Form 4: CFO Matsumoto Reports Equity Vesting, Tax Withholding
Insider Transaction Report
Central Pacific Financial Corp. CFO Dayna Matsumoto reported the vesting of performance and restricted stock units and related tax withholdings.
Summary
- Dayna N. Matsumoto, EVP and CFO of Central Pacific Financial Corp., reported transactions related to her beneficial ownership of common stock.
- On February 17, 2026, 1,052 shares of common stock vested from a Performance Share Unit (PSU) grant dated February 15, 2023, following the Board Compensation Committee's certification of final performance results on February 23, 2026.
- Concurrently, 340 shares of common stock were disposed of at a price of $34.38 per share to cover tax obligations on the vested shares.
- Following these transactions, Ms. Matsumoto directly beneficially owns 712 shares from this specific PSU grant.
- The filing also details other direct beneficial ownerships, including 2,974 shares from a February 17, 2026 RSU grant (vesting evenly over 3 years), 237 shares from a February 15, 2023 RSU grant (one tranche remaining), 837 shares from a February 15, 2024 RSU grant (two tranches remaining), and 2,720 shares from a February 18, 2025 RSU grant (vesting evenly over 3 years), along with other holdings of 530 and 4,913.417 shares.
Sentiment
Score: 7
Explanation: StockSavvy.ai views this as a moderately positive event, reflecting the successful vesting of performance-based awards and a routine tax-related transaction, indicating executive compensation plans are functioning as intended.
Positives
- Vesting of 1,052 Performance Share Units (PSUs) indicates the achievement of performance targets set for the 2023 grant.
- The net increase in direct beneficial ownership of 712 shares from the PSU grant demonstrates continued alignment of executive interests with shareholder value.
Negatives
- 340 shares were disposed of to cover tax liabilities, representing a reduction in the total shares received from the vesting event.
Industry Context
StockSavvy.ai notes that the vesting of equity awards and subsequent tax-related dispositions are standard practices in executive compensation across the financial services industry, aligning executive incentives with long-term company performance.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Delegation of Authority | Dayna Matsumoto, EVP, CFO, granted a Power of Attorney to Stacey L. Rocha, SVP, Director, Total Rewards & Operations, to prepare, execute, and file Forms 3, 4, and 5 with the SEC on her behalf. | 02/24/2025 | Streamlines the process for executive compliance with Section 16(a) of the Securities Exchange Act of 1934, ensuring timely and accurate reporting of beneficial ownership changes. |
Stakeholder Impact
- Shareholders: The vesting of performance-based awards for a key executive aligns management's interests with shareholder value creation.
- Employees: The disclosure of executive compensation practices provides transparency regarding the company's reward structure for leadership.
Key Dates
| Date | Description |
|---|---|
| 02/15/2023 | Date of PSU Grant that cliff vests on 2/15/26; Date of RSU Grant with shares vesting evenly over 3 years (one tranche remaining). |
| 02/15/2024 | Date of RSU Grant with shares vesting evenly over 3 years (two tranches remaining). |
| 02/18/2025 | Date of RSU Grant with shares vesting evenly over 3 years. |
| 02/24/2025 | Date Power of Attorney was executed by Dayna Matsumoto, appointing Stacey L. Rocha as attorney-in-fact for SEC filings. |
| 02/15/2026 | Cliff vesting date for the 2/15/23 PSU Grant (next business day if 2/15 falls on weekend/holiday). |
| 02/17/2026 | Transaction date for the acquisition of 1,052 shares from PSU vesting and disposition of 340 shares for taxes; Date of RSU Grant for 2,974 shares. |
| 02/23/2026 | Board Compensation Committee reviewed and certified final performance results for the 2/15/23 PSU Grant. |
| 02/24/2026 | Signature date of the Form 4 filing by Stacey Rocha, attorney-in-fact. |
Recommendation
holdThis Form 4 filing details routine equity compensation vesting and tax-related share dispositions for a key executive. It does not present new information that would fundamentally alter the investment thesis for Central Pacific Financial Corp. The transactions are expected as part of an ongoing compensation plan and do not signal a significant change in company fundamentals or executive sentiment that would warrant a 'buy' or 'sell' recommendation based solely on this filing. Therefore, a 'hold' recommendation is appropriate.
Keywords
Central Pacific Financial Corp, CPF, Dayna Matsumoto, EVP, CFO, SEC Form 4, Insider Trading, Stock Vesting, Performance Share Units, Restricted Stock Units, Equity Compensation, Executive Compensation, Share Ownership
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