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PENSION PLANS | 3 Months Ended
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Mar. 31, 2012
PENSION PLANS [Abstract] |
PENSION PLANS | 14. PENSION PLANS Central Pacific Bank has a defined benefit retirement plan (the "Pension Plan") which covers certain eligible employees. The plan was curtailed effective December 31, 2002, and accordingly, plan benefits were fixed as of that date. The following table sets forth the components of net periodic benefit cost for the Pension Plan:
| Three Months Ended |
| March 31, |
| 2012 |  |  | 2011 |
| (Dollars in thousands) |
Interest cost | $ | 398 |  |  | $ | 417 |
Expected return on assets |  | (447 | ) |  |  | (457 | )
Amortization of unrecognized loss |  | 581 |  |  |  | 550 |
Net periodic cost | $ | 532 |  |  | $ | 510 |
The fair values of the defined benefit retirement plan as of March 31, 2012 and December 31, 2011 by asset category were as follows:
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total
| (Dollars in thousands)
March 31, 2012 |  |  |  |  |  |  |  |  |  |
Money market accounts | $ | 1,690 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,690
Mutual funds |  | 454 |  |  |  | - |  |  |  | - |  |  |  | 454
Government obligations |  | - |  |  |  | 3,289 |  |  |  | - |  |  |  | 3,289
Common stocks |  | 6,129 |  |  |  | - |  |  |  | - |  |  |  | 6,129
Exchange traded funds |  | 9,462 |  |  |  | - |  |  |  | - |  |  |  | 9,462
Preferred stocks |  | 278 |  |  |  | - |  |  |  | - |  |  |  | 278
Corporate bonds and debentures |  | - |  |  |  | 3,080 |  |  |  | - |  |  |  | 3,080
| $ | 18,013 |  |  | $ | 6,369 |  |  | $ | - |  |  | $ | 24,382
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market accounts | $ | 1,869 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,869
Mutual funds |  | 439 |  |  |  | - |  |  |  | - |  |  |  | 439
Government obligations |  | - |  |  |  | 3,264 |  |  |  | - |  |  |  | 3,264
Common stocks |  | 5,376 |  |  |  | - |  |  |  | - |  |  |  | 5,376
Exchange traded funds |  | 8,494 |  |  |  | - |  |  |  | - |  |  |  | 8,494
Preferred stocks |  | 226 |  |  |  | - |  |  |  | - |  |  |  | 226
Corporate bonds and debentures |  | - |  |  |  | 2,891 |  |  |  | - |  |  |  | 2,891
| $ | 16,404 |  |  | $ | 6,155 |  |  | $ | - |  |  | $ | 22,559
Our bank also established Supplemental Executive Retirement Plans ("SERPs"), which provide certain officers of our bank with supplemental retirement benefits. The following table sets forth the components of net periodic benefit cost for the SERPs:
| Three Months Ended |
| March 31, |
| 2012 |  |  | 2011 |
| (Dollars in thousands) |
Service cost | $ | - |  |  | $ | - |
Interest cost |  | 107 |  |  |  | 103 |
Amortization of unrecognized transition obligation |  | 4 |  |  |  | 4 |
Amortization of prior service cost |  | 5 |  |  |  | 5 |
Amortization of unrecognized gain |  | (1 | ) |  |  | (4 | )
Net periodic cost | $ | 115 |  |  | $ | 108 |

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Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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