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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
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):
|  | 2019 |  |  | 2018 |
Change in benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 17,895 |  |  | $ | 19,833 |
Service cost |  |  | 289 |  |  |  | 359 |
Interest cost |  |  | 588 |  |  |  | 652 |
Actuarial Loss / (Gain) |  |  | 1,706 |  |  |  | (1,693 | )
Settlement gain |  |  | (259 | ) |  |  | - |
Benefits paid |  |  | (7,192 | ) |  |  | (1,256 | )
Benefit obligation at end of year |  |  | 13,027 |  |  |  | 17,895 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 18,212 |  |  |  | 19,992 |
Actual return (loss) on plan assets |  |  | 2,394 |  |  |  | (524 | )
Employer contribution |  |  | - |  |  |  | - |
Plan expenses |  |  | (37 | ) |  |  | - |
Transfer to 401(k) plan |  |  | (100 | ) |  |  | - |
Benefits paid |  |  | (7,192 | ) |  |  | (1,256 | )
Fair value of plan assets at end of year |  |  | 13,277 |  |  |  | 18,212 |
Funded status |  | $ | 250 |  |  | $ | 317 |
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: |  | 2019 |  |  | 2018 |
Net loss |  | $ | 3,727 |  |  | $ | 3,811 |
Prior service cost |  |  | (32 | ) |  |  | (80 | )
Total |  | $ | 3,695 |  |  | $ | 3,731 |
Components of Net Periodic Benefit Costs | The components of net periodic benefit costs for the years ended December 31 are as follows (in thousands):
|  | 2019 |  |  | 2018 |  |  | 2017 |  | Affected line item on the Consolidated Statement of Income
Service cost |  | $ | 289 |  |  | $ | 359 |  |  | $ | 349 |  | Salary and Employee Benefits
Interest cost |  |  | 588 |  |  |  | 652 |  |  |  | 671 |  | Other Expenses
Return on plan assets |  |  | (924 | ) |  |  | (1,126 | ) |  |  | (1,094 | ) | Other Expenses
Settlement gain |  |  | (259 | ) |  |  | - |  |  |  | - |  | Other Expenses
Net amortization and deferral |  |  | 272 |  |  |  | 186 |  |  |  | 224 |  | Other Expenses
Net periodic benefit cost (income) |  | $ | (34 | ) |  | $ | 71 |  |  | $ | 150 |  |
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, 2019 and 2018 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 2019 and 2018 disclosures. The change in the discount rate is the primary driver of the actuarial loss that occurred in 2019 of $1,706,000.
|  |  | 2019 |  | 2018
Discount rate FCCB Plan |  | 2.75% |  | 4.00%
Discount rate FNB Plan |  | 3.33% |  | 3.49%
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. 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 2019. The rate for 2018 and 2017 represents a combined rate of the plans:
|  |  | 2019 |  | 2018 |  | 2017
Discount rate FCCB Plan |  | 4.00% |  | 3.35% |  | 3.78%
Discount rate FNB Plan |  | 3.49% |  | 3.35% |  | 3.78%
Expected long-term return on plan assets FCCB plan | 7.00% |  | 7.00% |  | 7.00%
Expected long-term return on plan assets FNB plan | NA |  | 3.00% |  | 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, 2019 and 2018 (dollars in thousands):
2019 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |  |  | Allocation |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 924 |  |  | $ | - |  |  | $ | - |  |  | $ | 924 |  |  |  | 7.0 | %
Equity Securities |  |  | 5,084 |  |  |  | - |  |  |  | - |  |  |  | 5,084 |  |  |  | 38.3 | %
Mutual Funds and ETF's |  |  | 4,175 |  |  |  | - |  |  |  | - |  |  |  | 4,175 |  |  |  | 31.4 | %
Corporate Bonds |  |  | - |  |  |  | 3,094 |  |  |  | - |  |  |  | 3,094 |  |  |  | 23.3 | %
Total |  | $ | 10,183 |  |  | $ | 3,094 |  |  | $ | - |  |  | $ | 13,277 |  |  |  | 100.0 | %
2018 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |  |  | Allocation |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,057 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,057 |  |  |  | 27.8 | %
Equity Securities |  |  | 4,891 |  |  |  | - |  |  |  | - |  |  |  | 4,891 |  |  |  | 26.8 | %
Mutual Funds and ETF's |  |  | 5,114 |  |  |  | - |  |  |  | - |  |  |  | 5,114 |  |  |  | 28.1 | %
Corporate Bonds |  |  | - |  |  |  | 3,150 |  |  |  | - |  |  |  | 3,150 |  |  |  | 17.3 | %
Total |  | $ | 15,062 |  |  | $ | 3,150 |  |  | $ | - |  |  | $ | 18,212 |  |  |  | 100.0 | %
Expected Future Benefit Payments | Expected future benefit payments that the Bank estimates from its pension plan are as follows (in thousands):
2020 |  | $ | 892 |
2021 |  |  | 794 |
2022 |  |  | 563 |
2023 |  |  | 598 |
2024 |  |  | 975 |
2025 - 2029 |  |  | 5,745 |
Vesting, Awarding and Forfeiting of Restricted Shares | The following table details the vesting, awarding and forfeiting of unearned restricted shares during 2019:
|  | 2019 |
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Shares |  |  | Market Price |
Outstanding, beginning of year |  |  | 9,764 |  |  | $ | 58.21 |
Granted |  |  | 6,371 |  |  |  | 60.02 |
Forfeited |  |  | (716 | ) |  |  | 60.49 |
Vested |  |  | (4,542 | ) |  |  | 55.86 |
Outstanding, end of year |  |  | 10,877 |  |  | $ | 60.11 |

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