RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Summary of Costs of Retirement Plans

Funding and administrative costs of the qualified noncontributory defined benefit retirement plan and 401(k) plan charged to salaries and employee benefits in the consolidated statements of income for the years ended December 31 were as follows (in thousands):

	2014		2013	2012
Qualified noncontributory defined benefit retirement plan	$	967	486	355
401(k) plan	326		294	275

Components of Net Benefit Costs

The components of net periodic pension cost of the nonqualified defined benefit retirement plan for the years ended December 31 are summarized as follows (in thousands):

	2014		2013	2012
Service cost	$	68	71	89
Interest cost	60		46	43
Amortization of unrecognized (gain) loss	—		25	20
Amortization of unrecognized prior service cost	15		29	29
Net periodic pension cost	$	143	171	181

Reconciliation of Changes in Projected Benefit Obligations

A reconciliation of changes in the projected benefit obligation of the nonqualified defined benefit retirement plan at December 31 follows (in thousands):

	2014			2013		2012
Projected benefit obligation at beginning of year	$	1,213		1,153		969
Service cost	68			71		89
Interest cost	60			46		43
Actuarial (gain) or loss	407			(57	)	52
Benefits paid	(7		)	—		—
Projected benefit obligation at end of year	$	1,741		1,213		1,153

Amount Recognized in OCI

Amounts recognized in accumulated other comprehensive income, net of tax, at December 31 for the nonqualified defined benefit retirement plan consists of (in thousands):

	2014		2013	2012
Net actuarial (gain)/loss	$	339	70	125
Past service cost	—		10	29
	$	339	80	154

Schedule of Key Assumptions Used

Key weighted-average assumptions used to determine the benefit obligation and net periodic pension costs for the nonqualified defined benefit retirement plan for the years ended December 31 were as follows:

	2014		2013		2012
Benefit obligation:
Discount rate	3.95	%	4.95	%	4.05	%
Salary increase rate	2.00	%	3.00	%	3.00	%
Net periodic pension cost:
Discount rate	4.95	%	4.05	%	4.40	%
Salary increase rate	3.00	%	3.00	%	3.00	%
Amortization period in years	3.95		2.99		3.00

Expected Benefit Payments

Estimated future benefit payments reflecting expected future service for the years ended after December 31, 2014 are (in thousands):

2015	$	68
2016	73
2017	127
2018	126
2019	126
2020-2023	626