EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2012

EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS [Abstract]

Changes in Plan Benefit Obligations, Fair Value of Plan Assets and Plans' Funded Status

The following tables set forth the changes in the plans' benefit obligations, fair value of plan assets and the plans' funded status as of December 31:

	Pension Benefits						Postretirement Benefits
(In thousands)	2012			2011			2012			2011
Change in benefit obligations:
Benefit obligations at beginning of year	$	10,167		$	7,539		$	401		$	364
Service cost		166			328			-			-
Interest cost		397			414			17			19
Actuarial loss		863			2,085			68			47
Curtailment gain		(1,919	)		-			-			-
Benefits paid		(209	)		(199	)		(36	)		(29	)
Benefit obligations at end of year		9,465			10,167			450			401
Change in plan assets:
Fair value of plan assets at beginning of year		7,549			7,890			-			-
Actual return on plan assets		846			(142	)		-			-
Benefits paid		(209	)		(199	)		(36	)		(29	)
Employer contributions		2,600			-			36			29
Fair value of plan assets at end of year		10,786			7,549			-			-
Funded Status - asset (liability)	$	1,321		$	(2,618	)	$	(450	)	$	(401	)

Amounts Recognized in Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss as of December 31 are as follows:

	Pension Benefits				Postretirement Benefits
(In thousands)	2012		2011		2012		2011
Unrecognized transition obligation	$	-	$	-	$	-	$	2
Net loss, net of curtailment gain		4,466		5,940		142		86
		4,466		5,940		142		88
Tax Effect		1,786		2,376		57		35
	$	2,680	$	3,564	$	85	$	53

Significant Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Plan Cost

The significant assumptions used in determining the benefit obligations as of December 31, are as follows:

	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
Weighted average discount rate		4.05	%		4.40	%		4.05	%		4.40	%
Rate of increase in future compensation levels		-			3.50	%		-			-

The significant assumptions used in determining the net periodic benefit plan cost for years ended December 31 were as follows:

	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
Weighted average discount rate		4.40	%		5.54	%		4.40	%		5.54	%
Expected long term rate of return on plan assets		8.00	%		8.00	%		-			-
Rate of increase in future compensation levels		-			3.50	%		-			-

Composition of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31 is as follows:

	Pension Benefits						Postretirement Benefits
	2012			2011			2012		2011
(In thousands)
Service cost	$	166		$	328		$	-	$	-
Interest cost		397			414			17		19
Expected return on plan assets		(809	)		(625	)		-		-
Amortization of transition obligation		-			-			2		18
Amortization of net losses		381			247			13		1
Net periodic benefit plan cost	$	135		$	364		$	32	$	38

Pension Plan Assets Measured at Fair Value

Pension plan assets measured at fair value are summarized below:

	At December 31, 2012
							Total Fair
(In thousands)	Level 1		Level 2		Level 3		Value
Asset Category:
Mutual funds - equity
Large-cap value (a)	$	1,018	$	-	$	-	$	1,018
Small-cap core (b)		1,339		-		-		1,339
Large-cap core (c)		752		-		-		752
Large-cap value (d)		1,239		-		-		1,239
Common/collective trusts - equity
Large-cap core (e)		-		1,191		-		1,191
Large-cap value (f)		-		595		-		595
Large-cap growth (g)		-		792		-		792
Common/collective trusts - fixed income
Market duration fixed (h)		-		3,860		-		3,860
Cash Equivalents-Money market		-		-		-		-
Total	$	4,348	$	6,438	$	-	$	10,786

(a)   This category consists of investments whose sector and industry exposures are maintained within a narrow band around Russell 1000 index.  The portfolio holds approximately 150 stocks.

(b)   This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 index.  The portfolio will typically hold more than 150 stocks.

(c)   This category consists of a mutual fund that seeks fast growing large-cap companies with sustainable franchises and positive price momentum.  The portfolio holds 60 to 90 stocks.

(d)   This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems.

(e)   This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index.

(f)   This category contains large-cap stocks with above-average yields.  The portfolio typically holds between 60 and 70 stocks.

(g)   This category consists of a portfolio of between 35 and 55 stocks of fast growing, predictable, and cyclical large cap growth companies.

(h)   This category consists of an index fund that tracks the Barclays Capital U.S. Aggregate Bond Index.  The fund invests in Treasury, agency, corporate, mortgage-backed and asset-backed securities.

	At December 31, 2011
							Total Fair
(In thousands)	Level 1		Level 2		Level 3		Value
Asset Category:
Mutual funds - equity
Large-cap value (a)	$	675	$	-	$	-	$	675
Small-cap core (b)		895		-		-		895
Common/collective trusts - equity
Large-cap core (c)		-		798		-		798
Large-cap value (d)		-		393		-		393
Large-cap growth (e)		-		1,087		-		1,087
International core (f)		-		830		-		830
Common/collective trusts - fixed income
Market duration fixed (g)		-		2,871		-		2,871
Total	$	1,570	$	5,979	$	-	$	7,549

(a)   This category consists of investments whose sector and industry exposures are maintained within a narrow band around Russell 1000 index.  The portfolio holds approximately 150 stocks.

(b)   This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 index.  The portfolio will typically hold more than 150 stocks.

(c)   This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index.

(d)   This category contains large-cap stocks with above-average yields.  The portfolio typically holds between 60 and 70 stocks.

(e)   This category consists of a portfolio of between 45 and 65 stocks that will typically overweight technology and health care.

(f)   This category consists of a broadly diversified portfolio of non-U.S. domiciled stocks.  The portfolio will typically hold more than 200 stocks, with 0% - 35% invested in emerging markets securities.

(g)   This category consists of an index fund that tracks the Barclays Capital U.S. Aggregate Bond Index.  The fund invests in Treasury, agency, corporate, mortgage-backed and asset-backed securities.

Expected Future Service Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from both retirement plans:

	Pension		Postretirement
	Benefits		Benefits		Total
Years ending December 31:
(In thousands)
2013	$	234	$	35	$	269
2014		244		36		280
2015		253		36		289
2016		264		36		300
2017		296		37		333
Years 2018 - 2022		1,678		165		1,843