Arnold Martines, Chairman, President, and Chief Executive
Officer, today announced the following executive appointments for
Central Pacific Financial Corp. (CPF) and Central Pacific Bank
(CPB) to be effective March 1, 2025:
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David Morimoto (Photo: Business Wire)
- David Morimoto is being promoted to Vice Chair and Chief
Operating Officer.
- Dayna Matsumoto is being promoted to Executive Vice President
and Chief Financial Officer.
“In addition to recognizing the valuable contributions of David
and Dayna, their appointments are designed to align our executive
team to the bank’s strategic, financial and business objectives and
to develop leadership depth and experience,” said Martines.
Morimoto has more than 30 years of banking experience, all at
CPB, where he started in 1991. In addition to serving as Chief
Financial Officer for the past nine years, he has led the
Technology, Operations and Legal & Compliance Divisions.
Morimoto holds a Bachelor of Business Administration in Finance
from the University of Hawaii at Manoa as well as a Master of
Business Administration with a concentration in Accounting from
Chaminade University.
Matsumoto, a CPA, has more than 22 years of experience in
finance and accounting. She started her career at KPMG as a Senior
Audit Associate before moving to CPB in 2006 where she has held
several management positions including Asset Liability Manager in
the Treasury Division, Controller, and, more recently, Group Senior
Vice President, Director of Finance & Accounting. She holds a
Bachelor of Business Administration in Accounting and Finance from
the University of Hawaii at Manoa and a Master of Business
Administration from Hawaii Pacific University.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank
holding company with approximately $7.47 billion in assets as of
December 31, 2024. Central Pacific Bank, its primary subsidiary,
operates 27 branches and 55 ATMs in the State of Hawaii. Central
Pacific Financial Corp. is traded on the New York Stock Exchange
(NYSE) under the symbol "CPF." For additional information, please
visit: cpb.bank
Member FDIC Equal Housing Lender CPF Listed NYSE
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, payment or
nonpayment of dividends, net interest income, 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," "seek," "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, 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
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 its variants) and other pandemic viruses 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 thereto; supply chain disruptions; labor
contract disputes and potential strikes; 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; the impact of local, national,
and international economies and events (including natural disasters
such as wildfires, volcanic eruptions, hurricanes, tsunamis,
storms, and earthquakes) 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, 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, 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, and the effect of any recurring or special FDIC
assessments; the effect of changes in accounting policies and
practices, as may be adopted by the regulatory agencies, as well as
the PCAOB, the FASB and other accounting standard setters and the
cost and resources required to implement such changes; 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; securities market and monetary
fluctuations, including the impact resulting from the elimination
of the LIBOR Index; negative trends in our market capitalization
and adverse changes in the price of the Company's common stock; the
effects of any potential or actual acquisitions or dispositions we
may make or evaluate, and the related costs; political instability;
acts of war or terrorism; changes in consumer spending, borrowings
and savings habits; technological changes and developments;
cybersecurity and data privacy breaches and the consequence
therefrom; failure to maintain effective internal control over
financial reporting or disclosure controls and procedures; our
ability to address deficiencies in our internal controls over
financial reporting or disclosure controls and procedures; changes
in the competitive environment among financial holding companies
and other financial service providers; our ability to successfully
implement our initiatives to lower our efficiency ratio; our
ability to attract and retain key personnel; changes in our
personnel, organization, compensation and benefit plans; our
ability to successfully implement and achieve the objectives of our
BaaS initiatives, including adoption of the initiatives by
customers and risks faced by any of our bank collaborations
including reputational and regulatory risk; 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 SEC 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20250227667564/en/
Investor Contact:
Ian Tanaka SVP, Treasury Manager (808) 544-3646
ian.tanaka@cpb.bank
Media Contact:
Tim Sakahara AVP, Corporate Communications Manager (808)
544-5125 tim.sakahara@cpb.bank
Central Pacific Financial (NYSE:CPF)
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