PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2017

EMPLOYEE BENEFITS

Schedule of information about changes in obligations and plan assets of the defined benefit pension plan and the defined benefit plan component of the SERP

	Pension Benefits						SERP Benefits
	Year Ended December 31,						Year Ended December 31,
(In thousands)	2017			2016			2017			2016
Change in benefit obligation:
Benefit obligation at beginning of year	$	20,844		$	18,515		$	3,004		$	2,555
Service cost		1,129			1,153			212			176
Interest cost		750			794			105			105
Benefits paid and expected expenses		(285	)		(279	)		(112	)		(112	)
Assumption changes and other		2,321			661			710			280
Benefit obligation at end of year	$	24,759		$	20,844		$	3,919		$	3,004
Change in plan assets:
Fair value of plan assets at beginning of year	$	27,914		$	24,562		$	—		$	—
Actual return on plan assets		4,859			1,416			—			—
Employer contribution		2,207			2,215			112			112
Benefits paid and actual expenses		(285	)		(279	)		(112	)		(112	)
Fair value of plan assets at end of year	$	34,695		$	27,914		$	—		$	—
Funded status at end of year	$	9,936		$	7,070		$	(3,919	)	$	(3,004	)

Schedule of amounts recognized in accumulated other comprehensive income

	Pension Benefits						SERP Benefits
	December 31,						December 31,
(In thousands)	2017			2016			2017		2016
Net actuarial loss	$	6,987		$	7,874		$	1,459	$	800
Prior service cost		(639	)		(715	)		—		—
Transition obligation		—			—			5		32
Net amount recognized	$	6,348		$	7,159		$	1,464	$	832

Schedule of net periodic benefit cost and other amounts recognized in other comprehensive income

	Pension Benefits									SERP Benefits
	Year Ended December 31,									Year Ended December 31,
(In thousands)		2017			2016			2015			2017			2016			2015
Components of net periodic benefit cost and other amounts recognized in other comprehensive income:
Service cost	$	1,129		$	1,153		$	1,134		$	212		$	176		$	168
Interest cost		750			794			706			105			105			91
Expected return on plan assets		(2,129	)		(1,927	)		(1,838	)		—			—			—
Amortization of net loss		479			406			376			51			27			32
Amortization of prior service credit		(77	)		(77	)		(77	)		—			—			—
Amortization of transition obligation		—			—			—			27			28			28
Net periodic benefit cost	$	152		$	349		$	301		$	395		$	336		$	319
Net loss (gain)	$	(409	)	$	1,172		$	(123	)	$	710		$	280		$	(48	)
Amortization of net loss		(479	)		(406	)		(376	)		(51	)		(27	)		(32	)
Amortization of prior service credit		77			77			77			—			—			—
Amortization of transition obligation		—			—			—			(27	)		(28	)		(27	)
Total recognized in other comprehensive income	$	(811	)	$	843		$	(422	)	$	632		$	225		$	(107	)

Schedule of average assumptions used to determine benefit obligations and net periodic benefit cost

	Pension Benefits									SERP Benefits
	December 31,									December 31,
	2017			2016			2015			2017			2016			2015
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.52	%		4.05	%		4.30	%		3.50	%		4.01	%		4.20	%
Rate of compensation increase		3.00			3.00			3.00			5.00			5.00			5.00
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		4.05	%		4.30	%		3.90	%		4.01	%		4.20	%		3.80	%
Rate of compensation increase		3.00			3.00			3.00			5.00			5.00			5.00
Expected long-term rate of return		7.25			7.50			7.50			—			—			—

Schedule of target allocations for Plan assets

	Target Allocation		Percentage of Plan Assets At December 31,						Weighted-Average Expected Long- term Rate of
Asset Category	2018		2017			2016			Return
Cash Equivalents		0 – 5 %		8.1	%		3.0	%		—
Equity Securities		45 - 65 %		58.7	%		64.0	%		10.0	%
Fixed income securities		35 - 55 %		33.2	%		33.0	%		5.0	%
Total				100.0	%		100.0	%

Schedule of the Plan's fair value hierarchy for its financial assets measured at fair value on a recurring basis

	December 31, 2017:
			Fair Value Measurements Using:
(Dollars in thousands)	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs  (Level 3)
Cash and cash equivalents:
Cash	$	—	$	—	$	—
Short term investment funds		2,821		—		2,821
Total cash and cash equivalents		2,821		—		2,821
Equities:
U.S. large cap		9,587		9,587		—
U.S. mid cap/small cap		3,131		3,131		—
International		7,283		7,283		—
Equities blend		367		367		—
Total equities		20,368		20,368		—
Fixed income securities:
Government issues		1,634		1,507		127
Corporate bonds		2,837		—		2,837
Mortgage backed		1,007		—		1,007
High yield bonds and bond funds		6,028		—		6,028
Total fixed income securities		11,506		1,507		9,999
Total plan assets	$	34,695	$	21,875	$	12,820

			December 31, 2016
			Fair Value Measurements Using:
(Dollars in thousands)	Carrying Value		Quoted Prices In Active Markets for Identical Assets  (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs  (Level 3)
Cash and cash equivalents:
Cash	$	—	$	—	$	—
Short term investment funds		822		—		822
Total cash and cash equivalents		822		—		822
Equities:
U.S. large cap		8,950		8,950		—
U.S. mid cap/small cap		3,038		3,038		—
International		5,770		5,770		—
Equities blend		124		124		—
Total equities		17,882		17,882		—
Fixed income securities:
Government issues		1,948		1,706		242
Corporate bonds		1,795		—		1,795
Mortgage backed		960		—		960
High yield bonds and bond funds		4,507		—		4,507
Total fixed income securities		9,210		1,706		7,504
Total plan assets	$	27,914	$	19,588	$	8,326

Schedule of payments, which reflect expected future service, expected to be paid

	Pension and SERP Payments
Year	(in thousands)
2018	$	667
2019		743
2020		915
2021		1,030
2022		1,113
2023-2027		7,256