PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

3 Months Ended

Mar. 31, 2018

PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

15. 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 March 31,
(dollars in thousands)	2018			2017
Interest cost	$	231		$	229
Expected return on plan assets	(259		)	(264		)
Amortization of net actuarial loss	298			296
Net periodic cost	$	270		$	261

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 for the periods indicated:



	Three Months Ended March 31,
(dollars in thousands)	2018		2017
Interest cost	$	97	$	115
Amortization of net actuarial loss	43		26
Amortization of net transition obligation	5		4
Amortization of prior service cost	5		4
Net periodic cost	$	150	$	149

All components of net periodic benefit cost are included in salaries and employee benefits in the Company's consolidated statements of income.