Exhibit 99

NEWS RELEASE

CENTRAL PACIFIC FINANCIAL CORP. REPORTS

$10.8 MILLION NET INCOME

HONOLULU, HI, July 26, 2012 – Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the “Bank”), today reported net income for the second quarter of 2012 of $10.8 million, or $0.26 per diluted share, compared to net income in the second quarter of 2011 of $8.2 million, or $0.20 per diluted share, and net income in the first quarter of 2012 of $13.5 million, or $0.32 per diluted share.

“We are pleased to report another profitable quarter and remain on track with our continued efforts to improve our asset quality,” said John C. Dean, President and Chief Executive Officer.  “With a meaningful reduction in our nonperforming assets, the improvement in our credit risk profile allowed us to once again reduce our allowance for loan and lease losses, which contributed significantly to our profitable quarter.”

Significant Highlights and Second Quarter Results

§                  Reported sixth consecutive profitable quarter since the company’s recapitalization with net income of $10.8 million, compared to net income of $13.5 million in the first quarter of 2012.

§                  For the fifth consecutive quarter, the Company did not incur credit costs as it reduced its allowance for loan and lease losses (ALLL) by an amount greater than net foreclosed asset expense, write-downs of loans held for sale and changes to the reserve for unfunded commitments.  The reduction in the ALLL resulted in a credit to the provision for loan and lease losses of $6.6 million, compared to a credit of $5.0 million for the first quarter of 2012.

§                  Reduced nonperforming assets by $35.3 million to $170.3 million at June 30, 2012 from $205.6 million at March 31, 2012.

§                  The ALLL, as a percentage of total loans and leases, decreased to 4.94% at June 30, 2012, compared to 5.49% at March 31, 2012.  In addition, the Company had an ALLL, as a percentage of nonperforming assets, of 60.95% at June 30, 2012, compared to 55.61% at March 31, 2012.

§                  Increased the loans and leases portfolio by $18.4 million to $2.10 billion at June 30, 2012, compared to $2.08 billion at March 31, 2012.

Central Pacific Financial Corp. Reports $10.8 Million Net Income

July 26, 2012

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§                  Increased total deposits by $54.5 million to $3.56 billion at June 30, 2012, compared to $3.51 billion at March 31, 2012.

§                  Maintained a strong capital position with Tier 1 risk-based capital, total risk-based capital, and leverage capital ratios of 23.04%, 24.32%, and 14.12%, respectively, as of June 30, 2012, compared to 22.83%, 24.13%, and 14.03%, respectively, as of March 31, 2012.  The Company’s capital ratios continue to exceed the minimum levels required for a “well-capitalized” regulatory designation.

Earnings Highlights

Net interest income for the second quarter of 2012 was $30.3 million, compared to $29.0 million in the year-ago quarter and $30.5 million in the first quarter of 2012.  Net interest margin was 3.17%, compared to 3.04% in the year-ago quarter and 3.23% in the first quarter of 2012. The improvement in both net interest income and the net interest margin from the year-ago quarter reflects the deployment of the Company’s excess liquidity into higher yielding investment securities.  The sequential quarter decrease was primarily due to lower yields on the Company’s interest-earning assets compared to the first quarter of 2012.

The provision for loan and lease losses for the second quarter of 2012 was a credit of $6.6 million, compared to a credit of $8.8 million in the year-ago quarter and a credit of $5.0 million in the first quarter of 2012.  The credit to the provision for loan and lease losses was the result of an overall improvement in the Company’s credit risk profile, as evidenced by the previously mentioned decrease in nonperforming assets, and continued improvement in the historical quarterly charge-off data used to calculate the ALLL.

Other operating income for the second quarter of 2012 totaled $13.6 million, compared to $10.9 million in the year-ago quarter and $13.2 million in the first quarter of 2012. The increase from the year-ago quarter was primarily due to higher gains on sales of residential mortgage loans of $2.4 million, higher unrealized gains on outstanding interest rate locks of $0.7 million and higher rental income from foreclosed properties of $0.6 million, partially offset by the recognition of a $0.3 million gain on the sale of investment securities in the second quarter of 2011. The sequential quarter increase was primarily due to higher unrealized gains on outstanding interest rate locks of $0.4 million, higher gains on sales of residential mortgage loans of $0.4 million and higher income from bank-owned life insurance of $0.4 million, partially offset by lower rental income from foreclosed properties of $0.6 million.

Other operating expense for the second quarter of 2012 totaled $39.7 million, compared to $40.5 million in the year-ago quarter and $35.2 million in the first quarter of 2012.  The decrease from the year-ago quarter was primarily due to a lower provision for repurchased residential mortgage loans of $3.1 million, lower net credit-related charges (which includes changes in the reserve for unfunded commitments, write-downs of loans held for sale and foreclosed asset expense) of $0.9 million and lower FDIC insurance expense of $0.6 million, partially offset by higher salaries and employee benefits of $2.2 million, an accrual totaling $1.8 million related to a legal proceeding against the Company and higher amortization expense of $1.4 million.  The sequential quarter increase was primarily attributable to the aforementioned legal accrual of $1.8 million, higher amortization expense of $1.3 million, higher net credit-related charges of $1.1 million and higher salaries and employee benefits of $1.0 million, partially offset by a lower provision for repurchased residential mortgage loans of $1.4 million.

The efficiency ratio for the second quarter of 2012 was 80.41% (excluding foreclosed asset expense of $2.6 million and amortization expense related to certain intangible assets totaling $1.6 million), compared to 95.35% in the year-ago quarter (excluding foreclosed asset income of $1.2 million, write-downs of loans held for sale of $3.1 million, and amortization expense related to certain intangible assets totaling $0.7 million) and 74.99% (excluding write-downs of loans held for sale of $1.8 million, foreclosed asset income of $0.1 million, and amortization expense related to certain intangible assets totaling $0.7 million) in the first quarter of 2012.

The Company continues to recognize a full valuation allowance against its net deferred tax assets and did not record any income tax benefit or expense during the second quarter of 2012.

Central Pacific Financial Corp. Reports $10.8 Million Net Income

July 26, 2012

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Balance Sheet Highlights

Total assets at June 30, 2012 of $4.23 billion increased by $95.3 million and $68.8 million from June 30, 2011 and March 31, 2012, respectively.

Total loans and leases at June 30, 2012 of $2.10 billion increased by $54.4 million and $18.4 million from June 30, 2011 and March 31, 2012, respectively.  The increase in total loans and leases from the first quarter of 2012 was primarily due to an increase in the residential mortgage and commercial loan portfolios of $65.7 million and $10.7 million, respectively, partially offset by a decrease in the construction and development and commercial mortgage loan portfolios of $41.1 million and $16.3 million, respectively.

Total deposits at June 30, 2012 were $3.56 billion, compared to $3.23 billion and $3.51 billion at June 30, 2011 and March 31, 2012, respectively.  Core deposits, which include demand deposits, savings and money market deposits, and time deposits less than $100,000, totaled $2.88 billion at June 30, 2012.  This represents an increase of $168.4 million from a year ago and an increase of $5.8 million from March 31, 2012.  Changes in total deposits during the quarter included an increase in time deposits, interest-bearing demand deposits, non-interest bearing demand deposits, savings and money market deposits of $35.6 million, $15.9 million, $2.4 million and $0.7 million, respectively.

Total shareholders’ equity was $480.5 million at June 30, 2012, compared to $423.8 million and $467.5 million at June 30, 2011 and March 31, 2012, respectively.

Asset Quality

Nonperforming assets at June 30, 2012 totaled $170.3 million, or 4.03% of total assets, compared to $205.6 million, or 4.94% of total assets at March 31, 2012.  The sequential-quarter decrease reflects net decreases in Hawaii construction and development assets totaling $16.1 million, Mainland construction and development assets totaling $8.6 million, Hawaii residential mortgage assets totaling $5.7 million, Hawaii commercial mortgage assets totaling $3.5 million, Hawaii commercial assets totaling $0.9 million and Mainland commercial mortgage assets totaling $0.4 million.

Loans delinquent for 90 days or more still accruing interest totaled $0.5 million at June 30, 2012, compared to $0.2 million at March 31, 2012.  In addition, loans delinquent for 30 days or more still accruing interest totaled $3.8 million at June 30, 2012, compared to $6.2 million at March 31, 2012.

Net charge-offs in the second quarter of 2012 totaled $3.9 million, compared to $2.3 million in the year-ago quarter and $2.8 million in the first quarter of 2012.

The ALLL, as a percentage of total loans and leases, was 4.94% at June 30, 2012, compared to 5.49% at March 31, 2012.  The ALLL, as a percentage of nonperforming assets, was 60.95% at June 30, 2012, compared to 55.61% at March 31, 2012.

Capital Levels

At June 30, 2012, the Company’s Tier 1 risk-based capital, total risk-based capital, and leverage capital ratios were 23.04%, 24.32%, and 14.12%, respectively, compared to 22.83%, 24.13%, and 14.03%, respectively, at March 31, 2012.  The Company’s capital ratios continue to exceed the minimum levels required by both the Memorandum of Understanding between the bank and its regulators and the levels required to be considered a “well-capitalized” institution for regulatory purposes.

Non-GAAP Financial Measures

This press release contains certain references to financial measures that have been adjusted to exclude certain expenses and other specified items.  These financial measures differ from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in that they exclude unusual or non-recurring charges, losses, credits or gains.  This press release identifies the specific items excluded from the comparable GAAP financial measure in the calculation of each non-GAAP financial measure.  Management believes that financial presentations excluding the impact of these items provide useful supplemental information that is important to a proper understanding of the Company’s core business results by investors.  These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies.

Central Pacific Financial Corp. Reports $10.8 Million Net Income

July 26, 2012

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Conference Call

The Company’s management will host a conference call today at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) to discuss the quarterly results.  Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company’s website at http://investor.centralpacificbank.com.  Alternatively, investors may participate in the live call by dialing 1-877-317-6789.  A playback of the call will be available through August 27, 2012 by dialing 1-877-344-7529 (passcode: 10015868) and on the Company’s website.

About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $4.2 billion in assets.  Central Pacific Bank, its primary subsidiary, operates 34 branches and 117 ATMs in the state of Hawaii, as of June 30, 2012.  For additional information, please visit the Company’s website at http://www.centralpacificbank.com.

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Forward-Looking Statements

This document may contain forward-looking statements concerning projections of revenues, income/loss, earnings/loss per share, capital expenditures, dividends, capital structure, or other financial items, plans and objectives of management for future operations, future economic performance, or any of the assumptions underlying or relating to any of the foregoing.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and may include the words “believes”, “plans”, “expects”, “anticipates”, “forecasts”, “intends”, “hopes”, “should”, “estimates” or words of similar meaning.  While the Company believes 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 materially differ from projections for a variety of reasons, to include, but not limited to:  the effect of, and our failure to comply with all of the requirements of, the Memorandum of Understanding with the Federal Deposit Insurance Corporation (“FDIC”) and the Hawaii Division of Financial Institutions (“DFI”), effective May 5, 2011, the Written Agreement with the Federal Reserve Bank of San Francisco and DFI, dated July 2, 2010, and any further regulatory orders we are or may become subject to; our ability to continue making progress on our recovery plan; oversupply of inventory and adverse conditions in the Hawaii and California real estate markets and recurring weakness in the construction industry;  adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, further deterioration in asset quality and further losses in our loan portfolio; the impact of local, national, and international economies and events (including political events, acts of war or terrorism, natural disasters such as wildfires, tsunamis 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 economic conditions, including the continued destabilizing factors 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;  the impact of regulatory action on the Company and Central Pacific Bank and legislation affecting the banking industry; 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, other regulatory reform, and any related rules and regulations on our business operations and competitiveness; the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews;  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; inflation, interest rate, securities market and monetary fluctuations;  negative trends in our market capitalization and adverse changes in the price of the Company’s common shares; changes in consumer spending, borrowings and savings habits; technological changes; 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 and other accounting standard setters; our ability to attract and retain skilled executives and employees; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items.

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CENTRAL PACIFIC FINANCIAL CORP.  AND SUBSIDIARIES

Financial Highlights - June 30, 2012

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CENTRAL PACIFIC FINANCIAL CORP.  AND SUBSIDIARIES

Financial Highlights - June 30, 2012

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CENTRAL PACIFIC FINANCIAL CORP.  AND SUBSIDIARIES

Financial Highlights - June 30, 2012

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(1)   Annualized

(2)   The efficiency ratio is a non-GAAP financial measure which should be read and used in conjunction with the Company’s GAAP financial information. Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate the efficiency ratio differently. Our efficiency ratio is derived by dividing other operating expense (excluding amortization, impairment and write-down of intangible assets, goodwill, loans held for sale and foreclosed property, loss on early extinguishment of debt, loss on investment transaction and loss on sale of commercial real estate loans) by net operating revenue (net interest income on a taxable equivalent basis plus other operating income before securities transactions).  See Reconciliation of Non-GAAP Financial Measures.

(3)   The tangible common equity ratio is a non-GAAP financial measure which should be read and used in conjunction with the Company’s  GAAP financial information. Comparison of our tangible common equity ratio with those of other companies may not be possible because other companies may calculate the tangible common equity ratio differently. Our tangible common equity ratio is derived by dividing common shareholders’ equity, less intangible assets (excluding mortgage servicing rights (MSRs)) by total assets, less intangible assets (excluding MSRs).

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

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CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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