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PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables) | 12 Months Ended
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Dec. 31, 2014
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, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital |  | $ | 562,063 |  | 12.0 | % | $ | 186,922 |  | 4.0 | % | $ | 233,652 |  | 5.0 | %
Tier 1 risk-based capital |  | 562,063 |  | 17.0 |  | 132,475 |  | 4.0 |  | 198,712 |  | 6.0 |
Total risk-based capital |  | 603,939 |  | 18.2 |  | 264,949 |  | 8.0 |  | 331,187 |  | 10.0 |
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 |  | 124,854 |  | 4.0 |  | 187,282 |  | 6.0 |
Total risk-based capital |  | 672,374 |  | 21.5 |  | 249,709 |  | 8.0 |  | 312,136 |  | 10.0 |
Central Pacific Bank |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital |  | $ | 540,273 |  | 11.6 | % | $ | 186,828 |  | 4.0 | % | $ | 233,535 |  | 5.0 | %
Tier 1 risk-based capital |  | 540,273 |  | 16.3 |  | 132,376 |  | 4.0 |  | 198,564 |  | 6.0 |
Total risk-based capital |  | 582,068 |  | 17.6 |  | 264,752 |  | 8.0 |  | 330,940 |  | 10.0 |
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 |  | 124,608 |  | 4.0 |  | 186,912 |  | 6.0 |
Total risk-based capital |  | 650,273 |  | 20.9 |  | 249,216 |  | 8.0 |  | 311,520 |  | 10.0 |
Schedule of condensed balance sheets | Central Pacific Financial Corp. Condensed Balance Sheets
|  | December 31, |
|  | 2014 |  | 2013 |
|  | (Dollars in thousands) |
Assets |  |  |  |  |
Cash and cash equivalents |  | $ | 22,775 |  | $ | 19,629 |
Investment securities available for sale |  | 877 |  | 875 |
Investment in subsidiary bank, at equity in underlying net assets |  | 612,505 |  | 710,122 |
Investment in other subsidiaries, at equity in underlying assets |  | — |  | 554 |
Accrued interest receivable and other assets |  | 26,136 |  | 23,202 |
Total assets |  | $ | 662,293 |  | $ | 754,382 |
Liabilities and Shareholders’ Equity |  |  |  |  |
Long-term debt |  | $ | 92,785 |  | $ | 92,785 |
Other liabilities |  | 1,467 |  | 1,484 |
Total liabilities |  | 94,252 |  | 94,269 |
Shareholders’ equity: |  |  |  |  |
Preferred stock, no par value, authorized 1,100,000 shares; issued and outstanding none at December 31, 2014 and 2013 |  | — |  | — |
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding 35,233,674 and 42,107,633 shares at December 31, 2014 and 2013, respectively |  | 642,205 |  | 784,547 |
Surplus |  | 79,716 |  | 75,498 |
Accumulated deficit |  | (157,039 | ) | (184,087 | )
Accumulated other comprehensive income (loss) |  | 3,159 |  | (15,845 | )
Total shareholders’ equity |  | 568,041 |  | 660,113 |
Total liabilities and shareholders’ equity |  | $ | 662,293 |  | $ | 754,382 |
Schedule of condensed statements of operations | Central Pacific Financial Corp. Condensed Statements of Income
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
|  | (Dollars in thousands) |
Income: |  |  |  |  |  |  |
Dividends from subsidiary banks |  | $ | 159,319 |  | $ | — |  | $ | — |
Interest income: |  |  |  |  |  |  |
Interest from subsidiary banks |  | 16 |  | 30 |  | 48 |
Other income |  | 89 |  | 2,001 |  | 9 |
Total income |  | 159,424 |  | 2,031 |  | 57 |
Expense: |  |  |  |  |  |  |
Interest on long-term debt |  | 2,572 |  | 3,118 |  | 3,687 |
Other expenses |  | 2,262 |  | 2,679 |  | 3,081 |
Total expenses |  | 4,834 |  | 5,797 |  | 6,768 |
Gain (loss) before income taxes and equity in undistributed income of subsidiaries |  | 154,590 |  | (3,766 | ) | (6,711 | )
Income tax benefit |  | (2,520 | ) | (31,891 | ) | — |
Income (loss) before equity in undistributed income of subsidiaries |  | 157,110 |  | 28,125 |  | (6,711 | )
Equity in undistributed income (loss) of subsidiary bank |  | (116,657 | ) | 143,945 |  | 54,124 |
Equity in undistributed income of other subsidiaries |  | — |  | 5 |  | 8 |
Net income |  | $ | 40,453 |  | $ | 172,075 |  | $ | 47,421 |
Schedule of condensed statements of cash flows | Central Pacific Financial Corp. Condensed Statements of Cash Flows
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
|  | (Dollars in thousands) |
Cash flows from operating activities |  |  |  |  |  |  |
Net income |  | $ | 40,453 |  | $ | 172,075 |  | $ | 47,421 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Deferred income tax benefit |  | (2,520 | ) | (25,707 | ) | — |
Equity in undistributed income (loss) of subsidiary bank |  | 116,657 |  | (143,945 | ) | (54,124 | )
Equity in undistributed income of other subsidiaries |  | — |  | (5 | ) | (8 | )
Share-based compensation |  | 4,218 |  | 4,931 |  | 90 |
Accrued interest payable |  | — |  | (11,919 | ) | 3,687 |
Other, net |  | (923 | ) | (362 | ) | 3,994 |
Net cash provided by (used in) operating activities |  | 157,885 |  | (4,932 | ) | 1,060 |
Cash flows from investing activities |  |  |  |  |  |  |
Distribution from unconsolidated subsidiaries |  | 479 |  | 9,000 |  | — |
Contributions to unconsolidated subsidiaries |  | 518 |  | (9,000 | ) | — |
Net cash provided by investing activities |  | 997 |  | — |  | — |
Cash flows from financing activities |  |  |  |  |  |  |
Net proceeds from issuance of common stock and stock option exercises |  | 74 |  | 74 |  | — |
Repayments of long-term debt |  | — |  | (15,464 | ) | — |
Repurchases of common stock |  | (142,405 | ) | — |  | — |
Dividends paid |  | (13,405 | ) | (6,735 | ) | — |
Net cash used in financing activities |  | (155,736 | ) | (22,125 | ) | — |
Net increase (decrease) in cash and cash equivalents |  | 3,146 |  | (27,057 | ) | 1,060 |
Cash and cash equivalents |  |  |  |  |  |  |
At beginning of year |  | 19,629 |  | 46,686 |  | 45,626 |
At end of year |  | $ | 22,775 |  | $ | 19,629 |  | $ | 46,686 |

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