PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Changes in Projected Benefit Obligations and Plan Assets

Information as to the Company's employee benefit plans at December 31, 2016 and 2015 is as follows:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2016		2015		2016		2015
Change in benefit obligation:
Beginning benefit obligation	$	2,795	$	2,785	$	1,223	$	1,267
Interest cost		105		103		45		46
Actuarial (gain)/loss		256		135		32		47
Benefits paid		(315)		(228)		(137)		(137)
Ending benefit obligation		2,841		2,795		1,163		1,223

Change in plan assets (primarily equity and fixed
income investments and money market funds),
at fair value:
Beginning plan assets		1,910		1,841		988		1,014
Actual return		151		(7)		73		1
Employer contribution		317		304		76		110
Benefits paid		(315)		(228)		(137)		(137)
Ending plan assets		2,063		1,910		1,000		988
Funded status at end of year	$	(778)	$	(885)	$	(163)	$	(235)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2016		2015		2016		2015
Funded status included in other liabilities	$	(778)	$	(885)	$	(163)	$	(235)

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2016		2015		2016		2015
Net actuarial loss	$	1,953	$	1,966	$	801	$	852

Components of Net Periodic Benefit Cost

Net pension expense and other amounts recognized in other comprehensive income include the following:

	Pension Benefits						SERP Benefits
(dollars in thousands)	2016		2015		2014		2016		2015		2014
Net pension expense:
Service cost	$	0	$	0	$	0	$	0	$	0	$	0
Interest cost		105		103		119		45		46		50
Expected return on plan assets		(139)		(139)		(125)		(70)		(76)		(73)
Recognized net actuarial loss		135		162		117		80		82		80
Settlement cost		128		78		0		0		0		0
Net pension expense	$	229	$	204	$	111	$	55	$	52	$	57

Net loss	$	122	$	203	$	402	$	29	$	122	$	252
Amortization of net loss		(135)		(162)		(117)		(80)		(82)		(80)
Total recognized in other comprehensive
income	$	(13)	$	41	$	285	$	(51)	$	40	$	172
Total recognized in net pension expense
and other comprehensive income	$	216	$	245	$	396	$	4	$	92	$	229

Schedule of Assumptions Used in Calculating the Net Benefit Obligation

The settlement cost was related to participants taking lump sum distributions from the pension plan during 2016 and 2015.

For 2016, 2015 and 2014, the assumed form of payment elected by active participants upon retirement was changed from a single life annuity to a lump sum to reflect participant trends. The lump sum assumed interest rates below for December 31, 2016, 2015 and 2014 reflect the mortality table in effect for 2017, 2016 and 2015, respectively. For 2016, the mortality assumption was changed to the RP-2014 Mortality Table, adjusted to 2006, with full generational Projection Scale MP-2016 as of December 31, 2016 to reflect improved mortality expectations. For 2015, the mortality assumption was changed to the RP-2014 Mortality Table projected to 2024 with Projection Scale MP-2015 as of December 31, 2015 to reflect improved mortality expectations. For 2014, the mortality assumption was changed to the RP-2014 Mortality Table projected to 2024 with Projection Scale MP-2014 as of December 31, 2014 to reflect improved mortality expectations.

	Pension Benefits						SERP Benefits
	2016		2015		2014		2016		2015		2014
The following assumptions were used in calculating the net benefit obligation:

Weighted average discount rate	3.86	%	3.96	%	3.61	%	3.86	%	3.96	%	3.61	%
Rate of increase in future compensation	N/A		N/A		N/A		N/A		N/A		N/A
Lump sum assumed interest rates
First 5 years	1.57	%	1.61	%	1.29	%	N/A		N/A		N/A
Next 15 years	3.45	%	4.02	%	3.81	%	N/A		N/A		N/A
All future years	4.39	%	5.03	%	4.88	%	N/A		N/A		N/A

The following assumptions were used in calculating the net pension expense:

Weighted average discount rate	3.96	%	3.61	%	5.00	%	3.96	%	3.61	%	5.00	%
Rate of increase in future compensation	N/A		N/A		N/A		N/A		N/A		N/A
Expected long-term rate of return	7.00	%	7.75	%	7.75	%	7.00	%	7.75	%	7.75	%

Schedule of Allocation of Plan Assets

The Company's pension plan asset allocation at year-end 2016 and 2015, target allocation for 2017, and expected long-term rate of return by asset category are as follows:

		Percentage of Plan					Weighted
	Target	Assets					Average Expected
	Allocation	at Year End					Long-Term Rate
Asset Category	2017		2016		2015		of Return
Equity securities	55-65	%	60	%	55	%	9.40	%
Debt securities	35-45	%	37	%	35	%	3.56	%
Other	5-10	%	3	%	10	%	0.10	%
Total			100	%	100	%	7.00	%

The Company's SERP plan asset allocation at year-end 2016 and 2015, target allocation for 2017, and expected long-term rate of return by asset category are as follows:

			Percentage of Plan				Weighted
	Target		Assets				Average Expected
	Allocation		at Year End				Long-Term Rate
Asset Category	2017		2016		2015		of Return
Equity securities	55-65	%	62	%	58	%	9.40	%
Debt securities	35-45	%	37	%	36	%	3.56	%
Other	5-10	%	1	%	6	%	0.10	%
Total			100	%	100	%	7.00	%

Schedule Of Fair Values Of Pension Plan and Postretirement Plan Assets By Asset Category

The fair values of the Company's pension plan assets at December 31, 2016, by asset category are as follows:

			Quoted Prices
			in Active		Significant		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2 )		(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	550	$	550	$	0	$	0
Equity securities - US large cap stock mutual funds		335		335		0		0
Equity securities - US mid cap stock mutual funds		138		138		0		0
Equity securities - US small cap stock mutual funds		53		53		0		0
Equity securities - international stock mutual funds		147		147		0		0
Equity securities - emerging markets stock mutual funds		24		24		0		0
Debt securities - intermediate term bond mutual funds		413		413		0		0
Debt securities - short term bond mutual funds		288		288		0		0
Debt securities - commercial		52		0		52		0
Cash - money market account		59		59		0		0
Total	$	2,059	$	2,007	$	52	$	0

Total pension plan assets available for benefits also include $4,000 in accrued interest and dividend income.

The fair values of the Company's pension plan assets at December 31, 2015, by asset category are as follows:

			Quoted Prices
			in Active		Significant		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2 )		(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	495	$	495	$	0	$	0
Equity securities - US large cap stock mutual funds		204		204		0		0
Equity securities - US mid cap stock mutual funds		130		130		0		0
Equity securities - US small cap stock mutual funds		46		46		0		0
Equity securities - international stock mutual funds		148		148		0		0
Equity securities - emerging markets stock mutual funds		22		22		0		0
Debt securities - intermediate term bond mutual funds		275		275		0		0
Debt securities - short term bond mutual funds		257		257		0		0
Debt securities - world bond mutual funds		87		87		0		0
Debt securities - commercial		54		0		54		0
Cash - money market account		187		187		0		0
Total	$	1,905	$	1,851	$	54	$	0

Total pension plan assets available for benefits also include $5,000 in accrued interest and dividend income.

There were no significant transfers between Level 1 and Level 2 during 2016 and 2015.

The fair values of the Company's SERP assets at December 31, 2016, by asset category are as follows:

			Quoted Prices
			in Active		Significant		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2 )		(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	132	$	132	$	0	$	0
Equity securities - US large cap stock mutual funds		380		380		0		0
Equity securities - US mid cap stock mutual funds		40		40		0		0
Equity securities - US small cap stock mutual funds		15		15		0		0
Equity securities - international stock mutual funds		49		49		0		0
Debt securities - high yield bond mutual funds		0		0		0		0
Debt securities - intermediate term bond mutual funds		153		153		0		0
Debt securities - short term bond mutual funds		166		166		0		0
Debt securities - commercial		57		0		57		0
Cash - money market account		4		4		0		0
Total	$	996	$	939	$	57	$	0

Total SERP plan assets available for benefits also include $4,000 in accrued interest and dividend income.

The fair values of the Company's SERP assets at December 31, 2015, by asset category are as follows:

			Quoted Prices
			in Active		Significant		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2 )		(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$	125	$	125	$	0	$	0
Equity securities - US large cap stock mutual funds		347		347		0		0
Equity securities - US mid cap stock mutual funds		39		39		0		0
Equity securities - US small cap stock mutual funds		14		14		0		0
Equity securities - international stock mutual funds		49		49		0		0
Debt securities - high yield bond mutual funds		22		22		0		0
Debt securities - intermediate term bond mutual funds		96		96		0		0
Debt securities - short term bond mutual funds		153		153		0		0
Debt securities - world bond mutual funds		30		30		0		0
Debt securities - commercial		58		0		58		0
Cash - money market account		51		51		0		0
Total	$	984	$	926	$	58	$	0

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid over the next ten years:

	Pension		SERP
Plan Year	Benefits		Benefits
(dollars in thousands)
2017	$	195	$	135
2018		210		131
2019		208		126
2020		208		121
2021		222		115
2022-2026		939		455