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Network
138 - Disclosure - EMPLOYEE BENEFIT PLANS (Tables)
(http://www.tcbol.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001553830 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Schedule Of Defined Benefit Plan Net Periodic Benefit Cost [Table Text Block]
The following is a summary of the plans funded status as of December 31, 2016 and 2015:
 
 
 
(Dollars in thousands)
 
 
 
2016
 
2015
 
Change in benefit obligation:
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
 
$
1,409
 
$
1,459
 
Interest Cost
 
 
57
 
 
53
 
Actuarial gain (loss)
 
 
(67)
 
 
(76)
 
Benefits paid
 
 
(51)
 
 
(27)
 
Projected benefit obligation at end of year
 
$
1,348
 
$
1,409
 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
1,363
 
$
726
 
Actual return on plan assets
 
 
87
 
 
(108)
 
Employer contributions
 
 
-
 
 
772
 
Benefits paid
 
 
(51)
 
 
(27)
 
Fair value of plan assets at end of year
 
$
1,399
 
$
1,363
 
Funded status (included in accrued liabilities)
 
$
51
 
$
(46)
 
Unrecognized actuarial loss in accumulated other comprehensive income (before taxes)
 
$
(630)
 
$
(778)
 
  
Schedule of Net Benefit Costs [Table Text Block]
Amounts recognized in the consolidated statements of income consist of:
 
 
 
(Dollars in thousands)
 
 
 
Year ended December 31,
 
 
 
2016
 
2015
 
Net periodic pension cost:
 
 
 
 
 
 
 
Interest cost on projected benefit obligation
 
$
57
 
$
53
 
Expected return on plan assets
 
 
(80)
 
 
(43)
 
Net amortization of deferral of (gains) losses
 
 
74
 
 
68
 
Net periodic pension cost
 
$
51
 
$
78
 
  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Other changes recognized in other comprehensive income include:
 
 
 
(Dollars in thousands)
 
 
 
Year ended December 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Change in unrecognized net actuarial loss
 
$
148
 
$
(8)
 
Tax effect
 
 
(51)
 
 
3
 
Total recognized in other comprehensive income
 
$
97
 
$
(5)
 
  
Schedule of Assumptions Used [Table Text Block]
Weighted-average assumptions used to determine benefit obligation at December 31, 2016 and 2015:
 
 
 
2016
 
 
2015
 
Discount rate
 
 
4.00
%
 
 
3.75
%
 
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2016 and 2015:
 
 
 
2016
 
2015
 
Discount rate
 
 
4.00
%
 
3.75
%
Expected return on plan assets
 
 
6.00
%
 
6.00
%
  
Schedule Of Target Allocation Percentages For Each Major Class Of Plan Assets [Table Text Block]
The portfolio is to be diversified by investing in multiple types of investment-grade securities. Target allocation percentages for each major class of Plan assets are as follows:
 
Equity Securities – 85%
Fixed Income Securities – 15%
  
Schedule Of Pension Plans Weighted Average Asset Allocations [Table Text Block]
The Bank’s pension plan weighted-average asset allocations at December 31, 2016 and 2015 by asset category are as follows:
 
 
 
2016
 
2015
 
Asset category:
 
 
 
 
 
 
 
Equity securities
 
 
41
%
 
9
%
Debt securities
 
 
45
%
 
0
%
Cash and cash equivalents
 
 
14
%
 
91
%
Total
 
 
100
%
 
100
%
Citizens Independent Bancorp, Inc. common stock to total plan assets
 
 
4
%
 
4
%
  
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of the Bank’s pension plan assets presented by asset class within the fair value hierarchy, as defined in Note P – Fair Value of Financial Instruments, at December 31, 2016 and 2015 are as follows:
 
 
 
(Dollars in thousands)
 
 
 
Fair Value Measurements
 
 
 
 
 
 
Quoted Prices in
Active Markets
for Identical
 
Significant
Other
Observable
 
Significant
Unobservable
 
Asset
Class
 
Total
 
Assets/Liabilities
(Level 1)
 
Inputs
(Level 2)
 
Inputs
(Level 3)
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Equivalents
 
$
193
 
$
-
 
$
193
 
$
-
 
Fixed Income
 
 
637
 
 
637
 
 
-
 
 
-
 
Equity Securities
 
 
516
 
 
516
 
 
-
 
 
-
 
 
 
$
1,346
 
$
1,153
 
$
193
 
$
-
 
CIB Common Stock
 
 
53
 
 
53
 
 
-
 
 
-
 
Total Plan Assets
 
$
1,399
 
$
1,206
 
$
193
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Equivalents
 
$
1,240
 
$
-
 
$
1,240
 
$
-
 
Fixed Income
 
 
69
 
 
69
 
 
-
 
 
-
 
Equity Securities
 
 
-
 
 
-
 
 
-
 
 
-
 
 
 
$
1,309
 
$
69
 
$
1,240
 
$
-
 
CIB Common Stock
 
 
54
 
 
-
 
 
54
 
 
-
 
Total Plan Assets
 
$
1,363
 
$
69
 
$
1,294
 
$
-
 
  
Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
2017
 
$
66
 
2018
 
 
128
 
2019
 
 
25
 
2020
 
 
97
 
2021
 
 
52
 
2022-2026
 
 
246
 
Total
 
$
614