HONOLULU, HI (April 22, 2022) – Central Pacific Bank (CPB) is proud to publish its Environmental, Social, and Governance (ESG) Report for 2021 on Earth Day, which incorporates CPB’s four pillars of greatest importance and guides progress towards meeting our community goals. The four pillars include:
- Corporate governance to protect and enhance the interests of shareholders, with strong Board and executive leadership, and sound corporate governance.
- Support the community by supporting small business and in philanthropic initiatives across Hawaii.
- Support our employees by recruiting and retaining an exceptional, diverse workforce and maintaining a commitment to the health, well-being and success of these employees.
- Environmental initiatives that preserve the natural resources of our islands by implementing energy efficiency and other green practices across the organization and increase financing in renewable energy projects and climate changes adaptation sectors.
“CPB continues to perpetuate the legacy of our founders who started the bank with the commitment to helping diverse local people and small businesses succeed with unwavering support, while also helping causes that protect the environment and social needs in our community,” said CPB President and Chief Operating Officer Arnold Martines. “We invite the public to review our Environmental, Social, and Governance Report to learn about the many ways CPB is making a positive difference in people’s lives - beyond banking.”
Some of the highlights that support our mission in the ESG include:
Addressing the Environment - CPB’s Board and management are focused on environmental issues, including the impacts of climate change (such as sea-level rise, major storms, flooding, and increasing temperatures). CPB is working with leaders across the state to address climate change collectively, as our islands are at significant environmental risk from oceanic and atmospheric conditions. CPB and its employees frequently volunteer with organizations, such as Trust for Public Land, on community work events to sustain sacred places and wetlands, which underscores our responsibility to care for our exceptional island home. CPB and the CPB Foundation are proud to provide monetary support and volunteer hours to many organizations including the Trust for Public Land; the Shufu Society of Hawaii Tree Planting Beautification Project; Kupu; Kokonut Koalition; and the Hawaii Wildlife Center.
In addition, CPB is actively seeking partners to develop renewable projects in Hawaii and is working to increase our lending to renewable energy companies. We currently lend $11.6 million to our renewable energy company customers, and we offer loans for customers to install residential photovoltaic (PV) systems.
Charitable Giving - CPB Foundation is one of the state’s top philanthropic leaders in addressing Hawaii’s most challenging societal issues, many of which have been exacerbated by the COVID-19 pandemic. In 2021, the CPB Foundation contributed more than $2.4 million to 114 nonprofit organizations that help Hawaii’s communities. CPB is proud of its employees and leaders who collectively volunteer many hours of community service and steward numerous local causes. Employees tirelessly devoted more than 5,400 hours of service to more than 100 nonprofit organizations throughout 2021 and raised more than $487,000 during CPB’s 2021 Aloha United Way campaign.
Affordable Housing - The Home Loans Division financed more than 110 fee simple, affordable units. CPB also supports first-time homebuyers, making more than 200 loans to first-time homebuyers in 2021, totaling $95 million. CPB works with mortgage borrowers negatively impacted by COVID-19 to provide loan forbearance and modification options. In addition, CPB offered 12 Community Development (CD) loans for a total of $41 million in support of affordable housing for low- or moderate-income individuals and families.
To read the full ESG report with many more highlights demonstrating the positive stewardship of the bank please click here.
About Central Pacific Bank
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.3 billion in assets as of March 31, 2022. Central Pacific Bank, its primary subsidiary, operates 30 branches and 65 ATMs in the state of Hawaii. Central Pacific Financial Corp. is traded on the New York Stock Exchange (NYSE) under the symbol "CPF." For additional information, please visit: cpb.bank