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EQUITY
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
EQUITY
13. EQUITY
 
As a Hawaii state-chartered bank, Central Pacific Bank may only pay dividends to the extent it has retained earnings as defined under Hawaii banking law ("Statutory Retained Earnings"), which differs from GAAP retained earnings. As of December 31, 2021, the bank had Statutory Retained Earnings of $114.0 million.
 
Dividends are payable at the discretion of the Board of Directors and there can be no assurance that the Board of Directors will continue to pay dividends at the same rate, or at all, in the future. Our ability to pay cash dividends to our shareholders is subject to restrictions under federal and Hawaii law, including restrictions imposed by the FRB and covenants set forth in various agreements we are a party to, including covenants set forth in our subordinated debentures.

We repurchase shares of our common stock when we believe such repurchases are in the best interests of the Company. In March 2020, the Company temporarily suspended the Repurchase Plan due to uncertainty in the wake of the current COVID-19 pandemic.

In January 2021, the Company’s Board of Directors authorized the repurchase of up to $25.0 million of its common stock from time to time in the open market or in privately negotiated transactions, pursuant to a newly authorized share repurchase program (the "2021 Repurchase Plan"). The 2021 Repurchase Plan replaced and superseded in its entirety the share repurchase program previously approved by the Company's Board of Directors, which had $26.6 million in remaining repurchase authority. The Company's 2021 Repurchase Plan is subject to a one year expiration.

In the year ended December 31, 2021, a total of 696,894 shares of common stock, at a cost of $18.7 million, were repurchased under the 2021 Repurchase Plan. A total of $6.3 million remained available for repurchase under the 2021 Repurchase Plan at December 31, 2021.

In the year ended December 31, 2020, 206,802 shares of common stock, at a cost of $4.7 million, were repurchased under the Company's share repurchase program.