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PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 9 Months Ended
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Sep. 30, 2012
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS |
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS |
14. PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT 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 |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
|  | (Dollars in thousands) |
Interest cost |  | $ | 398 |  | $ | 417 |  | $ | 1,194 |  | $ | 1,251 |
Expected return on assets |  | (447 | ) | (457 | ) | (1,341 | ) | (1,371 | )
Amortization of unrecognized loss |  | 581 |  | 550 |  | 1,743 |  | 1,650 |
Net periodic cost |  | $ | 532 |  | $ | 510 |  | $ | 1,596 |  | $ | 1,530 |
The fair values of the defined benefit retirement plan as of September 30, 2012 and December 31, 2011 by asset category were as follows:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (Dollars in thousands) |
September 30, 2012 |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 2,184 |  | $ | — |  | $ | — |  | $ | 2,184 |
Mutual funds |  | 468 |  | — |  | — |  | 468 |
Government obligations |  | — |  | 3,417 |  | — |  | 3,417 |
Common stocks |  | 6,234 |  | — |  | — |  | 6,234 |
Exchange traded funds |  | 8,841 |  | — |  | — |  | 8,841 |
Preferred stocks |  | 255 |  | — |  | — |  | 255 |
Corporate bonds and debentures |  | — |  | 3,205 |  | — |  | 3,205 |
|  | $ | 17,982 |  | $ | 6,622 |  | $ | — |  | $ | 24,604 |
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 |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
|  | (Dollars in thousands) |
Service cost |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Interest cost |  | 107 |  | 103 |  | 321 |  | 309 |
Amortization of unrecognized transition obligation |  | 4 |  | 4 |  | 12 |  | 12 |
Amortization of prior service cost |  | 5 |  | 5 |  | 15 |  | 15 |
Amortization of unrecognized gain |  | (1 | ) | (4 | ) | (3 | ) | (12 | )
Net periodic cost |  | $ | 115 |  | $ | 108 |  | $ | 345 |  | $ | 324

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -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 106 -Paragraph 518 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -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 7: 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. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -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 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -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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Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -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 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -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. + Details
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