RETIREMENT FUND AND PROFIT SHARING PLAN (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015:

	2017		2016		2015
Service Cost	$	700	$	593	$	552
Interest Cost		673		659		567
Net amortization		375		391		366
Net periodic benefit cost	$	1,748	$	1,643	$	1,485

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, 2017 and 2016 are as follows:

	2017			2016
Fair value of plan assets, January 1	$	-		$	-
Company contributions		240			129
Benefits paid		(240	)		(129	)
Fair value of plan assets, December 31		-			-
Benefit obligation, January 1		16,900			15,576
Service cost		700			593
Interest cost		673			659
Benefits paid		(240	)		(129	)
Plan amendments		198			487
Actuarial (gains) losses		903			(286	)
Benefit obligation, December 31		19,134			16,900
Underfunded status, December 31	$	(19,134	)	$	(16,900	)

Expected benefit payments

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

Years Ending
December 31,
2018	$	317
2019		564
2020		622
2021		622
2222		909
2023 - 2027		5,193

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:

	2017		2016
Prior service cost	$	1,135	$	1,172
Net loss		3,732		2,970
	$	4,867	$	4,142

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:

	2017	2016	2015
Net periodic benefit cost
Discount rate	4.00%	4.25%	4.00%
Rate of compensation increase	3.00%	3.00%	3.00%
Benefit obligation
Discount rate	3.50%	4.00%	4.25%
Rate of compensation increase	3.00%	3.00%	3.00%