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PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables)

12 Months Ended

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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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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