SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) (Tables)

3 Months Ended

Mar. 31, 2014

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP)

Schedule of weighted average assumptions used to determine benefit obligation and net benefit cost

The following assumptions were used in the calculation of the net benefit cost and obligation at March 31, 2014 and 2013:

	2014		2013
Discount rate	4.03	%	3.25	%
Average rate of increase in compensation	3.00	%	3.00	%

Summary of change in benefit obligation

	(in thousands)
Net benefit cost accrued at December 31, 2013	$	20,952
Service cost	129
Interest cost	199
Payments	(1,247		)
Net benefit cost accrued at March 31, 2014	$	20,033

	(in thousands)
Net benefit cost accrued at December 31, 2012	$	22,377
Service cost	169
Interest cost	173
Payments	(705		)
Net benefit cost accrued at March 31, 2013	$	22,014