14. EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2016

Employee Benefits Tables [Default Label]

Reconciliation of the changes in the benefit obligations and fair value of plan assets

The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets for 2016, 2015 and 2014:

	2016			2015			2014
Change in Benefit Obligation
Benefit obligation, beginning	$	10,944,658		$	10,777,415		$	7,933,568
Service cost		631,874			648,334			501,032
Interest cost		452,896			410,944			377,706
Actuarial (gain) loss		872,245			(137,048	)		2,030,583
Benefits paid		(426,628	)		(754,987	)		(65,474	)
Benefit obligation, ending	$	12,475,045		$	10,944,658		$	10,777,415
Change in Plan Assets
Fair value of plan assets, beginning	$	11,678,218		$	11,683,845		$	9,687,226
Actual return on plan assets		780,160			(640	)		562,093
Employer contribution		-			750,000			1,500,000
Benefits paid		(426,628	)		(754,987	)		(65,474	)
Fair value of plan assets, ending	$	12,031,750		$	11,678,218		$	11,683,845
Funded status at the end of the year	$	(443,295	)	$	733,560		$	906,430

Pension plan's asset allocation

efined Benefit Pension Plan, continued

	2016			2015			2014
Amount recognized in the Consolidated Balance Sheet
Prepaid benefit cost	$	4,360,788		$	4,799,051		$	4,434,917
Unfunded pension benefit obligation under ASC 325-960		(4,804,083	)		(4,065,491	)		(3,528,487	)
Deferred taxes		1,633,388			1,382,267			1,199,686
Amount recognized in accumulated other
comprehensive income (loss)
Net loss	$	(4,861,211	)	$	(4,137,855	)	$	(3,616,087	)
Prior service cost		57,128			72,364			87,600
Amount recognized		(4,804,083	)		(4,065,491	)		(3,528,487	)
Deferred Taxes		1,633,388			1,382,267			1,199,686
Amount recognized in accumulated comprehensive income	$	(3,170,695	)	$	(2,683,224	)	$	(2,328,801	)
Prepaid benefit detail
Benefit obligation	$	(12,475,045	)	$	(10,944,658	)	$	(10,777,415	)
Fair value of assets		12,031,750			11,678,218			11,683,845
Unrecognized net actuarial loss		4,861,211			4,137,855			3,616,087
Unrecognized prior service cost		(57,128	)		(72,364	)		(87,600	)
Prepaid (accrued) benefits	$	4,360,788		$	4,799,051		$	4,434,917
Components of net periodic benefit cost
Service cost	$	631,874		$	648,334		$	501,032
Interest cost		452,896			410,944			377,706
Expected return on plan assets		(854,414	)		(838,818	)		(698,252	)
Amortization of prior service cost		(15,236	)		(15,236	)		(15,236	)
Recognized net actuarial (gain) loss		223,143			180,642			36,110
Net periodic benefit cost	$	438,263		$	385,866		$	201,360
Other changes in plan assets and benefit obligations
recognized in other comprehensive income (loss)
Net (gain) loss	$	723,356		$	521,768		$	2,130,632
Amortization of prior service cost		15,236			15,236			15,236
Total recognized in other comprehensive income	$	738,592		$	537,004		$	2,145,868
Total recognized in net periodic benefit cost and other
Comprehensive income (loss)	$	1,176,855		$	922,870		$	2,347,228
Additional disclosure information
Accumulated benefit obligation	$	8,788,626		$	7,601,249		$	7,543,340
Vested benefit obligation	$	8,780,087		$	7,539,365		$	7,408,014
Discount rate used for net pension cost		4.25	%		4.00	%		5.00	%
Discount rate used for disclosure		4.00	%		4.25	%		4.00	%
Expected return on plan assets		7.50	%		7.50	%		7.50	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%
Average remaining service (years)		13			13			14

Estimated Future Benefit Payments

Estimated Future Benefit Payments, which reflect expected future service, as appropriate, as of December 31, 2016, are as follows:

2017	$	595,435
2018		1,284,377
2019		669,286
2020		549,902
2021		152,296
2022-2026		5,655,187
	$	8,906,483