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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

EMPLOYEE BENEFIT PLANS [Abstract]

Obligation and Net Funded Status

The following table sets forth the obligation and funded status of the Plans as of December 31 (in thousands):

		2018				2017
Change in benefit obligation
Benefit obligation at beginning of year		$	19,833			$	18,603
Service cost			359				349
Interest cost			652				671
Actuarial (Gain) / Loss			(1,693	)			1,015
Benefits paid			(1,256	)			(805	)
Benefit obligation at end of year			17,895				19,833
Change in plan assets
Fair value of plan assets at beginning of year			19,992				15,786
Actual return (loss) on plan assets			(524	)			2,011
Employer contribution			-				3,000
Benefits paid			(1,256	)			(805	)
Fair value of plan assets at end of year			18,212				19,992
Funded status		$	317			$	159

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:		2018				2017
Net loss		$	3,811			$	4,088
Prior service cost			(80	)			(127	)
Total		$	3,731			$	3,961

Components of Net Periodic Benefit Costs

The components of net periodic benefit costs for the years ended December 31 are as follows (in thousands):

		2018				2017				2016			Affected line item on the Consolidated Statement of Income
Service cost		$	359			$	349			$	345		Salary and Employee Benefits
Interest cost			652				671				692		Other Expenses
Return on plan assets			(1,126	)			(1,094	)			(1,034	)	Other Expenses
Net amortization and deferral			186				224				219		Other Expenses
Net periodic benefit cost		$	71			$	150			$	222

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, 2018 and 2017 is summarized in the following table. Due to the decision to terminate the pension plan acquired as part of the FNB acquisition, the discount rate for the plans will be separated for the 2018 disclosure. The rate for 2017 represents a combined rate of the plans. The change in the discount rate is the primary driver of the actuarial gain that occurred in 2018 of $1,693,000.

		2018				2017
Discount rate FCCB Plan			4.00	%			3.35	%
Discount rate FNB Plan			3.49	%			3.35	%
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:

		2018				2017				2016
Discount rate			3.35	%			3.78	%			3.94	%
Expected long-term return on plan assets FCCB plan			7.00	%			7.00	%			7.00	%
Expected long-term return on plan assets FNB plan			3.00	%			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 18, the Plan’s assets at fair value as of December 31, 2018 and 2017 (dollars in thousands):

2018		Level I				Level II				Level III				Total				Allocation
Assets
Cash and cash equivalents		$	5,057			$	-			$	-			$	5,057				27.8	%
Equity Securities			4,891				-				-				4,815				26.8	%
Mutual Funds and ETF's			5,114				-				-				5,114				28.1	%
Corporate Bonds			-				3,150				-				3,150				17.3	%
Municipal Bonds							-								-				0.0	%
U.S. Agency Securities			-				-				-				-				0.0	%
Certificate of deposit			-				-				-				-				0.0	%
Total		$	15,062			$	3,150			$	-			$	18,212				100.0	%

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	%

Expected Future Benefit Payments

Expected future benefit payments that the Bank estimates from its pension plan are as follows (in thousands):

2019		$	7,863
2020			1,238
2021			1,080
2022			531
2023			559
2024 - 2028			5,907

Vesting, Awarding and Forfeiting of Restricted Shares

The following table details the vesting, awarding and forfeiting of restricted shares during 2018:

		2018
						Weighted
						Average
		Shares				Market Price
Outstanding, beginning of year			8,783			$	51.20
Granted			5,826				62.74
Vested			(4,845	)			50.94
Outstanding, end of year			9,764			$	58.21

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