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PENSION PLANS
 3 Months Ended
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