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PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables) | 12 Months Ended
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Dec. 31, 2012
PARENT COMPANY AND REGULATORY RESTRICTIONS |
Schedule of actual and required capital ratios as well as the minimum capital adequacy requirements applicable generally to all financial institutions |
|  |  |  |  |  | Minimum required for |  | Minimum required to |
|  | Actual |  | capital adequacy purposes |  | be well-capitalized |
|  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio |
|  | (Dollars in thousands) |
Company |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 risk-based capital |  | $ | 609,394 |  | 22.5 | % | $ | 108,128 |  | 4.0 | % | $ | 162,192 |  | 6.0 | %
Total risk-based capital |  | 644,044 |  | 23.8 |  | 216,256 |  | 8.0 |  | 270,320 |  | 10.0 |
Leverage capital |  | 609,394 |  | 14.3 |  | 170,176 |  | 4.0 |  | 212,720 |  | 5.0 |
As of December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 risk-based capital |  | $ | 555,315 |  | 22.9 | % | $ | 96,845 |  | 4.0 | % | $ | 145,267 |  | 6.0 | %
Total risk-based capital |  | 586,802 |  | 24.2 |  | 193,690 |  | 8.0 |  | 242,112 |  | 10.0 |
Leverage capital |  | 555,315 |  | 13.8 |  | 161,218 |  | 4.0 |  | 201,522 |  | 5.0 |
Central Pacific Bank |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 risk-based capital |  | $ | 580,860 |  | 21.5 | % | $ | 108,229 |  | 4.0 | % | $ | 162,343 |  | 6.0 | %
Total risk-based capital |  | 615,523 |  | 22.7 |  | 216,457 |  | 8.0 |  | 270,572 |  | 10.0 |
Leverage capital |  | 580,860 |  | 13.6 |  | 170,274 |  | 4.0 |  | 212,843 |  | 5.0 |
As of December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 risk-based capital |  | $ | 524,057 |  | 21.6 | % | $ | 96,916 |  | 4.0 | % | $ | 145,375 |  | 6.0 | %
Total risk-based capital |  | 555,566 |  | 22.9 |  | 193,833 |  | 8.0 |  | 242,291 |  | 10.0 |
Leverage capital |  | 524,057 |  | 13.0 |  | 161,259 |  | 4.0 |  | 201,574 |  | 5.0 |
Schedule of condensed balance sheets | Central Pacific Financial Corp. Condensed Balance Sheets
|  | December 31, |
|  | 2012 |  | 2011 |
|  | (Dollars in thousands) |
Assets |  |  |  |  |
Cash and cash equivalents |  | $ | 46,686 |  | $ | 45,626 |
Investment securities available for sale |  | 906 |  | 970 |
Investment in subsidiary bank, at equity in underlying net assets |  | 581,248 |  | 530,173 |
Investment in other subsidiaries, at equity in underlying assets |  | 549 |  | 541 |
Accrued interest receivable and other assets |  | 6,845 |  | 7,410 |
Total assets |  | $ | 636,234 |  | $ | 584,720 |
Liabilities and Shareholders’ Equity |  |  |  |  |
Long-term debt |  | $ | 108,249 |  | $ | 108,249 |
Other liabilities |  | 23,163 |  | 20,031 |
Total liabilities |  | 131,412 |  | 128,280 |
Shareholders’ equity: |  |  |  |  |
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding 41,867,046 and 41,749,116 shares at December 31, 2012 and 2011, respectively |  | 784,512 |  | 784,539 |
Surplus |  | 70,567 |  | 66,585 |
Accumulated deficit |  | (349,427 | ) | (396,848 | )
Accumulated other comprehensive income (loss) |  | (830 | ) | 2,164 |
Total shareholders’ equity |  | 504,822 |  | 456,440 |
Total liabilities and shareholders’ equity |  | $ | 636,234 |  | $ | 584,720 |
Schedule of condensed statements of operations | Central Pacific Financial Corp. Condensed Statements of Operations
|  | Year Ended December 31, |
|  | 2012 |  | 2011 |  | 2010 |
|  | (Dollars in thousands) |
Income: |  |  |  |  |  |  |
Interest income: |  |  |  |  |  |  |
Interest and dividends on investment securities |  | $ | — |  | $ | — |  | $ | 11 |
Interest from subsidiary banks |  | 48 |  | 109 |  | 12 |
Other income |  | 9 |  | 1,047 |  | 107 |
Total income |  | 57 |  | 1,156 |  | 130 |
Expense: |  |  |  |  |  |  |
Interest on long-term debt |  | 3,687 |  | 3,392 |  | 3,324 |
Other expenses |  | 3,081 |  | 3,584 |  | 6,039 |
Total expenses |  | 6,768 |  | 6,976 |  | 9,363 |
Loss before income taxes and equity in undistributed income (loss) of subsidiaries |  | (6,711 | ) | (5,820 | ) | (9,233 | )
Income tax expense |  | — |  | — |  | — |
Loss before equity in undistributed income (loss) of subsidiaries |  | (6,711 | ) | (5,820 | ) | (9,233 | )
Equity in undistributed income (loss) of subsidiary bank |  | 54,124 |  | 42,377 |  | (241,720 | )
Equity in undistributed income of other subsidiaries |  | 8 |  | 14 |  | — |
Net income (loss) |  | $ | 47,421 |  | $ | 36,571 |  | $ | (250,953 | )
Schedule of condensed statements of cash flows | Central Pacific Financial Corp. Condensed Statements of Cash Flows
|  | Year Ended December 31, |
|  | 2012 |  | 2011 |  | 2010 |
|  | (Dollars in thousands) |
Cash flows from operating activities |  |  |  |  |  |  |
Net income (loss) |  | $ | 47,421 |  | $ | 36,571 |  | $ | (250,953 | )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Deferred income tax benefit |  | — |  | — |  | (73 | )
Equity in (income) loss of subsidiary bank |  | (54,124 | ) | (42,377 | ) | 241,720 |
Equity in undistributed income of other subsidiaries |  | (8 | ) | (14 | ) | — |
Share-based compensation |  | 90 |  | 153 |  | 56 |
Other, net |  | 7,681 |  | 4,755 |  | 8,904 |
Net cash provided by (used in) operating activities |  | 1,060 |  | (912 | ) | (346 | )
Cash flows from investing activities |  |  |  |  |  |  |
Proceeds from sales of investment securities available for sale |  | — |  | — |  | 335 |
Investment in subsidiary bank |  | — |  | (283,000 | ) | — |
Net cash provided by (used in) investing activities |  | — |  | (283,000 | ) | 335 |
Cash flows from financing activities |  |  |  |  |  |  |
Net proceeds from issuance of common stock and stock option exercises |  | — |  | 323,538 |  | (1,023 | )
Other, net |  | — |  | — |  | 147 |
Net cash provided by (used in) financing activities |  | — |  | 323,538 |  | (876 | )
Net increase (decrease) in cash and cash equivalents |  | 1,060 |  | 39,626 |  | (887 | )
Cash and cash equivalents |  |  |  |  |  |  |
At beginning of year |  | 45,626 |  | 6,000 |  | 6,887 |
At end of year |  | $ | 46,686 |  | $ | 45,626 |  | $ | 6,000 |

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