RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Summary of Costs of Retirement Plans

Funding and administrative costs of the qualified noncontributory defined benefit retirement plan and 401(k) plan charged to salaries and employee benefits in the consolidated statements of income for the years ended December 31 were as follows (in thousands):

	2013		2012	2011
Qualified noncontributory defined benefit retirement plan	$	486	355	543
401(k) plan	294		275	290

Components of Net Benefit Costs

The components of net periodic pension cost of the nonqualified defined benefit retirement plan for the years ended December 31 are summarized as follows (in thousands):

	2013		2012	2011
Service cost	$	71	89	111
Interest cost	46		43	35
Amortization of unrecognized (gain) loss	25		20	(28	)
Amortization of unrecognized prior service cost	29		29	32
Net periodic pension cost	$	171	181	150

Reconciliation of Changes in Projected Benefit Obligations

A reconciliation of changes in the projected benefit obligation of the nonqualified defined benefit retirement plan at December 31 follows (in thousands):

	2013			2012	2011
Projected benefit obligation at beginning of year	$	1,153		969	636
Service cost	71			89	111
Interest cost	46			43	35
Actuarial (gain) or loss	(57		)	52	305
Settlements	—			—	(74	)
Curtailment	—			—	(44	)
Projected benefit obligation at end of year	$	1,213		1,153	969

Amount Recognized in OCI

Amounts recognized in accumulated other comprehensive income, net of tax, at December 31 for the nonqualified defined benefit retirement plan consists of (in thousands):

	2013		2012	2011
Net actuarial (gain)/loss	$	70	125	103
Past service cost	10		29	49
	$	80	154	152

Schedule of Key Assumptions Used

Key weighted-average assumptions used to determine the benefit obligation and net periodic pension costs for the nonqualified defined benefit retirement plan for the years ended December 31 were as follows:

	2013		2012		2011
Benefit obligation:
Discount rate	4.95	%	4.05	%	4.40	%
Salary increase rate	3.00	%	3.00	%	3.00	%
Net periodic pension cost:
Discount rate	4.05	%	4.40	%	5.54	%
Salary increase rate	3.00	%	3.00	%	3.00	%
Amortization period in years	2.99		3.0		6.92/3.48

Expected Benefit Payments

The nonqualified defined benefit retirement plan is not funded.  Therefore no contributions will be made in 2013.  Estimated future benefit payments reflecting expected future service for the years ended after December 31, 2013 are (in thousands):

2014	18
2015	59
2016	64
2017	118
2018	118
2019-2023	590