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PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables)

12 Months Ended

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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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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