities and equity	$	7,642,796	$	7,637,924	$	7,567,592	$	7,521,247	$	7,432,763

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)	TABLE 3

	Three Months Ended										Year Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Dec 31,
(Dollars in thousands, except per share data)	2023		2023		2023		2023		2022		2023		2022
Interest income:
Interest and fees on loans	$	62,429	$	62,162	$	60,455	$	58,269	$	56,682	$	243,315	$	200,280
Interest and dividends on investment securities:
Taxable investment securities	7,292		7,016		7,145		7,336		7,104		28,789		28,041
Tax-exempt investment securities	686		709		727		790		776		2,912		3,204
Dividends on investment securities	—		—		—		—		—		—		21
Interest on deposits in other financial institutions	3,597		2,412		877		277		370		7,163		740
Dividend income on FHLB stock	109		113		120		136		105		478		370
Total interest income	74,113		72,412		69,324		66,808		65,037		282,657		232,656
Interest expense:
Interest on deposits:
Demand	467		460		411		363		333		1,701		806
Savings and money market	7,459		6,464		4,670		3,386		2,488		21,979		4,188
Time	12,741		11,268		8,932		6,264		4,063		39,205		6,114
Interest on short-term borrowings	—		—		378		761		393		1,139		1,055
Interest on long-term debt	2,304		2,292		2,199		1,838		1,475		8,633		4,930
Total interest expense	22,971		20,484		16,590		12,612		8,752		72,657		17,093
Net interest income	51,142		51,928		52,734		54,196		56,285		210,000		215,563
Provision (credit) for credit losses	4,653		4,874		4,319		1,852		571		15,698		(1,273)
Net interest income after provision (credit) for credit losses	46,489		47,054		48,415		52,344		55,714		194,302		216,836
Other operating income:
Mortgage banking income	611		765		690		526		667		2,592		3,810
Service charges on deposit accounts	2,312		2,193		2,137		2,111		2,172		8,753		8,197
Other service charges and fees	5,349		5,203		4,994		4,985		4,972		20,531		19,025
Income from fiduciary activities	1,272		1,234		1,068		1,321		1,058		4,895		4,565
Net (loss) gain on sales of investment securities	(1,939)		(135)		—		—		—		(2,074)		8,506
Income from bank-owned life insurance	2,015		379		1,185		1,291		2,187		4,870		1,865
Other	5,552		408		361		775		545		7,096		1,951
Total other operating income	15,172		10,047		10,435		11,009		11,601		46,663		47,919
Other operating expense:
Salaries and employee benefits	20,164		19,015		20,848		22,023		22,692		82,050		88,781
Net occupancy	4,676		4,725		4,310		4,474		3,998		18,185		16,963
Equipment	968		1,112		932		946		996		3,958		4,238
Communication	632		809		791		778		696		3,010		2,958
Legal and professional services	2,245		2,359		2,469		2,886		2,677		9,959		10,792
Computer software	4,026		4,473		4,621		4,606		3,996		17,726		14,840
Advertising	1,045		968		942		933		701		3,888		4,151
Other	8,766		6,150		4,990		5,461		4,678		25,367		23,263
Total other operating expense	42,522		39,611		39,903		42,107		40,434		164,143		165,986
Income before income taxes	19,139		17,490		18,947		21,246		26,881		76,822		98,769
Income tax expense	4,273		4,349		4,472		5,059		6,700		18,153		24,841
Net income	$	14,866	$	13,141	$	14,475	$	16,187	$	20,181	$	58,669	$	73,928
Per common share data:
Basic earnings per share	$	0.55	$	0.49	$	0.54	$	0.60	$	0.74	$	2.17	$	2.70
Diluted earnings per share	0.55		0.49		0.53		0.60		0.74		2.17		2.68
Cash dividends declared	0.26		0.26		0.26		0.26		0.26		1.04		1.04
Basic weighted average shares outstanding	27,044,121		27,042,762		27,024,043		26,999,138		27,134,970		27,027,681		27,398,445
Diluted weighted average shares outstanding	27,097,285		27,079,484		27,071,478		27,122,012		27,303,249		27,080,518		27,567,780

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)	TABLE 4

	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2023						September 30, 2023						December 31, 2022
	Average		Average				Average		Average				Average		Average
(Dollars in thousands)	Balance		Yield/Rate		Interest		Balance		Yield/Rate		Interest		Balance		Yield/Rate		Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	261,594	5.45	%	$	3,597	$	177,780	5.38	%	$	2,412	$	38,610	3.80	%	$	370
Investment securities:
Taxable	1,331,752		2.19		7,292		1,354,039		2.07		7,016		1,399,627		2.03		7,104
Tax-exempt [1]	146,803		2.36		868		149,824		2.40		897		156,079		2.52		982
Total investment securities	1,478,555		2.21		8,160		1,503,863		2.10		7,913		1,555,706		2.08		8,086
Loans, including loans held for sale	5,458,245		4.55		62,429		5,507,248		4.49		62,162		5,498,800		4.10		56,682
FHLB stock	10,219		4.30		109		10,975		4.09		113		10,725		3.90		105
Total interest-earning assets	7,208,613		4.10		74,295		7,199,866		4.01		72,600		7,103,841		3.66		65,243
Noninterest-earning assets	289,484						310,671						285,871
Total assets	$	7,498,097					$	7,510,537					$	7,389,712
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,315,943	0.14	%	$	467	$	1,339,294	0.14	%	$	460	$	1,441,787	0.09	%	$	333
Savings and money market deposits	2,217,065		1.33		7,459		2,209,835		1.16		6,464		2,209,166		0.45		2,488
Time deposits up to $250,000	478,085		2.80		3,373		449,844		2.33		2,637		311,639		1.50		1,174
Time deposits over $250,000	856,159		4.34		9,368		844,842		4.05		8,631		595,133		1.93		2,889
Total interest-bearing deposits	4,867,252		1.68		20,667		4,843,815		1.49		18,192		4,557,725		0.60		6,884
FHLB advances and other short-term borrowings	—		—		—		—		—		—		44,491		3.51		393
Long-term debt	156,069		5.86		2,304		156,005		5.83		2,292		105,829		5.53		1,475
Total interest-bearing liabilities	5,023,321		1.81		22,971		4,999,820		1.63		20,484		4,708,045		0.74		8,752
Noninterest-bearing deposits	1,863,631						1,894,256						2,116,197
Other liabilities	137,437						136,343						124,386
Total liabilities	7,024,389						7,030,419						6,948,628
Total equity	473,708						480,118						441,084
Total liabilities and equity	$	7,498,097					$	7,510,537					$	7,389,712
Net interest income					$	51,324					$	52,116					$	56,491
Interest rate spread			2.29	%					2.38	%					2.92	%
Net interest margin			2.84	%					2.88	%					3.17	%
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.
Note: Certain prior period information has been reclassified to conform to the current period presentation.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)	TABLE 5

	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
	Average		Average				Average		Average
(Dollars in thousands)	Balance		Yield/Rate		Interest		Balance		Yield/Rate		Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	134,150	5.34	%	$	7,163	$	80,096	0.92	%	$	740
Investment securities:
Taxable	1,365,067		2.11		28,789		1,455,246		1.93		28,062
Tax-exempt [1]	150,399		2.45		3,686		159,120		2.55		4,056
Total investment securities	1,515,466		2.14		32,475		1,614,366		1.99		32,118
Loans, including loans held for sale	5,508,530		4.42		243,315		5,298,573		3.78		200,280
FHLB stock	11,317		4.23		478		10,197		3.63		370
Total interest-earning assets	7,169,463		3.95		283,431		7,003,232		3.33		233,508
Noninterest-earning assets	309,780						337,029
Total assets	$	7,479,243					$	7,340,261
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,359,240	0.13	%	$	1,701	$	1,438,232	0.06	%	$	806
Savings and money market deposits	2,195,763		1.00		21,979		2,208,630		0.19		4,188
Time deposits up to $250,000	415,541		2.15		8,917		245,599		0.70		1,723
Time deposits over $250,000	795,917		3.81		30,288		494,943		0.89		4,391
Total interest-bearing deposits	4,766,461		1.32		62,885		4,387,404		0.25		11,108
FHLB advances and other short-term borrowings	23,322		4.88		1,139		37,211		2.84		1,055
Long-term debt	148,922		5.80		8,633		105,732		4.66		4,930
Total interest-bearing liabilities	4,938,705		1.47		72,657		4,530,347		0.38		17,093
Noninterest-bearing deposits	1,933,666						2,216,645
Other liabilities	133,053						115,478
Total liabilities	7,005,424						6,862,470
Shareholders’ equity	473,819						477,775
Non-controlling interest	—						16
Total equity	473,819						477,791
Total liabilities and equity	$	7,479,243					$	7,340,261
Net interest income					$	210,774					$	216,415
Interest rate spread			2.48	%					2.95	%
Net interest margin			2.94	%					3.09	%
[1] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.
Note: Certain prior period information has been reclassified to conform to the current period presentation.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Loans by Geographic Distribution
(Unaudited)	TABLE 6

	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2023		2023		2023		2023		2022
HAWAII:
Commercial and industrial:
Small Business Administration Paycheck Protection Program ("SBA PPP")	$	1,284	$	1,410	$	1,565	$	1,821	$	2,555
Other	420,452		405,023		373,036		375,158		383,665
Real estate:
Construction	163,337		174,057		168,012		154,303		150,208
Residential mortgage	1,927,789		1,930,740		1,942,906		1,941,230		1,940,999
Home equity	736,524		753,980		750,760		743,908		739,380
Commercial mortgage	1,063,969		1,045,625		1,037,826		1,030,086		1,029,708
Consumer	322,346		338,248		327,790		342,922		346,789
Total loans, net of deferred fees and costs	4,635,701		4,649,083		4,601,895		4,589,428		4,593,304
Less: Allowance for credit losses	48,189		48,105		44,828		44,062		45,169
Loans, net of allowance for credit losses	$	4,587,512	$	4,600,978	$	4,557,067	$	4,545,366	$	4,548,135
U.S. MAINLAND: [1]
Commercial and industrial:
Other	153,971		157,373		170,557		179,906		160,282
Real estate:
Construction	22,182		37,455		32,807		27,171		16,515
Commercial mortgage	318,933		319,802		329,736		331,546		333,367
Consumer	308,195		344,997		385,688		429,346		451,998
Total loans, net of deferred fees and costs	803,281		859,627		918,788		967,969		962,162
Less: Allowance for credit losses	15,745		16,412		19,021		19,037		18,569
Loans, net of allowance for credit losses	$	787,536	$	843,215	$	899,767	$	948,932	$	943,593
TOTAL:
Commercial and industrial:
SBA PPP	$	1,284	$	1,410	$	1,565	$	1,821	$	2,555
Other	574,423		562,396		543,593		555,064		543,947
Real estate:
Construction	185,519		211,512		200,819		181,474		166,723
Residential mortgage	1,927,789		1,930,740		1,942,906		1,941,230		1,940,999
Home equity	736,524		753,980		750,760		743,908		739,380
Commercial mortgage	1,382,902		1,365,427		1,367,562		1,361,632		1,363,075
Consumer	630,541		683,245		713,478		772,268		798,787
Total loans, net of deferred fees and costs	5,438,982		5,508,710		5,520,683		5,557,397		5,555,466
Less: Allowance for credit losses	63,934		64,517		63,849		63,099		63,738
Loans, net of allowance for credit losses	$	5,375,048	$	5,444,193	$	5,456,834	$	5,494,298	$	5,491,728
[1] U.S. Mainland includes territories of the United States.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits
(Unaudited)	TABLE 7

	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
(Dollars in thousands)	2023		2023		2023		2023		2022
Noninterest-bearing demand deposits	$	1,913,379	$	1,969,523	$	2,009,387	$	2,028,087	$	2,092,823
Interest-bearing demand deposits	1,329,189		1,345,843		1,359,978		1,386,913		1,453,167
Savings and money market deposits	2,209,733		2,209,550		2,184,652		2,184,675		2,199,028
Time deposits up to $250,000	533,898		465,543		427,864		372,150		330,148
Core deposits	5,986,199		5,990,459		5,981,881		5,971,825		6,075,166
Government time deposits	374,581		400,130		383,426		360,501		290,057
Other time deposits greater than $250,000	486,812		484,156		440,430		414,642		371,000
Total time deposits greater than $250,000	861,393		884,286		823,856		775,143		661,057
Total deposits	$	6,847,592	$	6,874,745	$	6,805,737	$	6,746,968	$	6,736,223

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets and Accruing Loans 90+ Days Past Due
(Unaudited)	TABLE 8

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(Dollars in thousands)	2023			2023			2023			2023			2022
Nonaccrual loans:
Commercial and industrial:
Other	$	432		$	352		$	319		$	264		$	297
Real estate:
Construction	—			—			4,851			—			—
Residential mortgage	4,962			4,949			4,385			3,445			3,808
Home equity	834			677			797			712			570
Commercial mortgage	77			77			77			77			—
Consumer	703			597			632			815			576
Total nonaccrual loans	7,008			6,652			11,061			5,313			5,251
Foreclosed real estate	—			—			—			—			—
Total nonperforming assets ("NPAs")	7,008			6,652			11,061			5,313			5,251
Accruing loans 90+ days past due:
Commercial and industrial:
SBA PPP	—			—			—			—			13
Other	—			—			—			—			26
Real estate:
Residential mortgage	—			794			959			—			559
Home equity	229			—			133			—			—
Consumer	1,083			2,120			2,207			1,908			1,240
Total accruing loans 90+ days past due	1,312			2,914			3,299			1,908			1,838
Total NPAs and accruing loans 90+ days past due	$	8,320		$	9,566		$	14,360		$	7,221		$	7,089
Ratio of total nonaccrual loans to total loans	0.13		%	0.12		%	0.20		%	0.10		%	0.09		%
Ratio of total NPAs to total loans and foreclosed real estate	0.13		%	0.12		%	0.20		%	0.10		%	0.09		%
Ratio of total NPAs and accruing loans 90+ days past due to total loans and foreclosed real estate	0.15		%	0.17		%	0.26		%	0.13		%	0.13		%
Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter	$	6,652		$	11,061		$	5,313		$	5,251		$	4,220
Additions	1,836			2,311			7,105			1,609			2,162
Reductions:
Payments	(268)			(5,718)			(290)			(505)			(198)
Return to accrual status	(137)			(207)			(212)			(14)			(44)
Net charge-offs, valuation and other adjustments	(1,075)			(795)			(855)			(1,028)			(889)
Total reductions	(1,480)			(6,720)			(1,357)			(1,547)			(1,131)
Balance at end of quarter	$	7,008		$	6,652		$	11,061		$	5,313		$	5,251

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)	TABLE 9

	Three Months Ended															Year Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,
(Dollars in thousands)	2023			2023			2023			2023			2022			2023			2022
Allowance for credit losses:
Balance at beginning of period	$	64,517		$	63,849		$	63,099		$	63,738		$	64,382		$	63,738		$	68,097
Provision for credit losses on loans	4,959			4,526			4,135			1,615			1,032			15,235			288
Charge-offs:
Commercial and industrial:
Other	419			402			362			779			678			1,962			1,969
Consumer	5,976			4,710			3,873			2,686			1,881			17,245			6,399
Total charge-offs	6,395			5,112			4,235			3,465			2,559			19,207			8,368
Recoveries:
Commercial and industrial:
Other	84			261			125			250			210			720			995
Real estate:
Construction	—			1			—			—			—			1			76
Residential mortgage	7			10			7			53			133			77			295
Home equity	42			—			15			—			—			57			36
Consumer	720			982			703			908			540			3,313			2,319
Total recoveries	853			1,254			850			1,211			883			4,168			3,721
Net charge-offs	5,542			3,858			3,385			2,254			1,676			15,039			4,647
Balance at end of period	$	63,934		$	64,517		$	63,849		$	63,099		$	63,738		$	63,934		$	63,738
Average loans, net of deferred fees and costs	$	5,458,245		$	5,507,248		$	5,543,398		$	5,525,988		$	5,498,800		$	5,508,530		$	5,298,573
Ratio of annualized net charge-offs to average loans	0.41		%	0.28		%	0.24		%	0.16		%	0.12		%	0.27		%	0.09		%
Ratio of ACL to total loans	1.18		%	1.17		%	1.16		%	1.14		%	1.15		%	1.18		%	1.15		%

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

The Company uses certain non-GAAP financial measures in addition to our GAAP results to provide useful information for evaluating our cash operating performance, ability to service debt, compliance with debt covenants and measurement against competitors. This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies.

The Company believes that pre-provision net revenue ("PPNR"), a non-GAAP financial measure, is useful as a tool to help evaluate the ability to provide for credit costs through operations. The following tables set forth a reconciliation of our PPNR and our PPNR to average assets for each of the periods indicated:

	Three Months Ended										Year Ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Dec 31,
(Dollars in thousands)	2023		2023		2023		2023		2022		2023		2022
Net income	$	14,866	$	13,141	$	14,475	$	16,187	$	20,181	$	58,669	$	73,928
Add: Income tax expense	4,273		4,349		4,472		5,059		6,700		18,153		24,841
Pre-tax income	19,139		17,490		18,947		21,246		26,881		76,822		98,769
Add: Provision (credit) for credit losses	4,653		4,874		4,319		1,852		571		15,698		(1,273)
PPNR	$	23,792	$	22,364	$	23,266	$	23,098	$	27,452	$	92,520	$	97,496

	Three Months Ended															Year Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,
(Dollars in thousands)	2023			2023			2023			2023			2022			2023			2022
Net income	$	14,866		$	13,141		$	14,475		$	16,187		$	20,181		$	58,669		$	73,928
PPNR	23,792			22,364			23,266			23,098			27,452			92,520			97,496
Average assets	7,498,097			7,510,537			7,463,629			7,443,767			7,389,712			7,479,243			7,340,261
Return on average assets ("ROA")	0.79		%	0.70		%	0.78		%	0.87		%	1.09		%	0.78		%	1.01		%
PPNR to average assets	1.27		%	1.19		%	1.25		%	1.24		%	1.49		%	1.24		%	1.33		%