RETIREMENT FUND AND PROFIT SHARING PLAN (Tables)

12 Months Ended

Dec. 31, 2018

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

SERP Expense

The net periodic benefit cost related to the SERP consisted of the following components during the years ended December 31, 2018 and 2017:

	Years Ended December 31,
	2018		2017
Service Cost	$	732	$	700
Interest Cost		664		673
Net amortization		443		375
Net periodic benefit cost	$	1,839	$	1,748

Changes in Plan Assets and Benefit Obligation, Funded Status

Summarized information about the changes in plan assets and benefit obligation, the funded status and the amounts recorded at December 31, 2018 and 2017 are as follows:

	Years Ended December 31,
	2018			2017
Fair value of plan assets, January 1	$	-		$	-
Company contributions		325			240
Benefits paid		(325	)		(240	)
Fair value of plan assets, December 31	$	-		$	-
Benefit obligation, January 1	$	19,134		$	16,900
Service cost		732			700
Interest cost		664			673
Benefits paid		(325	)		(240	)
Plan amendments		39			198
Actuarial (gains) losses		(1,568	)		903
Benefit obligation, December 31		18,676			19,134
Underfunded status, December 31	$	(18,676	)	$	(19,134	)

Expected Benefit Payments

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

Years Ending
December 31,
2019	$	379
2020		659
2021		679
2022		902
2023		941
2024 - 2028		5,409

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:

	December 31,
	2018		2017
Prior service cost	$	918	$	1,135
Net loss		1,977		3,732
	$	2,895	$	4,867

Weighted Average Assumptions Used in Determining 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:

	Years Ended December 31,
	2018			2017
Net periodic benefit cost:
Discount rate		3.50	%		4.00	%
Rate of compensation increase		3.00	%		3.00	%
Benefit obligation:
Discount rate		4.00	%		3.50	%
Rate of compensation increase		2.50	%		3.00	%