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PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 9 Months Ended
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Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract] |
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 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) | 2016 |  | 2015 |  | 2016 |  | 2015
Interest cost | $ | 343 |  |  | $ | 349 |  |  | $ | 1,030 |  |  | $ | 1,045 |
Expected return on plan assets | (438 | ) |  | (471 | ) |  | (1,316 | ) |  | (1,415 | )
Amortization of net actuarial loss | 353 |  |  | 392 |  |  | 1,061 |  |  | 1,178 |
Net periodic cost | $ | 258 |  |  | $ | 270 |  |  | $ | 775 |  |  | $ | 808 |
Our bank also established Supplemental Executive Retirement Plans (“SERPs”), which provide certain (current and former) officers of our bank with supplemental retirement benefits. We have not entered into a SERP since December 31, 2008. 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) | 2016 |  | 2015 |  | 2016 |  | 2015
Interest cost | $ | 117 |  |  | $ | 110 |  |  | $ | 350 |  |  | $ | 330 |
Amortization of net actuarial loss | 13 |  |  | 27 |  |  | 38 |  |  | 82 |
Amortization of net transition obligation | 4 |  |  | 4 |  |  | 12 |  |  | 12 |
Amortization of prior service cost | 4 |  |  | 5 |  |  | 14 |  |  | 15 |
Net periodic cost | $ | 138 |  |  | $ | 146 |  |  | $ | 414 |  |  | $ | 439 |

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