Financial Analysis

19. CONTINGENT LIABILITIES AND OTHER COMMITMENTS The Company and its subsidiaries are involved in legal actions arising in the ordinary course of business. The outcome and timing of resolution for these matters are inherently uncertain. However, based on information currently available and after consultation with legal counsel, management believes that the ultimate disposition of these matters will not have a material adverse effect on the Company's financial condition or results of operations. In the normal course of business, the Company has contingent liabilities and other commitments, such as unused loan commitments, unused letters of credit, and items held for collections, that are not reflected in the accompanying Consolidated Financial Statements. Management does not anticipate any material losses arising from these off-balance sheet exposures. A reserve for off-balance sheet credit exposures is appropriately recorded in other liabilities on the Company's consolidated balance sheets.

CommitmentsAndContingenciesDisclosureTextBlock

"10. SHORT-TERM BORROWINGS AND LONG-TERM DEBT The Bank is a member of the FHLB. As of December 31, 2025, the Bank maintained a $1.80 billion line of credit, compared to $1.76 billion at December 31, 2024. The undrawn amount under this arrangement was $1.68 billion as of December 31, 2025, compared to $1.63 billion as of December 31, 2024. In accordance with the collateral provisions of the Advances, Pledge and Security Agreement with the FHLB, the Bank pledged certain real estate loans with a carrying value of $2.76 billion and $3.14 billion as of December 31, 2025 and 2024, respectively, as collateral for the FHLB advances available of $1.68 billion and $1.63 billion at December 31, 2025 and 2024, respectively. There were no short-term borrowings outstanding under this arrangement at December 31, 2025 and 2024. The FHLB also provides standby letters of credit on behalf of the Bank to secure certain public deposits. If the FHLB is required to make a payment on a standby letter of credit, the amount is converted to an advance at the FHLB. Standby letters of credit issued on our behalf by the FHLB total ed $95.6 million and $83.6 million as of December 31, 2025 and 2024, respectively. The letters of credit are counted against the total line of credit, the same as the current outstanding debt, to determine the undrawn or total available line of credit. The Bank also had access to the Federal Reserve discount window, with additional unused borrowings available of $206.4 million a …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"13. SHARE-BASED COMPENSATION In accordance with ASC 718, compensation expense is recognized only for those shares expected to vest, based on the Company's historical experience and future expectations. The following table summarizes the effects of share-based compensation for options and awards granted under the Company's equity incentive plans for each of the periods presented: Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Salaries and employee benefits $ 2,484 $ 2,165 $ 2,641 Directors stock awards 588 432 399 Income tax benefit (1,081) (742) (957) Net share-based compensation effect $ 1,991 $ 1,855 $ 2,083 Upon exercise or vesting of a share-based award, if the tax deduction exceeds the compensation cost that was previously recorded for financial statement purposes, this will result in an excess tax benefit. The Company recognizes all excess tax benefits or tax deficiencies through the income statement as income tax expense/benefit. The Company recorded income tax benefits of $0.3 million , $0.1 million, and $0.2 million in 2025, 2024, and 2023, respectively, as a result of restricted stock units vesting during the respective years. The Company's share-based compensation arrangements are described below: Equity Incentive Plans The Company has adopted equity incentive plans for the purpose of granting options, restricted stock and other equity based awards for the Company's common stock to directors, officers and other key individuals. Option awards are gen …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

21. FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES Disclosures about Fair Value of Financial Instruments Fair value estimates, methods and assumptions are set forth below for our financial instruments. Short-Term Financial Instruments The carrying values of short-term financial instruments are considered to approximate fair values, as they are readily convertible to cash . These instruments include cash and due from financial institutions, interest-bearing deposits in other financial institutions, accrued interest receivable, the majority of FHLB advances and other short-term borrowings, and accrued interest payable. Investment Securities Fair values of investment securities are determined using market price quotations provided by third-party pricing services, which apply pricing models supported by current market data. Where quoted market prices are unavailable, fair values are based on comparable securities. Loans Fair values of loans are estimated using discounted cash flows models applied to portfolios of loans with similar financial characteristics including the type of loan, interest terms, and repayment history. Cash flows are discounted using estimated market rates that reflect credit and interest rate risks. These rates are derived from market data and borrower-specific information. The weighted-average discount rate used in the valuation of loans was 6.33% and 7.07% as of December 31, 2025 and 2024, respectively. Fair value measurements are based on the ex …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"16. INCOME TAXES Components of income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023 are presented below. The Company does not have pretax income from continuing foreign operations or foreign tax expense. Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Current expense: Federal $ 29,299 $ 5,744 $ 5,538 State 6,993 112 1,404 Total current 36,292 5,856 6,942 Deferred (benefit) expense: Federal (12,576) 6,800 9,300 State (2,915) 1,971 1,911 Total deferred (15,491) 8,771 11,211 Provision for income taxes $ 20,801 $ 14,627 $ 18,153 The table below provides the updated requirements of ASU 2023-09 for 2025. Income tax expense (benefit) for the periods presented differed from the ""expected"" tax expense (computed by applying the U.S. federal corporate tax rate of 21% for the years ended December 31, 2025, 2024 and 2023, to income before income taxes) for the following reasons. The Company does not have pretax income from continuing foreign operations or foreign tax expense. Year Ended December 31, 2025 2024 2023 (Dollars in thousands) $ % $ % $ % U.S. Federal statutory tax rate $ 20,639 21.00 % $ 14,288 21.00 % $ 16,133 21.00 % Effect of: State and local income taxes, net of Federal income tax effect * 3,221 3.28 % 1,646 2.42 % 2,619 3.41 % Tax credits: Amortization of low-income housing tax credit partnerships, net of tax benefits 264 0.27 % 880 1.29 % 700 0.91 % Other tax credits (663) (0.67) % (142) (0.21) % % Nontaxable and nondeductible …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"15. OPERATING LEASES The Company leases certain land and buildings for its bank branches and ATMs with lease terms expiring through 2045. In some instances, a lease may contain renewal options for periods ranging from five to fifteen years. All renewal options are likely to be exercised and therefore have been recognized as part of our right-of-use assets and lease liabilities in accordance with ASC 842, ""Leases"". Certain leases also contain variable payments that are primarily determined based on common area maintenance costs and Hawaii state tax rates. All leases are operating leases. The Company has elected the short-term exemption, for leases with terms of 12 months or less. Such leases are excluded from the calculation of the ROU assets and lease liabilities and are not included on the Company's balance sheets. The Company has also elected to account for lease and non-lease components as a single lease component for all classes of underlying assets. The most significant assumption in applying ASC 842 is the discount rate assumption. Because most of lease agreements do not specify an implicit interest rate, the Company estimates the discount rate using the collateralized borrowing rate it would pay for a loan with a similar term. The following table presents total lease cost, cash flow information, weighted-average remaining lease term, and weighted-average discount rate for the periods presented: Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Lease cost …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Accounting Standards Adopted in 2025 During the year ended December 31, 2025, the Company adopted ASU 2023-09, ""Income Taxes (Topic 740),"" which expands existing income tax disclosures for rate reconciliations and adds information on tax payments and refunds by jurisdiction. We adopted this guidance effective January 1, 2025 on a retrospective basis. The adoption did not have a material impact on the Consolidated Financial Statements. See Note 16 - Income Taxes for more information. Impact of Other Recently Issued Accounting Pronouncements on Future Filings In November 2024, the FASB issued ASU 2024-03, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"" . ASU 2024-03 requires public entities to disclose, in the notes to the financial statements, disaggregated information about specified categories of expenses included within income statement line items. The amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial position or results of operations. In July 2025, the FASB issued ASU 2025-05, ""Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,"" which introd …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"14. RETIREMENT BENEFITS 401(k) Retirement Savings Plan The Company maintains a 401(k) Retirement Savings Plan (""Retirement Savings Plan""), a defined contribution plan that covers substantially all employees of the Company. The Retirement Savings Plan allows employees to direct their own investments among a selection of investment alternatives and is funded by employee elective deferrals, employer matching contributions and employer discretionary contributions. The Company has the option of making regular matching contributions on employee's elective deferrals. The Company has sole discretion in determining the percentage to be matched, subject to limitations of the Internal Revenue Code. The Company matched 100% of an employees effective deferrals, up to 4% of the employee's pay each pay period in 2025, 2024 and 2023. The Company also has the option of making discretionary contributions into the Retirement Savings Plan and has sole discretion in determining the discretionary contribution, subject to limitations of the Internal Revenue Code. The Company did not make any discretionary contributions in 2025, 2024 and 2023. Total contributions to the Retirement Savings Plan totaled $2.4 million, $2.3 million and $2.4 million in 2025, 2024 and 2023, respectively."

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"12. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition ASC 606, ""Revenue from Contracts with Customers"" , establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts to provide goods or services to its customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services. Revenue is recognized as performance obligations are satisfied. The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is derived from interest income on financial instruments, such as our loan and investment securities portfolios, as well as revenue related to our mortgage banking activities. These revenue-generating transactions are out of scope of ASC 606, but are subject to other GAAP and discussed elsewhere within our disclosures. The Company also generates other revenue in connection with our broad range of banking products and financial services. Descriptions of our other revenue-generating activities that are within the scope of ASC 606, which are presented in the Company's consolidated statements of income as components of other operating income are as follows: Mort …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Central Pacific Financial Corp. is a bank holding company. Our principal operating subsidiary, Central Pacific Bank, is a full-service commercial bank with 27 branches a nd 55 ATMs l ocated throughout the State of Hawaii. The Bank engages in a broad range of lending activities including originating commercial loans, commercial and residential mortgage loans, home equity loans and consumer loans. The Bank also offers a variety of deposit products and services. These include personal and business checking and savings accounts, money market accounts and time certificates of deposit. Other products and services include debit cards, internet banking, mobile banking, cash management services, full-service ATMs, safe deposit boxes, international banking services, night depository facilities, foreign exchange and wire transfers. Wealth management products and services include non-deposit investment products, annuities, investment management, asset custody and general consultation and planning services. Operating Segments Operations, resource allocation and financial performance are managed by the Company's Executive Committee, or its chief operating decision maker (""CODM""), on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable segment. See Note 22 - Segment Information for additional information. Principles of Consolidation T …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"11. EQUITY As a Hawaii state-chartered bank, Central Pacific 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. As of December 31, 2025 and 2024, the Bank had Statutory Retained Earnings of $234.7 million and $196.8 million, respectively. 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 and subordinated notes. There is no assurance that dividends will continue at the current rate, or at all. The Company repurchases shares of its common stock when it believes such repurchases are in the best interests of the Company. In January 2024, the Companys Board of Directors authorized a new share repurchase program (the ""2024 Repurchase Plan""), allowing.the Company to repurchase up to $20.0 million of its common stock in open market or privately negotiated transactions. The 2024 Repurchase Plan replaced and superseded in its entirety the share repurchase plan previously approved by the Board of Directors, which had $23.4 million in remaining repurchase authority. The Company's 2024 Repurchase Plan was subject to a one-year expiration. In the year ended December 31, 2024, 49,960 shares of common stock, at a cost of $0.9 million, were r …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

24. SUBSEQUENT EVENTS In January 2026, the Board of Directors authorized the repurchase of up to $55.0 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program. The share repurchase program replaced and superseded in its entirety the 2025 Repurchase Plan.

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"8. SHORT-TERM BORROWINGS AND LONG-TERM DEBT The following table presents the Company's long-term debt, which is based on original maturity and consists of advances under the arrangement with Federal Home Loan Bank of Des Moines (the ""FHLB"") and junior subordinated debentures as of the dates presented. These borrowing agreements may include customary financial covenants, with which the Company was in compliance as of March 31, 2026. (dollars in thousands) March 31, 2026 December 31, 2025 Long-term debt: Federal Home Loan Bank long-term advances $ 25,000 $ 25,000 Junior subordinated debentures 51,547 51,547 Total $ 76,547 $ 76,547 At March 31, 2026, future principal payments on long-term debt based on redemption date or final maturity are as follows: (dollars in thousands) Year Ending December 31, 2026 (remainder) $ 2027 2028 25,000 2029 2030 2031 Thereafter 51,547 Total $ 76,547 Federal Home Loan Bank Advances and Other Borrowings The Bank is a member of the Federal Home Loan Bank of Des Moines. As of March 31, 2026, the Bank maintained a $1.82 billion line of credit, compared to $1.80 billion as of December 31, 2025. The undrawn amount under this arrangement was $1.70 billion as of March 31, 2026, compared to $1.68 billion as of December 31, 2025. There were no short-term borrowings outstanding under this arrangement as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, there was a $25.0 million long-term advance under the FHLB arrangement …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"11. SHARE-BASED COMPENSATION Restricted and Performance Stock Units Under the Company's 2023 Stock Compensation Plan, restricted stock units (""RSUs"") and performance stock units (""PSUs"") were awarded to certain non-officer directors and management personnel. These awards typically vest over two -, three - or five-year periods from the grant date and are subject to forfeiture until performance and employment conditions are achieved. Compensation expense is generally measured based on the fair value of the Company's stock on the grant date, and is recognized over the applicable vesting period. The following table presents the activities of RSUs and PSUs for the three months ended March 31, 2026: (dollars in thousands, except per share data) Shares Weighted Average Grant Date Fair Value Per Share Fair Value of RSUs and PSUs That Vested During the Period Non-vested RSUs and PSUs, beginning of period 289,154 $ 24.27 Changes during the period: Granted 116,577 30.34 Forfeited (22,518) 23.72 Vested (101,959) 22.97 $ 3,505 Non-vested RSUs and PSUs, end of period 281,254 27.31 The following table presents the activities of RSUs and PSUs for the three months ended March 31, 2025: (dollars in thousands, except per share data) Shares Weighted Average Grant Date Fair Value Per Share Fair Value of RSUs and PSUs That Vested During the Period Non-vested RSUs and PSUs, beginning of period 284,151 $ 22.48 Changes during the period: Granted 105,751 30.17 Forfeited (1,763) 35.19 Vested (98,7 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

16. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES Disclosures about Fair Value of Financial Instruments The following summarizes the methods and assumptions used to estimate the fair values of the Company's financial instruments: Short-Term Financial Instruments The carrying values of short-term financial instruments are considered to approximate fair values, as they are readily convertible to cash. These instruments include cash and due from financial institutions, interest-bearing deposits in other financial institutions, accrued interest receivable, most short-term FHLB advances and other short-term borrowings, and accrued interest payable. Investment Securities Fair values of investment securities are determined using market price quotations provided by third-party pricing services, which apply pricing models supported by current market data. Where quoted market prices are unavailable, fair values are based on comparable securities. Loans Fair values of loans are estimated using discounted cash flows models applied to portfolios of loans with similar financial characteristics including the type of loan, interest terms, and repayment history. Cash flows are discounted using estimated market rates that reflect credit and interest rate risks. These rates are derived from market data and borrower-specific information. The weighted average discount rate used in the valuation of loa ns was 6.51% as of March 31, 2026, and 6.33% as of December 31, 2025 . Fair value measurements …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

18. CONTINGENT LIABILITIES AND OTHER COMMITMENTS The Company and its subsidiaries are involved in legal proceedings arising in the ordinary course of business. The outcome and timing of resolution for these matters are inherently uncertain. However, based on information currently available and after consultation with legal counsel, management believes that the ultimate disposition of these matters will not have a material adverse effect on the Company's financial condition or results of operations. In the normal course of business, the Company has contingent liabilities and other commitments, such as unused loan commitment, unused letters of credit and items held for collections, that are not reflected in the accompanying consolidated financial statements. Management does not anticipate any material losses arising from these off-balance sheet exposures. A reserve for off-balance sheet credit exposures is appropriately recorded in other liabilities on the Company's consolidated balance sheets.

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"13. OPERATING LEASES The Company leases certain land and buildings for its bank branches and ATMs. Some leases include renewal options, which are evaluated and included in the measurement of right-of-use (""ROU"") assets and lease liabilities when it is reasonably certain that the options will be exercised, in accordance with ASC 842, ""Leases."" All leases are classified as operating leases. Several leases contain variable payments, primarily related to common area maintenance costs and Hawaii state tax rates. The Company has elected the short-term exemption, for leases with terms of 12 months or less. Such leases are excluded from the calculation of the ROU assets and lease liabilities and are not included on the Company's balance sheets. The Company has also elected to account for lease and non-lease components as a single lease component for all classes of underlying assets. The most significant assumption in applying ASC 842 is the discount rate. Because most lease agreements do not specify an implicit interest rate, the Company estimates the discount rate using the collateralized borrowing rate it would pay for a loan with a similar term. The following table presents total lease cost, cash flow information, weighted-average remaining lease term and weighted-average discount rate for the periods presented: Three Months Ended March 31, (dollars in thousands) 2026 2025 Lease cost: Operating lease cost $ 1,260 $ 1,307 Variable lease cost 294 619 Total lease cost $ 1,554 $ …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Impact of Recently Issued Accounting Pronouncements on Future Filings In November 2024, the FASB issued ASU 2024-03, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"" . ASU 2024-03 requires public entities to disclose, in the notes to the financial statements, disaggregated information about specified categories of expenses included within income statement line items. The amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial position or results of operations. In September 2025, the FASB issued ASU 2025-06, ""IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,"" which clarifies and modernizes the guidance for costs related to internal-use software. The amendments remove references to project stages and clarify the capitalization threshold for software development costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial position or results of operations. In …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"12. SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS The Bank has a Supplemental Executive Retirement Plan (""SERP"") which provides supplemental retirement benefits to former officers of the Company. The SERP holds no plan assets other than employer contributions that are paid as benefits during the year. The projected benefit obligation of the unfunded SERP is recorded in other liabilities on the Company's consolidated balance sheets. As of March 31, 2026, the projected benefit obligation was $8.9 million, compared to $8.9 million as of December 31, 2025. The Company expects to pay approximately $0.6 million in benefit payments under the SERP in the next 12 months. The following table presents the components of net periodic benefit cost for the SERP for the periods presented: Three Months Ended March 31, (dollars in thousands) 2026 2025 Interest cost $ 107 $ 114 Amortization of net actuarial gain 1 Net periodic benefit cost $ 108 $ 114 All components of net periodic benefit cost are included in other operating expenses in the Company's consolidated statements of income."

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"The following table presents the Company's other operating income, segregated by revenue streams that are in-scope and out-of-scope of ASC 606, ""Revenue from Contracts with Customers"" for the periods presented. For more information about the Company's revenue-generating activities, refer to Note 12 - Revenue From Contracts with Customers included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 (dollars in thousands) In-Scope Out-of-Scope Total In-Scope Out-of-Scope Total Other operating income: Mortgage banking income $ 224 $ 425 $ 649 $ 242 $ 355 $ 597 Service charges on deposit accounts 2,299 2,299 2,147 2,147 Other service charges and fees 5,240 549 5,789 5,147 619 5,766 Income from fiduciary activities 1,423 1,423 1,624 1,624 Income from bank-owned life insurance 399 399 497 497 Other 733 282 1,015 465 465 Total other operating income $ 9,919 $ 1,655 $ 11,574 $ 9,160 $ 1,936 $ 11,096" …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"17. SEGMENT INFORMATION The Company evaluated its operating segments in accordance with ASC 280, ""Segment Reporting"" and determined that it operates as one reportable segment: banking operations. The Company provides a comprehensive range of financial services, including construction and real estate development lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services, and our retail branch offices. These services are aggregated into a single segment because there is no material difference in the products or services offered based on customer type or geographic location. All activities are closely aligned with the Company's core business of providing financial services and are subject to similar risks and returns. Additionally, no single customer accounts for more than 10% of total revenue, and all operations are domestic, located in the State of Hawaii. The Company's Executive Committee, which is designated as the chief operating decision maker (""CODM""), evaluates performance and makes strategic decisions based on consolidated financial information. The CODM does not assess performance or allocate resources based on individual product lines or geographic regions. Instead, performance is evaluated holistically using consolidated metrics such as total revenue, net income, and risk management of the Company. Resources are allocated to support the Company's overall business strategy. Revenue is primarily generated …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"9. EQUITY As a Hawaii state-chartered bank, Central Pacific 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. As of March 31, 2026 and December 31, 2025, the Bank had Statutory Retained Earnings of $237.2 million and $234.7 million, respectively. Dividends are payable at 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 we are a party to, including covenants set forth in our junior subordinated debentures. There is no assurance that dividends will continue at the current rate, or at all. The Company repurchases shares of its common stock when it believes such repurchases are in the best interests of the Company. In January 2025, the Companys Board of Directors authorized a share repurchase plan (the ""2025 Repurchase Plan""), permitting the repurchase up to $30.0 million of the Company's common stock in open market or privately negotiated transactions. The 2025 Repurchase Plan replaced and superseded in its entirety the share repurchase plan previously approved by the Company's Board of Directors, which had $19.1 million in remaining repurchase authority. In the year ended December 31, 2025, a total of 788,261 shares of common stock, at a cost of $23.3 million, were repurchased under the Company's share repurchase program. In January 2026, the …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing