PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

Central Pacific Bank has a defined benefit retirement plan (the “Pension Plan”) which covers certain eligible employees. The plan was curtailed effective December 31, 2002, and accordingly, plan benefits were fixed as of that date. The following table sets forth the components of net periodic benefit cost for the Pension Plan:



	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2015			2014			2015			2014
Interest cost	$	349		$	366		$	1,045		$	1,098
Expected return on plan assets	(471		)	(524		)	(1,415		)	(1,572		)
Amortization of net actuarial losses	392			304			1,178			912
Net periodic cost	$	270		$	146		$	808		$	438

Our bank also established Supplemental Executive Retirement Plans (“SERPs”), which provide certain (current and former) officers of our bank with supplemental retirement benefits. The following table sets forth the components of net periodic benefit cost for the SERPs:



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2015		2014		2015		2014
Interest cost	$	110	$	113	$	330	$	339
Amortization of net actuarial losses	27		1		82		3
Amortization of net transition obligation	4		4		12		12
Amortization of prior service cost	5		5		15		15
Net periodic cost	$	146	$	123	$	439	$	369