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PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS
 6 Months Ended
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