DEFINED BENEFIT PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of anticipated distributions over the next five years

The anticipated distributions over the next five years and through December 31, 2016 are detailed in the table below (dollars in thousands):


2017	$	128
2018		125
2019		122
2020		121
2021		120
2022-2026		723
Total	$	1,339

Schedule of funded status, amounts recognized in the balance sheets and activity from the date of acquisition

The following table sets forth the plan’s funded status and amounts recognized in the Corporation’s balance sheets and the activity from date of acquisition (dollars in thousands):


	2016		2015
Change in benefit obligation:
Benefit obligation, beginning of year	$	3,180	$	3,290
Service cost		—		—
Interest cost		187		24
Actuarial loss		(44)		—
Benefits paid		(136)		(134)
Benefit obligation at end of year		3,187		3,180
Change in plan assets:
Fair value of plan assets, beginning of year		2,033		2,107
Actual return on plan assets		103		(8)
Employer contributions		49		68
Benefits paid		(136)		(134)
Fair value of plan assets at end of year		2,049		2,033

Funded status, included with other liabilities	$	(1,138)	$	(1,147)

Schedule of assumptions in the actuarial valuation


	2016	2015
Weighted average discount rate	3.78%	3.99%
Rate of increase in future compensation levels	N/A	N/A
Expected long-term rate of return on plan assets	8.00%	8.00%

Schedule of asset allocation

The intention of the plan sponsor is to invest the plan assets in mutual funds with the following asset allocation, which was in place at both December 31, 2016 and December 31, 2015:


	Target	Actual
	Allocation	Allocation
Equity securities	50% to 70%	60%
Fixed income securities	30% to 50%	40%