Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2012

Employee Benefits [Abstract]

Schedule of changes in benefit obligation

The following table sets forth the plan's change in benefit obligation: (in thousands)

	2012			2011
Benefit obligation at start of year	$	53,028		$	42,570
Service cost		2,665			2,179
Interest cost		2,218			2,250
Actuarial loss		(3,789	)		7,671
Benefits paid and expected expenses		(1,777	)		(1,642	)
Curtailment		(6,969	)		-
Benefit obligation at end of year	$	45,376		$	53,028

Schedule of changes in fair value of plan assets

The following table sets forth the plan's change in plan assets: (in thousands)

	2012			2011
Fair value of plan assets at start of year	$	34,817		$	32,830
Actual return on plan assets		3,615			13
Employer contribution		1,000			3,700
Benefits paid and actual expenses		(1,837	)		(1,726	)
Fair value of plan assets at end of year	$	37,595		$	34,817

Schedule of funded status and amounts recognized in Consolidated Statements Of Condition

The following table presents the plan's funded status and amounts recognized in the consolidated statements of condition: (in thousands)

	2012			2011
Prepaid Pension Cost	$	4,632		$	7,780
Unrecognized Net Loss		(12,413	)		(25,996	)
Unrecognized Prior Service Cost		-			4
Under Funded Status	$	(7,781	)	$	(18,212	)
Amount Included in Other Liabilities	$	(7,781	)	$	(18,212	)
Accumulated Benefit Obligation	$	45,376		$	45,145

The following table sets forth the post-retirement benefit liability included in other liabilities in the accompanying consolidated statements of condition as of December 31, 2012 and 2011: (in thousands)

	2012			2011
Accumulated benefit obligation	$	(1,549	)	$	(1,613	)
Unrecognized net gain		(581	)		(554	)
Unrecognized prior service cost		(7	)		(8	)
Post-retirement benefit liability	$	(2,137	)	$	(2,175	)

The following table presents the plan's funded status: (in thousands)

	2012			2011
Accrued benefit cost	$	(2,137	)	$	(2,175	)
Unrecognized prior service cost		7			8
Unrecognized net gain		581			554
Underfunded status	$	(1,549	)	$	(1,613	)

Schedule of estimated benefits payments

The following table presents estimated benefits to be paid during the years indicated: (in thousands)

	Qualified		Post-
	Pension		Retirement
	Plan		Benefits
2013	$	1,711	$	71
2014		1,815		72
2015		2,003		73
2016		2,123		75
2017		2,281		76
2018-2021		14,076		396

Schedule of net periodic pension cost

The following table summarizes the net periodic pension cost: (in thousands)

	2012			2011			2010
Service cost	$	2,665		$	2,179		$	1,805
Interest cost on projected benefit obligations		2,218			2,250			2,039
Expected return on plan assets		(2,362	)		(2,238	)		(2,150	)
Net amortization & deferral		1,628			974			724
Curtailment gain		(1	)		-			-
Net periodic pension cost		4,148			3,165			2,418
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss		(13,578	)		5,348			2,419
Amortization of service cost		-			-			2
Total recognized in other comprehensive income		(13,578	)		5,348			2,421
Total recognized in net periodic pension cost and other comprehensive income	$	(9,430	)	$	8,513		$	4,839
Weighted-averagediscount rate		4.27	%		5.38	%		5.89	%
Rate of increase in future compensation		3.50	%		3.50	%		3.50	%
Expected long-term rate of return on assets		7.00	%		7.00	%		7.50	%

Net periodic post-retirement benefit cost (the "net periodic cost") for the years ended December 31, 2012, 2011, and 2010 includes the following components: (in thousands)

	2012			2011			2010
Service cost of benefits earned	$	3		$	3		$	4
Interest cost on liability		67			71			72
Unrecognized gain		(39	)		(67	)		(79	)
Net periodic cost		31			7			(3	)
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial gain		(22	)		254			89
Total recognized in other comprehensive income		(22	)		254			89
Total recognized in net periodic pension cost and other comprehensive income	$	9		$	261		$	86

Schedule of expected net periodic pension cost in next fiscal year

The following table summarizes the net periodic pension cost expected for the year ended December 31, 2013. This expense amount is subject to change if a significant plan-related event should occur before the end of fiscal 2013: (in thousands)

	2013
Service cost	$	254
Interest cost on projected benefit obligations		1,993
Expected return on plan assets		(2,556	)
Net amortization & deferral		245
Net periodic pension cost	$	(64	)
Weighted-average discount rate		4.27	%
Rate of increase in future compensation		0.00	%
Expected long-term rate of return on assets		7.00	%

Schedule of pension plan weighted-average asset allocations

The Company's pension plan weighted-average asset allocations at December 31, 2012 and 2011, by asset category are as follows:

	At December 31,
Asset category	2012			2011
Cash		13	%		11	%
Equity Securities		45			48
Debt Securities		42			41
Total		100	%		100	%

The following table presents target investment allocations for 2013, and actual allocations at December 31, 2012 and 2011, by asset category, along with the weighted-average expected long-term rate of return:

	Target Allocation			Percentage of Plan Assets at December 31,
Asset Category	2013			2012			2011			Weighted-average Expected Long-term Rate of Return
Cash equivalents		0 - 20	%		12.8	%		10.6	%		0.38	%
Equity securities		40 - 60	%		45.5	%		47.9	%		3.95	%
Fixed income securities		40 - 60	%		41.7	%		41.5	%		1.90	%
Other financial instruments		0 - 5	%		-			-			-

Schedule of fair value measurements of pension plan assets on a recurring basis

The following table summarizes the fair value measurements of the Company's pension plan assets on a recurring basis as of December 31, 2012: (in thousands)

	Fair Value Measurements Using
	Active Markets for		Significant		Significant
	Identical Assets		Other		Unobservable
	Quoted Prices		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Investment in securities
Short-term investment funds	$	39	$	4,813	$	-	$	4,852
Equity securities		17,073		-		-		17,073
Fixed income securities
Auto loan receivable		-		204		-		204
Collateralized mortgage obligations		-		4,074		-		4,074
Corporate bonds		-		3,549		-		3,549
Government-issued securities		-		7,834		-		7,834
Other asset-backed		-		9		-		9
Total	$	17,112	$	20,483	$	-	$	37,595

The following table summarizes the fair value measurements of the Company's pension plan assets on a recurring basis as of

December 31, 2011: (in thousands)

	Fair Value Measurements Using
	Active Markets for		Significant		Significant
	Identical Assets		Other		Unobservable
	Quoted Prices		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Investment in securities
Short-term investment funds	$	60	$	3,635	$	-	$	3,695
Equity securities		16,683		-		-		16,683
Fixed income securities
Collateralized mortgage obligations		-		3,403		-		3,403
Corporate bonds		-		3,137		-		3,137
Government-issued securities		-		7,899		-		7,899
Total	$	16,743	$	18,074	$	-	$	34,817