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PENSION PLAN AND OTHER BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2012
Pension Plan [Member]
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in benefit obligation
Change in projected benefit obligation:
 
2012
 
 
2011
 
Benefit obligation at beginning of year
 
$
32,526,033
 
 
$
28,319,596
 
Service cost
 
 
1,073,938
 
 
 
993,364
 
Interest cost
 
 
1,605,912
 
 
 
1,569,151
 
Actuarial loss
 
 
4,213,664
 
 
 
2,940,942
 
Benefits paid
 
 
(1,368,070
)
 
 
(1,297,020
)
  Benefit obligation at end of year
 
$
38,051,477
 
 
$
32,526,033
 
Change in plan assets
Change in plan assets:
 
2012
 
 
2011
 
Fair value of plan assets at beginning of year
 
$
35,015,567
 
 
$
29,846,889
 
Actual return on plan assets
 
 
3,591,153
 
 
 
(1,534,302
)
Employer contributions
 
 
-
 
 
 
8,000,000
 
Benefits paid
 
 
(1,368,070
)
 
 
(1,297,020
)
  Fair value of plan assets at end of year
 
$
37,238,650
 
 
$
35,015,567
 
 
 
 
 
 
 
 
 
 
Funded status
 
$
(812,827
)
 
$
2,489,534
 
Amount recognized in accumulated other comprehensive income
Amount recognized in accumulated other comprehensive income at December 31, 2012 and 2011 consist of the following:

 
 
2012
 
 
2011
 
Net actuarial loss
 
$
17,789,018
 
 
$
15,834,042
 
Prior service cost
 
 
35,814
 
 
 
49,670
 
  Total before tax effects
 
$
17,824,832
 
 
$
15,883,712
 
Assumptions used in determining benefit obligation
The principal actuarial assumptions used in determining the projected benefit obligation as of December 31, 2012, 2011 and 2010 were as follows:

 
 
2012
 
 
2011
 
 
2010
 
 
Discount rate
 
 
4.26
%
 
 
4.95
%
 
 
5.65
%
Assumed rate of future compensation increase
 
 
5.00
%
 
 
5.00
%
 
 
5.00
%
Components of net periodic benefit cost and other amounts recognized in other comprehensive income
Components of net periodic benefit cost and other amounts recognized in other comprehensive income in 2012, 2011 and 2010 consist of the following:

Net periodic benefit cost
 
2012
 
 
2011
 
 
2010
 
Service cost, benefits earned during the year
 
$
1,073,938
 
 
$
993,364
 
 
$
903,538
 
Interest cost on projected benefit obligation
 
 
1,605,912
 
 
 
1,569,151
 
 
 
1,516,817
 
Expected return on plan assets
 
 
(2,742,609
)
 
 
(2,340,373
)
 
 
(2,253,421
)
Amortization of net loss
 
 
1,410,144
 
 
 
706,419
 
 
 
547,717
 
Amortization of  prior service cost
 
 
13,856
 
 
 
29,873
 
 
 
45,890
 
  Net periodic cost
 
$
1,361,241
 
 
$
958,434
 
 
$
760,541
 

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
2012
 
 
2011
 
 
2010
 
Net actuarial loss(gain)
 
$
3,365,120
 
 
$
6,815,617
 
 
$
972,650
 
Recognized loss
 
 
(1,410,144
)
 
 
(706,419
)
 
 
(547,717
)
Amortization of prior service cost
 
 
(13,856
)
 
 
(29,873
)
 
 
(45,890
)
  Total recognized in other comprehensive income (loss)
     (before tax effect)
 
$
1,941,120
 
 
$
6,079,325
 
 
$
379,043
 
  Total recognized in net benefit cost and other comprehensive
     income (loss) (before tax effect)
 
$
3,302,361
 
 
$
7,037,759
 
 
$
1,139,584
 
Amounts expected to be recognized in net periodic cost
Amounts expected to be recognized in net periodic cost during 2013
 
 
 
Loss recognition
 
$
1,518,336
 
Prior service cost recognition
 
 
13,856
 
Assumptions used in determining net periodic benefit cost
The principal actuarial assumptions used in determining the net periodic benefit cost for the years ended December 31, 2012, 2011 and 2010 were as follows:

 
 
2012
 
 
2011
 
 
2010
 
Discount rate
 
 
4.95
%
 
 
5.65
%
 
 
6.10
%
Expected long-term rate of return on assets
 
 
8.00
%
 
 
8.00
%
 
 
8.00
%
Assumed rate of future compensation increase
 
 
5.00
%
 
 
5.00
%
 
 
5.00
%
Target Assets Allocations
The expected return on plan assets was determined based on a Capital Asset Pricing Model ("CAPM") using historical and expected future returns of the various asset classes, reflecting the target allocations described below.


Asset Class
 
Target Allocation 2012
 
 
Percentage of Plan Assets at December 31,
 
 
Expected Long-Term Rate of Return
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
2011
 
 
 
 
Large Cap Domestic Equities
 
 
30% - 60
%
 
 
51
%
 
 
45
%
 
 
10.3
%
Mid-Cap Domestic Equities
 
 
0% - 20
%
 
 
7
%
 
 
2
%
 
 
10.6
%
Small-Cap Domestic Equities
 
 
0% - 15
%
 
 
2
%
 
 
4
%
 
 
10.8
%
International Equities
 
 
0% - 25
%
 
 
4
%
 
 
0
%
 
 
10.3
%
Intermediate Fixed Income
 
 
20% - 50
%
 
 
31
%
 
 
20
%
 
 
4.7
%
Alternative Assets
 
 
0% - 10
%
 
 
3
%
 
 
-
 
 
 
7.5
 %
Cash
 
 
0% - 20
%
 
 
2
%
 
 
29
%
 
 
4.0
%
    Total
 
 
 
 
 
 
100
%
 
 
100
%
 
 
 
 
Fair value of the plan assets
The fair value of the plan assets at December 31, 2012 and 2011, by asset class are as follows:

 
 
 
Fair Value Measurement at December 31, 2012 Using
 
Plan Assets:
 
Carrying Value
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
 
Significant Other Observable Inputs
(Level 2)
 
 
Significant Unobservable Inputs
(Level 3)
 
Cash
 
$
703,229
 
 
$
703,229
 
 
$
-
 
 
$
-
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. companies
 
 
21,579,185
 
 
 
21,579,185
 
 
 
-
 
 
 
-
 
  International companies
 
 
629,883
 
 
 
629,883
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mutual Funds
 
 
7,217,760
 
 
 
7,217,760
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Treasuries/Government bonds
 
 
3,468,448
 
 
 
3,468,448
 
 
 
-
 
 
 
-
 
  U.S. Corporate bonds
 
 
3,371,255
 
 
 
-
 
 
 
3,371,255
 
 
 
-
 
  Foreign bonds, notes & debentures
 
 
268,890
 
 
 
-
 
 
 
268,890
 
 
 
-
 
Total plan assets
 
$
37,238,650
 
 
$
33,598,505
 
 
$
3,640,145
 
 
$
-
 

 
 
 
Fair Value Measurement at December 31, 2011 Using
 
Plan Assets:
 
Carrying Value
 
 
Quoted Prices in Active Markets for Identical
Asset
(Level 1)
 
 
Significant Other Observable Inputs
(Level 2)
 
 
Significant Unobservable Inputs
(Level 3)
 
Cash
 
$
10,093,337
 
 
$
10,093,337
 
 
$
-
 
 
$
-
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. companies
 
 
16,625,059
 
 
 
16,625,059
 
 
 
-
 
 
 
-
 
  International companies
 
 
643,118
 
 
 
643,118
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mutual Funds
 
 
2,109,877
 
 
 
2,109,877
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Treasuries/Government bonds
 
 
2,410,971
 
 
 
2,410,971
 
 
 
-
 
 
 
-
 
  U.S. Corporate bonds
 
 
2,865,173
 
 
 
-
 
 
 
2,865,173
 
 
 
-
 
  Foreign bonds, notes & debentures
 
 
268,032
 
 
 
-
 
 
 
268,032
 
 
 
-
 
Total plan assets
 
$
35,015,567
 
 
$
31,882,362
 
 
$
3,133,205
 
 
$
-
 
Estimated benefit payments
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the pension plan:

Calendar Year
 
Future Expected Benefit Payments
 
2013
 
$
1,547,008
 
2014
 
$
1,606,688
 
2015
 
$
1,695,407
 
2016
 
$
1,826,855
 
2017
 
$
1,936,327
 
2018-2022
 
$
10,979,893
 
Defined Benefit Health Care Plan [Member]
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in accumulated postretirement benefit obligation
Changes in accumulated postretirement benefit obligation:
 
2012
 
 
2011
 
Accumulated postretirement benefit obligation at beginning of year
 
$
1,391,822
 
 
$
1,315,379
 
Service cost
 
 
39,000
 
 
 
35,000
 
Interest cost
 
 
71,000
 
 
 
72,000
 
Participant contributions
 
 
65,161
 
 
 
57,847
 
Actuarial loss
 
 
177,966
 
 
 
19,705
 
Benefits paid
 
 
(210,788
)
 
 
(108,109
)
  Accumulated postretirement benefit obligation at end of year
 
$
1,534,161
 
 
$
1,391,822
 
Change in plan assets
Change in plan assets:
 
2012
 
 
2011
 
Fair value of plan assets at beginning of year
 
$
-
 
 
$
-
 
Employer contribution
 
 
145,627
 
 
 
50,262
 
Plan participants' contributions
 
 
65,161
 
 
 
57,847
 
Benefits paid
 
 
(210,788
)
 
 
(108,109
)
  Fair value of plan assets at end of year
 
$
-
 
 
$
-
 
 
 
 
 
 
 
 
 
 
Funded status
 
$
(1,534,161
)
 
$
(1,391,822
)
Amount recognized in accumulated other comprehensive income
Amount recognized in accumulated other comprehensive income at December 31, 2012 and 2011 consist of the following:

 
 
2012
 
 
2011
 
Net actuarial loss
 
$
218,936
 
 
$
41,970
 
Prior service benefit
 
 
(725,000
)
 
 
(822,000
)
  Total before tax effects
 
$
(506,064
)
 
$
(780,030
)
Weighted-average assumption for disclosure
Weighted-average assumption for disclosure as of December 31,:
 
2012
 
 
2011
 
 
2010
 
Discount rate
 
 
4.26
%
 
 
4.95
%
 
 
5.65
%
Health care cost trend: Initial
 
 
9.00
%
 
 
10.00
%
 
 
14.00
%
Health care cost trend: Ultimate
 
 
5.00
%
 
 
5.00
%
 
 
5.00
%
Year ultimate cost trend reached
 
 
2018
 
 
 
2018
 
 
 
2020
 
Components of net periodic benefit cost and other amounts recognized in other comprehensive income
The components of net periodic postretirement benefit cost for the years ended December 31, 2012, 2011 and 2010 are as follows:

Net periodic benefit cost
 
2012
 
 
2011
 
 
2010
 
Service cost
 
$
39,000
 
 
$
35,000
 
 
$
33,000
 
Interest cost
 
 
71,000
 
 
 
72,000
 
 
 
75,000
 
Amortization of  prior service benefit
 
 
(97,000
)
 
 
(97,000
)
 
 
(97,000
)
Recognized actuarial loss
 
 
1,000
 
 
 
-
 
 
 
-
 
  Net periodic postretirement cost
 
$
14,000
 
 
$
10,000
 
 
$
11,000
 


Other changes in plan assets and benefit obligations recognized
  in other comprehensive income:
 
2012
 
 
2011
 
 
2010
 
Net actuarial loss
 
$
177,966
 
 
$
19,705
 
 
$
49,341
 
Recognized actuarial loss
 
 
(1,000
)
 
 
-
 
 
 
-
 
Amortization of  prior service benefit
 
 
97,000
 
 
 
97,000
 
 
 
97,000
 
  Total recognized in other comprehensive income (before tax effect)
 
$
273,966
 
 
$
116,705
 
 
$
146,341
 
  Total recognized in net benefit cost and other comprehensive income
     (before tax effect)
 
$
287,966
 
 
$
126,705
 
 
$
157,341
 
Amounts expected to be recognized in net periodic cost
Amounts expected to be recognized in net periodic cost during 2013:
 
 
 
Loss recognition
 
$
5,000
 
Prior service cost recognition
 
$
(97,000
)
Effect of one-percentage point change in assumed health care cost trend rates
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan.  A one-percentage point change in assumed health care cost trend rates would have the following effects:


Effect of a 1% increase in health care trend rate on:
 
2012
 
 
2011
 
 
2010
 
Benefit obligation
 
$
4,000
 
 
$
10,000
 
 
$
10,000
 
Total service and interest cost
 
$
(100
)
 
$
700
 
 
$
300
 


Effect of a 1% decrease in health care trend rate on:
 
2012
 
 
2011
 
 
2010
 
Benefit obligation
 
$
(5,000
)
 
$
(11,000
)
 
$
(12,000
)
Total service and interest cost
 
$
(500
)
 
$
(500
)
 
$
(1,000
)
Weighted-average assumption for net periodic cost
Weighted-average assumptions for net periodic cost as of
December 31,:
 
2012
 
 
2011
 
 
2010
 
Discount rate
 
 
4.95
%
 
 
5.65
%
 
 
6.10
%
Health care cost trend: Initial
 
 
10.00
%
 
 
14.00
%
 
 
15.00
%
Health care cost tread: Ultimate
 
 
5.00
%
 
 
5.00
%
 
 
5.00
%
Year ultimate reached
 
 
2018
 
 
 
2020
 
 
 
2020
 
Estimated benefit payments
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten:

Calendar Year
 
 
 
2013
 
$
157,000
 
2014
 
$
129,000
 
2015
 
$
143,000
 
2016
 
$
139,000
 
2017
 
$
128,000
 
2018-2022
 
$
656,000
 
Executive Supplemental Pension Plan [Member]
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in benefit obligation
Change in benefit obligation:
 
2012
 
 
2011
 
Benefit obligation at beginning of year
 
$
1,069,490
 
 
$
989,053
 
Service cost
 
 
34,770
 
 
 
30,625
 
Interest cost
 
 
51,091
 
 
 
53,771
 
Actuarial loss
 
 
81,128
 
 
 
70,771
 
Benefits paid
 
 
(74,730
)
 
 
(74,730
)
  Projected benefit obligation at end of year
 
$
1,161,749
 
 
$
1,069,490
 
Change in plan assets
Changes in plan assets:
 
2012
 
 
2011
 
Fair value of plan assets at beginning of year
 
$
-
 
 
$
-
 
Employer contributions
 
 
74,730
 
 
 
74,730
 
Benefits paid
 
 
(74,730
)
 
 
(74,730
)
  Fair value of plan assets at end of year
 
$
-
 
 
$
-
 
Unfunded status
 
$
(1,161,479
)
 
$
(1,069,490
)
Amount recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive income at December 31, 2012 and 2011 consist of the following:

 
 
2012
 
 
2011
 
Net actuarial loss
 
$
287,679
 
 
$
226,471
 
Prior service cost
 
 
-
 
 
 
-
 
  Total before tax effects
 
$
287,679
 
 
$
226,471
 
Assumptions used in determining benefit obligation
Accumulated benefit obligation at December 31, 2012 and 2011 was $1,092,439 and $1,004,803, respectively.


Weighted-average assumption for disclosure as of December 31,:
 
2012
 
 
2011
 
 
2010
 
Discount rate
 
 
4.26
%
 
 
4.95
%
 
 
5.65
%
Assumed rate of future compensation increase
 
 
5.00
%
 
 
5.00
%
 
 
5.00
%
Components of net periodic benefit cost and other amounts recognized in other comprehensive income
The components of net periodic benefit cost for the years ended December 31, 2012, 2011 and 2010 are as follows:

Net periodic benefit cost
 
2012
 
 
2011
 
 
2010
 
Service cost
 
$
34,770
 
 
$
30,625
 
 
$
30,113
 
Interest cost
 
 
51,091
 
 
 
53,771
 
 
 
55,474
 
Recognized actuarial loss
 
 
19,920
 
 
 
9,466
 
 
 
5,582
 
  Net periodic postretirement benefit cost
 
$
105,781
 
 
$
93,862
 
 
$
91,169
 


Other changes in plan assets and benefit obligation recognized in other
  comprehensive income:
 
2012
 
 
2011
 
 
2010
 
Net actuarial loss (gain)
 
$
81,128
 
 
$
70,771
 
 
$
31,415
 
Recognized actuarial loss
 
 
(19,920
)
 
 
(9,466
)
 
 
(5,582
)
  Total recognized in other comprehensive income (before tax effect)
 
$
61,208
 
 
$
61,305
 
 
$
25,833
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Total recognized in net benefit cost and other comprehensive income
      (before tax effect)
 
$
166,989
 
 
$
155,167
 
 
$
117,002
 
Amounts expected to be recognized in net periodic cost
Amounts expected to be recognized in net periodic cost during 2013:
 
Loss recognition
 
$
34,301
 
Prior service cost recognition
 
$
-
 
Assumptions used in determining net periodic benefit cost
Weighted-average assumptions for net periodic cost as of December 31,:
 
2012
 
 
2011
 
 
2010
 
Discount rate
 
 
4.95
%
 
 
5.65
%
 
 
6.10
%
Salary scale
 
 
5.00
%
 
 
5.00
%
 
 
5.00
%
Estimated benefit payments
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the Supplemental Pension Plan:

Calendar Year
 
Future Estimated Benefit Payments
 
2013
 
$
75,000
 
2014
 
$
75,000
 
2015
 
$
75,000
 
2016
 
$
75,000
 
2017
 
$
75,000
 
2018-2022
 
$
570,000