XML 69 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.8

OTHER INTANGIBLE ASSETS | 6 Months Ended
--- | ---
Jun. 30, 2014
OTHER INTANGIBLE ASSETS |
OTHER INTANGIBLE ASSETS | 8. OTHER INTANGIBLE ASSETS Other intangible assets include a core deposit premium and mortgage servicing rights. The following table presents changes in other intangible assets for the six months ended June 30, 2014:
|  | Core |  | Mortgage |  |  |
|  | Deposit |  | Servicing |  |  |
|  | Premium |  | Rights |  | Total |
|  | (Dollars in thousands) |
Balance, beginning of period |  | $ | 12,704 |  | $ | 20,079 |  | $ | 32,783 |
Additions |  | — |  | 920 |  | 920 |
Amortization |  | (1,338 | ) | (1,220 | ) | (2,558 | )
Balance, end of period |  | $ | 11,366 |  | $ | 19,779 |  | $ | 31,145 |
Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.5 million and $0.9 million for the three and six months ended June 30, 2014, respectively, compared to $0.7 million and $1.6 million for the three and six months ended June 30, 2013, respectively. Amortization of mortgage servicing rights was $0.6 million and $1.2 million for the three and six months ended June 30, 2014, respectively, compared to $1.4 million and $3.0 million for the three and six months ended June 30, 2013, respectively. The following table presents the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights:
|  | Six Months Ended June 30, |
|  | 2014 |  | 2013 |
|  | (Dollars in thousands) |
Fair market value, beginning of period |  | $ | 21,399 |  | $ | 22,356 |
Fair market value, end of period |  | 20,341 |  | 21,427 |
Weighted average discount rate |  | 8.0 | % | 8.0 | %
Weighted average prepayment speed assumption |  | 15.1 |  | 14.5 |
The gross carrying value and accumulated amortization related to our intangible assets are presented below:
|  | June 30, 2014 |  | December 31, 2013 |
|  | Gross |  |  |  |  |  | Gross |  |  |  |  |
|  | Carrying |  | Accumulated |  |  |  | Carrying |  | Accumulated |  |  |
|  | Value |  | Amortization |  | Net |  | Value |  | Amortization |  | Net |
|  | (Dollars in thousands) |
Core deposit premium |  | $ | 44,642 |  | $ | (33,276 | ) | $ | 11,366 |  | $ | 44,642 |  | $ | (31,938 | ) | $ | 12,704 |
Mortgage servicing rights |  | 55,361 |  | (35,582 | ) | 19,779 |  | 54,441 |  | (34,362 | ) | 20,079 |
|  | $ | 100,003 |  | $ | (68,858 | ) | $ | 31,145 |  | $ | 99,083 |  | $ | (66,300 | ) | $ | 32,783 |
Based on the core deposit premium and mortgage servicing rights held as of June 30, 2014, estimated amortization expense for the remainder of fiscal 2014, the next five succeeding fiscal years and all years thereafter are as follows:
|  | Estimated Amortization Expense |
|  | Core |  | Mortgage |  |  |
|  | Deposit |  | Servicing |  |  |
|  | Premium |  | Rights |  | Total |
|  | (Dollars in thousands) |
2014 (remainder) |  | $ | 1,337 |  | $ | 1,976 |  | $ | 3,313 |
2015 |  | 2,674 |  | 2,686 |  | 5,360 |
2016 |  | 2,674 |  | 2,064 |  | 4,738 |
2017 |  | 2,674 |  | 1,595 |  | 4,269 |
2018 |  | 2,007 |  | 1,235 |  | 3,242 |
2019 |  | — |  | 932 |  | 932 |
Thereafter |  | — |  | 9,291 |  | 9,291 |
|  | $ | 11,366 |  | $ | 19,779 |  | $ | 31,145 |
We perform an impairment assessment of our other intangible assets whenever events or changes in circumstance indicate that the carrying value of those assets may not be recoverable. Our impairment assessments involve, among other valuation methods, the estimation of future cash flows and other methods of determining fair value. Estimating future cash flows and determining fair values is subject to judgment and often involves the use of significant estimates and assumptions. The variability of the factors we use to perform our impairment tests depend on a number of conditions, including the uncertainty about future events and cash flows. All such factors are interdependent and, therefore, do not change in isolation. Accordingly, our accounting estimates may materially change from period to period due to changing market factors.

X
- Details
Name: | cpf_OtherIntangibleAssetsAbstract
Namespace Prefix: | cpf_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration