EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Retirement Benefits [Abstract] |
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Schedule of changes in the Projected Benefit Obligation and Plan Assets |
Information regarding the post-retirement plan is as follows: | | | | | | | | | | | | December 31, | (In thousands) | | 2017 | | 2016 | Change in accumulated postretirement benefit obligation: | | |
| | |
| Accumulated post-retirement benefit obligation at beginning of year | | $ | 3,249 |
| | $ | 3,039 |
| Service Cost | | 35 |
| | 32 |
| Interest cost | | 131 |
| | 129 |
| Participant contributions | | 46 |
| | 47 |
| Actuarial loss (gain) | | 326 |
| | 130 |
| Benefits paid | | (94 | ) | | (128 | ) | Accumulated post-retirement benefit obligation at end of year | | $ | 3,693 |
| | $ | 3,249 |
| | | | | | Change in plan assets: | | |
| | |
| Fair value of plan assets at beginning of year | | $ | — |
| | $ | — |
| Contributions by employer | | 48 |
| | 81 |
| Contributions by participant | | 46 |
| | 47 |
| Benefits paid | | (94 | ) | | (128 | ) | Fair value of plan assets at end of year | | $ | — |
| | $ | — |
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Information regarding the pension plan is as follows: | | | | | | | | | | | | December 31, | (In thousands) | | 2017 | | 2016 | Change in projected benefit obligation: | | |
| | |
| Projected benefit obligation at beginning of year | | $ | 6,126 |
| | $ | 6,585 |
| Service Cost | | 66 |
| | 76 |
| Interest cost | | 237 |
| | 267 |
| Actuarial gain | | 309 |
| | (308 | ) | Benefits paid | | (324 | ) | | (318 | ) | Settlements | | (61 | ) | | (176 | ) | Projected benefit obligation at end of year | | 6,353 |
| | 6,126 |
| Accumulated benefit obligation | | 6,353 |
| | 6,126 |
| | | | | | Change in fair value of plan assets: | | |
| | |
| Fair value of plan assets at plan beginning of year | | 5,121 |
| | 5,211 |
| Actual return on plan assets | | 710 |
| | 404 |
| Benefits paid | | (324 | ) | | (318 | ) | Settlements | | (61 | ) | | (176 | ) | Fair value of plan assets at end of year | | 5,446 |
| | 5,121 |
| | | | | | Underfunded status | | $ | 907 |
| | $ | 1,005 |
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Schedule of Amounts Recognized in Statement of Financial Position |
| | | | | | | | | | Amounts Recognized in Consolidated Balance Sheet | | |
| | |
| Other Liabilities | | $ | 3,693 |
| | $ | 3,249 |
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| | | | | | | | | | Amounts Recognized in Consolidated Balance Sheet | | | | | Other Liabilities | | $ | 907 |
| | $ | 1,005 |
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Schedule of Net Periodic Cost |
Net periodic post-retirement cost is comprised of the following: | | | | | | | | | | | | December 31, | (In thousands) | | 2017 | | 2016 | Service cost | | $ | 35 |
| | $ | 32 |
| Interest costs | | 131 |
| | 129 |
| Amortization of net prior service credit | | 83 |
| | 83 |
| Amortization of net actuarial loss | | — |
| | — |
| Net periodic post-retirement costs | | $ | 249 |
| | $ | 244 |
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Net periodic pension cost is comprised of the following: | | | | | | | | | | | | December 31, | (In thousands) | | 2017 | | 2016 | Service Cost | | $ | 66 |
| | $ | 76 |
| Interest Cost | | 237 |
| | 267 |
| Expected return on plan assets | | (346 | ) | | (361 | ) | Amortization of unrecognized actuarial loss | | 100 |
| | 163 |
| Net periodic pension costs | | $ | 57 |
| | $ | 145 |
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Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive Income |
Changes in plan assets and benefit obligations recognized in accumulated other comprehensive income are as follows: | | | | | | | | | | | | December 31, | (In thousands) | | 2017 | | 2016 | Amortization of actuarial (loss) | | $ | (100 | ) | | $ | (163 | ) | Actuarial (gain) loss | | (54 | ) | | (351 | ) | Total recognized in accumulated other comprehensive income | | (154 | ) | | (514 | ) | Total recognized in net periodic pension cost recognized and other comprehensive income | | $ | (97 | ) | | $ | (369 | ) |
Changes in benefit obligations recognized in accumulated other comprehensive income are as follows: | | | | | | | | | | | | December 31, | (In thousands) | | 2017 | | 2016 | Amortization of actuarial loss | | $ | — |
| | $ | — |
| Amortization of prior service credit | | (83 | ) | | (83 | ) | Net actuarial (gain) loss | | 199 |
| | (126 | ) | Total recognized in accumulated other comprehensive income | | 116 |
| | (209 | ) | Accrued post-retirement liability recognized | | $ | 1,918 |
| | $ | 1,718 |
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Schedule of Principal Actuarial Assumptions |
The principal actuarial assumptions used were as follows: | | | | | | | | | | December 31, | | | 2017 | | 2016 | Projected benefit obligation | | |
| | |
| Discount rate | | 3.510 | % | | 3.980 | % | Net periodic pension cost | | |
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| Discount rate | | 3.980 | % | | 4.170 | % | Long term rate of return on plan assets | | 7.000 | % | | 7.000 | % |
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Schedule of Fair Values of the Plan's Assets by Asset Category and Level Within the Fair Value Hierarchy |
The fair values of the Plan’s assets by category and level within the fair value hierarchy are as follows at December 31, 2017: | | | | | | | | | | | | | | | | December 31, 2017 | Asset Category (In thousands) | | Total | | Level 1 | | Level 2 | Equity Mutual Funds: | | | | |
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| Large-Cap | | $ | 1,820 |
| | $ | — |
| | $ | 1,820 |
| Mid-Cap | | 439 |
| | — |
| | 439 |
| Small-Cap | | 438 |
| | — |
| | 438 |
| International | | 893 |
| | — |
| | 893 |
| Fixed Income Funds | | | | | | | Fixed Income - US Core | | 1,308 |
| | — |
| | 1,308 |
| Intermediate Duration | | 437 |
| | — |
| | 437 |
| Cash Equivalents - money market | | 111 |
| | 29 |
| | 82 |
| Total | | $ | 5,446 |
| | $ | 29 |
| | $ | 5,417 |
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The fair values of the Plan’s assets by category and level within the fair value hierarchy are as follows at December 31, 2016: | | | | | | | | | | | | | | | | December 31, 2016 | Asset Category (In thousands) | | Total | | Level 1 | | Level 2 | Equity Mutual Funds: | | |
| | |
| | |
| Large-Cap | | $ | 1,624 |
| | $ | — |
| | $ | 1,624 |
| Mid-Cap | | 401 |
| | — |
| | 401 |
| Small-Cap | | 415 |
| | — |
| | 415 |
| International | | 757 |
| | — |
| | 757 |
| Fixed Income Funds | |
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| |
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| |
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| Fixed Income - US Core | | 1,378 |
| | — |
| | 1,378 |
| Intermediate Duration | | 472 |
| | — |
| | 472 |
| Cash Equivalents - money market | | 74 |
| | 30 |
| | 44 |
| Total | | $ | 5,121 |
| | $ | 30 |
| | $ | 5,091 |
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Schedule of Estimated Benefit Payments |
Estimated benefit payments under the Company’s pension plans over the next ten years at December 31, 2017 are as follows: | | | | | Year | | Payments (In thousands) | 2018 | | 343 |
| 2019 | | 380 |
| 2020 | | 372 |
| 2021 | | 361 |
| 2022 | | 386 |
| 2023 - 2027 | | 1,792 |
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Estimated benefit payments under the post-retirement benefit plan over the next ten years at December 31, 2017 are as follows: | | | | | Year | | Payments (In thousands) | 2018 | | 103 |
| 2019 | | 103 |
| 2020 | | 102 |
| 2021 | | 106 |
| 2022 | | 109 |
| 2023 - 2027 | | 548 |
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Schedule of Amounts in Accumulated Other Comprehensive Income That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost |
The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows: | | | | | | | | | | | | December 31, | (In thousands) | | 2017 | | 2016 | Net prior service cost (credit) | | $ | 1,576 |
| | $ | 1,659 |
| Net actuarial (gain) loss | | 199 |
| | (126 | ) | Total recognized in accumulated other comprehensive income | | $ | 1,775 |
| | $ | 1,533 |
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