PENSION AND OTHER BENEFITS (Tables)

12 Months Ended

Dec. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Fair value of plan assets and funded status

Years ended December 31, (in thousands)	2012	2011	2010
Change in projected benefit obligation
Benefit obligation at beginning of year	$ 7,949	$ 6,639	$ 6,251
Actuarial loss/ (gain)	1,012	1,073	117
Service cost	404	343	349
Interest cost	358	383	361
Curtailments and settlements	(3,586)	-	-
Benefits paid	(98)	(489)	(439)
Benefit obligation at end of year	6,039	7,949	6,639
Change in plan assets
Plan assets at estimated fair value at beginning of year	6,164	5,668	5,298
Actual return on plan assets	720	97	537
Contributions by employer	129	888	272
Curtailments and settlements	(896)	-	-
Benefits paid	(98)	(489)	(439)
Fair value of plan assets at end of year	6,019	6,164	5,668
Funded status and recognized liability
included in other liabilities on the balance sheet	$ (20)	$ (1,785)	$ (971)

Components of amounts recognized in accumulated other comprehensive loss

Years ended December 31, (in thousands)	2012	2011	2010
Net loss	$ 711	$ 3,118	$ 1,799
	$ 711	$ 3,118	$ 1,799

Rate of increase in future compensation levels

Age	Rate
25	4.75%
35	4.25
45	3.75
55	3.25
65	3.00

Components of net periodic cost

Years ended December 31, (in thousands)	2012	2011	2010
Service cost	$ 404	$ 343	$ 349
Interest cost on benefit obligation	358	383	361
Expected return on plan assets	(455)	(418)	(397)
Amortization of net loss	123	75	68
Net periodic benefit cost	430	383	381
Additional amount recognized due to settlement or curtailment	341	-	-
	771	383	381
Other changes in plan assets and benefit obligations recognized
in other comprehensive loss (income):
Net actuarial loss (gain)	(2,284)	1,394	(23)
Amortization of net loss	(123)	(75)	(68)
Total recognized in other comprehensive income (loss)	(2,407)	1,319	(91)
Total recognized in net periodic cost and other comprehensive income	$ (1,636)	$ 1,702	$ 290

Fair values of the pension plan assets

	Fair Value Measurements at Reporting Date Using			Assets at fair value
(in thousands)	Level 1	Level 2	Level 3
December 31, 2012
Fixed Income
Corporate Debt	$ -	$ 714	$ -	$ 714
Preferred Stock	63	-	-	63
Equities	4,605	-	-	4,605
Mutual Funds	268	-	-	268
Money Fund	369	-	-	369
Totals	$ 5,305	$ 714	$ -	$ 6,019
December 31, 2011
Fixed Income
US Government	$ -	$ 97	$ -	$ 97
Corporate Debt	-	952	-	952
Preferred Stock	63	-	-	63
Equities	4,189	-	-	4,189
Mutual Funds	287	-	-	287
Money Fund	576	-	-	576
Totals	$ 5,115	$ 1,049	$ -	$ 6,164

Future expected benefit payments

Future expected benefit payments (in thousands)
2013	$ 103
2014	143
2015	374
2016	91
2017	558
2018 to 2022	1,924