Hawaii-based banking holding company Central Pacific Financial Corp. (NYSE: CPF) released its second-quarter financial results, with both net profit and revenue surpassing market expectations. The company also announced an increase in its quarterly dividend.

For the period ended June 30, the company reported a quarterly net profit of $20.8 million, or $0.80 per diluted share. This compares favorably to the $18.3 million reported in the same quarter of the prior year and exceeded the analyst consensus estimate of $0.78 per share. Revenue reached $77.45 million, representing a 6.4% year-over-year increase, also outperforming market forecasts.

Net interest income totaled $62.8 million, a sequential increase of 2.4% and a year-over-year rise of 5.1%. The net interest margin expanded to 3.57%, improving by 4 basis points from the previous quarter and 13 basis points from the same period last year. The margin expansion was primarily driven by higher average balances and yields on loans and investment securities, coupled with a decline in the average interest rate paid on interest-bearing deposits. The company recorded a provision for credit losses of $4.4 million during the quarter.

The board declared a third-quarter cash dividend of $0.30 per share, a 3.4% increase from the prior quarter. During the second quarter, the company repurchased 321,858 shares of its common stock at a total cost of $11.3 million. As of the end of the quarter, approximately $33.2 million remained available under its share repurchase program.

Headquartered in Honolulu, Hawaii, Central Pacific Financial Corp. is the parent company of Central Pacific Bank. The institution operates 27 branches and 56 ATMs across the state of Hawaii. As of the end of the quarter, total assets were approximately $7.5 billion. The company was recently named by Time magazine as the top-ranked company in Hawaii on its 2026 list of "America's Best Companies" and was recognized by Forbes as the "Best Bank in Hawaii" for the third consecutive year.