PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Pension Profit Sharing and Other Employee Benefit Plans [Abstract]

The Plan’s funded status at December 31 is as follows:

(In thousands)	2013		2012
Reconciliation of Projected Benefit Obligation:
Projected obligation at January 1	$	38,839	$	32,387
Interest cost		1,550		1,534
Actuarial loss (gain)		(827)		137
Benefit payments		(524)		(702)
Payments due to settlements		(1,380)		-
Increase (decrease) related to discount rate change		(4,099)		5,483
Projected obligation at December 31		33,559		38,839
Reconciliation of Fair Value of Plan Assets:
Fair value of plan assets at January 1		30,590		29,341
Actual return on plan assets		4,812		1,951
Contribution		-		-
Benefit payments		(2,158)		(702)
Fair value of plan assets at December 31		33,244		30,590

Funded status at December 31	$	(315)	$	(8,249)

Accumulated benefit obligation at December 31	$	33,559	$	38,839

Unrecognized net actuarial loss	$	5,539	$	14,879
Net periodic pension cost not yet recognized	$	5,539	$	14,879

Weighted-Average Assumptions Used To Determine Benefit Obligations

Weighted-average assumptions used to determine benefit obligations at December 31 are presented in the following table:

	2013		2012		2011
Discount rate	4.77	%	4.00	%	4.75	%
Rate of compensation increase	N/A		N/A		N/A

Net Periodic Benefit Cost

The components of net periodic benefit cost for the years ended December 31 are presented in the following table:

(In thousands)	2013		2012		2011
Interest cost on projected benefit obligation	$	1,550	$	1,534	$	1,541
Expected return on plan assets		(1,668)		(1,165)		(1,070)
Recognized net actuarial loss		1,255		1,194		1,159
Adjustment due to settlement accounting for termination liability		269		-		-
Net periodic benefit cost	$	1,406	$	1,563	$	1,630

Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are presented in the following table:

	2013		2012		2011
Discount rate	4.00	%	4.75	%	5.00	%
Expected return on plan assets	5.50	%	4.00	%	4.50	%
Rate of compensation increase	N/A		N/A		N/A

Components Of Net Unrecognized Benefits Costs That Is Reflected In Accumulated Other Comprehensive Income (Loss)

The following table reflects the components of the net unrecognized benefits costs that is reflected in accumulated other comprehensive income (loss) for the periods indicated. Additions represent the growth in the unrecognized actuarial loss during the period. Reductions represent the portion of the unrecognized benefits that are recognized each period as a component of the net periodic benefit cost.

	Unrecognized
	Net
(In thousands)	Gain/(Loss)
Included in accumulated other comprehensive income (loss) at January 1, 2011	$	10,618
Additions during the year		443
Reclassifications due to recognition as net periodic pension cost		(1,159)
Increase related to change in discount rate assumption		1,337
Included in accumulated other comprehensive income (loss) as of December 31, 2011		11,239
Additions during the year		(649)
Reclassifications due to recognition as net periodic pension cost		(1,194)
Increase related to change in discount rate assumption		5,483
Included in accumulated other comprehensive income (loss) as of December 31, 2012.		14,879
Additions during the year		(3,969)
Reclassifications due to recognition as net periodic pension cost		(1,255)
Increase (decrease) related to change in discount rate assumption		(4,099)
Excess if distributions over reduction in projected benefit obligations		254
Loss recognized due to settlement		(271)
Included in accumulated other comprehensive income (loss) as of December 31, 2013		5,539
Applicable tax effect		(2,211)
Included in accumulated other comprehensive income (loss) net of tax effect at December 31, 2013	$	3,328

Amount expected to be recognized as part of net periodic pension cost in the next fiscal year	$	(220)

Component of Net Periodic Benefit

The following items have not yet been recognized as a component of net periodic benefit cost at December 31:

(In thousands)	2013		2012		2011
Net actuarial loss	$	(5,539)	$	(14,879)	$	(11,240)
Net periodic benefit cost not yet recognized	$	(5,539)	$	(14,879)	$	(11,240)

Pension Plan Weighted Average Allocations

The Company’s pension plan weighted average allocations at December 31 are presented in the following table:

	2013			2012
Asset Category:
Cash and certificates of deposit		10.9	%		11.1	%
Equity Securities:		67.1			58.5
Debt Securities		22.0			30.4
Total pension plan sssets		100.0	%		100.0	%

Fair Values Of Pension Plan Assets By Asset Category

The fair values of the Company’s pension plan assets by asset category at December 31 are presented in the following tables:

	2013
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset Category:
Cash and certificates of deposit	$	3,486	$	-	$	-	$	3,486
Equity Securities:
Industrials		3,916		-		-		3,916
Financials		1,765						1,765
Telecommunication services		1,401		-		-		1,401
Consumer		3,867		-		-		3,867
Health care		2,705		-		-		2,705
Information technology		3,705		-		-		3,705
Energy		2,496		-		-		2,496
Materials		1,383		-		-		1,383
Other		1,073		-		-		1,073
Total equity securities		22,311		-		-		22,311
Fixed income securities:
U. S. Government Agencies		-		-		-		-
Corporate bonds		-		7,310		-		7,310
Other		137		-		-		137
Total pension plan sssets	$	25,934	$	7,310	$	-	$	33,244

	2012
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset Category:
Cash and certificates of deposit	$	3,253	$	-	$	-	$	3,253
Equity Securities:
Industrials		2,676		-		-		2,676
Financials		2,353						2,353
Telecommunication services		1,121		-		-		1,121
Consumer		3,515		-		-		3,515
Health care		1,900		-		-		1,900
Information technology		2,328		-		-		2,328
Energy		2,645		-		-		2,645
Materials		1,207		-		-		1,207
Other		156		-		-		156
Total equity securities		17,901		-		-		17,901
Fixed income securities:
U. S. Government Agencies		-		-		-		-
Corporate bonds		-		9,283		-		9,283
Other		153		-		-		153
Total pension plan sssets	$	21,307	$	9,283	$	-	$	30,590

Benefit Payments

Benefit payments, which reflect expected future service, as appropriate, that are expected to be paid for the years ending December 31 are presented in the following table:

	Pension
(In thousands)	Benefits
2014	$	895
2015		977
2016		1,107
2017		1,251
2018		1,339
2019-2023		9,150