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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2016
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):
|  | 2016 |  |  | 2015 |
Change in benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 17,809 |  |  | $ | 11,777 |
Benefit obligation acquired as part of FNB acquisition |  |  | - |  |  |  | 6,377 |
Service cost |  |  | 345 |  |  |  | 352 |
Interest cost |  |  | 692 |  |  |  | 424 |
Actuarial (Gain) / Loss |  |  | 439 |  |  |  | (456 | )
Benefits paid |  |  | (682 | ) |  |  | (665 | )
Benefit obligation at end of year |  |  | 18,603 |  |  |  | 17,809 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 14,786 |  |  |  | 11,039 |
Fair value of plan assets at acquisition |  |  | - |  |  |  | 4,053 |
Actual return (loss) on plan assets |  |  | 864 |  |  |  | (41 | )
Employer contribution |  |  | 818 |  |  |  | 400 |
Benefits paid |  |  | (682 | ) |  |  | (665 | )
Fair value of plan assets at end of year |  |  | 15,786 |  |  |  | 14,786 |
Funded status |  | $ | (2,817 | ) |  | $ | (3,023 | )
Amounts not yet recognized as a component of net periodic pension cost as of December 31 (in thousands):
Amounts recognized in accumulated other |  |  |  |  |  |
comprehensive loss consists of: |  | 2016 |  |  | 2015 |
Net loss |  | $ | 4,263 |  |  | $ | 3,919 |
Prior service cost |  |  | (175 | ) |  |  | (222 | )
Total |  | $ | 4,088 |  |  | $ | 3,697 |
Components of net periodic benefit costs | The components of net periodic benefit costs for the years ended December 31 are as follows (in thousands):
|  | 2016 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | 345 |  |  | $ | 352 |  |  | $ | 307 |
Interest cost |  |  | 692 |  |  |  | 424 |  |  |  | 415 |
Return on plan assets |  |  | (1,034 | ) |  |  | (791 | ) |  |  | (786 | )
Net amortization and deferral |  |  | 219 |  |  |  | 205 |  |  |  | 51 |
Net periodic benefit cost |  | $ | 222 |  |  | $ | 190 |  |  | $ | (13 | )
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, 2016 and 2015 is summarized in the following table. The change in the discount rate is the primary driver of the actuarial loss that occurred in 2016 of $439,000.
|  |  | 2016 |  | 2015
Discount rate |  | 3.78% |  | 3.94%
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:
|  |  | 2016 |  | 2015 |  | 2014
Discount rate |  | 3.94% |  | 3.61% |  | 4.30%
Expected long-term return on plan assets |  | 7.00% |  | 7.00% |  | 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, 2016 and 2015 (in thousands):
2016 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |  |  | Allocation |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 863 |  |  | $ | - |  |  | $ | - |  |  | $ | 863 |  |  |  | 5.5 | %
Equity securities |  |  | 5,404 |  |  |  | - |  |  |  | - |  |  |  | 5,404 |  |  |  | 34.1 | %
Mutual funds and ETF's |  |  | 5,235 |  |  |  | - |  |  |  | - |  |  |  | 5,235 |  |  |  | 33.2 | %
Corporate bonds |  |  | - |  |  |  | 3,641 |  |  |  | - |  |  |  | 3,641 |  |  |  | 23.1 | %
Municipal bonds |  |  |  |  |  |  | 107 |  |  |  |  |  |  |  | 107 |  |  |  | 0.7 | %
U.S. Agency securities |  |  | - |  |  |  | 536 |  |  |  | - |  |  |  | 536 |  |  |  | 3.4 | %
Total |  | $ | 11,502 |  |  | $ | 4,284 |  |  | $ | - |  |  | $ | 15,786 |  |  |  | 100.0 | %
2015 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |  |  | Allocation |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,704 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,704 |  |  |  | 11.5 | %
Equity securities |  |  | 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 | %
Expected future benefit payments | The Bank expects to contribute $520,000 to its pension plans in 2017. Expected future benefit payments that the Bank estimates from its pension plan are as follows (in thousands):
2017 |  | $ | 733 |
2018 |  |  | 591 |
2019 |  |  | 1,820 |
2020 |  |  | 1,549 |
2021 |  |  | 1,403 |
2022 - 2026 |  |  | 7,407 |
Schedule of vesting, awarding and forfeiting of restricted shares | The following table details the vesting, awarding and forfeiting of restricted shares during 2016:
|  | 2016 |
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Shares |  |  | Market Price |
Outstanding, beginning of year |  |  | 8,269 |  |  | $ | 49.98 |
Granted |  |  | 4,110 |  |  |  | 48.13 |
Forfeited |  |  | (90 | ) |  |  | 49.26 |
Increase due to stock dividends |  |  | - |  |  |  | - |
Vested |  |  | (3,818 | ) |  |  | 49.95 |
Outstanding, end of year |  |  | 8,471 |  |  | $ | 49.10 |

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