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PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 12. SUPPLEMENTAL EXECUTIVE RETIREMENT AND DEFINED BENEFIT RETIREMENT PLANS Supplemental Executive Retirement Plans In 1995, 2001, 2004 and 2006, our bank also established Supplemental Executive Retirement Plans ("SERPs"), which provide certain (current and former) officers of the Company with supplemental retirement benefits. On December 31, 2002, the 1995 and 2001 SERP were curtailed. In conjunction with the merger with CB Bancshares, Inc. ("CBBI"), we assumed CBBI's SERP obligation. The projected benefit obligation of the unfunded SERPs is recorded in other liabilities on the Company's consolidated balance sheets. The projected benefit obligation was $9.2 million at March 31, 2023, which remained relatively unchanged from $9.2 million at December 31, 2022. 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) | 2023 |  | 2022 |  |  |  |
Interest cost | $ | 112 |  |  | $ | 75 |  |  |  |  |
Amortization of net actuarial (gain) loss | (19) |  |  | 21 |  |  |  |  |
Amortization of net transition obligation | 2 |  |  | 4 |  |  |  |  |
Net periodic benefit cost | $ | 95 |  |  | $ | 100 |  |  |  |  |
All components of net periodic benefit cost are included in other operating expenses in the Company's consolidated statements of income. Defined Benefit Retirement Plan Central Pacific Bank had a defined benefit retirement plan that covered substantially all of its employees who were employed during the period that the plan was in effect. The plan was initially curtailed in 1986, and accordingly, plan benefits were fixed as of that date. Effective January 1, 1991, the bank reactivated its defined benefit retirement plan. As a result of the reactivation, employees for whom benefits were fixed in 1986 began to accrue additional benefits under a new formula that became effective January 1, 1991. Employees who were not participants at curtailment, but who were subsequently eligible to join, became participants effective January 1, 1991. Under the reactivated plan, benefits are based upon the employees' years of service and their highest average annual salaries in a 60-consecutive-month period of service, reduced by benefits provided from the bank's terminated money purchase pension plan. The reactivation of the defined benefit retirement plan resulted in an increase of $5.9 million in the unrecognized prior service cost, which was amortized over a period of 13 years. Effective December 31, 2002, the bank curtailed its defined benefit retirement plan, and accordingly, plan benefits were fixed as of that date. In January 2021, the Board of Directors approved termination of, and authorized Company management to commence taking action to terminate, the defined benefit retirement plan. The Company received a favorable determination letter from the IRS and no objection from the Pension Benefit Guaranty Corporation on the Form 500 standard termination notice in January 2022. The Company completed the termination and settlement of the defined benefit retirement plan in the second quarter of 2022. Upon final plan termination and settlement, the Company recognized a one-time noncash settlement charge of $4.9 million which was recorded in other operating expense. As of March 31, 2023, the Company has no further defined benefit retirement plan liability or ongoing pension expense recognition. The following table sets forth the components of net periodic benefit cost for the defined benefit retirement plan for the periods indicated:
| Three Months Ended March 31, |  |
(dollars in thousands) | 2023 |  | 2022 |  |  |  |
Interest cost | $ | — |  |  | $ | — |  |  |  |  |
Expected return on plan assets | — |  |  | (12) |  |  |  |  |
Amortization of net actuarial loss | — |  |  | 112 |  |  |  |  |
Settlement | — |  |  | — |  |  |  |  |
Net periodic benefit cost | $ | — |  |  | $ | 100 |  |  |  |  |

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