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Employee benefit plans | 9 Months Ended
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Sep. 30, 2017
Employee benefit plans |
Employee benefit plans | 8. Employee benefit plans: The Company provides an Employee Stock Ownership Plan (“ESOP”) and a Retirement Profit Sharing Plan. The Company also maintains a Supplemental Executive Retirement Plan (“SERP”) and an Employees’ Pension Plan, which is currently frozen. For the three and nine months ended September 30, salaries and employee benefits expense includes approximately $311 and $982 in 2017 and $240 and $843 in 2016 relating to the employee benefit plans. Components of net periodic benefit cost are as follows:
|  | Pension Benefits |
Three Months Ended September 30, |  | 2017 |  | 2016 |
Components of net periodic pension cost: |  |  |  |  |  |  |
Interest cost |  | $ | 217 |  | $ | 166 |
Expected return on plan assets |  |  | (305) |  |  | (223) |
Amortization of unrecognized net gain |  |  | 65 |  |  | 52 |
Net periodic other benefit cost |  | $ | (23) |  | $ | (5) |
|  | Pension Benefits
Nine Months Ended September 30, |  | 2017 |  | 2016 |
Components of net periodic pension cost: |  |  |  |  |  |  |
Interest cost |  | $ | 433 |  | $ | 499 |
Expected return on plan assets |  |  | (610) |  |  | (670) |
Amortization of unrecognized net gain |  |  | 130 |  |  | 156 |
Net periodic other benefit cost |  | $ | (47) |  | $ | (15) |
The 2008 long-term incentive plan (“2008 Plan”) allows for eligible participants to be granted equity awards. The plan was a legacy plan of Penseco Financial Services Corporation. Under the 2008 Plan the Compensation Committee of the board of directors has broad authority with respect to awards granted under the 2008 Plan, including, without limitation, the authority to:
| · |  | Designate the individuals eligible to receive awards under the 2008 Plan.
| · |  | Determine the size, type and date of grant for individual awards, provided that awards approved by the Committee are not effective unless and until ratified by the board of directors.
| · |  | Interpret the 2008 Plan and award agreements issued with respect to individual participants.
In May 2017, the Company’s stockholders approved the 2017 equity incentive plan (“2017 Plan”). The 2017 Plan allows for eligible participants to be granted equity awards. Under the 2017 Plan the Compensation Committee of the board of directors has the authority to, among other things:
| · |  | Select the persons to be granted awards under the 2017 Plan.
| · |  | Determine the type, size and term of awards.
| · |  | Determine whether such performance objectives and conditions have been met.
| · |  | Accelerate the vesting or excercisability of an award.
Persons eligible to receive awards under the 2008 and 2017 Plans include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries, except that incentive stock option may be granted only to individuals who are employees on the date of grant. As of September 30, 2017, there were 120,116 shares of the Company’s common stock available for grant as awards pursuant to the 2008 Plan and there were 98,462 shares of the Company’s common stock available for grant as awards pursuant to the 2017 Plan. The 2008 Plan will expire in January 2018. While the 2008 Plan will remain in effect in accordance with its terms to govern outstanding awards under that plan, the Company intends to make future grants under the 2017 Plan. If any outstanding awards are forfeited by the holder or canceled by the Company, the underlying shares would be available for regrant to others. The 2008 Plan authorizes grants of stock options, stock appreciation rights, dividend equivalents, performance awards, restricted stock and restricted stock units. The 2017 Plan authorizes grants of stock options, stock appreciation rights, cash awards, performance awards, restricted stock and restricted stock units. In 2017, the Company awarded 2,020 shares of non-performance-based restricted stock, bringing the total of nonvested restricted stock awards to 14,382 shares, and 7,071 performance-based restricted stock units under the 2008 Plan. Also in 2017, the Company awarded 342 shares of non-performance based restricted stock and 1,196 performance based restricted stock units under the 2017 Plan. In 2016, the Company did not make any awards under the 2008 Plan. The non-performance restricted stock grants made in 2017 vest equally over three years from the grant date. Grants of restricted stock made in prior periods cliff vest after five years. The performance-based restricted stock units vest three years after the grant date and include conditions based on the Company’s three year cumulative diluted earnings per share and three-year average return on equity that determines the number of restricted stock units that may vest. The Company expenses the fair value of all-share based compensation over the requisite service period commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria. The Company classifies share-based compensation for employees within “salaries and employee benefits expense” on the Consolidated Statements of Income and Comprehensive Income. The Company recognized compensation expense of $41 and $89 for the three and nine months ended September 30, 2017 and did not recognize any compensation expense for the three and nine months ended September 30, 2016 for awards granted under the 2008 Plan. As of September 30, 2017, the Company had $338 of unrecognized compensation expense associated with awards. The remaining cost is expected to be recognized over a weighted average vesting period of 2.5 years.

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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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