PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2015

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


(in thousands)	2015		2014
Change in benefit obligation
Benefit obligation at beginning of year	$	8,173	$	6,492
Service cost		—		346
Interest cost		315		306
Actuarial loss		276		2,194
Assumption changes		97		1,270
Curtailment impact		—		(2,299)
Benefits paid		(199)		(136)
Benefit obligation at end of year	$	8,662	$	8,173

Change in plan assets:
Fair value of plan assets at beginning of year	$	4,471	$	4,071
Actual return on plan assets		(124)		96
Employer contribution		338		440
Benefits paid		(199)		(136)
Fair value of plan assets at end of year	$	4,486	$	4,471

Funded status	$	(4,176)	$	(3,702)
Unrecognized net actuarial loss		4,283		3,727
Unrecognized prior service cost		—		—
Prepaid pension cost recognized	$	107	$	25

Accumulated benefit obligation	$	8,662	$	8,173

Schedule of weighted average assumptions used to determine the benefit obligation


	2015		2014		2013
Discount rate	4.30	%	3.90	%	4.86	%
Rate of compensation increase	n/a	%	n/a	%	3.00	%

Schedule of components of net periodic pension cost

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


	2015		2014		2013
Service cost	$	—	$	346	$	651
Interest cost		315		306		247
Expected return on plan assets		(316)		(319)		(271)
Amortization of prior service costs		—		—		2
Amortization of net actuarial loss		257		136		186
Net periodic pension cost	$	256	$	469	$	815

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


	2015		2014		2013
Discount rate	3.90	%	4.86	%	4.31	%
Expected long-term rate of return on plan assets	6.75	%	7.50	%	7.46	%
Rate of compensation increase	n/a	%	n/a	%	3.00	%

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


	12/31/2015		12/31/2014
Plan Assets
Cash	10	%	9	%
Fixed income	20	%	27	%
Alternative investments	19	%	15	%
Domestic equities	32	%	32	%
Foreign equities	19	%	16	%
Real estate investment trusts	—	%	1	%
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, 2015.


(in thousands)	Level I		Level II				Level III			Total
Assets:
Cash	$	449		$	—			—			449
Fixed income		897			—			—			897
Alternative investments		—			—			852			852
Domestic equities		1,436			—			—			1,436
Foreign equities		852			—			—			852
Real estate investment trusts		—			—			—			—

Total assets at fair value	$	3,634		$	—	$		852	$		4,486

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 investment trusts		45		—		—		45

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

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 01/01/16 through 12/31/16	$	182
Estimated future benefit payments reflecting expected future service

2016	$	219
2017	$	247
2018	$	253
2019	$	274
2020	$	290
2021 through 2025	$	1,898