DEFINED BENEFIT PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of anticipated distributions over the next five years

The anticipated distributions over the next five years and through December 31, 2017 are detailed in the table below (dollars in thousands):


2018	$	133
2019		130
2020		126
2021		125
2022		131
2023-2027		796
Total	$	1,441

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):


	2017		2016
Change in benefit obligation:
Benefit obligation, beginning of year	$	3,187	$	3,180
Interest cost		118		187
Actuarial loss		161		(44)
Benefits paid		(135)		(136)
Benefit obligation at end of year		3,331		3,187
Change in plan assets:
Fair value of plan assets, beginning of year		2,049		2,033
Actual return on plan assets		259		103
Employer contributions		18		49
Benefits paid		(135)		(136)
Fair value of plan assets at end of year		2,191		2,049

Funded status, included with other liabilities	$	(1,140)	$	(1,138)

Schedule of assumptions in the actuarial valuation


	2017	2016
Weighted average discount rate	3.33%	3.78%
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, 2017 and December 31, 2016:


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