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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2017
EMPLOYEE BENEFIT PLANS [Abstract] |
Obligation and net funded status |
|  | 2017 |  |  | 2016 |
Change in benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 18,603 |  |  | $ | 17,809 |
Service cost |  |  | 349 |  |  |  | 345 |
Interest cost |  |  | 671 |  |  |  | 692 |
Actuarial (Gain) / Loss |  |  | 1,015 |  |  |  | 439 |
Benefits paid |  |  | (805 | ) |  |  | (682 | )
Benefit obligation at end of year |  |  | 19,833 |  |  |  | 18,603 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 15,786 |  |  |  | 14,786 |
Actual return (loss) on plan assets |  |  | 2,011 |  |  |  | 864 |
Employer contribution |  |  | 3,000 |  |  |  | 818 |
Benefits paid |  |  | (805 | ) |  |  | (682 | )
Fair value of plan assets at end of year |  |  | 19,992 |  |  |  | 15,786 |
Funded status |  | $ | 159 |  |  | $ | (2,817 | )
Components of net periodic pension cost not yet recognized | 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: |  | 2017 |  |  | 2016 |
Net loss |  | $ | 4,088 |  |  | $ | 4,263 |
Prior service cost |  |  | (127 | ) |  |  | (175 | )
Total |  | $ | 3,961 |  |  | $ | 4,088 |
Components of net periodic benefit costs |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Service cost |  | $ | 349 |  |  | $ | 345 |  |  | $ | 352 |
Interest cost |  |  | 671 |  |  |  | 692 |  |  |  | 424 |
Return on plan assets |  |  | (1,094 | ) |  |  | (1,034 | ) |  |  | (791 | )
Net amortization and deferral |  |  | 224 |  |  |  | 219 |  |  |  | 205 |
Net periodic benefit cost |  | $ | 150 |  |  | $ | 222 |  |  | $ | 190 |
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, 2017 and 2016 is summarized in the following table. The change in the discount rate is the primary driver of the actuarial loss that occurred in 2017 of $1,015,000.
|  |  | 2017 |  | 2016
Discount rate |  | 3.35% |  | 3.78%
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:
|  |  | 2017 |  | 2016 |  | 2015
Discount rate |  | 3.78% |  | 3.94% |  | 3.61%
Expected long-term return on plan assets |  | 7.00% |  | 7.00% |  | 7.00%
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 2017 (in thousands):
2017 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |  |  | Allocation |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,827 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,827 |  |  |  | 19.1 | %
Equity Securities |  |  | 6,018 |  |  |  | - |  |  |  | - |  |  |  | 6,018 |  |  |  | 30.1 | %
Mutual Funds and ETF's |  |  | 6,090 |  |  |  | - |  |  |  | - |  |  |  | 6,090 |  |  |  | 30.5 | %
Corporate Bonds |  |  | - |  |  |  | 3,469 |  |  |  | - |  |  |  | 3,469 |  |  |  | 17.4 | %
Municipal Bonds |  |  |  |  |  |  | 105 |  |  |  |  |  |  |  | 105 |  |  |  | 0.5 | %
U.S. Agency Securities |  |  | - |  |  |  | 483 |  |  |  | - |  |  |  | 483 |  |  |  | 2.4 | %
Certificate of deposit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.0 | %
Total |  | $ | 15,935 |  |  | $ | 4,057 |  |  | $ | - |  |  | $ | 19,992 |  |  |  | 100.0 | %
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 | %
Expected future benefit payments | Expected future benefit payments that the Bank estimates from its pension plan are as follows (in thousands):
2018 |  | $ | 629 |
2019 |  |  | 1,896 |
2020 |  |  | 1,599 |
2021 |  |  | 1,421 |
2022 |  |  | 843 |
2023 - 2027 |  |  | 7,805 |
Schedule of vesting, awarding and forfeiting of restricted shares |
|  | 2017 |
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Shares |  |  | Market Price |
Outstanding, beginning of year |  |  | 8,471 |  |  | $ | 49.10 |
Granted |  |  | 4,482 |  |  |  | 53.84 |
Forfeited |  |  | (43 | ) |  |  | 48.56 |
Vested |  |  | (4,127 | ) |  |  | 49.78 |
Outstanding, end of year |  |  | 8,783 |  |  | $ | 51.20 |

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