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PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables) | 12 Months Ended
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Dec. 31, 2013
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, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital |  | $ | 632,724 |  | 13.7 | % | $ | 184,995 |  | 4.0 | % | $ | 231,244 |  | 5.0 | %
Tier 1 risk-based capital |  | 632,724 |  | 20.3 |  | 124,671 |  | 4.0 |  | 187,007 |  | 6.0 |
Total risk-based capital |  | 672,317 |  | 21.6 |  | 249,343 |  | 8.0 |  | 311,678 |  | 10.0 |
As of December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital |  | $ | 609,394 |  | 14.3 | % | $ | 170,176 |  | 4.0 | % | $ | 212,720 |  | 5.0 | %
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 |
Central Pacific Bank |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital |  | $ | 610,753 |  | 13.2 | % | $ | 184,736 |  | 4.0 | % | $ | 230,920 |  | 5.0 | %
Tier 1 risk-based capital |  | 610,753 |  | 19.6 |  | 124,425 |  | 4.0 |  | 186,637 |  | 6.0 |
Total risk-based capital |  | 650,216 |  | 20.9 |  | 248,850 |  | 8.0 |  | 311,062 |  | 10.0 |
As of December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital |  | $ | 580,860 |  | 13.6 | % | $ | 170,274 |  | 4.0 | % | $ | 212,843 |  | 5.0 | %
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 |
Schedule of condensed balance sheets |
|  | December 31, |
|  | 2013 |  | 2012 |
|  | (Dollars in thousands) |
Assets |  |  |  |  |
Cash and cash equivalents |  | $ | 19,629 |  | $ | 46,686 |
Investment securities available for sale |  | 875 |  | 906 |
Investment in subsidiary bank, at equity in underlying net assets |  | 710,122 |  | 581,248 |
Investment in other subsidiaries, at equity in underlying assets |  | 554 |  | 549 |
Accrued interest receivable and other assets |  | 23,202 |  | 6,845 |
Total assets |  | $ | 754,382 |  | $ | 636,234 |
Liabilities and Shareholders’ Equity |  |  |  |  |
Long-term debt |  | $ | 92,785 |  | $ | 108,249 |
Other liabilities |  | 1,484 |  | 23,163 |
Total liabilities |  | 94,269 |  | 131,412 |
Shareholders’ equity: |  |  |  |  |
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding none at December 31, 2013 and 2012 |  | — |  | — |
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding 42,112,633 and 41,867,046 shares at December 31, 2013 and 2012, respectively |  | 784,547 |  | 784,512 |
Surplus |  | 75,498 |  | 70,567 |
Accumulated deficit |  | (184,087 | ) | (349,427 | )
Accumulated other comprehensive loss |  | (15,845 | ) | (830 | )
Total shareholders’ equity |  | 660,113 |  | 504,822 |
Total liabilities and shareholders’ equity |  | $ | 754,382 |  | $ | 636,234 |
Schedule of condensed statements of operations |
|  | Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (Dollars in thousands) |
Income: |  |  |  |  |  |  |
Interest income: |  |  |  |  |  |  |
Interest from subsidiary banks |  | $ | 30 |  | $ | 48 |  | $ | 109 |
Other income |  | 2,001 |  | 9 |  | 1,047 |
Total income |  | 2,031 |  | 57 |  | 1,156 |
Expense: |  |  |  |  |  |  |
Interest on long-term debt |  | 3,118 |  | 3,687 |  | 3,392 |
Other expenses |  | 2,679 |  | 3,081 |  | 3,584 |
Total expenses |  | 5,797 |  | 6,768 |  | 6,976 |
Loss before income taxes and equity in undistributed income of subsidiaries |  | (3,766 | ) | (6,711 | ) | (5,820 | )
Income tax benefit |  | (31,891 | ) | — |  | — |
Income (loss) before equity in undistributed income of subsidiaries |  | 28,125 |  | (6,711 | ) | (5,820 | )
Equity in undistributed income of subsidiary bank |  | 143,945 |  | 54,124 |  | 42,377 |
Equity in undistributed income of other subsidiaries |  | 5 |  | 8 |  | 14 |
Net income |  | $ | 172,075 |  | $ | 47,421 |  | $ | 36,571 |
Schedule of condensed statements of cash flows |
|  | Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (Dollars in thousands) |
Cash flows from operating activities |  |  |  |  |  |  |
Net income |  | $ | 172,075 |  | $ | 47,421 |  | $ | 36,571 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Deferred income tax benefit |  | (19,440 | ) | — |  | — |
Equity in income of subsidiary bank |  | (143,945 | ) | (54,124 | ) | (42,377 | )
Equity in undistributed income of other subsidiaries |  | (5 | ) | (8 | ) | (14 | )
Share-based compensation |  | 4,931 |  | 90 |  | 153 |
Other, net |  | (18,548 | ) | 7,681 |  | 4,755 |
Net cash provided by (used in) operating activities |  | (4,932 | ) | 1,060 |  | (912 | )
Cash flows from investing activities |  |  |  |  |  |  |
Investment in subsidiary bank |  | — |  | — |  | (283,000 | )
Distribution from unconsolidated subsidiaries |  | 9,000 |  | — |  | — |
Contributions to unconsolidated subsidiaries |  | (9,000 | ) | — |  | — |
Net cash used in investing activities |  | — |  | — |  | (283,000 | )
Cash flows from financing activities |  |  |  |  |  |  |
Net proceeds from issuance of common stock and stock option exercises |  | 74 |  | — |  | 323,538 |
Repayments of long-term debt |  | (15,464 | ) | — |  | — |
Dividends paid |  | (6,735 | ) | — |  | — |
Net cash provided by (used in) financing activities |  | (22,125 | ) | — |  | 323,538 |
Net increase (decrease) in cash and cash equivalents |  | (27,057 | ) | 1,060 |  | 39,626 |
Cash and cash equivalents |  |  |  |  |  |  |
At beginning of year |  | 46,686 |  | 45,626 |  | 6,000 |
At end of year |  | $ | 19,629 |  | $ | 46,686 |  | $ | 45,626 |

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