PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2013

PENSION PLANS [Abstract]

Plan's Funded Status and Amounts Recognized in the consolidated Balance Sheets

The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated balance sheets:

	For the years ended December 31,
(In thousands)	2013			2012
Change in benefit obligation
Benefit obligation at beginning of year	$	16,897		$	14,942
Service cost		81			272
Interest cost		623			584
Benefits paid		(981	)		(556	)
Actuarial (gain) loss		(2,132	)		1,655
Benefits obligation at end of year	$	14,488		$	16,897
Unrecognized prior service cost		179			269
Unrecognized actuarial loss		2,750			5,119
	$	2,929		$	5,388

Assumptions Used to Determine the Benefit Obligations and the Net Periodic Pension Cost

The table below reflects the assumptions used to determine the benefit obligations:

	As of December 31,
	2013			2012
Discount rate		4.37	%		3.25	%
Rate of compensation increase		4.00	%		4.00	%

The table below reflects the assumptions used to determine the net periodic pension cost:

	For the years ended December 31,
	2013			2012
Discount rate		4.37	%		4.00	%
Rate of compensation increase		4.00	%		4.00	%

Components of Net Pension Cost

Net pension cost included the following components:

	For the years ended December 31,
(In thousands)	2013		2012
Service cost	$	81	$	272
Interest cost		623		584
Amortization prior service cost		90		90
Amortization net actuarial loss		238		381
Net periodic benefit cost	$	1,032	$	1,327

Benefit Payments to be Made From the Non-qualified Pension Plan

Benefit payments to be made from the Non-qualified Pension Plan are as follows:

	As of December 31, 2013
	Non-Qualified
(In thousands)	Pension Plans
2014	$	970
2015		987
2016		1,015
2017		1,015
2018		1,015
Next  five years thereafter		5,610