PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

9 Months Ended

Sep. 30, 2016

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)	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