BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Funded status of the plans reconciled with amounts reported in consolidated statement of condition.

The Company provides a qualified defined benefit pension to qualified employees and retirees, and other post-retirement health and life insurance benefits to certain retirees, an unfunded supplemental pension plan for certain key executives, and an unfunded stock balance plan for certain of its nonemployee directors. Using a measurement date of December 31, the following table shows the funded status of the Company's plans reconciled with amounts reported in the Company's consolidated statements of condition:

	Pension Benefits						Post-retirement Benefits
(000's omitted)	2013			2012			2013			2012
Change in benefit obligation:
Benefit obligation at the beginning of year	$	123,739		$	112,857		$	3,051		$	3,352
Service cost		3,988			3,392			0			0
Interest cost		4,120			4,393			88			114
Participant contributions					0			608			502
Deferred actuarial loss (gain)		(14,610	)		9,352			(301	)		(72	)
Benefits paid		(6,063	)		(6,255	)		(1,106	)		(845	)
Benefit obligation at end of year		111,174			123,739			2,340			3,051
Change in plan assets:
Fair value of plan assets at beginning of year		143,661			126,309			0			0
Actual return of plan assets		25,196			10,992			0			0
Participant contributions		0			0			608			502
Employer contributions		10,622			12,615			498			343
Benefits paid		(6,063	)		(6,255	)		(1,106	)		(845	)
Fair value of plan assets at end of year		173,416			143,661			0			0
Over/(Under) funded status at year end	$	62,242		$	19,922		$	(2,340	)	$	(3,051	)

Amounts recognized in the consolidated balance sheet were:
Other assets	$	73,790		$	32,135		$	0		$	0
Other liabilities		(11,548	)		(12,213	)		(2,340	)		(3,051	)

Amounts recognized in accumulated other comprehensive income (loss) (“AOCI”) were:
Net loss (gain)	$	12,905		$	47,321		$	(25	)	$	288
Net prior service cost (credit)		797			141			(2,338	)		(2,517	)
Pre-tax AOCI		13,702			47,462			(2,363	)		(2,229	)
Taxes		(5,095	)		(18,296	)		901			848
AOCI at year end	$	8,607		$	29,166		$	(1,462	)	$	(1,381	)

After tax amounts recognized in accumulated other comprehensive income (loss)

Amounts recognized in accumulated other comprehensive income, net of tax, for the year ended December 31, are as follows:

	Pension Benefits					Post-retirement Benefits
(000's omitted)	2013			2012		2013			2012
Prior service cost	$	(46	)	$	90	$	109		$	503
Net (gain) loss		(20,513	)		2,368		(190	)		(51	)
Total	$	(20,559	)	$	2,458	$	(81	)	$	452

Accumulated other comprehensive (income) loss into net periodic (income) cost over the next fiscal year

The estimated costs, net of tax, that will be amortized from accumulated other comprehensive (income) loss into net periodic (income) cost over the next fiscal year are as follows:

	Pension			Post-retirement
(000's omitted)	Benefits			Benefits
Prior service credit	$	5		$	(179	)
Net loss		(308	)		1
Total	$	(303	)	$	(178	)

Weighted-average assumptions used to determine benefit obligations

The weighted-average assumptions used to determine the benefit obligations as of December 31 are as follows:

	Pension Benefits						Post-retirement Benefits
	2013			2012			2013			2012
Discount rate		5.00	%		3.40	%		4.80	%		3.20	%
Expected return on plan assets		7.00	%		7.00	%		N/	A		N/	A
Rate of compensation increase		3.50	%		3.50	%		N/	A		N/	A

Net periodic benefit cost

The net periodic benefit cost as of December 31 is as follows:

	Pension Benefits									Post-retirement Benefits
(000's omitted)	2013			2012			2011			2013			2012			2011
Service cost	$	3,988		$	3,392		$	2,959		$	0		$	0		$	0
Interest cost		4,120			4,393			4,497			88			114			153
Expected return on plan assets		(10,149	)		(9,196	)		(8,097	)		0			0			0
Amortization of unrecognized net loss		4,028			3,687			2,362			12			11			8
Amortization of prior service cost		75			(147	)		(149	)		(179	)		(822	)		(1,057	)
Net periodic benefit cost	$	2,062		$	2,129		$	1,572		$	(79	)	$	(697	)	$	(896	)

Weighted-average assumptions used to determine net periodic pension cost

The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31 are as follows:

	Pension Benefits									Post-retirement Benefits
	2013			2012			2011			2013			2012			2011
Discount rate		3.40	%		4.10	%		4.40	%		3.20	%		3.90	%		4.50	%
Expected return on plan assets		7.00	%		7.50	%		7.50	%		N/	A		N/	A		N/	A
Rate of compensation increase		3.50	%		4.00	%		4.00	%		N/	A		N/	A		N/	A

Amount of expected benefit payments

The amount of benefit payments that are expected to be paid over the next ten years are as follows:

	Pension		Post-retirement
(000's omitted)	Benefits		Benefits
2014	$	6,021	$	230
2015		7,396		220
2016		7,882		196
2017		8,110		194
2018		8,132		192
2019-2023		48,507		811

Fair value of defined benefit plan assets

The fair values of the Company’s defined benefit pension plan assets at December 31, 2013 by asset category are as follows:

Asset category (000’s omitted)	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

Money Market Accounts	$	709	$	10,231	$	0	$	10,940
Equity securities:
U.S. large-cap		50,513		0		0		50,513
U.S mid/small cap		19,308		0		0		19,308
CBSI stock		9,913		0		0		9,913
International		33,485		0		0		33,485
		113,219		0		0		113,219

Fixed income securities:
Government securities		7,676		6,814		0		14,490
Investment grade bonds		17,400		0		0		17,400
International bonds		2,712		0		0		2,712
High yield(b)		14,243		0		0		14,243
		42,031		6,814		0		48,845

Other types of investments:
Alternative investments (c)		0		77		0		77

Total (d)	$	155,959	$	17,122	$	0	$	173,081

The fair values of the Company’s defined benefit pension plan assets at December 31, 2012 by asset category are as follows:

Asset category (000’s omitted)	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

Money Market Accounts	$	410	$	19,977	$	0	$	20,387
Equity securities:
U.S. large-cap		40,547		0		0		40,547
U.S mid/small cap		10,311		0		0		10,311
CBSI stock		11,486		0		0		11,486
International		22,428		0		0		22,428
Commodities (a)		2,735		0		0		2,735
		87,507		0		0		87,507

Fixed income securities:
Government securities		5,383		8,269		0		13,652
Investment grade bonds		10,517		0		0		10,517
High yield(b)		11,516		0		0		11,516
		27,416		8,269		0		35,685

Other types of investments:
Alternative investments (c)		0		82		0		82

Total (d)	$	115,333	$	28,328	$	0	$	143,661

(a)	This category includes investments in exchange-traded funds reflecting the performance of an underlying commodity index.

(b)	This category is exchange-traded funds representing a diversified index of high yield corporate bonds.

(c) This category is comprised of non-traditional investment classes including private equity funds and alternative exchange funds.

(d)	Excludes dividends and interest receivable totaling $335,000 and $352,000 at December 31, 2013 and 2012, respectively.