EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2013

EMPLOYEE BENEFITS [Abstract]

Schedule of changes in benefit obligation

The following table sets forth the plan’s change in benefit obligation (in thousands):

	2013			2012			2011
Benefit obligation at start of year	$	45,376		$	53,028		$	42,570
Service cost		-			2,665			2,179
Interest cost		1,993			2,218			2,250
Actuarial (gain) loss		(3,970	)		(3,789	)		7,671
Benefits paid and expected expenses		(1,686	)		(1,777	)		(1,642	)
Curtailment		-			(6,969	)		-
Benefit obligation at end of year	$	41,713		$	45,376		$	53,028

Schedule of changes in fair value of plan assets

The following table sets forth the plan’s change in plan assets (in thousands):

	2013			2012			2011
Fair value of plan assets at start of year	$	37,595		$	34,817		$	32,830
Actual return on plan assets		5,758			3,615			13
Employer contribution		-			1,000			3,700
Benefits paid and actual expenses		(1,897	)		(1,837	)		(1,726	)
Fair value of plan assets at end of year	$	41,456		$	37,595		$	34,817

Schedule of funded status and amounts recognized in Consolidated Statements Of Condition

The following table presents the plan’s funded status and amounts recognized in the consolidated statements of condition (in thousands):

	2013			2012
Prepaid pension cost	$	4,696		$	4,632
Unrecognized net loss		(4,953	)		(12,413	)
Underfunded status	$	(257	)	$	(7,781	)
Amount included in other liabilities	$	(257	)	$	(7,781	)
Accumulated benefit obligation	$	41,713		$	45,376

Schedule of estimated benefits payments

The following table presents estimated benefits to be paid during the years indicated (in thousands):

2014	$	1,969
2015		2,105
2016		2,178
2017		2,268
2018		2,319
2019-2023		12,439

Schedule of net periodic pension cost

The following table summarizes the net periodic pension (credit) cost (in thousands):

	2013			2012			2011
Service cost	$	-		$	2,665		$	2,179
Interest cost on projected benefit obligations		1,993			2,218			2,250
Expected return on plan assets		(2,301	)		(2,362	)		(2,238	)
Net amortization and deferral		244			1,628			974
Curtailment gain		-			(1	)		-
Net periodic pension (credit) cost		(64	)		4,148			3,165
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss		(7,460	)		(13,578	)		5,348
Total recognized in other comprehensive income		(7,460	)		(13,578	)		5,348
Total recognized in net periodic pension (credit) cost and other comprehensive income	$	(7,524	)	$	(9,430	)	$	8,513
Weighted-average discount rate		4.50	%		4.27	%		5.38	%
Rate of increase in future compensation		0.00	%		3.50	%		3.50	%
Expected long-term rate of return on assets		7.00	%		7.00	%		7.00	%

Schedule of expected net periodic pension cost in next fiscal year

The following table summarizes the net periodic pension credit expected for the year ended December 31, 2014. This amount is subject to change if a significant plan-related event should occur before the end of fiscal 2014 (in thousands):

	Projected
	2014
Service cost	$	-
Interest cost on projected benefit obligations		2,158
Expected return on plan assets		(2,547	)
Net amortization and deferral		25
Net periodic pension credit	$	(364	)
Weighted-average discount rate		4.50	%
Rate of increase in future compensation		0.00	%
Expected long-term rate of return on assets		7.00	%

Schedule of pension plan weighted-average asset allocations

The Company’s pension plan weighted-average asset allocations at December 31, 2013 and 2012, by asset category are as follows:

	At December 31,
Asset category	2013			2012
Cash		1	%		13	%
Equity securities		60			45
Debt securities		39			42
Total		100	%		100	%

Schedule of fair value measurements of pension plan assets on a recurring basis

The following table summarizes the fair value measurements of the Company’s pension plan assets on a recurring basis as of December 31, 2013 (in thousands):

	Fair Value Measurements Using
	Active Markets for		Significant
	Identical Assets		Other
	Quoted Prices		Observable Inputs
Description	(Level 1)		(Level 2)		Total
Short-term investment funds	$	290	$	-	$	290
Common collective trusts:
U.S. equity securities		9,395		-		9,395
Non - U.S. equity securities		15,654		-		15,654
U.S. fixed income securities		-		13,692		13,692
Non - U.S. fixed income securities		-		2,425		2,425
Total	$	25,339	$	16,117	$	41,456

The following table summarizes the fair value measurements of the Company’s pension plan assets on a recurring basis as of December 31, 2012 (in thousands):

	Fair Value Measurements Using
	Active Markets for		Significant
	Identical Assets		Other
	Quoted Prices		Observable Inputs
Description	(Level 1)		(Level 2)		Total
Investment in securities
Short-term investment funds	$	39	$	4,813	$	4,852
Equity securities		17,073		-		17,073
Fixed income securities
Auto loan receivable		-		204		204
Collateralized mortgage obligations		-		4,074		4,074
Corporate bonds		-		3,549		3,549
Government-issued securities		-		7,834		7,834
Other asset-backed		-		9		9
Total	$	17,112	$	20,483	$	37,595