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PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables)

12 Months Ended

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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Tabular disclosure of the capital amounts and ratios as of the balance sheet date, indicating whether the entity or entities are in compliance with regulatory capital requirements, by entity.

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-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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