RETIREMENT FUND AND PROFIT SHARING PLAN (Tables)

12 Months Ended

Dec. 31, 2016

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

Net periodic benefit cost related to the SERP

The net periodic benefit cost related to the SERP consisted of the following components during the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014
Service Cost	$	593	$	552	$	542
Interest Cost		659		567		541
Net amortization		391		366		182
Net periodic benefit cost	$	1,643	$	1,485	$	1,265

Information about changes in plan assets and benefit obligation, the funded status

Summarized information about the changes in plan assets and benefit obligation, the funded status and the amounts recorded at December 31, 2016 and 2015 are as follows:

	2016			2015
Fair value of plan assets, January 1	$	-		$	-
Company contributions		129			85
Benefits paid		(129	)		(85	)
Fair value of plan assets, December 31	$	-		$	-
Benefit obligation, January 1		15,576			14,205
Service cost		593			552
Interest cost		659			567
Benefits paid		(129	)		(85	)
Plan amendments		487			-
Actuarial (gains) losses		(286	)		337
Benefit obligation, December 31	$	16,900		$	15,576
Underfunded status, December 31	$	(16,900	)	$	(15,576	)

Expected benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid:

Years Ending
December 31,
2017	$	129
2018		288
2019		543
2020		658
2021		658
2022 - 2026		5,160

Gross amounts recognized in accumulated other comprehensive loss, net of tax

The following gross amounts are recognized net of tax in accumulated other comprehensive loss:

	2016		2015
Prior service cost	$	1,172	$	866
Net loss		2,970		3,465
	$	4,142	$	4,331

Weighted average assumptions used in determining the periodic net cost and benefit obligation related to SERP

The weighted average assumptions used in determining the periodic net cost and benefit obligation information related to the SERP are as follows:

	2016	2015	2014
Net periodic benefit cost
Discount rate	4.25%	4.00%	5.00%
Rate of compensation increase	3.00%	3.00%	3.00%
Benefit obligation
Discount rate	4.00%	4.25%	4.00%
Rate of compensation increase	3.00%	3.00%	3.00%