Central Pacific Financial Corp New · NYSE:CPF
Central Pacific Financial Corp New — UBS Financial Services Conference 2026
69 slides from Central Pacific Financial Corp New's conference presentation, Feb 9, 2026
Slide 1: Bank Activism – UBS Financial Services Conference
Bank Activism – UBS Financial Services Conference February 9, 2026
Slide 2: Disclaimer
Disclaimer This presentation is for discussion and general information purposes only. The views expressed herein represent the opinions of HoldCo Asset Management, LP (“HoldCo) as of the date hereof. HoldCo reserves the right to change or modify any of its opinions expressed herein at any time and f
Slide 3: Table of Contents
Table of Contents I. INTRODUCTION 3 II. K E YC O R P ( T I C K E R : K E Y ) 5 III. COMERICA (TICKER: CMA) 19 IV. COLUMBIA BANKING SYSTEM (TICKER: COLB) 23 V. EASTERN BANKSHARES (TICKER: EBC) 33 V I . F I R S T I N T E R S TAT E B A N C S Y S T E M ( T I C K E R : F I B K ) 45 APPENDIX: NON-PUBLIC A
Slide 4: Introduction
HOLDCO ASSET MANAGEMENT |. Introduction
Slide 5: HoldCo's Recent Public Activism Campaigns, Ranked by Size
HoldCo’s Recent Public Activism Campaigns, Ranked by Size HoldCo’s Recent Public Activism Campaigns, Ranked by Size Ticker KEY CMA COLB EBC FIBK HoldCo’s ~$160MM, ~$181MM, ~$168MM, ~$151MM, ~$140MM, Ownership ~0.7% of shares out. ~1.6% of shares out. ~1.9% of shares out. ~3.1% of shares out. ~3.9% o
Slide 6: KeyCorp (Ticker: KEY)
To The Independent Directors of KeyCorp: Read My Lips: No New Acquisitions December 5, 2025 HOLDCO ASSET MANAGEMENT Il. KeyCorp (Ticker: KEY)
Slide 7: Overview of KEY and HoldCo's Involvement
Overview of KEY and HoldCo’s Involvement Summary HoldCo Presentation HoldCo began purchasing KEY shares on 4/30/2025 and owns “To The Independent Directors approx. $160MM as of 1/30/2026, or approx. 0.7% of shares out. of KeyCorp: Read My Lips: No New Acquisitions” • We believe the market significan
Slide 8: Prior History of Shareholder Unfriendly Actions
Other than the title, this slide was taken from HoldCo’s KEY presentation dated 12/5/25 1 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): We Believe KEY Has an Uninterrupted 25-Year Track Record of Making Boneheaded Mistakes That Led To Repeated Bouts of Dilution… Common Shares Outs
Slide 9: …And Those Mistakes and That Dilution Made It Impossible To Meaningfully Grow Tangible Book
Other than the title, this slide was taken from HoldCo’s KEY presentation dated 12/5/25 …And Those Mistakes and That Dilution Made It Impossible To Meaningfully Grow Tangible Book Value Per Share. Reported Tangible Book Value per Share Over The Three CEO Eras(a) 16.016.4 15.1 13.913.9 13.3 13.6 13.7
Slide 10: KEY's $4.1Bn Acquisition of First Niagara
Other than the title, this slide was taken from HoldCo’s KEY presentation dated 12/5/25 2 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): KEY’s $4.1Bn Acquisition of First Niagara Resulted In The Worst Tangible Book Value Per Share Dilution and The Longest Earn-Back Period of Any La
Slide 11: Continued Appetite For M&A
3 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): Continued Appetite For M&A – We Assume That KEY Bid on FirstBank Holding Co. Given Management Has Yet To Deny Its Participation In The Auction KEY's Seemingly Prior Appetite For M&A Reports mention KEY may have been In our 12/5/25 Pr
Slide 12: In Recent Years, KEY Took on In Our View Unnecessary Risk
Other than the title, this slide was taken from HoldCo’s KEY presentation dated 12/5/25 4 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): In Recent Years, KEY Took on In Our View Unnecessary Risk, Its Debt Traded Down and Was Downgraded by The Agencies and Its “Marked” Capital Fell
Slide 13: KEY Was Forced To Do What No Peer Had To Do
Other than the title, this slide was taken from HoldCo’s KEY presentation dated 12/5/25 …And KEY Was Forced To Do What No Peer Had To Do: Tap Rescue Financing – and Dilute Shareholders Yet Again… Common Share Dilution(a) During 2024 vs. Peers(b) 18% “…The Bank of Nova Scotia is investing $2.8 billio
Slide 14: Rather Than Buy Back Stock at Dirt-Cheap Levels
This slide was taken from HoldCo’s KEY presentation dated 12/5/25 …And Then, With Fresh Capital In Hand, Rather Than Buy Back Stock at Dirt-Cheap Levels, KEY Chose To Allocate Half of It on a Seemingly “Infinite Earn-Back” Securities Restructuring That Appears To Have a Negative IRR… ($ in MM) Key A
Slide 15: KEY Rewarded Executives With a Special Bonus
Other than the title, this slide was taken from HoldCo’s KEY presentation dated 12/5/25 …And Then KEY Rewarded Executives With a Special Bonus – Against The Recommendations of Proxy Advisory Firms – For Doing What Other Management Teams Would Have Been Fired For. “…falling investor support for its e
Slide 16: KEY Failed To Meaningfully Repurchase Shares
Other than the title, this slide was taken from HoldCo’s KEY presentation dated 12/5/25 5 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): KEY Failed To Meaningfully Repurchase Shares, Despite Having One of The Highest Capital Ratios Amongst Its Peers Recent Repurchase Activity(a) &
Slide 17: HoldCo's Primary Asks
HoldCo’s Primary Asks We believed the Board should take the following actions in our presentation: 1.1 Adopt a clear “no acquisitions” policy: 1. 2 Use all excess capital for buybacks: Commit that the Board will not consider any Deploy all excess capital – now and in the future bank acquisitions. fu
Slide 18: Notable Changes Made Since HoldCo's Involvement
Notable Changes Made Since HoldCo’s Involvement 1.1 Adopted a clear “no acquisitions” policy: 1. 2 Accelerated share buybacks: Est. KEY Annualized “We are not interested in any depositories. We are “We plan to buy back at Capital Return looking at zero depositories. So I'll repeat that. least $300 m
Slide 19: Announcement: We Back CEO Gorman and His Newly Articulated Vision
Announcement: We Back CEO Gorman and His Newly Articulated Vision • In light of the recent changes the Board and management made, HoldCo does not intend to pursue a proxy contest at the 2026 Annual Meeting – We expect to be long term shareholders for the next several years, and will be actively moni
Slide 20: Comerica (Ticker: CMA)
III. Comerica (Ticker: CMA) 19
Slide 21: Overview of CMA and HoldCo's Involvement
Overview of CMA and HoldCo’s Involvement Summary HoldCo Presentations HoldCo began investing in CMA on 7/2/2025 and “To The Board of Directors of Comerica Inc.: We Echo owns approx. $181MM (~1.6% of shares outs.) as of Mayo – If Not Now, Then When?” (7/28/2025) 1/30/2026, or $191MM of FITB as exchan
Slide 22: Timeline
Timeline “Discussions at the [Comerica board meetings held on HoldCo publishes Presentation & American Banker July 28 and July 29] meeting included…the materials later reports: “Comerica executives went into a panic issued publicly on July 28, 2025 by HoldCo and July 28th, 2025 during the summer aft
Slide 23: Proxy Advisors' Post-Transaction Assessment
Proxy Advisors’ Post-Transaction Assessment “The dissident deserves credit for its “Credit where due, we believe HoldCo… campaign. To begin with, a review of the played a central role in pushing the board timeline suggests that the dissident's call for to explore a sale and provide greater CMA to co
Slide 24: Columbia Banking System (Ticker: COLB)
IV. Columbia Banking System (Ticker: COLB) 23
Slide 25: Overview of COLB and HoldCo's Involvement
Overview of COLB and HoldCo’s Involvement Summary HoldCo Presentations HoldCo began purchasing COLB shares on 4/23/2025 and owns “Presentation To The Board of approx. $168MM as of 1/30/2026, or approx. 1.9% of shares out. Directors of Columbia Banking System, Inc.” • We believe the market significan
Slide 26: Current CEO Clint Stein Diluted Shareholders
Other than the title, this slide was taken from HoldCo’s COLB presentation dated 10/29/25 1 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): Current CEO Clint Stein Diluted Shareholders by Quadrupling The Size of The Bank Through Multiple Acquisitions, Including The Notorious UMPQ De
Slide 27: …And While Stein and The COLB Board Could Have Easily Sold Crown Jewel
This slide was taken from HoldCo’s COLB presentation dated 10/29/25 ... And While Stein and The COLB Board Could Have Easily Sold Crown Jewel COLB To a Larger Bank and Received an Enormous Premium For Their Loyal Shareholders, They Instead Decided To Buy a Larger Bank at a Premium and Dilute Their S
Slide 28: …And After COLB's Directors Bet The Farm on UMPQ
This slide was taken from HoldCo’s COLB presentation dated 10/29/25 …And After COLB’s Directors Bet The Farm on UMPQ and Significantly Diluted Shareholders In The Process, It Was Unable To Even Come Close To Its EPS Estimates, Even Remarkably After Excluding The Benefit of Synergies. COLB PF Core Ca
Slide 29: COLB's Valuation Was Dirt Cheap on Both an Absolute and Historical Basis
Other than the title, this slide was taken from HoldCo’s COLB presentation dated 10/29/25 We First Noticed That COLB’s Valuation Was Dirt Cheap on Both an Absolute and Historical Basis — Especially Since The Stock Traded at a Substantial Premium Before The Current CEO Took Over In 2020… Price / 2019
Slide 30: …And This Was Despite COLB Having One of The Best Deposit Bases
Other than the title, this slide was taken from HoldCo’s COLB presentation dated 10/29/25 …And This Was Despite COLB Having One of The Best Deposit Bases Among Its Peers – Even Though That Deposit Base Was Clearly Downgraded During Mr. Stein’s Tenure. 2Q25 Cost of Deposits (%): COLB vs. Peers 3.1% 5
Slide 31: Current CEO Clint Stein's Compensation Nearly Doubled Despite Horrific Shareholder Returns
Other than the title and the blue text, this slide was taken from HoldCo’s COLB presentation dated 10/29/25 2 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): Current CEO Clint Stein’s Compensation Nearly Doubled Despite Horrific Shareholder Returns Despite shareholders losing 36%(a)
Slide 32: HoldCo's Primary Asks
HoldCo’s Primary Asks We believed the Board should take the following actions in our presentation: 1.1 Publicly swear off any and all future 1. 2 Make officially explicit its target acquisitions and to stay below the regulatory capital ratios: $100Bn asset threshold: Define clear regulatory capital
Slide 33: Notable Changes Made Since HoldCo's Involvement
Notable Changes Made Since HoldCo’s Involvement 1.1 Concentrated on organic growth 1. 2 Made explicit its excess capital and instead of M&A: began normalizing capital levels: “…Our CET1 and total capital ratios were… well “…I have zero interest in M&A for the foreseeable above our long-term targets
Slide 34: Eastern Bankshares (Ticker: EBC)
V. Eastern Bankshares (Ticker: EBC) 33
Slide 35: Overview of EBC and HoldCo's Involvement
Overview of EBC and HoldCo’s Involvement Summary HoldCo Presentations HoldCo began purchasing EBC shares on 5/28/2025 and owns “To The Board of Directors of approx. $151MM as of 1/30/2026, or approx. 3.1% of shares out. Eastern Bankshares (Ticker: EBC): Where Has All The Capital Gone?” • We believe
Slide 36: In The Five Years Since The IPO
Other than the title, this slide was taken from HoldCo’s EBC presentation dated 10/20/25 1 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): In The Five Years Since The IPO, Executive Chairman Bob Rivers Nearly Tripled Assets Through an Empire-Building Strategy That Squandered Substan
Slide 37: …And Each of Them Has Had Materially Worse Deposits Than Legacy EBC
Other than the title, this slide was taken from HoldCo’s EBC presentation dated 10/20/25 …And Each of Them Has Had Materially Worse Deposits Than Legacy EBC, and Each of The Acquisitions Has Been Purchased at a Price To Tangible Book Value Multiple Greater Than That of EBC, Even Excluding Fair Value
Slide 38: …And EBC Does Not Appear To Have Delivered on The Cost Saves That It Promised
Other than the title, this slide was taken from HoldCo’s EBC presentation dated 10/20/25 …And EBC Does Not Appear To Have Delivered on The Cost Saves That It Promised… EBC Adj. Operating Noninterest Expense / Average Earning Assets (Historical Periods Pro Forma for EIG Sale) Total Assets Adj. Operat
Slide 39: Mr. Rivers – By All Accounts, a Good Man and a Philanthropist
…And Mr. Rivers – By All Accounts, a Good Man and a Philanthropist – Has Openly Admitted, Without Any Apparent Regret, That Shareholders Do Not Come First. Statements From Bob Rivers, EBC’s Executive Chairman (“Inside The Corner Office” Podcast From Approx. Four Months Ago) “Nonetheless, if we were
Slide 40: As Shareholders Suffered, This Board Has Prospered
Other than the title, this slide was taken from HoldCo’s EBC presentation dated 10/31/25 As Shareholders Suffered, This Board Has Prospered Excluding Mr. Rivers, EBC’s eight prior corporators that currently sit on the Board earned on average $1.9MM over the last four years (including receiving a ver
Slide 41: In 1Q 2025, EBC Enacted a Securities Restructuring
Other than the title, this slide was taken from HoldCo’s EBC presentation dated 10/20/25 2 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): In 1Q 2025, EBC Enacted a Securities Restructuring Pursuant To Which It Sold $1.3Bn of Low-Yielding AFS Securities Which We Believe Had a Negati
Slide 42: If Instead, a Buyback Had Been Pursued
This slide was taken from HoldCo’s EBC presentation dated 10/20/25 …But If Instead, a Buyback Had Been Pursued at The Price That The Stock Traded at When This Restructuring Occurred, We Calculate The IRR Would Have Been 15-16% and Tremendous Value Creation Would Have Occurred. Illustrative Return An
Slide 43: HoldCo's Primary Asks
HoldCo’s Primary Asks We believed the Board should take the following actions: 1.1 Publicly swear off any and all future 1. 2 Publicly declare a target CET1 ratio acquisitions: between 10-11%: Commit that the Board will not consider any Declare a CET1 target ratio of 10-11% to future bank acquisitio
Slide 44: Notable Changes Made Since HoldCo's Involvement
Notable Changes Made Since HoldCo’s Involvement 1.1 Swore off acquisitions: 1. 2 Declared a CET1 ratio in-line with peer median: “…we will not pursue any acquisitions as we are “Manage towards peer median CET1 ratio completely focused on organic growth and (~12.0%): Estimate CET1 ratio to decline to
Slide 45: Announcement: We Back Executive Chairman Rivers and CEO Sheahan and Their Newly Articulated Vision
Announcement: We Back Executive Chairman Rivers and CEO Sheahan and Their Newly Articulated Vision • In light of the recent changes the Board and management made, HoldCo does not intend to pursue a proxy contest at the 2026 Annual Meeting – We expect to be long term shareholders for the next several
Slide 46: First Interstate BancSystem (Ticker: FIBK)
VI. First Interstate BancSystem (Ticker: FIBK) 45
Slide 47: Overview of FIBK and HoldCo's Involvement
Overview of FIBK and HoldCo’s Involvement Summary HoldCo Presentations HoldCo began purchasing FIBK shares on 5/21/2025 and owns “Presentation To The Board of approx. $140MM as of 1/30/2026, or approx. 3.9% of shares out. Directors of First Interstate • We believe the market significantly undervalue
Slide 48: FIBK Made a Series of What We Believe To Be Value-Destructive M&A Decisions
Other than the title, this slide was taken from HoldCo’s FIBK presentation dated 10/24/25 1 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): FIBK Made a Series of What We Believe To Be Value-Destructive M&A Decisions In Recent Years, Leaving Us Bracing For More of The Same Valuation
Slide 49: Its Largest Bet, Acquiring Great Western in 2021
Other than the title, this slide was taken from HoldCo’s FIBK presentation dated 10/24/25 Its Largest Bet, Acquiring Great Western in 2021, Resulted In Earnings That Substantially Missed Management’s Initial Expectations Years after the merger, FIBK’s earnings fall woefully short of the no-growth EP
Slide 50: New Leadership Refused To Commit To The Obvious Value-Creating Path
Other than the title, this slide was taken from HoldCo’s FIBK presentation dated 10/24/25 2 Prior History of Shareholder Unfriendly Actions (HoldCo’s View): New Leadership Refused To Commit To The Obvious Value-Creating Path Which Is To Use Every Dollar of Excess Capital Going Forward To Buy Back St
Slide 51: Despite an Enormous Amount of Excess Capital Building Up
This slide was taken from HoldCo’s FIBK presentation dated 10/24/25 …Despite an Enormous Amount of Excess Capital Building Up With No Stoppage in Sight… FIBK CET1 Capital % We believe a ~10.5% ratio consistent with FYE22 is 13.8(a) an appropriate CET1 target going forward 12.5 12.2 11.8 11.5 11.4 11
Slide 52: Despite Strong Tailwinds From Fixed-Asset Repricing
Other than the title, this slide was taken from HoldCo’s FIBK presentation dated 10/24/25 …And Despite Strong Tailwinds From Fixed-Asset Repricing, Which Made The Buyback Math Even More Compelling. Projected Yield/Income for the Next 10 Years 5.2% 5.4% 5.5% 5.7% 5.8% 5.8% 4.7% 4.7% 4.7% 4.8% 5.0% To
Slide 53: HoldCo's Primary Asks
HoldCo’s Primary Asks We believed the Board should take the following actions in our presentation: 1.1 Publicly swear off any and all future 1. 2 Publicly swear off any securities acquisitions: restructurings: Commit that the Board will not consider any Do not engage in any securities future bank ac
Slide 54: Notable Changes Made Since HoldCo's Involvement
Notable Changes Made Since HoldCo’s Involvement 1.1 Focused on organic growth, not M&A: 1. 2 Not considering a securities restructuring transaction: “…we're focused on organic growth… So M&A is “…if you think about our recently announced buyback not something we're focused on. And absent near- and k
Slide 55: Appendix: Non-Public Activism
Appendix: Non-Public Activism 54
Slide 56: Central Pacific Financial (Ticker: CPF)
a. Central Pacific Financial (Ticker: CPF) 55
Slide 57: Overview of CPF and HoldCo's Involvement
Overview of CPF and HoldCo’s Involvement Summary HoldCo Presentation HoldCo began purchasing CPF shares on 4/23/2025 and owns To The Board of Directors of approx. $79MM as of 1/30/2026, or approx. 9.2% of shares out.(a) Central Pacific Financial Corp.: Investors’ Concerns Falling on • We believe the
Slide 58: History of Engagement
History of Engagement 11/19/2025 HoldCo sends 12/17/2025 5/12/2025 8/6/2025 presentation to CPF Arnold Martinez HoldCo met with 12/16/2025 HoldCo had a follow- and meets with Arnold emails HoldCo and Dayna Matsumoto CPF releases an up call with Dayna Martinez, David summarizes (CFO) and Ralph update
Slide 59: HoldCo's Primary Asks
HoldCo’s Primary Asks We believed the Board should take the following actions in our presentation: 1.1 Publicly swear off any 1. 2 Publicly swear off any 1.3 Publicly declare a target and all future securities CET1 ratio of 10.5%: acquisitions: restructurings: Declare a CET1 target ratio Commit that
Slide 60: Notable Changes Made Since HoldCo's Involvement
Notable Changes Made Since HoldCo’s Involvement 1.1 Stated “not pursuing 1. 2 Not focused on 1.3 Declared target capital M&A at this time”: securities ratios (albeit we believe restructurings: too conservative): “CPF is currently focused on “We are not planning at this time “Our current target CET1
Slide 61: TrustCo Bank Corp NY (Ticker: TRST)
b. TrustCo Bank Corp NY (Ticker: TRST) 60
Slide 62: Overview of TRST and HoldCo's Involvement
Overview of TRST and HoldCo’s Involvement Summary HoldCo Presentation HoldCo began purchasing TRST shares on 5/30/2025 and owns To The Independent Board of approx. $38MM as of 1/30/2026, or approx. 4.8% of shares out. Directors of TrustCo Bank Corp NY: Out of The Shadows – A • We believe the market
Slide 63: History of Engagement
History of Engagement 1/27/2026 7/23/2025 1/14/2026 HoldCo met with Rob HoldCo met with HoldCo emailed TRST McCormick, Mike Lauren Maxwell outlining key concerns Ozimek, Michael Hall, (Treasurer) and and necessary Lauren Maxwell and a Michael Hall (GC) over commitments member of the Board Zoom over
Slide 64: HoldCo's Primary Asks
HoldCo’s Primary Asks We believed the Board should take the following actions in our presentation: 1.1 Publicly swear off any 1. 2 Publicly swear off any 1.3 Publicly declare a target and all future securities CET1 ratio of 10.5% and acquisitions: restructurings: Tier 1 leverage ratio of Commit that
Slide 65: Notable Changes Made Since HoldCo's Involvement
Notable Changes Made Since HoldCo’s Involvement 1.1 Prioritized buybacks 1. 2 TRST has not yet 1.3 TRST has not yet over M&A: publicly sworn off publicly declared target “…The [repurchase] program aligns securities capital ratios. with the TrustCo Board of Directors’ belief that the Company’s stock
Slide 66: Capitol Federal Financial (Ticker: CFFN)
c. Capitol Federal Financial (Ticker: CFFN) 65
Slide 67: Overview of CFFN and HoldCo's Involvement
Overview of CFFN and HoldCo’s Involvement Summary History of Engagement HoldCo began investing in CFFN on 5/16/25 and 6/23/2025 currently owns $47MM (or slightly less than ~5% of HoldCo met with John Dicus (CEO), Kent shares out.) Townsend (CFO), and members of KBW’s • We believe the market signific
Slide 68: Heritage Commerce (Ticker: HTBK)
d. Heritage Commerce (Ticker: HTBK) 67
Slide 69: Overview of HTBK and HoldCo's Involvement
Overview of HTBK and HoldCo’s Involvement Summary History of Engagement HoldCo began investing in HTBK on 5/28/2025 and 6/4/2025 owns approx. $19MM (~2.5% of shares outs.) as of HoldCo met with Clay Jones (President & CEO) 1/30/2026 and Thomas Sa (COO) over Zoom • We believe the market significantly
Central Pacific Financial Corp New — UBS Financial Services Conference 2026 on 6ix