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PENSION AND POSTRETIREMENT WELFARE PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
Pension Plan
  
Pension and postretirement welfare plans  
Schedule of reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheet

The following tables provide a reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheets at December 31, 2013 and December 31, 2012 (in thousands):

 
   December 31,
2013		   December 31,
2012		  

Change in projected benefit obligation:

              

Projected benefit obligation at beginning of period

   $ 6,277   $ 5,556  

Service cost

     103     122  

Employee contributions

     10     9  

Interest cost

     241     259  

Actuarial (gain) loss

     (638 )   580  

Benefits paid

     (255 )   (249 )
           
​ ​ ​ ​ ​ ​ ​ ​

Projected benefit obligation at end of period

   $ 5,738   $ 6,277  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Change in plan assets:

              

Fair value of plan assets at beginning of period

   $ 4,086   $ 3,418  

Actual return on plan assets

     691     469  

Employee contributions

     10     9  

Employer contributions

     315     439  

Benefits and expenses paid

     (255 )   (249 )
           
​ ​ ​ ​ ​ ​ ​ ​

Fair value of plan assets at end of period

   $ 4,847   $ 4,086  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of reconciliation of accumulated other comprehensive income from the prior measurement date to the current measurement date

 

 
   December 31,
2013		   December 31,
2012		  

Excess of projected benefit obligation over fair value of plan assets

   $ 891   $ 2,191  

Unrecognized loss

     (875 )   (2,088 )
           
​ ​ ​ ​ ​ ​ ​ ​

Accrued pension cost prior to pension adjustments

   $ 16   $ 103  

Accumulated Other Comprehensive Income at Current Measurement Date

     875     2,088  
           
​ ​ ​ ​ ​ ​ ​ ​

Accrued pension cost at end of period

   $ 891   $ 2,191  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of benefits expected to be paid

 Benefits expected to be paid from the Plan during each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are (in thousands):

Year of payment
  Amount of
Benefit
Payment		  

2014

   $ 289  

2015

     308  

2016

     311  

2017

     326  

2018

     326  

2019 - 2023

     1,863  
Schedule of components of net periodic expense

Components of net periodic pension expense included in the consolidated statements of income and comprehensive income for years 2013 and 2012 are as follows (in thousands):

 
   For the
year ended
December 31,
2013		   For the
year ended
December 31,
2012		  

Service cost

   $ 103   $ 122  

Interest cost

     241     259  

Amortization of net loss

     172     150  

Expected return on assets

     (288 )   (245 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net periodic pension expense

   $ 228   $ 286  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of weighted average assumptions used to determine the projected defined benefit obligation

 

 
   December 31,
2013		   December 31,
2012		  

Discount rate

     4.75 %   4.00 %

Rate of compensation increases

     2.00 %   5.00 %
Schedule of weighted average assumptions used to determine net periodic pension expense

 

 
   December 31,
2013		   December 31,
2012		  

Discount rate

     4.00 %   4.75 %

Expected long-term rate of return on plan assets

     7.00 %   7.00 %

Rate of compensation increases

     5.00 %   5.00 %
Schedule of pension plan assets allocation

 

 
   December 31,
2013		   December 31,
2012		  

Cash equivalents

     5 %   4 %

Equity securities

     64 %   65 %

Fixed income securities

     31 %   31 %
           
​ ​ ​ ​ ​ ​ ​ ​

Total

     100 %   100 %
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of ranges for asset allocation percentages based on the Plan's Investment Policy Guidelines

 

Equity securities

   55 - 75%

Fixed income securities

   25 - 45%

Cash

   0 - 20%
     
​ ​ ​

Total

   100%
     
​ ​ ​
​ ​ ​
     
Postretirement Welfare Plan
  
Pension and postretirement welfare plans  
Schedule of reconciliation of the change in benefit obligation, the change in plan assets and the net amount recognized in the consolidated balance sheet

 The following tables provide a reconciliation of the change in the accumulated postretirement benefit obligation and the net amount recognized in the consolidated balance sheets at December 31, 2013 and December 31, 2012 (in thousands):

 
   December 31,
2013		   December 31,
2012		  

Change in postretirement benefit obligation:

              

Accumulated post retirement benefit obligation at beginning of period

   $ 1,621   $ 1,378  

Service cost

     16     22  

Interest cost

     60     67  

Actuarial (gain) loss

     (243 )   227  

Benefits paid

     (47 )   (73 )
           
​ ​ ​ ​ ​ ​ ​ ​

Accumulated postretirement benefit obligation at end of period

   $ 1,407   $ 1,621  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of benefits expected to be paid

  Benefits expected to be paid from the Plan during each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are (in thousands):

Year of payment
  Amount of
Benefit Payment		  

2014

   $ 58  

2015

     62  

2016

     60  

2017

     68  

2018

     64  

2019 - 2023

     404