XML 51 R37.htm IDEA: XBRL DOCUMENT
v3.3.1.900

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
EMPLOYEE BENEFIT PLANS [Abstract] |
Obligation and net funded status | The following table sets forth the obligation and funded status as of December 31 (in thousands):
|  |  | 2015 |  | 2014
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year | $ | 11,777 | $ | 9,739
Benefit obligation acquired as part of FNB acquisition | 6,377 |  | -
Service cost |  | 352 |  | 307
Interest cost |  | 424 |  | 415
Actuarial (Gain) / Loss |  | (456) |  | 1,645
Benefits paid |  | (665) |  | (329)
Benefit obligation at end of year |  | 17,809 |  | 11,777
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | 11,039 |  | 10,519
Fair value of plan assets at acquisition |  | 4,053 |  | -
Actual return (loss) on plan assets |  | (41) |  | 549
Employer contribution |  | 400 |  | 300
Benefits paid |  | (665) |  | (329)
Fair value of plan assets at end of year |  | 14,786 |  | 11,039
Funded status | $ | (3,023) | $ | (738)
Amounts not yet recognized as a component of net periodic pension cost (in thousands):
Amounts recognized in accumulated other |  |  |  |
comprehensive loss consists of: |  | 2015 |  | 2014
| Net loss | $ | 3,919 | $ | 3,795
| Prior service cost |  | (222) |  | (270)
Total | $ | 3,697 | $ | 3,525
Components of net periodic benefit costs | The components of net periodic benefit costs for the years ended December 31 are as follows (in thousands):
|  |  | 2015 |  | 2014 |  | 2013
Service cost | $ | 352 | $ | 307 | $ | 342
Interest cost |  | 424 |  | 415 |  | 363
Return on plan assets |  | (791) |  | (786) |  | (673)
Net amortization and deferral |  | 205 |  | 51 |  | 257
Net periodic benefit cost | $ | 190 | $ | (13) | $ | 289
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost (income) | The weighted-average assumptions used to determine benefit obligations at December 31, 2015 and 2014 is summarized in the following table. The change in the discount rate is the primary driver of the actuarial gain that occurred in 2015 of $456,000.
|  |  | 2015 |  | 2014
Discount rate |  | 3.94% |  | 3.50%
Rate of compensation increase |  | 3.00% |  | 3.00%
The weighted-average assumptions used to determine net periodic benefit cost (income) for the year ended December 31:
|  |  | 2015 |  | 2014 |  | 2013
Discount rate |  | 3.61% |  | 4.30% |  | 3.30%
Expected long-term return on plan assets |  | 7.00% |  | 7.50% |  | 7.50%
Rate of compensation increase |  | 3.00% |  | 3.00% |  | 3.00%
Fair value of plan assets | The following table sets forth by level, within the fair value hierarchy as defined in footnote 17, the Plan’s assets at fair value as of December 31, 2015 and 2014 (in thousands):
2015 |  | Level I |  | Level II |  | Level III |  | Total | Allocation
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ 1,704 |  | $ - |  | $ - |  | $ 1,704 | 11.5%
Equity Securities |  |  |  |  |  |  |  |  |
U.S. Companies |  | 3,821 |  | - |  | - |  | 3,821 | 25.8%
Mutual Funds and ETF's |  | 6,085 |  | - |  | - |  | 6,085 | 41.3%
Corporate Bonds |  | - |  | 3,019 |  | - |  | 3,019 | 20.4%
Municipal Bonds |  | - |  | 107 |  | - |  | 107 | 0.7%
U.S. Agency Securities |  | - |  | 50 |  | - |  | 50 | 0.3%
Total |  | $ 11,610 |  | $ 3,176 |  | $ - |  | $ 14,786 | 100.0%
2014 |  | Level I |  | Level II |  | Level III |  | Total | Allocation
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ 516 |  | $ - |  | $ - |  | $ 516 | 4.7%
Equity Securities |  |  |  |  |  |  |  |  |
U.S. Companies |  | 3,761 |  | - |  | - |  | 3,761 | 34.0%
Mutual Funds and ETF's |  | 3,960 |  | - |  | - |  | 3,960 | 35.9%
Corporate Bonds |  | - |  | 2,604 |  | - |  | 2,604 | 23.6%
U.S. Agency Securities |  | - |  | 198 |  | - |  | 198 | 1.8%
Total |  | $ 8,237 |  | $ 2,802 |  | $ - |  | $ 11,039 | 100.0%
Expected future benefit payments | The Bank expects to contribute $500,000 to its pension plans in 2016. Expected future benefit payments that the Bank estimates from its pension plan are as follows (in thousands):
2016 |  | $ 586
2017 |  | 710
2018 |  | 653
2019 |  | 2,134
2020 |  | 1,536
2021 - 2025 |  | 6,573
Schedule of vesting, awarding and forfeiting of restricted shares | The following table details the vesting, awarding and forfeiting of restricted shares during 2015:
| 2015
|  | Weighted
|  | Average
| Shares | Market Price
Outstanding, beginning of year | 6,971 | $ 48.55
Granted | 4,996 | 49.02
Forfeited | (139) | 51.49
Vested | (3,559) | 45.76
Outstanding, end of year | 8,269 | $ 49.98

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration