PENSION AND POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

Pension Plan

Pension and Postretirement 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, 2015 and December 31, 2014 (in thousands):

	December 31, 2015			December 31, 2014
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	6,950		$	5,738
Service cost	105			83
Employee contributions	17			12
Interest cost	273			266
Actuarial (gain) loss	(391		)	1,131
Benefits paid	(278		)	(280		)
Projected benefit obligation at end of period	$	6,676		$	6,950
Change in plan assets:
Fair value of plan assets at beginning of period	$	5,095		$	4,847
Actual return on plan assets	(52		)	273
Employee contributions	17			12
Employer contributions	204			243
Benefits and expenses paid	(278		)	(280		)
Fair value of plan assets at end of period	$	4,986		$	5,095

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

	December 31, 2015			December 31, 2014
Excess of projected benefit obligation over fair value of plan assets	$	1,690		$	1,855
Unrecognized loss	(1,823		)	(2,028		)
Accrued pension cost prior to pension adjustments	$	(133	)	$	(173	)
Accumulated Other Comprehensive Income at Current Measurement Date	1,823			2,028
Accrued pension cost at end of period	$	1,690		$	1,855

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
2016	$	314
2017	324
2018	327
2019	344
2020	360
2021-2025	2,099

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 2015 and 2014 are as follows (in thousands):

	For the year ended
	December 31, 2015			December 31, 2014			December 31, 2013
Service cost	$	105		$	83		$	103
Interest cost	273			266			241
Amortization of net loss	195			43			172
Expected return on assets	(329		)	(339		)	(288		)
Net periodic pension expense	$	244		$	53		$	228

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

	December 31, 2015		December 31, 2014		December 31, 2013
Discount rate	4.25	%	4.00	%	4.75	%
Rate of compensation increases	2.00	%	2.00	%	2.00	%

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

	December 31, 2015		December 31, 2014		December 31, 2013
Discount rate	4.00	%	4.75	%	4.00	%
Expected long-term rate of return on plan assets	6.50	%	7.00	%	7.00	%
Rate of compensation increases	2.00	%	2.00	%	5.00	%

Schedule of pension plan asset allocation

	December 31, 2015		December 31, 2014
Cash equivalents	7	%	5	%
Equity securities	62	%	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 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, 2015 and December 31, 2014 (in thousands):

	December 31, 2015			December 31, 2014
Change in postretirement benefit obligation:
Accumulated post retirement benefit obligation at beginning of period	$	1,288		$	1,408
Service cost	10			9
Interest cost	50			57
Actuarial (gain) loss	(204		)	(138		)
Benefits paid	(49		)	(88		)
Participant contributions	—			40
Accumulated postretirement benefit obligation at end of period	$	1,095		$	1,288

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
2016	$	56
2017	51
2018	49
2019	59
2020	56
2021 - 2024	341