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RETIREMENT FUND AND PROFIT SHARING PLAN (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013, 2012 and 2011 (dollars in thousands):

	2013		2012		2011

Service Cost	$	556	$	438	$	371
Interest Cost		448		417		404
Net amortization		307		230		149
Net periodic benefit cost	$	1,311	$	1,085	$	924

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, 2013 and 2012 are as follows (dollars in thousands):

	2013			2012
Fair value of plan assets, January 1	$	-		$	-
Company contributions		-			-
Benefits paid		-			-
Fair value of plan assets, December 31	$	-		$	-
Benefit obligation, January 1		11,045			9,274
Service cost		556			438
Interest cost		448			417
Plan amendments		502			-
Benefits paid					-
Actuarial (gains) losses		(1,721	)		916
Benefit obligation, December 31	$	10,830		$	11,045
Funded status, December 31	$	(10,830	)	$	(11,045	)

Expected benefit payments

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

Years Ending
December 31,

2014	$	-
2015		264
2016		264
2017		264
2018		264
2019 - 2023		3,443

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):

	2013		2012
Prior service cost	$	1,230	$	877
Net loss		1,004		2,884
	$	2,234	$	3,761

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:

	2013	2012	2011
Net periodic benefit cost
Discount rate	4.00%	4.50%	5.50%
Rate of compensation increase	3.00%	3.00%	3.00%
Benefit obligation
Discount rate	5.00%	4.00%	4.50%
Rate of compensation increase	3.00%	3.00%	3.00%