RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2012

Significant actuarial assumptions used to determine the benefit obligations at year end and the benefit cost

Significant Actuarial Assumptions. The following table sets forth the significant actuarial assumptions used to determine the benefit obligation at December 31, 2012, 2011 and 2010 and the benefit cost for each of the Plan years then ended.

Weighted average assumptions used to determine the
benefit obligation at year end	2012			2011			2010
Discount rate		4.06	%		5.23	%		5.69	%
Rate of increase in compensation levels		3.00	%		3.00	%		3.50	%

Weighted average assumptions used to determine net pension cost
Discount rate		5.23	%		5.69	%		5.89	%
Rate of increase in compensation levels		3.00	%		3.50	%		3.50	%
Expected long-term rate of return on plan assets		7.00	%		7.00	%		7.50	%

Components of net periodic pension cost

Net Pension Cost. The following table sets forth the components of net periodic pension cost.

	2012			2011			2010
	(in thousands)
Service cost, net of plan participant contributions	$	900		$	1,227		$	1,200
Interest cost		1,368			1,336			1,190
Expected return on plan assets		(2,259	)		(2,087	)		(1,792	)
Amortization of prior service cost		23			23			23
Amortization of net actuarial loss		664			266			322
Net pension cost	$	696		$	765		$	943

Funded status of the plan and accumulated benefit obligation

Funded Status of the Plan. The following table sets forth the change in the projected benefit obligation and Plan assets for each year and, as of the end of each year, the funded status of the Plan and accumulated benefit obligation.

	2012			2011			2010
Change in projected benefit obligation:	(in thousands)
Projected benefit obligation at beginning of year	$	26,891		$	23,772		$	20,605
Service cost before plan participant contributions		1,142			1,456			1,444
Expenses		(235	)		(216	)		(174	)
Interest cost		1,368			1,336			1,190
Benefits paid		(916	)		(832	)		(746	)
Assumption changes		4,270			1,460			563
Experience loss (gain) and other		(1,822	)		(85	)		890
Projected benefit obligation at end of year		30,698			26,891			23,772

Change in fair value of plan assets:
Fair value of plan assets at beginning of year		33,023			29,640			24,307
Actual return on plan assets		3,460			1			2,267
Employer contributions		6,024			4,201			3,742
Plan participant contributions		242			229			244
Benefits paid		(916	)		(832	)		(746	)
Expenses		(235	)		(216	)		(174	)
Fair value of plan assets at end of year		41,598			33,023			29,640

Funded status at end of year	$	10,900		$	6,132		$	5,868

Accumulated Benefit Obligation	$	27,783		$	24,314		$	21,620

Net actuarial loss and prior service cost included in accumulated other comprehensive income

The net actuarial loss and prior service cost included in accumulated other comprehensive income as of December 31 are as follows:

	2012		2011
	(in thousands)
Net actuarial loss	$	9,878	$	9,294
Prior service cost		40		63
	$	9,918	$	9,357

Plan assets allocations, target allocations, and expected long-term rate of return by asset category

The Plan's asset allocations at December 31, 2012 and 2011, target allocations and the expected long-term rate of return by asset category are set forth in the table that follows.

										Weighted
				Percentage of Plan Assets						Average Expected
	Target			at December 31,						Long-term
	Allocation			2012			2011			Rates of Return
Cash equivalents		0% - 20	%		12.8	%		10.6	%	<1.00%
Equity securities		40% - 60	%		45.5	%		47.9	%	8.00 to 10.00%
Fixed income securities		40% - 60	%		41.7	%		41.5	%	5.00 to 6.00%
Other financial instruments		0% - 5	%		-			-		-
					100.0	%		100.0	%	6.50 to 7.50%

Fair value of Plan assets by assets category

Fair Value of Plan Assets. The fair value of the Plan assets at December 31, 2012 and 2011, by asset category, is summarized below.

			Fair Value Measurements at December 31, 2012 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:	(in thousands)
Short term investment funds	$	5,099	$	-	$	5,099	$	-
Government issues		226		-		226		-
Foreign currencies		43		43		-		-
Total cash equivalents		5,368		43		5,325		-
Equities:
Common stock		18,319		18,319		-		-
Depository receipts		410		410		-		-
Preferred stock		81		81		-		-
Real estate investment trust		81		81		-		-
Total equities		18,891		18,891		-		-
Fixed income securities:
Auto loan receivable		225		-		225		-
Collateralized mortgage obligations		4,508		-		4,508		-
Corporate bonds		3,927		-		3,927		-
Federal Home Loan Mortgage Corp		516		-		516		-
Federal National Mortgage Assoc		2,064		-		2,064		-
Government National Mortgage Assoc. I		22		-		22		-
Government National Mortgage Assoc. II		96		-		96		-
Government issues		5,926		-		5,926		-
Municipals		45		-		45		-
Other asset backed		10		-		10		-
Total fixed income securities		17,339		-		17,339		-
Total Plan Assets	$	41,598	$	18,934	$	22,664	$	-

			Fair Value Measurements at December 31, 2011 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:	(in thousands)
Short term investment funds	$	3,448	$	-	$	3,448	$	-
Foreign currencies		57		57		-		-
Total cash equivalents		3,505		57		3,448		-
Equities:
Common stock		15,442		15,442		-		-
Depository receipts		332		332		-		-
Preferred stock		49		49		-		-
Total equities		15,823		15,823		-		-
Fixed income securities:
Auto loan receivable		4		-		4		-
Collateralized mortgage obligations		3,227		-		3,227		-
Corporate bonds		2,935		-		2,935		-
Federal Home Loan Mortgage Corp		569		-		569		-
Federal National Mortgage Assoc.		1,758		-		1,758		-
Government National Mortgage Assoc. I		24		-		24		-
Government National Mortgage Assoc. II		123		-		123		-
Government issues		4,979		-		4,979		-
Municipals		39		-		39		-
Other asset backed		37		-		37		-
Total fixed income securities		13,695		-		13,695		-
Total Plan Assets	$	33,023	$	15,880	$	17,143	$	-

Estimated Future Benefit Payments

Estimated Future Benefit Payments. The following benefit payments, which reflect expected future service as appropriate, are expected to be made by the Plan.

Year	Amount
	(in thousands)
2013	$	1,083
2014		1,242
2015		1,367
2016		1,518
2017		1,688
2018-2022		9,852

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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