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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

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