Central Pacific Financial : CPF Investor Presentation – December 2021

Investor Presentation

December 2021

Forward-Looking Statements

This document may contain forward-looking statements 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 various 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 forward-looking statements but are not the exclusive means of identifying such statements.

While we believe that our forward-looking statements 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 adverse effects of the COVID-19 pandemic virus 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 impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; 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 our RISE2020 initiative; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic virus and disease, 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"); inflation, interest rate, 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; 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, borrowing 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, 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 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 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 and, in particular, the discussion of "Risk Factors" set forth therein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 8-K.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 statements are made, or to reflect the occurrence of unanticipated events except as required by law.

The preliminary financial information for the two months ended November 30, 2021 on slide 4 of this presentation does not necessarily reflect the full results of the Company's quarter ending on December 31, 2021, including the Company's quarter-end closing procedures and further financial review by the Company's auditors. Accordingly, results for the full quarter ended December 31, 2021 are subject to change. Actual results for the full quarter ended December 31, 2021 may differ materially from the results provided for the two months ended November 30, 2021 as a result of our financial results for the full quarterly period, the completion of our quarter-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these results are preliminary, may change and accordingly constitute forward-looking information and, as a result, are subject to risks and uncertainties. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles ("GAAP"), and they should not be viewed as indicative of our results for the full quarterly period or any future period. The Company's independent registered accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these two-month financial results and, accordingly, do not express an opinion or any other form of assurance with respect to these preliminary estimates for the period ended December 31, 2021.

Central Pacific Financial Corp.

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Central Pacific Financial - Corporate Profile

NYSE TICKER

SUBSIDIARY

TOTAL

ASSETS

MARKET CAP

SHARE PRICE

MARKET INFORMATION

CPF

CENTRAL PACIFIC BANK (CPB)

$7.3 BILLION

$771 MILLION

$27.76

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 31 branches across the State. CPB is a market leader in residential mortgage, small business banking and digital banking.

DIVIDEND 3.60%

YIELD

Note: Total assets as of 11/30/21. Other Market Information above as of 12/8/21.

Central Pacific Financial Corp.

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Mid 4th Quarter 2021 Update

As of or QTD through 11/30/2021:

Solid Growth

• Total loans (excluding PPP) increased by $120 million
• Total deposits increased by $28 million

Credit Continues to Improve

• NPAs of $6 million or 0.08% of total assets
• Net recoveries of $0.4 million

Buybacks Accelerate

• Repurchased 202,494 shares at a total cost of $5.6 million or average cost per share of $27.71

Key Marketing Partnership Extended

• Extended our partnership with Olympic Gold Medalist and five-time World Champion Surfer, Carissa Moore

Central Pacific Financial Corp.

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Note: Refer to slide 2 for important disclosures regarding the above preliminary financial data.

Successful Launch of

Shaka Digital Checking

Launch was well received with ~2,000 accounts opened in the first month,

and over 50% are new customers.

• Hawaii's first fully digital bank account launched early November 2021.

• Preceded by Hawaii's largest social media influencer campaign which generated a waitlist of nearly 3,000

• Market differentiating features:

2 day early	Use of any bank	Attractive	Open online in
direct deposit	ATMs with fee	interest rate	5 minutes
paycheck	refunds
Central Pacific Financial Corp.			5

Refer to shaka.cpb.bank for important additional details and terms.