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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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