PENSION AND POSTRETIREMENT WELFARE PLANS (Tables)

12 Months Ended

Dec. 31, 2014

Pension Plan

Pension and Postretirement welfare plan

Schedule of reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheet

        The following tables provide a reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheets at December 31, 2014 and December 31, 2013 (in thousands):

	December 31, 2014			December 31, 2013
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	5,738		$	6,277
Service cost		83			103
Employee contributions		12			10
Interest cost		266			241
Actuarial (gain) loss		1,131			(638	)
Benefits paid		(280	)		(255	)
Projected benefit obligation at end of period	$	6,950		$	5,738
Change in plan assets:
Fair value of plan assets at beginning of period	$	4,847		$	4,086
Actual return on plan assets		273			691
Employee contributions		12			10
Employer contributions		243			315
Benefits and expenses paid		(280	)		(255	)
Fair value of plan assets at end of period	$	5,095		$	4,847

Schedule of reconciliation of accumulated other comprehensive income from the prior measurement date to the current measurement date

	December 31, 2014			December 31, 2013
Excess of projected benefit obligation over fair value of plan assets	$	1,855		$	891
Unrecognized loss		(2,028	)		(875	)
Accrued pension cost prior to pension adjustments	$	(173	)	$	16
Accumulated Other Comprehensive Income at Current Measurement Date		2,028			875
Accrued pension cost at end of period	$	1,855		$	891

Schedule of benefits expected to be paid

        Benefits expected to be paid from the Plan during each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are (in thousands):

Year of payment	Amount of Benefit Payment
2015	$	309
2016		313
2017		323
2018		326
2019		342
2020 - 2024		2,002

Schedule of components of net periodic expense

        Components of net periodic pension expense included in the consolidated statements of income and comprehensive income for years 2014 and 2013 are as follows (in thousands):

	For the year ended
	December 31, 2014			December 31, 2013
Service cost	$	83		$	103
Interest cost		266			241
Amortization of net loss		43			172
Expected return on assets		(339	)		(288	)
Net periodic pension expense	$	53		$	228

Schedule of weighted average assumptions used to determine the projected defined benefit obligation

	December 31, 2014			December 31, 2013
Discount rate		4.00	%		4.75	%
Rate of compensation increases		2.00	%		2.00	%

Schedule of weighted average assumptions used to determine net periodic pension expense

	December 31, 2014			December 31, 2013
Discount rate		4.75	%		4.00	%
Expected long-term rate of return on plan assets		7.00	%		7.00	%
Rate of compensation increases		2.00	%		5.00	%

Schedule of pension plan asset allocation

	December 31, 2014			December 31, 2013
Cash equivalents		5	%		5	%
Equity securities		64	%		64	%
Fixed income securities		31	%		31	%
Total		100	%		100	%

Schedule of ranges for asset allocation percentages based on the Plan's Investment Policy Guidelines

Equity securities	55 - 75%
Fixed income securities	25 - 45%
Cash	0 - 20%
Total	100%

Postretirement Welfare Plan

Pension and Postretirement welfare plan

Schedule of reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheet

        The following tables provide a reconciliation of the change in the accumulated postretirement benefit obligation and the net amount recognized in the consolidated balance sheets at December 31, 2014 and December 31, 2013 (in thousands):

	December 31, 2014			December 31, 2013
Change in postretirement benefit obligation:
Accumulated post retirement benefit obligation at beginning of period	$	1,408		$	1,621
Service cost		9			16
Interest cost		57			60
Actuarial (gain) loss		(138	)		(243	)
Benefits paid		(88	)		(92	)
Participant contributions		40			46
Accumulated postretirement benefit obligation at end of period	$	1,288		$	1,408

Schedule of benefits expected to be paid

        Benefits expected to be paid from the Plan during each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are (in thousands):

Year of payment	Amount of Benefit Payment
2015	$	51
2016		50
2017		51
2018		49
2019		58
2020 - 2024		346