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PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 6 Months Ended
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Jun. 30, 2017
Retirement Benefits [Abstract] |
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 14. 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 for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
Interest cost | $ | 233 |  |  | $ | 344 |  |  | $ | 462 |  |  | $ | 687 |
Expected return on plan assets | (264 | ) |  | (439 | ) |  | (528 | ) |  | (878 | )
Amortization of net actuarial loss | 300 |  |  | 354 |  |  | 596 |  |  | 708 |
Net periodic cost | $ | 269 |  |  | $ | 259 |  |  | $ | 530 |  |  | $ | 517 |
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. In the second quarter of 2017, the Company settled a portion of the SERP obligation of a former executive. As a result of the settlement, the Company remeasured the related SERP obligation and net periodic benefit cost and recognized a pro-rata net actuarial loss of $0.1 million in SERP expense and other comprehensive income. The following table sets forth the components of net periodic benefit cost for the SERPs for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
Interest cost | $ | 100 |  |  | $ | 117 |  |  | $ | 215 |  |  | $ | 233 |
Amortization of net actuarial loss | 25 |  |  | 12 |  |  | 51 |  |  | 25 |
Amortization of net transition obligation | 5 |  |  | 4 |  |  | 9 |  |  | 8 |
Amortization of prior service cost | 4 |  |  | 5 |  |  | 8 |  |  | 10 |
Settlement | 138 |  |  | — |  |  | 138 |  |  | — |
Net periodic cost | $ | 272 |  |  | $ | 138 |  |  | $ | 421 |  |  | $ | 276 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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