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PARENT COMPANY AND REGULATORY RESTRICTIONS (Tables) | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of actual and required capital ratios as well as the minimum capital adequacy requirements applicable generally to all financial institutions | The following table sets forth actual and required capital and capital ratios for the Company and the bank, as well as the minimum capital adequacy requirements applicable generally to all financial institutions as of the dates indicated. The Company’s and the bank’s leverage capital, Tier 1, total risk-based capital ratios, and common equity Tier 1 (CET1) risk based capital as of December 31, 2015 were above the levels required for a “well-capitalized” regulatory designation.
| Actual |  | Minimum required for capital adequacy purposes |  | Minimum required to be well-capitalized
| Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
| (Dollars in thousands)
Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital | $ | 532,787 |  |  | 10.7 | % |  | $ | 199,350 |  |  | 4.0 | % |  | $ | 249,187 |  |  | 5.0 | %
Tier 1 risk-based capital | 532,787 |  |  | 14.4 |  |  | 221,808 |  |  | 6.0 |  |  | 295,745 |  |  | 8.0 |
Total risk-based capital | 579,651 |  |  | 15.7 |  |  | 295,745 |  |  | 8.0 |  |  | 369,681 |  |  | 10.0 |
CET1 risk-based capital | 472,698 |  |  | 12.8 |  |  | 166,356 |  |  | 4.5 |  |  | 240,292 |  |  | 6.5 |
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 |
Central Pacific Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage capital | 518,617 |  |  | 10.4 |  |  | 199,098 |  |  | 4.0 |  |  | 248,872 |  |  | 5.0 |
Tier 1 risk-based capital | 518,617 |  |  | 14.1 |  |  | 221,435 |  |  | 6.0 |  |  | 295,247 |  |  | 8.0 |
Total risk-based capital | 565,231 |  |  | 15.3 |  |  | 295,247 |  |  | 8.0 |  |  | 369,058 |  |  | 10.0 |
CET1 risk-based capital | 518,617 |  |  | 14.1 |  |  | 166,076 |  |  | 4.5 |  |  | 239,888 |  |  | 6.5 |
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 |
Schedule of condensed balance sheets |
| December 31,
| 2015 |  | 2014
| (Dollars in thousands)
Assets |  |  |  |  |
Cash and cash equivalents | $ | 12,559 |  |  | $ | 22,775 |
Investment securities available for sale | 917 |  |  | 877 |
Investment in subsidiary bank, at equity in underlying net assets | 551,156 |  |  | 612,505 |
Investment in other subsidiaries, at equity in underlying assets | — |  |  | — |
Accrued interest receivable and other assets | 24,560 |  |  | 26,136 |
Total assets | $ | 589,192 |  |  | $ | 662,293 |
Liabilities and Shareholders’ Equity |  |  |  |  |
Long-term debt | $ | 92,785 |  |  | $ | 92,785 |
Other liabilities | 1,768 |  |  | 1,467 |
Total liabilities | 94,553 |  |  | 94,252 |
Shareholders’ equity: |  |  |  |  |
Preferred stock, no par value, authorized 1,100,000 shares; issued and outstanding none at December 31, 2015 and 2014 | — |  |  | — |
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding 31,361,452 and 35,233,674 shares at December 31, 2015 and 2014, respectively | 548,878 |  |  | 642,205 |
Surplus | 82,847 |  |  | 79,716 |
Accumulated deficit | (137,314 | ) |  | (157,039 | )
Accumulated other comprehensive income (loss) | 203 |  |  | 3,159 |
Total shareholders’ equity | 494,614 |  |  | 568,041 |
Non-controlling interest | $ | 25 |  |  | $ | — |
Total Equity | $ | 494,639 |  |  | $ | 568,041 |
Total liabilities and shareholders’ equity | $ | 589,192 |  |  | $ | 662,293 |
Schedule of condensed statements of operations |
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| (Dollars in thousands)
Income: |  |  |  |  |  |  |  |
Dividends from subsidiary banks | $ | 111,765 |  |  | $ | 159,319 |  |  | $ | — |
Interest income: |  |  |  |  |  |  |  |
Interest from subsidiary banks | 9 |  |  | 16 |  |  | 30 |
Other income | 91 |  |  | 89 |  |  | 2,001 |
Total income | 111,865 |  |  | 159,424 |  |  | 2,031 |
Expense: |  |  |  |  |  |  |  |
Interest on long-term debt | 2,626 |  |  | 2,572 |  |  | 3,118 |
Other expenses | 2,551 |  |  | 2,262 |  |  | 2,679 |
Total expenses | 5,177 |  |  | 4,834 |  |  | 5,797 |
Gain (loss) before income taxes and equity in undistributed income of subsidiaries | 106,688 |  |  | 154,590 |  |  | (3,766 | )
Income tax expense (benefit) | 670 |  |  | (2,520 | ) |  | (31,891 | )
Income before equity in undistributed income of subsidiaries | 106,018 |  |  | 157,110 |  |  | 28,125 |
Equity in undistributed income (loss) of subsidiary bank | (60,150 | ) |  | (116,657 | ) |  | 143,945 |
Equity in undistributed income of other subsidiaries | — |  |  | — |  |  | 5 |
Net income | $ | 45,868 |  |  | $ | 40,453 |  |  | $ | 172,075 |
Schedule of condensed statements of cash flows |
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| (Dollars in thousands)
Cash flows from operating activities |  |  |  |  |  |  |  |
Net income | $ | 45,868 |  |  | $ | 40,453 |  |  | $ | 172,075 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |
Deferred income tax expense (benefit) | 670 |  |  | (2,520 | ) |  | (25,707 | )
Equity in undistributed income (loss) of subsidiary bank | 60,150 |  |  | 116,657 |  |  | (143,945 | )
Equity in undistributed income of other subsidiaries | — |  |  | — |  |  | (5 | )
Share-based compensation | 1,429 |  |  | 4,218 |  |  | 4,931 |
Accrued interest payable | — |  |  | — |  |  | (11,919 | )
Other, net | 983 |  |  | (923 | ) |  | (362 | )
Net cash provided by (used in) operating activities | 109,100 |  |  | 157,885 |  |  | (4,932 | )
Cash flows from investing activities |  |  |  |  |  |  |  |
Distributions 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 | 360 |  |  | 74 |  |  | 74 |
Repayments of long-term debt | — |  |  | — |  |  | (15,464 | )
Repurchases of common stock | (93,533 | ) |  | (142,405 | ) |  | — |
Dividends paid | (26,143 | ) |  | (13,405 | ) |  | (6,735 | )
Net cash used in financing activities | (119,316 | ) |  | (155,736 | ) |  | (22,125 | )
Net increase (decrease) in cash and cash equivalents | (10,216 | ) |  | 3,146 |  |  | (27,057 | )
Cash and cash equivalents |  |  |  |  |  |  |  |
At beginning of year | 22,775 |  |  | 19,629 |  |  | 46,686 |
At end of year | $ | 12,559 |  |  | $ | 22,775 |  |  | $ | 19,629 |

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