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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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