...Ratings Reflect Solid Financial Profile: Central Pacific Financial Corporation's (CPF) rating and Stable Rating Outlook reflect CPF's solid financial performance, stable deposit franchise and solid position in the unique market in the state of Hawaii. Solid Franchise in Unique Marketplace: CPF operates a solid franchise in the concentrated and insular banking market that exists in the state of Hawaii, with four banks commanding 93% deposit market share, with CPF commanding roughly 12% of total deposits in the state as of June 30, 2023. While this has led to lower cost of deposits over time, competition for loans has been significantly more fierce, leading CPF to seek opportunities outside of the state. Risk Profile Appropriate for Rating: Fitch views CPF's underwriting standards and risk controls as appropriate for the Viability Rating (VR) at 'bbb-'. CPF has been decreasing exposure in mainland lending, specifically in their consumer lending portfolio, decreasing 18% yoy from 3Q22 to 3Q23....
