PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of information pertaining to the activity in the Company's defined benefit plan, using the latest available actuarial valuations


(in thousands)	2014		2013
Change in benefit obligation
Benefit obligation at beginning of year	$	6,492	$	5,798
Service cost		346		651
Interest cost		306		247
Actuarial loss		2,194		(65)
Assumption changes		1,270		—
Curtailment impact		(2,299)		—
Benefits paid		(136)		(139)
Benefit obligation at end of year	$	8,173	$	6,492

Change in plan assets:
Fair value of plan assets at beginning of year	$	4,071	$	3,366
Actual return on plan assets		96		435
Employer contribution		440		409
Benefits paid		(136)		(139)
Fair value of plan assets at end of year	$	4,471	$	4,071

Funded status	$	(3,702)	$	(2,421)
Unrecognized net actuarial loss		3,727		2,475
Unrecognized prior service cost		—		—
Prepaid pension cost recognized	$	25	$	54

Accumulated benefit obligation	$	8,173	$	4,983

Schedule of weighted average assumptions used to determine the benefit obligation


	2014		2013
Discount rate	3.90	%	4.86	%
Rate of compensation increase	n/a	%	3.00	%

Schedule of components of net periodic pension cost

The components of net periodic pension cost are as follows (in thousands):


Service cost	$	346	$	651
Interest cost		306		247
Expected return on plan assets		(319)		(271)
Amortization of prior service costs		—		2
Amortization of loss		136		186
Net periodic pension cost	$	469	$	815

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


	2014		2013
Discount rate	4.86	%	4.31	%
Expected long-term rate of return on plan assets	7.50	%	7.46	%
Rate of compensation increase	n/a	%	3.00	%

Schedule of Company's pension plan asset allocations as well as target allocations for 2014


	12/31/2014		12/31/2013
Plan Assets
Cash	9	%	7	%
Fixed income	27	%	28	%
Alternative investments	15	%	12	%
Domestic equities	32	%	33	%
Foreign equities	16	%	17	%
Real estate inv. trusts (REITs)	1	%	3	%
Total	100	%	100	%

Schedule of the plan's assets at fair value by level, within the fair value hierarchy

The following table sets forth by level, within the fair value hierarchy, as defined in Note 18 - Fair Value Measurements, the Plan’s assets at fair value as of December 31, 2014.


(in thousands)	Level I		Level II		Level III		Total
Assets:
Cash	$	402	$	—		—		402
Fixed income		1,207		—		—		1,207
Alternative investments		—		671		—		671
Domestic equities		1,431		—		—		1,431
Foreign equities		715		—		—		715
Real estate inv. Trusts		45		—		—		45

Total assets at fair value	$	3,800	$	671	$	—	$	4,471

The fair value of MVB’s pension plan assets at December 31, 2013 by asset class are as follows:

The following table sets forth by level, within the fair value hierarchy, as defined in Note 18 - Fair Value Measurements, the Plan’s assets at fair value as of December 31, 2013.


(in thousands)	Level I		Level II		Level III		Total
Assets:
Cash	$	285	$	—		—		285
Fixed income		1,140		—		—		1,140
Alternative investments		—		489		—		489
Domestic equities		1,343		—		—		1,343
Foreign equities		692		—		—		692
Real estate inv. Trusts		122		—		—		122

Total assets at fair value	$	3,582	$	489	$	—	$	4,071

Schedule of the best estimate of the plan contribution for next fiscal year and the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter


(in thousands)	Cash Flow

Contributions for the period of 01/01/15 through 12/31/15	$	338
Estimated future benefit payments reflecting expected future service

2015	$	221
2016	$	229
2017	$	252
2018	$	258
2019	$	277
2020 through 2024	$	1,718