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Component: (Network and Table)
Network
2314301 - Disclosure - EMPLOYEE BENEFIT PLANS (Tables)
(http://www.berkshirebank.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Schedule of changes in the Projected Benefit Obligation and Plan Assets
Information regarding the post-retirement plan at December 31, 2016 and 2015 is as follows:
(In thousands)
 
2016
 
2015
Change in accumulated postretirement benefit obligation:
 
 

 
 

Accumulated post-retirement benefit obligation at beginning of year
 
$
3,039

 
$
1,604

Prior service cost of long-term care plan participants
 

 
1,595

Service Cost
 
32

 
34

Interest cost
 
129

 
124

Participant contributions
 
47

 
47

Actuarial loss (gain)
 
130

 
(284
)
Benefits paid
 
(128
)
 
(81
)
Amendments
 

 

Accumulated post-retirement benefit obligation at end of year
 
$
3,249

 
$
3,039

 
 
 
 
 
Change in plan assets:
 
 

 
 

Fair value of plan assets at beginning of year
 
$

 
$

Contributions by employer
 
81

 
34

Contributions by participant
 
47

 
47

Benefits paid
 
(128
)
 
(81
)
Fair value of plan assets at end of year
 
$

 
$

Information regarding the pension plan at December 31, 2016 and 2015 is as follows:
(In thousands)
 
2016
 
2015
Change in projected benefit obligation:
 
 

 
 

Projected benefit obligation at beginning of year
 
$
6,585

 
$
7,193

Service Cost
 
76

 

Interest cost
 
267

 
268

Actuarial gain
 
(308
)
 
(454
)
Benefits paid
 
(318
)
 
(351
)
Settlements
 
(176
)
 
(71
)
Projected benefit obligation at end of year
 
6,126

 
6,585

Accumulated benefit obligation
 
6,126

 
6,585

 
 
 
 
 
Change in fair value of plan assets:
 
 

 
 

Fair value of plan assets at plan beginning of year
 
5,211

 
5,756

Actual return on plan assets
 
404

 
(123
)
Contributions by employer
 

 

Benefits paid
 
(318
)
 
(351
)
Settlements
 
(176
)
 
(71
)
Fair value of plan assets at end of year
 
5,121

 
5,211

 
 
 
 
 
Underfunded status
 
$
1,005

 
$
1,374

 
 
Schedule of Amounts Recognized in Statement of Financial Position
Amounts Recognized in Consolidated Balance Sheet
 
 
 
 
Other Liabilities
 
$
1,005

 
$
1,374

Amounts Recognized in Consolidated Balance Sheet
 
 

 
 

Other Liabilities
 
$
3,249

 
$
3,039

 
 
Schedule of Net Periodic Cost
Net periodic post-retirement cost is comprised of the following for the year ended December 31, 2016 and 2015:
(In thousands)
 
2016
 
2015
Service cost
 
$
32

 
$
34

Interest costs
 
129

 
124

Amortization of net prior service credit
 
83

 
83

Amortization of net actuarial loss
 

 

Net periodic post-retirement costs
 
$
244

 
$
241

Net periodic pension cost is comprised of the following for the years ended December 31, 2016 and 2015:
(In thousands)
 
2016
 
2015
Service Cost
 
$
76

 
$

Interest Cost
 
267

 
268

Expected return on plan assets
 
(361
)
 
(455
)
Amortization of unrecognized actuarial loss
 
163

 
175

Net periodic pension costs
 
$
145

 
$
(12
)
 
 
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive Income
Changes in benefit obligations recognized in accumulated other comprehensive income during 2016 and 2015 are as follows:
(In thousands)
 
2016
 
2015
Amortization of actuarial loss
 
$

 
$

Amortization of prior service credit
 
(83
)
 
(83
)
Net actuarial (gain) loss
 
(126
)
 
(257
)
Total recognized in accumulated other comprehensive income
 
(209
)
 
(340
)
Accrued post-retirement liability recognized
 
$
1,718

 
$
1,555

Changes in plan assets and benefit obligations recognized in accumulated other comprehensive income during 2016 and 2015 are as follows:
(In thousands)
 
2016
 
2015
Amortization of actuarial (loss)
 
$
(163
)
 
$
(176
)
Actuarial (gain) loss
 
(351
)
 
125

Total recognized in accumulated other comprehensive income
 
(514
)
 
(51
)
Total recognized in net periodic pension cost recognized and other comprehensive income
 
$
(369
)
 
$
(63
)
 
 
Schedule of Principal Actuarial Assumptions
The principal actuarial assumptions used at December 31, 2016 and 2015 were as follows:
 
 
2016
 
2015
Projected benefit obligation
 
 

 
 

Discount rate
 
3.980
%
 
4.170
%
Net periodic pension cost
 
 

 
 

Discount rate
 
4.170
%
 
3.820
%
Long term rate of return on plan assets
 
7.000
%
 
8.000
%
 
 
Schedule of Fair Values of the Plan's Assets by Asset Category and Level Within the Fair Value Hierarchy
The fair values of the Plan’s assets by category and level within the fair value hierarchy are as follows at December 31, 2016:
Asset Category (In thousands)
 
Total
 
Level 1
 
Level 2
Equity Mutual Funds:
 
 
 
 

 
 

Large-Cap
 
$
1,624

 
$

 
$
1,624

Mid-Cap
 
401

 

 
401

Small-Cap
 
415

 

 
415

International
 
757

 

 
757

Fixed Income Funds
 
 
 
 
 
 
Fixed Income - US Core
 
1,378

 

 
1,378

Intermediate Duration
 
472

 

 
472

Cash Equivalents - money market
 
74

 
30

 
44

Total
 
$
5,121

 
$
30

 
$
5,091


The fair values of the Plan’s assets by category and level within the fair value hierarchy are as follows at December 31, 2015:
Asset Category (In thousands)
 
Total
 
Level 1
 
Level 2
Equity Mutual Funds:
 
 

 
 

 
 

Large-Cap
 
$
1,516

 
$

 
$
1,516

Mid-Cap
 
374

 

 
374

Small-Cap
 
362

 

 
362

International
 
760

 

 
760

Fixed Income Funds
 


 


 


Fixed Income - US Core
 
1,564

 

 
1,564

Intermediate Duration
 
522

 

 
522

Cash Equivalents - money market
 
113

 
62

 
51

Total
 
$
5,211

 
$
62

 
$
5,149

 
 
Schedule of Estimated Benefit Payments
Estimated benefit payments under the Company’s pension plans over the next ten years at December 31, 2016 are as follows:
Year
 
Payments (In thousands)
2017
 
342

2018
 
338

2019
 
375

2020
 
367

2021
 
357

2022-2026
 
1,829

Estimated benefit payments under the post-retirement benefit plan over the next ten years at December 31, 2016 are as follows:
Year
 
Payments (In thousands)
2017
 
81

2018
 
100

2019
 
100

2020
 
99

2021
 
102

2022 - 2026
 
522

 
 
Schedule of Amounts in Accumulated Other Comprehensive Income That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost
The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows:
(In thousands)
 
2016
 
2015
Net prior service cost (credit)
 
$
1,659

 
$
1,742

Net actuarial (gain) loss
 
(126
)
 
(257
)
Total recognized in accumulated other comprehensive income
 
1,533

 
1,485