EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Schedule of Changes in Projected Benefit Obligations

A summary of the Plan’s change in the projected benefit obligation and change in the fair value of Plan assets for the years ended December 31, 2012 and 2011 and amounts recognized in the Company’s consolidated balance sheets as of December 31, 2012 and 2011 is as follows:

	2012			2011
	(dollars expressed in thousands)
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$	12,467		12,334
Interest cost	516			587
Actuarial loss	1,765			970
Benefit payments	(761		)	(1,424	)
Projected benefit obligation at end of year	$	13,987		12,467
Change in Fair Value of Plan Assets:
Fair value at beginning of year	$	8,848		9,210
Actual return on plan assets	666			774
Employer contributions	666			288
Benefit payments	(761		)	(1,424	)
Fair value at end of year	$	9,419		8,848
Amount Recognized in Consolidated Balance Sheets:
Accrued pension liability	$	4,568		3,619
Amounts Recognized in Accumulated Other Comprehensive Income:
Loss	$	(5,940	)	(4,370	)
Deferred tax liability	2,396			1,737
Loss, net of tax	$	(3,544	)	(2,633	)

Schedule of Assumptions Used

The following table reflects the weighted average assumptions used to determine the net periodic benefit cost for the years ended December 31, 2012 and 2011:

	2012		2011
Discount rate	4.28	%	4.93	%
Expected long-term rate of return on Plan assets	7.00		7.00

Schedule of Net Benefit Costs

A summary of the components of net periodic benefit cost for the years ended December 31, 2012 and 2011 is as follows:

	2012			2011
	(dollars expressed in thousands)
Interest cost	$	516		587
Expected return on Plan assets	(617		)	(625	)
Amortization of net actuarial loss	145			109
Net periodic benefit cost	$	44		71

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income consist of:

	2012			2011
	(dollars expressed in thousands)
Net loss	$	1,715		821
Amortization of net actuarial loss	(145		)	(109	)
Total recognized in accumulated other comprehensive income	$	1,570		712

Schedule of Allocation of Plan Assets

The fair value of Plan assets at December 31, 2012 and 2011 was comprised of the following:

	Fair Value Measurements
	Level 1		Level 2	Level 3	Fair Value
	(dollars expressed in thousands)
Plan Assets - December 31, 2012:
Cash and cash equivalents	$	361	—	—	361
Equity securities	—		3,959	—	3,959
Debt securities	—		4,603	—	4,603
Other	—		496	—	496
Total	$	361	9,058	—	9,419
Plan Assets - December 31, 2011:
Cash and cash equivalents	$	287	—	—	287
Equity securities	—		3,635	—	3,635
Debt securities	—		4,463	—	4,463
Other	—		463	—	463
Total	$	287	8,561	—	8,848

Schedule of Expected Benefit Payments

Pension benefit payments are expected to be paid to Plan participants by the Plan as follows:

	(dollars expressed in thousands)
Year ending December 31:
2013	$	821
2014	834
2015	849
2016	849
2017	844
2018 – 2022	4,256