Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  MIGITA RONALD K
 2. Date of Event Requiring Statement (Month/Day/Year)
09/15/2004		 3. Issuer Name and Ticker or Trading Symbol
CENTRAL PACIFIC FINANCIAL CORP [CPF]
(Last)
(First)
(Middle)
220 SOUTH KING ST.		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
09/15/2004
(Street)

HONOLULU, HI 96813		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 110,870 (1)
I
Ronald K. Migita Trust
Common Stock 362 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option 09/15/2004 06/06/2012 Common Stock 9,685 (2) $ 10.33 (3) D  
Nonqualified Stock Option 09/15/2004 12/15/2007 Common Stock 45,862 (2) $ 9.54 (3) D  
Nonqualified Stock Option 09/15/2004 06/06/2012 Common Stock 41,530 (2) $ 10.32 (3) D  
Nonqualified Stock Option 09/15/2004 09/29/2013 Common Stock 40,640 (2) $ 18.19 (3) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MIGITA RONALD K
220 SOUTH KING ST.
HONOLULU, HI 96813		   X      

Signatures

Dean K. Hirata, Attorney in Fact 01/14/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares received in exchange for CB Bancshares, Inc. shares in conjunction with the merger of CB Bancshares, Inc. and Central Pacific Financial, Corp. on 9/15/04.
(2) Adjusted amount of shares due to error in calculation.
(3) Adjusted price due to error in calculation.

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