Central Pacific Financial : CPF Investor Presentation – March 2023

Investor Presentation

March 2023

Forward-Looking Statements

This document may contain forward-looking statements ("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. 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 "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "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 rising interest rates; the adverse effects of the COVID-19 pandemic virus (and ongoing pandemic variants) on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees as well as the effects of government programs and initiatives in response to COVID-19; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; our ability to achieve the objectives of our RISE2020 initiative; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service ("BaaS") initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases, including COVID-19) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to; ability to successfully implement our initiatives to lower our efficiency ratio; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "FRB" or the "Federal Reserve"); securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index and uncertainties regarding potential alternative reference rates, including the Secured Overnight Financing Rate ("SOFR"); negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism; pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board ("PCAOB"), the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items.

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 Form 10-K for the 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.

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Central Pacific Financial - Corporate Profile

	MARKET INFORMATION
NYSE TICKER	CPF
SUBSIDIARY	CENTRAL PACIFIC BANK
(CPB)
TOTAL	$7.4 BILLION
ASSETS
MARKET CAP	$625 MILLION
SHARE PRICE	$23.20
DIVIDEND	4.5%
YIELD

Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank (CPB) was founded in 1954 by Japanese-American veterans of World War II to serve the needs of families and small businesses that did not have access to financial services. Today CPB is the 4th largest financial institution in Hawaii with 27 branches across the State. CPB is a market leader in residential mortgage, small business banking and digital banking.

Note: Total assets as of December 31, 2022. Other Market Information above as of February 24, 2023.

Central Pacific Financial Corp.

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4th Quarter 2022 Financial Highlights

• Highest quarterly net income and EPS compared to prior 3 quarters
• Strong loan growth and deposit growth
• Net interest income grew by $0.9 million from the prior quarter
• NIM excluding PPP, increased 3 bps sequential quarter
• Pre-tax,pre-provision earnings, excluding PPP was $93.9 million in the 2022 year, an increase of 45% compared to the 2021 year*

	4Q22	3Q22	2022Y
NET INCOME /
$20.2 Mil /	$16.7 Mil /	$73.9 Mil /
DILUTED EPS	$0.74	$0.61	$2.68
RETURN ON	1.09%	0.91%	1.01%
ASSETS (ROA)
RETURN ON	18.30%	14.49%	15.47%
EQUITY (ROE)
TOTAL LOAN	+$133 Mil	+$121 Mil	+$454 Mil
GROWTH	(+2.5%)	(+2.3%)	(+8.9%)
TOTAL DEPOSIT	+$180 Mil	-$66 Mil	+$97 Mil
GROWTH	(+2.7%)	(-1.0%)	(+1.5%)
NET INTEREST	3.17%	3.17%	3.09%
MARGIN (NIM)	3.16% (excl PPP)*	3.13% (excl PPP)*	3.05% (excl PPP)*

• Excludes $0.1 Mil, $0.7 Mil and $3.6 Mil in net PPP interest and fees in 4Q22, 3Q22 and 2022Y respectively. Also excludes $3.6 Mil, $12.4 Mil and $29.2 Mil in average PPP balances from interest earning assets in 4Q22, 3Q22 and 2022Y respectively. Refer to the Earnings Press Release Table 10 for the reconciliation of non-GAAP financial measures.

Central Pacific Financial Corp.

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CPF Value Drivers

1 Resilient Hawaii Economic Position

2 Strong & Diverse Loan Portfolio

3 Valuable Deposit Franchise

4 Focus on Driving Efficiency

5 Solid Credit & Capital Profile

6 Digital Initiatives to Expand Future Growth

Central Pacific Financial Corp.

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