Forward-Looking Statements and Factors that Could Affect Future Results Certain statements contained in this quarterly report on Form 10-Q that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in our future filings with the U.S. Securities and Exchange Commission ("SEC"), in press releases and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin or other financial items; (ii) 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 or actions; (iii) statements of future economic performance including anticipated performance results from our business initiatives; and (iv) any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believe," "plan," "anticipate," "aim," "seek," "expect," "intend," "forecast," "hope," "target," "continue," "remain," "estimate," "will," "should," "may," and other similar expressions are intended to identify forward-looking statements, although such terminology is not the exclusive means of doing so. While we believe that our forward-looking statements and their underlying assumptions are reasonably based, such statements are inherently subject to risks and uncertainties that may cause actual results to differ materially from expectations. Factors that may lead to such differences include, but are not limited to: •the persistence or resurgence of current inflationary pressures in the United States and our market areas, and their effect on market interest rates, economic conditions, and credit quality; •the impact of the current U.S. administration's economic policies, including potential international tariffs, geopolitical instability, trade tensions, and other cost-cutting or fiscal initiatives; •disruptions in the economy, including the effects of government shutdown(s) and supply chain disruptions; •labor contract disputes, and potential strikes impacting both the U.S. National and Hawaii economies; •adverse trends in the real estate or construction industries, including rising inventory levels or declining property values; •deterioration in borrowers' financial performance leading to increased loan delinquencies, asset quality issues, or loan losses; •the impact of local, national, and international economies and natural disasters (such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, floods, or earthquakes) on our markets and major industries within Hawaii; •weakness in domestic economic conditions, including higher unemployment levels, instability in the financial industry, deterioration in the real estate markets, and declines in consumer or business confidence; •revisions to estimates of reserve requirements under applicable regulatory and accounting standards; •the adverse effects of bank failures on customer confidence, deposit behavior, liquidity, and regulatory responses; •the adverse effects of pandemics, epidemics, and other public health emergencies, including their impact on Hawaii's tourism and construction sectors, and on our borrowers, customers, vendors, and employees; •the impact of legislative and regulatory developments, changing capital and consumer protection rules, and new regulations affecting our operations and competitiveness •the costs and effects of legal and regulatory proceedings, including actual or threatened litigation and the results of governmental and regulatory exams and orders, as well as the costs of ongoing or potential compliance efforts; •the effect of accounting standard changes adopted by regulatory agencies, the Public Company Accounting Oversight Board ("PCAOB"), or the Financial Accounting Standards Board ("FASB"), and the cost and resources associated with implementation; •changes in trade, tariff, monetary, or fiscal policies and laws, including actions by the Board of Governors of the Federal Reserve System •increased competition among financial institutions, and other financial service providers; •market volatility and monetary fluctuations; 45 Table of Contents •declines in our market capitalization or changes in the price of the Company’s common stock; •the effects and cost of acquisitions, dispositions, or strategic transactions we may make or evaluate; •political instability, acts of war or terrorism, or other geopolitical conflicts; •shifts in consumer spending, borrowings and savings behaviors; •technological changes and developments; •cybersecurity incidents, data privacy breaches, or fraud involving us or third-party vendors; •deficiencies in our internal controls over financial reporting or disclosure controls and procedures, and our ability to remediate them; •our ability to achieve efficiency ratio improvement goals; •our ability to attract and retain key personnel; •changes in our personnel, organization, compensation, and benefit plans; •risks related to the United States fiscal debt, deficit and budget uncertainties; 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 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, respectively, and in particular, the discussion of "Risk Factors" set forth herein and therein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this document. 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. General Central Pacific Financial Corp. ("CPF"), a Hawaii corporation and registered bank holding company under the Bank Holding Company Act of 1956, as amended (the "BHC Act"), was organized on February 1, 1982. CPF serves as the bank holding company for its principal subsidiary, Central Pacific Bank, which was incorporated in its present form in the State of Hawaii on March 16, 1982, following a holding company reorganization. The Bank's predecessor entity was originally incorporated in the State of Hawaii on January 15, 1954. CPF reports financial results on a fiscal year ending December 31 and operates as a single reportable segment: banking operations. Throughout this document, "Central Pacific Bank" is referred to as "our Bank" or "the Bank," and "the Company," "we," "us," or "our," refers to Central Pacific Financial Corp. on a consolidated basis, including the Bank and other consolidated subsidiaries. As of June 30, 2026, Central Pacific Bank operated 27 branches and 56 ATMs across the State of Hawaii, offering full-service community banking. Central Pacific Bank was founded by World War II veterans who, despite returning home as war heroes, faced limited banking opportunities in Hawaii. In response, they established the Bank to serve individuals and small businesses that lacked access to financial services at the time. This legacy continues to guide our commitment to creating opportunities and servicing our community through exceptional customer service and tailored financial products that meet the evolving needs of our customers, including: •Loans: The Company's loan portfolio includes commercial and industrial loans, commercial mortgages, and construction loans to small and medium-sized businesses, professionals, and real estate investors and developers. The Company also offers residential mortgages, home equity loans, and consumer loans to individuals. Lending activities represent a core source of interest income, which is a key driver of our overall revenue. The Company aims to maintain a strong and diversified loan portfolio, primarily in Hawaii, with selective expansion into mainland markets. •Deposits: The Company offers a comprehensive suite of deposit products and services including checking, savings, and time deposit accounts, as well as cash management solutions and digital banking capabilities. The Company's extensive branch and ATM network across the State of Hawaii supports convenient access for its customers. The interest paid on 46 Table of Contents deposits is a key component of interest expense, which significantly influences overall earnings. In addition, fees and service charges on deposit accounts, along with card interchange contribute meaningfully to other operating revenue. •Wealth Management: The Company offers non-deposit investment products, annuities, investment management, trust custody, estate planning, and financial advisory services. Our foundational principles are based on continuing to be a leading bank for small businesses, and a professional and reliable resource to meet Hawaii’s housing needs. To drive growth, diversify our balance sheet, and strengthen resilience, we also focus on markets and niche segments that differentiate our Bank, which includes strategic partnerships with financial institutions in Japan and Korea. Basis of Presentation This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the accompanying unaudited consolidated financial statements under "Part I, Item 1. Financial Statements." The following discussion should also be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 27, 2026, including the "Risk Factors" disclosed therein. Critical Accounting Policies and Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires management to make certain judgments, estimates and assumptions that affect reported amounts and disclosures. Actual results may differ from these estimates, and such differences could be material to the financial statements. Accounting estimates are deemed critical when a different estimate could reasonably have been used, or where changes in the estimate are reasonably likely to occur from period-to-period and would materially impact the consolidated financial statements as of or for the periods presented. Management has reviewed the development and selection of the critical accounting estimates and disclosures noted below with the Audit Committee of the Board of Directors. Management determined the allowance for credit losses ("ACL") on loans is a critical accounting policy as of June 30, 2026 and December 31, 2025. This policy requires significant judgment and involves inherent complexity. Additional information regarding this policy is provided in Note 1 - Summary of Significant Accounting Policies included in the accompanying notes to the consolidated financial statements, as well as in Note 1 and the section titled "Critical Accounting Policies and Use of Estimates" within Management's Discussion and Analysis of Financial Condition and Operating Results in the Company's 2025 Annual Report on Form 10-K. Executive Overview The Company reported net income of $20.8 million, or $0.80 per diluted share for the three months ended June 30, 2026, compared to net income of $18.3 million, or $0.67 per diluted share for the same period in 2025. Net income for the six months ended June 30, 2026 was $41.5 million, or $1.58 per diluted share, compared to net income of $36.0 million, or $1.33 per diluted share for the six months ended June 30, 2025. During the three months ended June 30, 2026, the Company recorded a provision for credit losses of $4.4 million, compared to a provision of $5.0 million during the same period in 2025. During the six months ended June 30, 2026, the Company recorded a provision for credit losses of $6.7 million, compared to a provision of $9.2 million during the same period in 2025. The decreases in the provision were primarily driven by lower net charge-offs in the three and six months ended June 30, 2026, compared to the same periods in 2025. 47 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Return on average assets 1.12 % 1.00 % 1.12 % 0.98 % Return on average shareholders’ equity 13.94 13.04 13.92 13.04 Basic earnings per share $ 0.80 $ 0.68 $ 1.59 $ 1.33 Diluted earnings per share 0.80 0.67 1.58 1.33 Non-GAAP Financial Measures To supplement its consolidated financial information, the Company utilizes certain non-GAAP financial measures. These measures are not intended to be considered in isolation or as a substitute for comparable GAAP results. The Company believes these non‑GAAP financial measures provide meaningful insight into its financial performance and position by excluding transactions that may be non‑recurring, non‑operational, or not indicative of ongoing results. These measures are used by management and investors to evaluate performance trends over time, support period‑to‑period comparisons, and assess historical results and future performance. Non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies. The results for the three months ended June 30, 2026 were not materially impacted by items outside of the normal course of business. Efficiency Ratio A key measure of operating efficiency monitored by the Company is the efficiency ratio, which is derived from GAAP-based amounts. It is calculated by dividing total other operating expenses by total pre-provision revenue (defined as net interest income plus total other operating income). The Company believes that the efficiency ratio, a non-GAAP financial measure, provides a useful supplemental metric that enhances understanding of its business performance and operating efficiency. However, this ratio should not be viewed as a substitute for GAAP results and may not be comparable to similarly titled measures reported by other companies. The following table presents the Company's efficiency ratio for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2026 2025 2026 2025 Total other operating expense $ 46,180 $ 43,946 $ 89,846 $ 86,018 Net interest income $ 62,834 $ 59,796 $ 124,192 $ 117,495 Total other operating income 14,620 13,013 26,194 24,109 Total revenue $ 77,454 $ 72,809 $ 150,386 $ 141,604 Efficiency ratio (non-GAAP) 59.62 % 60.36 % 59.74 % 60.75 % The improvements in the efficiency ratio in the three and six months ended June 30, 2026, compared to the same periods in 2025, were primarily driven by higher net interest income and other operating income, which more than offset the increases in other operating expense. 48 Table of Contents Tangible Common Equity Ratio The tangible common equity ("TCE") ratio, a non-GAAP financial measure, is calculated by dividing tangible common equity by tangible assets. The following table presents the Company's TCE ratio and adjusted TCE ratio as of the dates presented: (dollars in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Total equity $ 596,331 $ 592,581 $ 568,874 Less: Intangible assets — — — TCE $ 596,331 592,581 568,874 Total assets $ 7,501,060 $ 7,409,241 $ 7,369,567 Less: Intangible assets — — — Tangible assets $ 7,501,060 7,409,241 7,369,567 TCE ratio (non-GAAP) 7.95 % 8.00 % 7.72 % Material Trends Our operations are primarily concentrated in the State of Hawaii, making our performance highly sensitive to local economic, environmental, and industry-specific conditions — particularly those affecting real estate, tourism, and broader macroeconomic trends. A favorable business climate in Hawaii is typically characterized by expanding gross state product, low unemployment and rising personal income, while an unfavorable climate reflects the opposite. Labor Market and Economic Indicators The Hawaii State Department of Business, Economic Development and Tourism ("DBEDT") reported that Hawaii's seasonally adjusted unemployment rate was 2.6% in June 2026, slightly higher than 2.4% in March 2026 and well below the national seasonally adjusted unemployment rate of 4.2%. University of Hawaii Economic Research Organization ("UHERO") forecasts Hawaii's seasonally adjusted unemployment rate to remain relatively steady at 2.4% for the full year 2026. The U.S. conflict with Iran impacted oil prices contributing to an increase in inflation which is projected to reach 4.8% mid-year and remain at higher levels through 2028. According to UHERO, Hawaii's Real GDP is expected to grow 1% this year but could soften depending on the impact of oil prices. Construction remains strong with job growth ranging from 2% on Oahu to 6% on Maui County due to large federal contracts, the development of the $4 billion New Aloha Stadium Entertainment District ("NASED"), and rebuilding after the Maui wildfires. Real Estate Market Real estate lending, particularly residential and commercial mortgage loans, is a core focus of the Company. Consequently, our performance is closely tied to the health of Hawaii's real estate market. Despite mixed results, Hawaii's housing market remained resilient in the six months ended June 30, 2026. According to the Honolulu Board of Realtors, sales of Oahu single-family homes rose 8.5%, while Oahu condominium sales fell 9.4% for the six months ended June 30, 2026, compared to the same period in 2025. The median sale price of Oahu single-family homes stayed relatively flat at $1.2 million in the six months ended June 30, 2026, compared to the same period in 2025. The median sale price of Oahu condominiums increased by 4.0% to $520,000 in the six months ended June 30, 2026, compared to $500,000 in the same period in 2025. Tourism Trends According to preliminary data from the DBEDT, 4.18 million visitors arrived in the Hawaiian Islands during the five months ended May 31, 2026, an increase of 2.9% from 4.06 million visitors during the same period in 2025. Visitor arrivals from Japan 49 Table of Contents are improving with a 8.6% increase year-over-year. Visitor spending totaled $9.67 billion in the five months ended May 31, 2026, up 6.2% from $9.11 billion in the same period in 2025. While tourism has performed reasonably well through the start of the year, UHERO's May 2026 report anticipates tourism levels to soften through the rest of the year as jet fuel prices have roughly doubled, coupled with stagnant tourism from international markets, particularly in Japan with the depreciation of the yen. Tourism from international markets other than Japan face challenges with the deterioration in foreign attitudes toward U.S. domestic and foreign policy. Interest Rate Environment Changes in monetary policy, including interest rate adjustments, can significantly influence interest income on loans and investment securities, interest expense on deposits and borrowings, loan origination and deposit growth, and the fair value of assets and liabilities, among other areas. In September 2025, the Federal Open Market Committee ("FOMC") implemented its first rate cut of 2025, reducing the target range by 25 basis points ("bps") to 4.00% to 4.25%. This decision was driven by signs of a weakening labor market and moderated economic growth, despite inflation remaining above the Fed’s 2% target. During the fourth quarter of 2025, the FOMC cut rates twice by 25 bps to a target rate of 3.50% to 3.75% at the end of 2025. In July 2026, the FOMC maintained the target range for the federal funds rate at 3.50% - 3.75%, unchanged from the meetings earlier in the year. While economic activity continued to expand at a solid pace, inflation remained above the Federal Reserve's target and uncertainty surrounding the economic outlook, including the potential effects of developments in the Middle East conflict and global energy markets, supported the Committee's decision to keep rates unchanged. Results of Operations Net Interest Income and Net Interest Margin A comparison of net interest income and net interest margin on a taxable-equivalent basis for the three and six months ended June 30, 2026 and 2025 is presented below. Net interest margin is calculated as annualized net interest income, adjusted to a taxable-equivalent basis using a federal statutory tax rate of 21%, expressed as a percentage of average interest-earning assets. 50 Table of Contents (dollars in thousands) Three Months Ended June 30, 2026 2025 Variance Average Balance Average Yield/ Rate Interest Income/ Expense Average Balance Average Yield/ Rate Interest Income/ Expense Average Balance Average Yield/ Rate Interest Income/ Expense Assets Interest earning assets: Interest-bearing deposits in other financial institutions $ 253,598 3.69 % $ 2,331 $ 134,270 4.43 % $ 1,484 $ 119,328 (0.74) % $ 847 Investment securities: Taxable (1) 1,362,100 2.86 9,732 1,379,213 2.86 9,871 (17,113) — (139) Tax-exempt (1) (2) 134,964 2.56 866 139,103 2.58 897 (4,139) (0.02) (31) Total investment securities 1,497,064 2.83 10,598 1,518,316 2.84 10,768 (21,252) (0.01) (170) Loans, including loans held for sale (3) 5,300,949 4.96 65,553 5,307,946 4.96 65,668 (6,997) — (115) FRB and FHLB stock 24,720 6.28 389 24,565 6.33 388 155 (0.05) 1 Total interest earning assets 7,076,331 4.47 78,871 6,985,097 4.49 78,308 91,234 (0.02) 563 Noninterest-earning assets 357,491 329,047 28,444 Total assets $ 7,433,822 $ 7,314,144 $ 119,678 Liabilities and Equity Interest-bearing liabilities: Interest-bearing demand deposits $ 1,442,933 0.21 % $ 757 $ 1,357,049 0.13 % $ 443 $ 85,884 0.08 % $ 314 Savings and money market deposits 2,367,169 1.28 7,554 2,275,799 1.48 8,414 91,370 (0.20) (860) Time deposits up to $250,000 428,642 2.14 2,290 439,738 2.32 2,546 (11,096) (0.18) (256) Time deposits over $250,000 561,485 3.00 4,198 603,652 3.37 5,070 (42,167) (0.37) (872) Total interest-bearing deposits 4,800,229 1.24 14,799 4,676,238 1.41 16,473 123,991 (0.17) (1,674) Long-term debt 76,547 5.53 1,056 131,431 5.65 1,851 (54,884) (0.12) (795) Total interest-bearing liabilities 4,876,776 1.30 15,855 4,807,669 1.53 18,324 69,107 (0.23) (2,469) Noninterest-bearing deposits 1,830,681 1,827,225 3,456 Other liabilities 129,066 119,002 10,064 Total liabilities 6,836,523 6,753,896 82,627 Total equity 597,299 560,248 37,051 Total liabilities and equity $ 7,433,822 $ 7,314,144 $ 119,678 Net interest income (taxable-equivalent) 63,016 59,984 3,032 Taxable-equivalent adjustment (2) (182) (188) 6 Net interest income (GAAP) $ 62,834 $ 59,796 $ 3,038 Interest rate spread 3.17 % 2.96 % 0.21 % Net interest margin (taxable-equivalent) (4) 3.57 % 3.44 % 0.13 % (1) At amortized cost. (2) 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%. (3) Includes nonaccrual loans. (4) 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, actual/360). 51 Table of Contents (dollars in thousands) Six Months Ended June 30, 2026 2025 Variance Average Balance Average Yield/ Rate Interest Income/ Expense Average Balance Average Yield/ Rate Interest Income/ Expense Average Balance Average Yield/ Rate Interest Income/ Expense Assets Interest earning assets: Interest-bearing deposits in other financial institutions $ 264,183 3.69 % $ 4,831 $ 169,991 4.43 % $ 3,738 $ 94,192 (0.74) % $ 1,093 Investment securities: Taxable (1) 1,340,531 2.83 18,942 1,377,957 2.86 19,672 (37,426) (0.03) (730) Tax-exempt (1) (2) 135,240 2.55 1,729 139,345 2.57 1,794 (4,105) (0.02) (65) Total investment securities 1,475,771 2.80 20,671 1,517,302 2.83 21,466 (41,531) (0.03) (795) Loans, including loans held for sale (3) 5,284,805 4.94 129,876 5,309,768 4.92 129,787 (24,963) 0.02 89 FRB and FHLB stock 24,935 6.17 770 22,541 6.32 712 2,394 (0.15) 58 Total interest earning assets 7,049,694 4.45 156,148 7,019,602 4.46 155,703 30,092 (0.01) 445 Noninterest-earning assets 365,363 331,655 33,708 Total assets $ 7,415,057 $ 7,351,257 $ 63,800 Liabilities and Equity Interest-bearing liabilities: Interest-bearing demand deposits $ 1,425,501 0.18 % $ 1,279 $ 1,356,209 0.13 % $ 895 $ 69,292 0.05 % $ 384 Savings and money market deposits 2,369,182 1.28 15,056 2,310,429 1.51 17,276 58,753 (0.23) (2,220) Time deposits up to $250,000 430,682 2.16 4,621 448,557 2.42 5,377 (17,875) (0.26) (756) Time deposits over $250,000 559,589 3.07 8,532 603,785 3.46 10,346 (44,196) (0.39) (1,814) Total interest-bearing deposits 4,784,954 1.24 29,488 4,718,980 1.45 33,894 65,974 (0.21) (4,406) Long-term debt 76,547 5.55 2,105 141,758 5.60 3,937 (65,211) (0.05) (1,832) Total interest-bearing liabilities 4,861,501 1.31 31,593 4,860,738 1.57 37,831 763 (0.26) (6,238) Noninterest-bearing deposits 1,826,788 1,813,142 13,646 Other liabilities 129,855 124,767 5,088 Total liabilities 6,818,144 6,798,647 19,497 Total equity 596,913 552,610 44,303 Total liabilities and equity $ 7,415,057 $ 7,351,257 $ 63,800 Net interest income (taxable-equivalent) 124,555 117,872 6,683 Taxable-equivalent adjustment (2) (363) (377) 14 Net interest income (GAAP) $ 124,192 $ 117,495 $ 6,697 Interest rate spread 3.14 % 2.89 % 0.25 % Net interest margin (taxable-equivalent) (4) 3.55 % 3.37 % 0.18 % (1) At amortized cost. (2) Includes taxable-equivalent adjustment using a federal statutory tax rate of 21%. (3) Includes nonaccrual loans. (4) 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, actual/360). Net interest margin was 3.57% for the second quarter of 2026, an increase of 13 bps from 3.44% for the same quarter in 2025. Net interest margin was 3.55% for the six months ended June 30, 2026, an increase of 18 bps from 3.37% in the same period in 2025. The increase in net interest margin for the three and six months ended June 30, 2026 was primarily attributable to decreases in the average rates paid on interest-bearing deposits and long-term debt, partially offset by a decline in the average yield earned on interest-bearing deposits in other financial institutions and investment securities. 52 Table of Contents Rate-Volume Analysis For each category of interest-earning assets and interest-bearing liabilities, changes in interest income or expense are analyzed based on two factors: (i) changes in average balances (volume) and (ii) changes in weighted average interest rates (rate). The change in volume is calculated by multiplying the change in average balance by the prior period's average yield or rate. The change in rate is calculated by multiplying the change in average yield or rate by current period's average balance. Any residual change in interest income or expense not solely attributable to volume or rate is allocated proportionately between the two factors. Three Months Ended June 30, 2026 Compared To June 30, 2025 Six Months Ended June 30, 2026 Compared To June 30, 2025 Increase (Decrease) Due to: Increase (Decrease) Due to: (dollars in thousands) Volume Rate Net Change Volume Rate Net Change Interest earning assets: Interest-bearing deposits in other financial institutions $ 1,318 $ (471) $ 847 $ 2,075 $ (982) $ 1,093 Investment securities: Taxable (1) (139) — (139) (531) (199) (730) Tax-exempt (1) (2) (25) (6) (31) (51) (14) (65) Total investment securities (164) (6) (170) (582) (213) (795) Loans, including loans held for sale (3) (115) — (115) (520) 609 89 FRB and FHLB stock 3 (2) 1 77 (19) 58 Total interest earning assets 1,042 (479) 563 1,050 (605) 445 Interest-bearing liabilities: Interest-bearing demand deposits 28 286 314 43 341 384 Savings and money market deposits 335 (1,195) (860) 453 (2,673) (2,220) Time deposits up to $250,000 (64) (192) (256) (210) (546) (756) Time deposits over $250,000 (354) (518) (872) (748) (1,066) (1,814) Total interest-bearing deposits (55) (1,619) (1,674) (462) (3,944) (4,406) Long-term debt (772) (23) (795) (1,813) (19) (1,832) Total interest-bearing liabilities (827) (1,642) (2,469) (2,275) (3,963) (6,238) Net interest income (taxable-equivalent) $ 1,869 $ 1,163 $ 3,032 $ 3,325 $ 3,358 $ 6,683 (1) At amortized cost. (2) 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%. (3) Includes nonaccrual loans. Net interest income (expressed on a taxable-equivalent basis) was $63.0 million for the second quarter of 2026, an increase of $3.0 million, or 5.1% from $60.0 million for the same quarter of 2025. Net interest income (expressed on a taxable-equivalent basis) was $124.6 million for the six months ended June 30, 2026, an increase of $6.7 million or 5.7% from $117.9 million for the same period in 2025. The increases for the three and six month period ending June 30, 2026 were primarily driven by higher average balances on interest-bearing deposits in other institutions, combined with lower average rates paid on interest-bearing deposits which significantly reduced interest expense. These positive variances were partially offset by a decline in the average yield earned on interest-bearing deposits in other financial institutions and the average balance on investment securities which reduced interest income. 53 Table of Contents Other Operating Income The following tables present components of other operating income for the periods presented: Three Months Ended June 30, (dollars in thousands) 2026 2025 $ Change % Change Other operating income: Mortgage banking income $ 693 $ 744 $ (51) -6.9 % Service charges on deposit accounts 2,250 2,124 126 5.9 Other service charges and fees 6,330 5,957 373 6.3 Income from fiduciary activities 1,580 1,501 79 5.3 Income from bank-owned life insurance 2,999 2,260 739 32.7 Other: Equity in earnings of unconsolidated entities 26 32 (6) -18.8 Income recovered on previously charged-off loans 28 57 (29) -50.9 Other recoveries 26 23 3 13.0 Unrealized gains on loans held for sale 4 3 1 33.3 Commissions on sale of checks 205 81 124 153.1 Other 479 231 248 107.4 Total other operating income $ 14,620 $ 13,013 $ 1,607 12.3 Total other operating income for the second quarter of 2026 was $14.6 million, which increased by $1.6 million, or 12.3%, from $13.0 million in same quarter in 2025. The increase was primarily due to increases of $0.7 million in income from bank-owned life insurance ("BOLI"), and $0.3 million in fee income generated from investment services (included in other service charges and fees). The Company has certain company-owned life insurance policies used to hedge market risks associated with its deferred compensation plans, which are tied to the equity markets, therefore, the Company has also recognized offsetting increases in deferred compensation expense in other operating expenses. Six Months Ended June 30, (dollars in thousands) 2026 2025 $ Change % Change Other operating income: Mortgage banking income $ 1,342 $ 1,341 $ 1 0.1 % Service charges on deposit accounts 4,549 4,271 278 6.5 Other service charges and fees 12,119 11,723 396 3.4 Income from fiduciary activities 3,003 3,125 (122) -3.9 Income from bank-owned life insurance 3,398 2,757 641 23.2 Other: Equity in earnings of unconsolidated entities 39 33 6 18.2 Income recovered on previously charged-off loans 84 93 (9) -9.7 Other recoveries 47 53 (6) -11.3 Unrealized gains on loans held for sale 7 78 (71) -91.0 Commissions on sale of checks 299 156 143 91.7 Other 1,307 479 828 172.9 Total other operating income $ 26,194 $ 24,109 $ 2,085 8.6 Total other operating income for the six months ended June 30, 2026 was $26.2 million, which increased by $2.1 million, or 8.6%, from $24.1 million for the same period in 2025. The increase was primarily due to increases of $0.7 million in debit card program extension consideration (included in other operating income-other), $0.6 million in income from BOLI due to favorable equity market performance, and $0.4 million in fee income generated from investment services. 54 Table of Contents Other Operating Expense The following tables present components of other operating expense for the periods presented: Three Months Ended June 30, (dollars in thousands) 2026 2025 $ Change % Change Other operating expense: Salaries and employee benefits $ 25,372 $ 22,696 $ 2,676 11.8 % Net occupancy 4,299 4,253 46 1.1 Computer software 4,952 5,320 (368) -6.9 Legal and professional services 2,607 2,873 (266) -9.3 Equipment 822 950 (128) -13.5 Advertising 762 832 (70) -8.4 Communication 840 901 (61) -6.8 Other: SERP expense 107 114 (7) -6.1 Foreclosed asset expense 1 — 1 N.M. Charitable contributions 151 177 (26) -14.7 FDIC insurance assessment 878 845 33 3.9 Miscellaneous loan expenses 291 351 (60) -17.1 ATM and debit card expenses 806 838 (32) -3.8 Armored car expenses 417 464 (47) -10.1 Entertainment and promotions 423 530 (107) -20.2 Stationery and supplies 302 208 94 45.2 Directors' fees and expenses 311 567 (256) -45.1 Directors' deferred compensation plan expense 977 260 717 275.8 Other 1,862 1,767 95 5.4 Total other operating expense $ 46,180 $ 43,946 $ 2,234 5.1 Total other operating expense for the second quarter of 2026 was $46.2 million, which increased by $2.2 million, or 5.1%, from $43.9 million for the same quarter in 2025, primarily driven by higher salaries and employee benefits of $2.7 million due to higher deferred compensation expense and incentive accruals, and higher directors' deferred compensation plan expense. 55 Table of Contents Six Months Ended June 30, (dollars in thousands) 2026 2025 $ Change % Change Other operating expense: Salaries and employee benefits $ 48,457 $ 44,515 $ 3,942 8.9 % Net occupancy 8,621 8,645 (24) -0.3 Computer software 9,997 10,034 (37) -0.4 Legal and professional services 4,991 5,671 (680) -12.0 Equipment 1,629 2,032 (403) -19.8 Advertising 1,759 1,719 40 2.3 Communication 1,663 1,934 (271) -14.0 Other: SERP expense 215 228 (13) -5.7 Foreclosed asset expense 1 — 1 N.M. Charitable contributions 425 323 102 31.6 FDIC insurance assessment 1,774 1,695 79 4.7 Miscellaneous loan expenses 608 649 (41) -6.3 ATM and debit card expenses 1,547 1,694 (147) -8.7 Armored car expenses 845 889 (44) -4.9 Entertainment and promotions 991 834 157 18.8 Stationery and supplies 414 378 36 9.5 Directors' fees and expenses 622 868 (246) -28.3 Directors' deferred compensation plan expense 1,105 (7) 1,112 -15,885.7 Other 4,182 3,917 265 6.8 Total other operating expense $ 89,846 $ 86,018 $ 3,828 4.5 Not meaningful ("N.M.") Total other operating expense for the six months ended June 30, 2026 was $89.8 million, which increased by $3.8 million, or 4.5%, from $86.0 million for the same period in 2025. The increase was primarily driven by higher salaries and employee benefits of $3.9 million and higher directors deferred compensation plan expenses of $1.1 million. The increases were partially offset by decreases in legal and professional services of $0.7 million and equipment expenses of $0.4 million. Income Taxes The Company recorded income tax expense of $6.1 million for the second quarter of 2026, compared to $5.6 million for the same quarter in 2025. For the six months ended June 30, 2026, the Company recorded income tax expense of $12.3 million, compared to $10.4 million for the same period in 2025. The increases in income tax expense were primarily attributable to higher pre-tax income. The effective tax rate ("ETR") for the second quarter of 2026 was 22.57%, compared to 23.48% for the same quarter in 2025. The decrease in the Company's effective tax rate was primarily attributable to an increase in tax-exempt income. For the six months ended June 30, 2026, the ETR was 22.78%, compared to 22.39% for the same period in 2025. The Company's net deferred tax asset ("DTA"), net of valuation allowance, totaled $24.8 million as of June 30, 2026, compared to $23.6 million as of December 31, 2025. These amounts were included in other assets on the Company's consolidated balance sheets. The valuation allowance on the Company's net DTA totaled $3.4 million and $3.4 million as of June 30, 2026 and March 31, 2026, respectively. The valuation allowance on our net DTA relates to net apportioned net operating loss ("NOL") carryforwards for California state income tax purposes as the state has suspended the use of NOL carryforwards for the tax years 2024 through 2026. 56 Table of Contents Financial Condition Total assets were $7.50 billion as of June 30, 2026, an increase of $91.8 million, or 1.2%, from $7.41 billion as of December 31, 2025. The increase was primarily driven by increases in investment securities and loans. Investment Securities Investment securities totaled $1.38 billion as of June 30, 2026, an increase of $70.0 million, or 5.3%, from $1.31 billion as of December 31, 2025. The increase in the investment securities portfolio reflected purchases of $125.1 million, and amortization of unrecognized losses on investment securities transferred to HTM of $3.2 million, partially offset by principal runoff and net accretion of discount totaling $52.4 million, and a $5.9 million decrease in the market valuation of the AFS portfolio. The average taxable-equivalent yield earned on investment securities was 2.83% in the second quarter of 2026, compared to 2.84% in the same quarter in 2025. For the six months ended June 30, 2026, the average taxable-equivalent yield earned on investment securities was 2.80%, compared to 2.83% in the same period in 2025. The decreases in average yields earned on investment securities was primarily due to lower income recorded from the Company’s interest rate swap. 57 Table of Contents Loans The Company strategically supplements its Hawaii loan portfolio by selectively pursuing commercial, construction, commercial real estate, and consumer loan opportunities on the U.S. Mainland. This approach supports growth, enhances geographic, asset class and rate type diversification, generally provides higher yields, while maintaining the Company's disciplined credit standards and underwriting practices. The following table presents outstanding loans by class and geographic location as of the dates presented: (dollars in thousands) June 30, 2026 December 31, 2025 Commercial and industrial: Hawaii $ 462,398 $ 453,619 U.S. Mainland 128,006 140,973 Total commercial and industrial 590,404 594,592 Construction: Hawaii 115,469 153,392 U.S. Mainland 95,538 59,799 Total construction 211,007 213,191 Residential mortgage: Hawaii 1,815,342 1,839,191 Total residential mortgage 1,815,342 1,839,191 Home equity: Hawaii 577,283 600,082 Total home equity 577,283 600,082 Commercial mortgage: Hawaii 1,210,573 1,202,078 U.S. Mainland 475,788 392,355 Total commercial mortgage 1,686,361 1,594,433 Consumer: Hawaii 208,631 219,573 U.S. Mainland 219,294 228,034 Total consumer 427,925 447,607 Loans, net of deferred fees and costs: Hawaii (1) 4,389,696 4,467,935 U.S. Mainland (2) 918,626 821,161 Total loans, net of deferred fees and costs $ 5,308,322 $ 5,289,096 (1) Hawaii loans include Guam loans, which represent less than one percent of total Hawaii loans. (2) For secured loans, classification as U.S. Mainland is made based on where the collateral is located. For unsecured loans, classification as U.S. Mainland is made based on the location of the borrower. Loans, net of deferred costs, totaled $5.31 billion as of June 30, 2026, an increase of $19.2 million, or 0.4%, from $5.29 billion as of December 31, 2025. The increase was primarily driven by an increase in commercial mortgage loans of $91.9 million, partially offset by decreases in residential mortgage loans of $23.8 million, home equity loans of $22.8 million, consumer loans of $19.7 million, commercial and industrial loans of $4.2 million, and construction loans of $2.2 million. The Hawaii loan portfolio decreased by $78.2 million, or 1.8%, from December 31, 2025. The decrease was primarily due to decreases in construction loans of $37.9 million, residential mortgage loans of $23.8 million, home equity loans of $22.8 58 Table of Contents million, consumer of $10.9 million. These decreases were partially offset by increases in commercial and industrial loans of $8.8 million, and commercial mortgage loans of $8.5 million. The U.S. Mainland loan portfolio increased by $97.5 million, or 11.9%, from December 31, 2025. The increase was primarily driven by increases in commercial mortgage loans of $83.4 million and construction loans of $35.7 million, partially offset by decreases in commercial and industrial loans of $13.0 million and consumer loans of $8.7 million. During the six months ended June 30, 2026, the Company purchased $39.3 million in U.S. Mainland consumer automobile loans, which were largely offset by portfolio runoff. The average yield earned on loans was 4.96% in the second quarter of 2026, relatively consistent from the same quarter in 2025. For the six months ended June 30, 2026, the average yield earned on loans was 4.94%, compared to 4.92% in the same period in 2025. The increase in the average yield earned in the six months ended June 30, 2026 was primarily due to higher new production loan yields compared to run-off yields. 59 Table of Contents Maturity Distribution and Sensitivities of Loans to Changes in Interest Rates The following table sets forth the maturity distribution and sensitivities of the loan portfolio to changes in interest rates at June 30, 2026. Maturities are based on contractual maturity dates and do not factor in principal amortization. Maturing (dollars in thousands) One Year or Less Over One Through Five Years Over Five Through Fifteen Years Over Fifteen Years Total Percentage Commercial and industrial: With fixed interest rates $ 7,569 $ 153,836 $ 96,638 $ — $ 258,043 43.7 % With variable interest rates 30,105 201,845 39,782 60,629 332,361 56.3 % Total commercial and industrial 37,674 355,681 136,420 60,629 590,404 100.0 % Construction: With fixed interest rates 1,371 33,299 20,921 — $ 55,591 26.3 % With variable interest rates 65,831 54,927 31,968 2,690 155,416 73.7 % Total construction 67,202 88,226 52,889 2,690 211,007 100.0 % Residential mortgage: With fixed interest rates 217 9,556 213,030 1,252,456 $ 1,475,259 81.3 % With variable interest rates 4 1,023 16,815 322,241 340,083 18.7 % Total residential mortgage 221 10,579 229,845 1,574,697 1,815,342 100.0 % Home equity: With fixed interest rates 6,594 7,125 27,602 29,484 $ 70,805 12.3 % With variable interest rates 3,869 3,490 13,837 485,282 506,478 87.7 % Total home equity 10,463 10,615 41,439 514,766 577,283 100.0 % Commercial mortgage: With fixed interest rates 71,401 339,328 340,122 — $ 750,851 44.5 % With variable interest rates 199,368 484,890 251,252 — 935,510 55.5 % Total commercial mortgage 270,769 824,218 591,374 — 1,686,361 100.0 % Consumer: With fixed interest rates 15,156 229,485 83,257 61,647 $ 389,545 91.0 % With variable interest rates 7,434 3,664 — 27,282 38,380 9.0 % Total consumer 22,590 233,149 83,257 88,929 427,925 100.0 % Total loans $ 408,919 $ 1,522,468 $ 1,135,224 $ 2,241,711 $ 5,308,322 Loans: With fixed interest rates $ 102,308 $ 772,629 $ 781,570 $ 1,343,587 $ 3,000,094 56.5 % With variable interest rates 306,611 749,839 353,654 898,124 2,308,228 43.5 % Total loans $ 408,919 $ 1,522,468 $ 1,135,224 $ 2,241,711 $ 5,308,322 100.0 % 60 Table of Contents Nonperforming Assets and Accruing Loans 90 Days or More Past Due The following table presents nonperforming assets ("NPAs") and accruing loans 90 days or more past due as of the dates presented: (dollars in thousands) June 30, 2026 December 31, 2025 $ Change % Change Nonperforming Assets Nonaccrual loans: Commercial and industrial $ 192 $ 591 $ (399) (67.5) % Residential mortgage 9,268 10,572 (1,304) (12.3) Home equity 5,619 2,608 3,011 115.5 Consumer 543 615 (72) (11.7) Total nonaccrual loans 15,622 14,386 1,236 8.6 Other real estate owned ("OREO"): Residential mortgage 924 — 924 N.M. Total OREO 924 — 924 N.M. Total NPAs 16,546 14,386 2,160 15.0 Accruing Loans 90 Days or More Past Due Residential mortgage — 664 (664) (100.0) Home equity — 485 (485) (100.0) Consumer 286 403 (117) (29.0) Total accruing loans 90 days or more past due 286 1,552 (1,266) (81.6) Total NPAs and accruing loans 90 days or more past due $ 16,832 $ 15,938 $ 894 5.6 Ratio of nonaccrual loans to total loans 0.29 % 0.27 % 0.02 % Ratio of NPAs to total assets 0.22 % 0.19 % 0.03 % Ratio of NPAs and accruing loans 90 days or more past due to total loans and OREO 0.32 % 0.30 % 0.02 % Not meaningful ("N.M.") The following table presents year-to-date activities in nonperforming assets for the period presented: (dollars in thousands) Balance at December 31, 2025 $ 14,386 Additions 6,296 Reductions: Payments (1,066) Return to accrual status (899) Charge-offs, valuation adjustments and other reductions (2,171) Total reductions (4,136) Balance at June 30, 2026 $ 16,546 Nonperforming assets totaled $16.5 million, or 0.22% of total assets as of June 30, 2026, compared to $14.4 million, or 0.19% of total assets as of December 31, 2025. Criticized loans increased by $52.8 million from December 31, 2025 to $124.0 million, or 2.3% of total loans, as of June 30, 2026. Within criticized loans, special mention loans increased by $5.5 million to $9.1 million, or 0.2% of total loans and classified loans increased by $47.3 million to $114.9 million, or 2.2% of total loans. The increase in criticized loans during the six months ended June 30, 2026 was primarily driven by the downgrades of two commercial lending relationships due to 61 Table of Contents borrower-specific factors. The relationships consisted of loans with aggregate outstanding balances of $24.6 million and $23.4 million, respectively. The increase was attributable to the unique circumstances of these borrowers and we believe was not reflective of broad-based deterioration in overall portfolio credit quality. The loans within these relationships remain well-collateralized, and management continues to closely monitor the credits and related collateral values. The Company's ratio of classified assets and other real estate owned to Tier 1 capital plus the ACL was 14.57% as of June 30, 2026, which increased from 8.56% as of December 31, 2025. Allowance for Credit Losses The following table presents certain information with respect to the ACL on loans as of the dates and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2026 2025 2026 2025 Allowance for Credit Losses ("ACL") on Loans: Balance at beginning of period $ 59,933 $ 60,469 $ 59,621 $ 59,182 Provision for credit losses on loans 3,304 3,810 6,028 7,715 Charge-offs: Commercial and industrial (1,353) (2,858) (2,409) (3,438) Residential mortgage (23) — (23) — Consumer (2,283) (2,864) (4,584) (5,841) Total charge-offs (3,659) (5,722) (7,016) (9,279) Recoveries: Commercial and industrial 198 195 373 366 Construction — 3 2 3 Residential mortgage 10 7 18 17 Home equity 6 9 12 12 Consumer 789 840 1,543 1,595 Total recoveries 1,003 1,054 1,948 1,993 Net charge-offs (2,656) (4,668) (5,068) (7,286) Balance at end of period $ 60,581 $ 59,611 $ 60,581 $ 59,611 Average loans, net of deferred fees and costs $ 5,300,949 $ 5,307,946 $ 5,284,805 $ 5,309,768 Ratio of annualized net charge-offs to average loans 0.20 % 0.35 % 0.19 % 0.27 % Ratio of ACL to total loans 1.14 % 1.13 % 1.14 % 1.13 % Ratio of ACL to nonaccrual loans 388 % 400 % 388 % 400 % The ACL as a percentage of total loans was 1.14% as of June 30, 2026, compared to 1.13% as of December 31, 2025 and 1.13% as of June 30, 2025. The following table presents the allocation of the ACL by loan class as of the dates indicated. The Company applies specific allocations to individually evaluated loans and general allocations to loan classes based on management's assessment of credit risk and estimated loss rates. 62 Table of Contents June 30, 2026 December 31, 2025 (dollars in thousands) ACL on Loans % of ACL by Loan Class Loan Class as a % of Total Loans ACL on Loans % of ACL by Loan Class Loan Class as a % of Total Loans Commercial and industrial $ 8,165 13.5 % 11.1 % $ 7,982 13.4 % 11.2 % Construction 4,319 7.1 4.0 3,815 6.4 4.0 Residential mortgage 13,092 21.6 34.1 14,219 23.8 34.9 Home equity 1,075 1.8 10.9 1,242 2.1 11.3 Commercial mortgage 21,353 35.2 31.8 19,544 32.8 30.1 Consumer 12,577 20.8 8.1 12,819 21.5 8.5 Total $ 60,581 100.0 % 100.0 % $ 59,621 100.0 % 100.0 % The following table presents the ratio of annualized net charge-offs (recoveries) by loan class to average loans for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commercial and industrial 0.09 % 0.20 % 0.08 % 0.12 % Consumer 0.11 0.15 0.11 0.15 Total 0.20 % 0.35 % 0.19 % 0.27 % Deposits The Company's deposit portfolio is well-diversified and reflects a long-standing commitment to relationship-based banking. As of June 30, 2026, approximately 54% of deposit customers have maintained accounts with the Bank for over 10 years, underscoring the stability and loyalty of the customer base. While the Company's deposit-gathering efforts are primarily focused in Hawaii, its strategy also extends beyond local markets. Through strategic partnerships with financial institutions in Japan and Korea, the Bank continues to attract U.S. dollar deposits from international sources. These relationships support deposit growth and diversification while aligning with the Company's prudent risk management practices. The following table presents the composition of our deposits by category as of the dates presented: (dollars in thousands) June 30, 2026 December 31, 2025 $ Change % Change Noninterest-bearing demand deposits $ 1,917,502 $ 1,891,198 $ 26,304 1.4 % Interest-bearing demand deposits 1,407,574 1,388,107 19,467 1.4 Savings and money market deposits 2,376,831 2,346,522 30,309 1.3 Time deposits up to $250,000 421,811 433,629 (11,818) (2.7) Core deposits 6,123,718 6,059,456 64,262 1.1 Other time deposits greater than $250,000 441,059 412,188 28,871 7.0 Government time deposits 130,977 138,120 (7,143) (5.2) Total time deposits greater than $250,000 572,036 550,308 21,728 3.9 Total deposits $ 6,695,754 $ 6,609,764 $ 85,990 1.3 Total deposits were $6.70 billion as of June 30, 2026, an increase of $86.0 million, or 1.3%, from $6.61 billion as of December 31, 2025. The Company did not hold any wholesale, brokered, or listing service deposits as of June 30, 2026. Core deposits, which we define as demand deposits, savings and money market deposits, and time deposits up to $250,000, totaled $6.12 billion as of June 30, 2026, an increase of $64.3 million, from $6.06 billion as of December 31, 2025. Core deposits represented 91.5% of total deposits as of June 30, 2026, compared to 91.7% as of December 31, 2025. 63 Table of Contents The average cost of total deposits was 90 bps in the second quarter of 2026, compared to 102 bps in the same quarter in 2025. For the six months ended June 30, 2026, the average cost of total deposits was 90 bps, compared to 105 bps in the same period in 2025. All deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC. Estimated uninsured deposits totaled $2.83 billion, or 42% of total deposits, as reported in the Company's Federal Financial Institutions Examination Council ("FFIEC") Call Report as of June 30, 2026, compared to $2.78 billion, or 42% of total deposits as of December 31, 2025. Fully collateralized deposits totaled approximately $282.0 million as of June 30, 2026, compared to $281.0 million as of December 31, 2025. Excluding fully collateralized deposits, estimated uninsured deposits totaled $2.54 billion, or 38% of total deposits as of June 30, 2026, compared to $2.49 billion, or 38% of total deposits as of December 31, 2025. The following table presents the remaining maturity of time deposits in excess of the FDIC insurance limit of $250,000 as of June 30, 2026: (dollars in thousands) June 30, 2026 Remaining maturity: Three months or less $ 355,464 Over three through twelve months 212,225 Over one year through three years 4,347 Total $ 572,036 Capital Resources The Company conducts ongoing assessments of its capital adequacy, evaluating projected sources and uses of capital in conjunction with the size and quality of its assets, anticipated business performance, changes in monetary and fiscal policy, and regulatory capital requirements. As part of this process, the Board of Directors regularly reviews the Company's capital position—including the call and maturity dates of existing capital instruments—to determine whether additional capital should be raised (via debt or equity) or whether capital may be returned to shareholders through dividends and/or share repurchases. Common Equity Total shareholders' equity was $596.3 million as of June 30, 2026, compared to $592.6 million as of December 31, 2025. The change in total shareholders' equity was primarily attributable to net income of $41.5 million for the six months ended June 30, 2026, partially offset by the repurchase of $21.8 million in common stock under the Company's stock repurchase program, cash dividends paid of $15.1 million, and other comprehensive loss of $1.1 million. The ratio of total shareholders' equity to total assets was 7.95% as of June 30, 2026, compared to 8.00% as of December 31, 2025. Book value per share was $23.11 as of June 30, 2026, compared to $22.47 as of December 31, 2025. Holding Company Capital Resources Under the Dodd-Frank Act, CPF is required to serve as a source of financial strength to the Bank. CPF is responsible for meeting its own obligations, including payments on its junior subordinated debentures that fund trust preferred securities. CPF relies on dividends from the Bank to meet its obligations. On a stand-alone basis, CPF had an available cash balance of $5.9 million as of June 30, 2026, compared to $5.5 million as of December 31, 2025. As a Hawaii state-chartered bank, the Bank may only pay dividends to the extent it has Statutory Retained Earnings, as defined under Hawaii banking law, which differs from GAAP retained earnings. The Bank had Statutory Retained Earnings of $240.1 million as of June 30, 2026, compared to $234.7 million as of December 31, 2025. Dividends are subject to the discretion of the Board of Directors and may be restricted by federal and Hawaii state laws, regulatory guidance from the FRB, and covenants set forth in various agreements the Company is a party to, including covenants set forth in our junior subordinated debentures. There can be no assurance that dividends will continue at the current rate or at all. 64 Table of Contents Share Repurchases On January 27, 2026, the Company's Board of Directors authorized a share repurchase plan (the "2026 Repurchase Plan"), permitting the repurchase of up to $55.0 million of the Company's common stock. Repurchases may be made from time to time in the open market or through privately negotiated transactions. The 2026 Repurchase Plan replaced and superseded in its entirety the share repurchase program previously approved by the Company's Board of Directors. During the six months ended June 30, 2026, the Company repurchased 643,254 shares of common stock at an aggregate cost of $21.8 million under the 2026 Repurchase Plan. As of June 30, 2026, $33.2 million remained available for repurchase under the plan. There can be no assurance that share repurchases will continue at the current rate or at all. Trust Preferred Securities As of June 30, 2026, the Company maintained two statutory trusts, CPB Capital Trust IV ("Trust IV") and CPB Statutory Trust V ("Trust V"), which issued a combined $50.0 million in floating rate trust preferred securities. These securities, along with the underlying junior subordinated debentures and the common securities issued by the trusts, are redeemable in whole or in part on any interest payment date for Trust IV and V, or at any time in whole but not in part within 90 days following the occurrence of certain events. The Company provides a full and unconditional guarantee of each trust's obligations related to its trust preferred securities. Subject to certain exceptions and limitations, the Company may defer interest payments on the subordinated debentures for up to 20 consecutive quarters without default or penalty. As of June 30, 2026, the Company was current on all required interest payments and had not exercised its right to defer interest payments on the subordinated debentures. Regulatory Capital Ratios The Company and the Bank are subject to regulatory capital requirements administered by federal banking agencies. These requirements include both quantitative measures, based on assets, liabilities, and certain off-balance-sheet exposures calculated under regulatory accounting principles, and qualitative assessments by regulators. For banks, capital adequacy is also governed by prompt corrective action regulations. Failure to meet minimum capital requirements may result in regulatory enforcement actions. General capital adequacy regulations adopted by the FRB and FDIC require an institution to maintain minimum leverage capital, tier 1 risk-based capital, total risk-based capital, and common equity tier 1 ("CET1") capital ratios. In addition to these uniform risk-based capital guidelines and leverage ratios that apply across the industry, the regulators have the discretion to set individual minimum capital requirements for specific institutions at rates significantly above the minimum guidelines and ratios. For a further discussion of regulatory capital requirements for the Company and the Bank and the effect of forthcoming changes in required regulatory capital ratios, see the discussion in the "Business — Supervision and Regulation" section of the Company's 2025 Form 10-K. The following table presents the regulatory capital ratios for the Company and the Bank, as well as the minimum capital adequacy requirements applicable to all financial institutions, as of the dates presented. As of June 30, 2026 and December 31, 2025, the leverage capital, tier 1 risk-based capital, total risk-based capital, and CET1 risk-based capital ratios for both the Company and the Bank exceeded the thresholds required for a "well-capitalized" designation under applicable regulations. 65 Table of Contents 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. June 30, 2026 Leverage capital $ 734,382 9.7 % $ 302,860 4.0 % N/A N/A CET1 risk-based capital 684,382 12.7 243,311 4.5 N/A N/A Tier 1 risk-based capital 734,382 13.6 324,415 6.0 N/A N/A Total risk-based capital 801,111 14.8 432,553 8.0 N/A N/A December 31, 2025 Leverage capital $ 729,850 9.8 % $ 297,858 4.0 % N/A N/A CET1 risk-based capital 679,850 12.7 241,149 4.5 N/A N/A Tier 1 risk-based capital 729,850 13.6 321,531 6.0 N/A N/A Total risk-based capital 794,911 14.8 428,708 8.0 N/A N/A Central Pacific Bank June 30, 2026 Leverage capital $ 726,101 9.6 % $ 302,611 4.0 % $ 378,264 5.0 % CET1 risk-based capital 726,101 13.4 243,043 4.5 351,063 6.5 Tier 1 risk-based capital 726,101 13.4 324,058 6.0 432,077 8.0 Total risk-based capital 792,830 14.7 432,077 8.0 540,096 10.0 December 31, 2025 Leverage capital $ 720,980 9.7 % $ 297,503 4.0 % $ 371,879 5.0 % CET1 risk-based capital 720,980 13.5 240,630 4.5 347,577 6.5 Tier 1 risk-based capital 720,980 13.5 320,840 6.0 427,787 8.0 Total risk-based capital 786,041 14.7 427,787 8.0 534,734 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. As of June 30, 2026 and December 31, 2025, the Company and the Bank's risk-based capital exceeded the required CCB. Market Risk Market risk represents the potential for loss in financial instruments arising from adverse changes in market rates and prices, including interest rates, foreign exchange rates, commodity prices, and equity prices. The Company's primary market risk exposure is interest rate risk, which arises when rate-sensitive assets and rate-sensitive liabilities mature or reprice during different periods or in differing amounts. Asset/Liability Management and Interest Rate Risk The Company's earnings and capital are sensitive to interest rate fluctuations. Interest rate risk is inherent in the Company's core activities, including loan origination, deposit gathering, investment portfolio management, and other interest-bearing funding sources. Asset/liability management seeks to align the maturities and repricing characteristics of rate-sensitive assets and liabilities to achieve financial objectives while managing risk. The Company's Asset/Liability Management Policy is designed to optimize the risk-adjusted return to shareholders while maintaining consistently acceptable levels of liquidity, interest rate risk and capital adequacy. The Asset/Liability Management Committee ("ALCO") oversees interest rate risk utilizing a detailed and dynamic earnings and capital simulation model that evaluates earnings and capital under various interest rate scenarios and balance sheet forecasts. 66 Table of Contents Earnings sensitivity is typically measured by estimated changes in net interest income ("NII") under different rate scenarios. Capital sensitivity is typically measured through an Economic Value of Equity ("EVE") analysis which monitors the impact of the durations of rate sensitive assets and liabilities. The EVE analysis simulates the cash flows for all on- and off-balance sheet instruments under different rate scenarios which are then discounted to determine a present value for each scenario. The net present value of our assets and liabilities represents the EVE for each scenario. The EVE results for each scenario are then compared to the base scenario to determine the Company's sensitivities to longer term rate exposures. The results of the analyses are shared with the Board of Directors and informs strategic actions to mitigate and optimize our risk position and profitability. Adverse interest rate risk exposures are managed through the shortening or lengthening of the duration of assets and liabilities. The ALCO simulation model used to measure and manage interest rate risk exposures includes both dynamic and static balance sheet and rate scenarios. The dynamic model scenarios provide an enhanced view that enables management and the Board of Directors to have a realistic view of the expected impact to earnings and capital from forecasted non-parallel movements in interest rates as well as balance sheet changes. On the other hand, static rate scenarios are a measurement of embedded interest rate risk in the balance sheet as of a point in time and incorporate various hypothetical interest rate scenarios that may include gradual or immediate parallel rate changes. The static scenarios have the benefit of comparability over time, as well as against other financial institutions, but are not intended to represent management's forecast. Both dynamic and static model simulations include the use of a number of key modeling assumptions including prepayment speeds, pricing spreads of assets and liabilities, deposit decay rates and the timing and magnitude of deposit rate changes in relation to changes in the overall level of interest rates. The assumptions are typically based on analyses of institution specific actual historical data and trends. Market information is also incorporated where relevant and appropriate. Assumptions are periodically reviewed and updated by ALCO. During periods of increased market volatility, assumptions will be reviewed more frequently. While management believes the assumptions are reasonable, actual behaviors and results may likely differ. The following table presents the Company's static net interest income sensitivity analysis as of the dates presented. The simulations estimate net interest income assuming no balance sheet growth under a flat interest rate scenario. The net interest income sensitivity is measured as the change in net interest income in alternate interest rate scenarios as a percentage of the flat rate scenario. Alternate rate scenarios assume rates move up or down 100 bps, 200 bps or 300 bps in either a gradual (defined as the stated change over a 12-month period in equal increments) or an instantaneous, parallel fashion. The results indicate that the Company's balance sheet is relatively well-positioned against movements in interest rates and remains within ALCO Policy risk limits that have been approved by the Board of Directors. June 30, 2026 December 31, 2025 Estimated Net Interest Income Sensitivity Estimated Net Interest Income Sensitivity Rate Change Gradual Instantaneous Gradual Instantaneous +300 bps 3.53 % 5.64 % 2.58 % 4.33 % +200 bps 2.40 % 3.81 % 1.60 % 2.93 % +100 bps 1.27 % 1.93 % 0.60 % 1.49 % -100 bps (0.43) % (1.58) % (0.83) % (1.06) % -200 bps (1.25) % (3.36) % (1.54) % (2.57) % -300 bps (2.24) % (6.26) % (2.35) % (4.51) % Liquidity and Borrowing Arrangements The Company's objective in managing liquidity is to maintain a prudent balance between sources and uses of funds in order to economically meet the cash requirements of customers for loans and deposit withdrawals, while also supporting lending and investment opportunities as they arise. Liquidity is monitored daily in relation to changes in loan and deposit balances to ensure optimal utilization, maintenance of adequate levels of readily marketable assets, and access to reliable short-term funding sources. To support this objective, the Company performs regular liquidity stress testing under a range of scenarios to evaluate its ability to withstand potential liquidity stress events. Forecasts of Company cash flows are updated and analyzed periodically, and more frequently during periods of elevated liquidity risk. Historically, core deposits have provided us a stable and low-cost funding base, although they remain subject to competitive pressures in the Company's market. A significant portion of deposits are granular, long-tenured, and relationship-based. In 67 Table of Contents addition to core deposits, the Company also has access to a variety of other short-term and long-term funding sources, including proceeds from maturities of our loans and investment securities, as well as secondary funding sources available to meet our liquidity needs, such as the FHLB, secured repurchase agreements, and the Federal Reserve discount window. As of June 30, 2026, the Company had $383.3 million in cash on its balance sheet and approximately $2.70 billion in total other liquidity sources, including available borrowing capacity and unpledged investment securities. Refer to Note 8 - Short-Term Borrowings and Long-Term Debt in the accompanying notes to the consolidated financial statements in this report for information on the Company's borrowing arrangements. Information regarding our material contractual obligations is provided in "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes in our cash requirements from known contractual and other obligations since December 31, 2025. 68 Table of Contents