EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013 and 2012 and amounts recognized in the Company’s consolidated balance sheets as of December 31, 2013 and 2012 is as follows:

	2013			2012
	(dollars expressed in thousands)
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$	13,987		12,467
Interest cost	449			516
Actuarial loss	(1,100		)	1,765
Benefit payments	(843		)	(761	)
Projected benefit obligation at end of year	$	12,493		13,987
Change in Fair Value of Plan Assets:
Fair value at beginning of year	$	9,419		8,848
Actual return on plan assets	1,014			666
Employer contributions	256			666
Benefit payments	(843		)	(761	)
Fair value at end of year	$	9,846		9,419
Amount Recognized in Consolidated Balance Sheets:
Accrued pension liability	$	2,647		4,568
Amounts Recognized in Accumulated Other Comprehensive Income:
Loss	$	(4,162	)	(5,940	)
Deferred tax liability	1,513			2,396
Loss, net of tax	$	(2,649	)	(3,544	)

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, 2013 and 2012:

	2013		2012
Discount rate	3.31	%	4.28	%
Expected long-term rate of return on Plan assets	6.00		7.00

Schedule of Net Benefit Costs

A summary of the components of net periodic benefit cost for the years ended December 31, 2013 and 2012 is as follows:

	2013			2012
	(dollars expressed in thousands)
Interest cost	$	449		516
Expected return on Plan assets	(551		)	(617	)
Amortization of net actuarial loss	216			145
Net periodic benefit cost	$	114		44

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

Amounts recognized in accumulated other comprehensive income consist of:

	2013			2012
	(dollars expressed in thousands)
Net (gain) loss	$	(1,562	)	1,715
Amortization of net actuarial loss	(216		)	(145	)
Total recognized in accumulated other comprehensive income	$	(1,778	)	1,570

Schedule of Allocation of Plan Assets

The fair value of Plan assets at December 31, 2013 and 2012 was comprised of the following:

	Fair Value Measurements
	Level 1		Level 2	Level 3	Fair Value
	(dollars expressed in thousands)
Plan Assets - December 31, 2013:
Cash and cash equivalents	$	240	—	—	240
Equity securities	—		4,451	—	4,451
Debt securities	—		4,688	—	4,688
Other	—		467	—	467
Total	$	240	9,606	—	9,846
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

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:
2014	$	843
2015	859
2016	860
2017	856
2018	865
2019 – 2023	4,335