EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2014

EMPLOYEE BENEFITS [Abstract]

Schedule of changes in benefit obligation

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

	2014			2013			2012
Benefit obligation at beginning of year	$	41,713		$	45,376		$	53,028
Service cost		-			-			2,665
Interest cost		2,158			1,993			2,218
Actuarial loss (gain)		7,709			(3,970	)		(3,789	)
Benefits paid		(1,846	)		(1,686	)		(1,777	)
Curtailment		-			-			(6,969	)
Benefit obligation at end of year	$	49,734		$	41,713		$	45,376

Schedule of changes in fair value of plan assets

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

	2014			2013			2012
Fair value of plan assets at beginning of year	$	41,456		$	37,595		$	34,817
Actual return on plan assets		2,992			5,758			3,615
Employer contribution		1,000			-			1,000
Benefits paid and actual expenses		(2,017	)		(1,897	)		(1,837	)
Fair value of plan assets at end of year	$	43,431		$	41,456		$	37,595

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):

	2014			2013
Underfunded status	$	(6,303	)	$	(258	)
Amount included in other liabilities	$	(6,303	)	$	(258	)
Accumulated benefit obligation	$	49,734		$	41,713

Schedule of estimated benefits payments

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

2015	$	1,996
2016		2,084
2017		2,202
2018		2,271
2019		2,348
2020-2024		12,787

Schedule of net periodic pension cost

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

	2014			2013			2012
Service cost	$	-		$	-		$	2,665
Interest cost on projected benefit obligation		2,158			1,993			2,218
Expected return on plan assets		(2,548	)		(2,302	)		(2,362	)
Amortization of net loss		25			245			1,628
Curtailment gain		-			-			(1	)
Net periodic pension (credit) cost		(365	)		(64	)		4,148
Other changes in plan assets and benefit obligation recognized in other comprehensive income:
Net actuarial loss (gain)		7,435			(7,215	)		(4,982	)
Amortization of net (loss) gain		(25	)		(245	)		(1,630	)
Amortization of prior service cost		-			-			2
Curtailment		-			-			(6,968	)
Total recognized in other comprehensive income		7,410			(7,460	)		(13,578	)
Total recognized in net periodic pension (credit) cost and other comprehensive income	$	7,045		$	(7,524	)	$	(9,430	)
Weighted-average discount rate for the period		5.33	%		4.50	%		4.27	%
Rate of increase in future compensation		0.00	%		0.00	%		3.50	%
Expected long-term rate of return on assets		7.00	%		7.00	%		7.00	%

Assumptions used in the measurement of the Company's pension obligation

The assumptions used in the measurement of the Company’s pension obligation at December 31, 2014 and 2013 were:

	2014			2013
Discount rate		4.32	%		5.33	%
Rate of increase in future compensation		0.00	%		0.00	%
Expected long-term rate of return on assets		N/	A		N/	A

Schedule of expected net periodic pension cost in next fiscal year

The following table summarizes the net periodic pension credit expected for the year ended December 31, 2015. This amount is subject to change if a significant plan-related event should occur before the end of fiscal 2015 (in thousands):

	Projected 2015
Service cost	$	-
Interest cost on projected benefit obligation		2,099
Expected return on plan assets		(2,792	)
Amortization of net loss		248
Net periodic pension credit	$	(445	)
Weighted-average discount rate for the period		4.32	%
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, 2014 and 2013, by asset category were as follows:

	At December 31,
Asset category	2014			2013
Cash		3	%		1	%
Equity securities		57			60
Debt securities		40			39
Total		100	%		100	%

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, 2014 (in thousands):

	Fair Value Measurements Using
Description	Active Markets for Identical Assets Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Short-term investment funds	$	1,423	$	-	$	1,423
Common collective trusts:
U.S. equity securities		9,389		-		9,389
Non - U.S. equity securities		15,123		-		15,123
U.S. fixed income securities		-		15,152		15,152
Non - U.S. fixed income securities		-		2,344		2,344
Total	$	25,935	$	17,496	$	43,431

The following table summarizes the fair value measurements of the Company’s pension plan assets on a recurring basis as of December 31, 2013 (in thousands):

	Fair Value Measurements Using
Description	Active Markets for Identical Assets Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Short-term investment funds	$	290	$	-	$	290
Common collective trusts:
U.S. equity securities		9,395		-		9,395
Non - U.S. equity securities		15,654		-		15,654
U.S. fixed income securities		-		13,692		13,692
Non - U.S. fixed income securities		-		2,425		2,425
Total	$	25,339	$	16,117	$	41,456

Schedule of pension plan target asset allocations

The following table presents target investment allocations for 2015 by asset category:

Asset Category	Target Allocation 2015
Cash equivalents		0 - 5	%
Equity securities		54 - 64	%
Fixed income securities		36 - 46	%