EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2016

EMPLOYEE BENEFITS [Abstract]

Changes in benefit obligation

The following table sets forth the plan’s change in benefit obligation (in thousands):

	2016			2015			2014
Benefit obligation at beginning of year	$	47,431		$	49,734		$	41,713
Interest cost		2,185			2,099			2,158
Actuarial loss (gain)		1,895			(2,451	)		7,709
Benefits paid		(2,133	)		(1,951	)		(1,846	)
Benefit obligation at end of year	$	49,378		$	47,431		$	49,734

Changes in fair value of plan assets

The following table sets forth the plan’s change in plan assets (in thousands):

	2016			2015			2014
Fair value of plan assets at beginning of year	$	41,003		$	43,431		$	41,456
Actual return on plan assets		2,919			(1,227	)		2,992
Employer contribution		-			1,000			1,000
Benefits paid and actual expenses		(2,541	)		(2,201	)		(2,017	)
Fair value of plan assets at end of year	$	41,381		$	41,003		$	43,431

Funded status and amounts recognized in Consolidated Statements Of Condition

The following table presents the plan’s funded status and amounts recognized in the consolidated statements of condition (in thousands):

	2016			2015
Underfunded status	$	(7,997	)	$	(6,428	)
Amount included in other liabilities	$	(7,997	)	$	(6,428	)
Accumulated benefit obligation	$	49,378		$	47,431

Estimated benefits payments

The following table presents estimated benefits to be paid during the years indicated (in thousands):

2017	$	2,322
2018		2,413
2019		2,502
2020		2,540
2021		2,656
2022-2026		14,120

Net periodic pension credit

The following table summarizes the net periodic pension credit (in thousands):

	2016			2015			2014
Interest cost on projected benefit obligation	$	2,185		$	2,099		$	2,158
Expected return on plan assets		(2,497	)		(2,792	)		(2,548	)
Amortization of net loss		299			249			25
Net periodic pension credit		(13	)		(444	)		(365	)
Other changes in plan assets and benefit obligation recognized in other comprehensive income:
Net actuarial loss		1,880			1,819			7,435
Amortization of net loss		(299	)		(249	)		(25	)
Total recognized in other comprehensive income		1,581			1,570			7,410
Total recognized in net periodic pension credit and other comprehensive income	$	1,568		$	1,126		$	7,045
Weighted-average discount rate for the period		4.74	%		4.32	%		5.33	%
Expected long-term rate of return on assets		7.00	%		7.00	%		7.00	%

Assumptions used in the measurement of the Company's pension obligation

The assumptions used in the measurement of the Company’s pension obligation at December 31, 2016 and 2015 were:

	2016			2015
Discount rate		4.58	%		4.74	%
Rate of increase in future compensation		0.00	%		0.00	%
Expected long-term rate of return on assets		N/A			N/A

Expected net periodic pension cost in next fiscal year

The following table summarizes the net periodic pension cost expected for the year ended December 31, 2017. This amount is subject to change if a significant plan-related event should occur before the end of fiscal 2017 (in thousands):

	Projected 2017
Interest cost on projected benefit obligation	$	2,190
Expected return on plan assets		(2,373	)
Amortization of net loss		356
Net periodic pension cost	$	173
Weighted-average discount rate for the period		4.58	%
Expected long-term rate of return on assets		7.00	%

Pension plan weighted-average asset allocations

The Company’s pension plan weighted-average asset allocations at December 31, 2016 and 2015, by asset category were as follows:

	At December 31,
Asset category	2016			2015
Cash		-	%		1	%
Equity securities		61			59
Debt securities		39			40
Total		100	%		100	%

Pension plan target asset allocations

The following table presents target investment allocations for 2017 by asset category:

Asset Category	Target Allocation 2017
Cash equivalents		0 - 5	%
Equity securities		54 - 64	%
Fixed income securities		36 - 41	%

Fair value measurements of pension plan assets on a recurring basis

The following table summarizes the fair value measurements of the Company’s pension plan assets on a recurring basis as of December 31, 2016 (in thousands):

	Fair Value Measurements Using
Description	Active Markets for Identical Assets Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Short-term investment funds	$	181	$	-	$	181
Common collective trusts:
U.S. equity securities		-		9,698		9,698
Non - U.S. equity securities		-		15,382		15,382
U.S. fixed income securities		-		16,120		16,120
Total	$	181	$	41,200	$	41,381

The following table summarizes the fair value measurements of the Company’s pension plan assets on a recurring basis as of December 31, 2015 (in thousands):

	Fair Value Measurements Using
Description	Active Markets for Identical Assets Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Short-term investment funds	$	323	$	-	$	323
Common collective trusts:
U.S. equity securities		-		9,200		9,200
Non - U.S. equity securities		-		15,000		15,000
U.S. fixed income securities		-		16,480		16,480
Total	$	323	$	40,680	$	41,003