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RETIREMENT FUND AND PROFIT SHARING PLAN (Tables)

12 Months Ended

Dec. 31, 2012

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

The net periodic benefit cost related to the SERP consisted of the following components during the years ended December 31, 2012, 2011 and 2010 (dollars in thousands):

	2012		2011		2010

Service Cost	$	438	$	371	$	340
Interest Cost		417		404		336
Net amortization		230		149		133
Net periodic benefit cost	$	1,085	$	924	$	809

Information about changes in plan assets and benefit obligation, the funded status

Summarized information about the changes in plan assets and benefit obligation, the funded status and the amounts recorded at December 31, 2012 and 2011 are as follows (dollars in thousands):

	2012			2011
Fair value of plan assets, January 1	$	-		$	-
Company contributions		-			-
Benefits paid		-			-
Fair value of plan assets, December 31	$	-		$	-
Benefit obligation, January 1		9,274			7,350
Service cost		438			371
Interest cost		417			404
Benefits paid		-			-
Actuarial losses		916			1,149
Benefit obligation, December 31	$	11,045		$	9,274
Funded status, December 31	$	(11,045	)	$	(9,274	)

Expected benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid (dollars in thousands):

Years Ending
December 31,

2013	$	-
2014		182
2015		237
2016		237
2017		237
2018 - 2022		2,732

Gross amounts recognized in accumulated other comprehensive loss, net of tax

The following gross amounts are recognized in accumulated other comprehensive loss, net of tax (dollars in thousands):

	2012		2011
Prior service cost	$	877	$	1,010
Net loss		2,884		2,065
	$	3,761	$	3,075

Weighted average assumptions used in determining the periodic net cost and benefit obligation related to SERP

The weighted average assumptions used in determining the periodic net cost and benefit obligation information related to the SERP are as follows:

	2012	2011	2010
Net periodic benefit cost
Discount rate	4.50%	5.50%	6.00%
Rate of compensation increase	3.00%	3.00%	3.00%
Benefit obligation
Discount rate	4.00%	4.50%	5.50%
Rate of compensation increase	3.00%	3.00%	3.00%