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EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
EQUITY
11. EQUITY

As a Hawaii state-chartered bank, Central Pacific Bank may only pay dividends to the extent it has retained earnings as defined under Hawaii banking law ("Statutory Retained Earnings"), which differs from GAAP retained earnings. As of December 31, 2024 and 2023, the Bank had Statutory Retained Earnings of $196.8 million and $169.1 million, respectively.
Dividends are payable at the discretion of the Board of Directors and are subject to restrictions under federal and Hawaii law, including restrictions imposed by the FRB and covenants set forth in various agreements we are a party to, including covenants set forth in our subordinated debentures. There can be no assurance that the Board of Directors will continue to pay dividends at the same rate, or at all, in the future.

We repurchase shares of our common stock when we believe such repurchases are in the best interests of the Company.

In January 2023, the Company’s Board of Directors authorized the repurchase of up to $25.0 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 "2023 Repurchase Plan"). The 2023 Repurchase Plan replaced and superseded in its entirety the share repurchase plan previously approved by the Board of Directors, which had $9.3 million in remaining repurchase authority. The Company's 2023 Repurchase Plan was subject to a one-year expiration.

In the year ended December 31, 2023, 130,010 shares of common stock, at a cost of $2.6 million, were repurchased under the Company's share repurchase programs.

In January 2024, the Company’s Board of Directors authorized the repurchase of up to $20.0 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a share repurchase program (the "2024 Repurchase Plan"). The 2024 Repurchase Plan replaced and superseded in its entirety the share repurchase program previously approved by the Company's Board of Directors, which had $23.4 million in remaining repurchase authority.

In the year ended December 31, 2024, a total of 49,960 shares of common stock, at a cost of $0.9 million, were repurchased under the Company's share repurchase program. A total of $19.1 million remained available for repurchase under the Company's 2024 Repurchase Plan at December 31, 2024.