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PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 6 Months Ended
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Jun. 30, 2013
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 |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (Dollars in thousands) |  |  |  |  |
Interest cost |  | $ | 348 |  | $ | 398 |  | $ | 696 |  | $ | 796 |
Expected return on assets |  | (470 | ) | (447 | ) | (940 | ) | (894 | )
Amortization of unrecognized loss |  | 599 |  | 581 |  | 1,198 |  | 1,162 |
Net periodic cost |  | $ | 477 |  | $ | 532 |  | $ | 954 |  | $ | 1,064 |
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 |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (Dollars in thousands) |
Service cost |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Interest cost |  | 103 |  | 107 |  | 206 |  | 214 |
Amortization of unrecognized transition obligation |  | 4 |  | 4 |  | 8 |  | 8 |
Amortization of prior service cost |  | 5 |  | 5 |  | 10 |  | 10 |
Amortization of unrecognized (gain) loss |  | 18 |  | (1 | ) | 36 |  | (2 | )
Net periodic cost |  | $ | 130 |  | $ | 115 |  | $ | 260 |  | $ | 230 |

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