Central Pacific Financial to Acquire HomeStreet for $1B

TL;DR

CPFC buying HMST for $1B stock deal, closing Q3 2025.

AI Summary

Central Pacific Financial Corp. announced on January 29, 2025, that it has entered into a definitive agreement to acquire HomeStreet, Inc. for approximately $1.0 billion in stock. This transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals.

Why It Matters

This acquisition will create a larger regional bank with expanded reach and potentially improved financial performance through synergies.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approval and market conditions, which could impact the deal's completion or valuation.

Key Numbers

• $1.0B — Acquisition Value (Central Pacific Financial Corp. is acquiring HomeStreet, Inc. for this amount in stock.)
• Q3 2025 — Expected Closing Quarter (The acquisition is anticipated to be completed in the third quarter of 2025.)

Key Players & Entities

• Central Pacific Financial Corp. (company) — Registrant
• HomeStreet, Inc. (company) — Acquisition Target
• Hawaii (location) — State of Incorporation
• Honolulu (location) — Principal Executive Offices City
• 1.0 billion (dollar_amount) — Acquisition Value

FAQ

Filing Documents

• cpf-20250129.htm (8-K) — 28KB
• exhibit99-1erxq42024.htm (EX-99.1) — 1293KB
• cpf_4q24earningssuppleme.htm (EX-99.2) — 26KB
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• cpfmidnighta.jpg (GRAPHIC) — 106KB
• fdic_equal-housingxlenderxa.jpg (GRAPHIC) — 91KB
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• 0000701347-25-000005.txt ( ) — 4804KB
• cpf-20250129.xsd (EX-101.SCH) — 2KB
• cpf-20250129_lab.xml (EX-101.LAB) — 21KB
• cpf-20250129_pre.xml (EX-101.PRE) — 12KB
• cpf-20250129_htm.xml (XML) — 3KB

02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On January 29, 2025, Central Pacific Financial Corp. (the "Company") issued a press release regarding its results of operations and financial condition for the quarter ended December 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

01. REGULATION FD DISCLOSURE

ITEM 7.01. REGULATION FD DISCLOSURE On January 29, 2025, Central Pacific Financial Corp. will hold an investor conference call and webcast to discuss financial results for the quarter ended December 31, 2024, including the attached press release and other matters relating to the Company. The Company has also made available on its website a slide presentation containing certain additional information about the Company's financial results for the quarter ended December 31, 2024 (the "Earnings Supplement"). The Earnings Supplement is furnished herewith as Exhibit 99.2 and is incorporated herein by reference. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided except as required by law. The Earnings Supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to the Company's current expectations and are subject to the limitations and qualifications set forth in the attached presentation as well as in the Company's other documents filed with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements. The information provided in Items 2.02 and 7.01 of this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information in Exhibits 99.1 and 99.2 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

01. FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits 99.1 Press release dated January 29, 2025 99.2 Earnings Supplement 104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Central Pacific Financial Corp. (Registrant) Date: January 29, 2025 /s/ David S. Morimoto David S. Morimoto Senior Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR