CENTRAL PACIFIC FINANCIAL CORP

Central Pacific Financial Corp. has entered into new Change in Control Agreements with its executive officers, including CEO Arnold D. Martines, effective June 30, 2026. These agreements provide severance benefits for approximately three years, with the CEO eligible for 3.0 times his base salary and average annual bonus, while other executives receive 2.0 times. The benefits are triggered by specific involuntary or voluntary terminations following a change in control and include a "best net" approach for Section 280G excise taxes.

CENTRAL PACIFIC FINANCIAL CORP reported a strong first quarter for 2026, with net income increasing 16.6% to $20.7 million and basic earnings per share rising 19.7% to $0.79. The company saw a 6.3% increase in net interest income to $61.4 million, while the provision for credit losses significantly decreased by 43.6%. Total assets grew to $7.50 billion and total deposits reached $6.70 billion as of March 31, 2026, reflecting solid balance sheet growth. Additionally, the company paid cash dividends of $0.29 per share and repurchased $10.5 million in common stock.

Central Pacific Financial Corp. reported Q1 2026 net income of $20.7 million, or $0.78 per diluted share, reflecting strong balance sheet growth and disciplined expense management. The company's Board of Directors approved a second-quarter cash dividend of $0.29 per share and repurchased $10.5 million in common stock. Central Pacific Bank was also recognized as the U.S. SBA Lender of the Year in Hawaii for 2025.