Form 4: Central Pacific Financial Director Sells Shares Under Pre-Arranged Trading Plan
Insider Transaction Report
A director at Central Pacific Financial Corp. has sold 3,333 shares of common stock for approximately $27 per share, executed under a pre-established Rule 10b5-1 trading plan.
Summary
- Agnes Catherine Ngo, a Director of Central Pacific Financial Corp. (CPF), sold 3,333 shares of common stock on June 12, 2025.
- The shares were sold at a weighted average price of $26.9891, with individual transaction prices ranging from $26.435 to $27.36 per share.
- This transaction was executed pursuant to a Rule 10b5-1 Plan, which was entered into by Ms. Ngo on February 3, 2025, indicating a pre-scheduled sale without discretionary timing.
- Following this transaction, Ms. Ngo beneficially owns a total of 72,125 shares indirectly through the Hines & Ngo 2000 Family Trust, 5,886 shares indirectly through the CPB Foundation, 2,714 shares indirectly through Robert Hines IRA, and 113,472 shares directly.
Sentiment
Score: 5
Explanation: The transaction is a pre-scheduled sale under a 10b5-1 plan, which is a neutral event as it does not reflect new discretionary sentiment from the insider regarding the company's prospects.
Positives
- The transaction was conducted under a Rule 10b5-1 plan, indicating a pre-scheduled sale rather than a discretionary sale based on immediate market sentiment, which can reduce negative interpretations of insider selling.
Negatives
- A director selling shares, even under a 10b5-1 plan, reduces their direct ownership stake in the company.
Future Outlook
This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.
Industry Context
This filing reports an individual insider transaction and does not provide broader industry context or trends. It is specific to the beneficial ownership changes of a director at Central Pacific Financial Corp.
Comparison to Industry Standards
- This document reports a standard insider transaction (Form 4) and does not contain information that allows for a direct comparison to global benchmarks, specific comparable companies, projects, or results. The transaction is a routine disclosure for a director selling shares under a pre-arranged plan.
Related Party Transactions
- Agnes Catherine Ngo holds shares indirectly as Co-Trustee of the Hines & Ngo 2000 Family Trust.
- Agnes Catherine Ngo holds shares indirectly through the CPB Foundation.
- Agnes Catherine Ngo holds shares indirectly through Robert Hines IRA.
Stakeholder Impact
- Shareholders: The sale by a director, even under a 10b5-1 plan, slightly reduces insider ownership, which could be perceived neutrally given the pre-arranged nature.
Next Steps
- The company will continue to file required SEC reports, including future Form 4 filings for insider transactions.
Key Dates
| Date | Description |
|---|---|
| 2014-03-04 | Original filing date for RSUs performance-based and time-based grants (notes 21, 22). |
| 2015-02-17 | Date of RSU time-based grant (note 20). |
| 2015-05-15 | Date Power of Attorney was executed by A. Catherine Ngo. |
| 2015-08-17 | Date of RSU time-based grant with 5-year vesting schedule (note 23). |
| 2016-02-16 | Date of PSU Grant (note 8) and RSU Time-Based Grant (note 18). |
| 2017-02-15 | Date of PSU Grant (note 3) and RSU Time-Based Grant (note 17). |
| 2018-02-15 | Date of PSU Grant (note 4) and RSU time-based grant (note 14). |
| 2019-02-15 | Date of PSU Grant (note 5) and RSU Time-Based Grant (note 12). |
| 2019-02-15 | Vesting date for 2/16/16 PSU Grant based on 2018 year-end performance results (note 8). |
| 2020-02-18 | Vesting date for 2/15/17 PSU Grant based on 2019 year-end performance results (note 3). |
| 2020-02-18 | Date of RSU Time-Based Grant (note 13). |
| 2021-02-16 | Vesting date for 2/15/18 PSU Grant based on 2020 year-end performance results/approval (note 4). |
| 2021-02-16 | Date of PSU Grant (notes 9, 10, 11) and RSU Time-Based Grant (note 16). |
| 2022-02-15 | Vesting date for 2/15/19 PSU Grant based on 2021 year-end performance results/approval (note 5). |
| 2022-02-15 | Date of PSU Grant (notes 6, 7) and RSU Time-Based Grant (note 15). |
| 2023-02-16 | Vesting date for 2/16/21 PSU Grant based on 2022 year-end performance results/approval (notes 9, 10, 11). |
| 2025-02-03 | Date Rule 10b5-1 Plan was entered into by the reporting person. |
| 2025-02-15 | Vesting date for 2/15/22 PSU Grant based on 2024 year-end performance results/approval (notes 6, 7). |
| 2025-02-18 | Actual issuance date for shares from 2/15/22 PSU Grant (notes 6, 7). |
| 2025-06-12 | Date of the reported common stock transaction (sale). |
Recommendation
holdKeywords
Central Pacific Financial Corp, CPF, SEC Form 4, Insider Trading, Stock Sale, Director, Agnes Catherine Ngo, Rule 10b5-1 Plan, Common Stock, Beneficial Ownership
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