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BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
BENEFIT PLANS [Abstract] |
Funded Status of Plans Reconciled with Amounts Reported in Consolidated Statements of Condition | Using a measurement date of December 31, the following table shows the funded status of the Company's plans reconciled with amounts reported in the Company's consolidated statements of condition:
|  | Pension Benefits |  |  | Post-retirement Benefits |
(000's omitted) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at the beginning of year |  | $ | 111,174 |  |  | $ | 123,739 |  |  | $ | 2,340 |  |  | $ | 3,051 |
Service cost |  |  | 3,530 |  |  |  | 3,988 |  |  |  | 0 |  |  |  | 0 |
Interest cost |  |  | 5,271 |  |  |  | 4,120 |  |  |  | 102 |  |  |  | 88 |
Plan amendment |  |  | 2,091 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Participant contributions |  |  | 0 |  |  |  | 0 |  |  |  | 551 |  |  |  | 608 |
Deferred actuarial loss (gain) |  |  | 13,005 |  |  |  | (14,610 | ) |  |  | 55 |  |  |  | (301 | )
Benefits paid |  |  | (7,558 | ) |  |  | (6,063 | ) |  |  | (792 | ) |  |  | (1,106 | )
Benefit obligation at end of year |  |  | 127,513 |  |  |  | 111,174 |  |  |  | 2,256 |  |  |  | 2,340 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 173,416 |  |  |  | 143,661 |  |  |  | 0 |  |  |  | 0 |
Actual return of plan assets |  |  | 11,391 |  |  |  | 25,196 |  |  |  | 0 |  |  |  | 0 |
Participant contributions |  |  | 0 |  |  |  | 0 |  |  |  | 551 |  |  |  | 608 |
Employer contributions |  |  | 616 |  |  |  | 10,622 |  |  |  | 241 |  |  |  | 498 |
Benefits paid |  |  | (7,558 | ) |  |  | (6,063 | ) |  |  | (792 | ) |  |  | (1,106 | )
Fair value of plan assets at end of year |  |  | 177,865 |  |  |  | 173,416 |  |  |  | 0 |  |  |  | 0 |
Over/(Under) funded status at year end |  | $ | 50,352 |  |  | $ | 62,242 |  |  | $ | (2,256 | ) |  | $ | (2,340 | )
Amounts recognized in the consolidated balance sheet were: |
Other assets |  | $ | 61,437 |  |  | $ | 73,790 |  |  | $ | 0 |  |  | $ | 0 |
Other liabilities |  |  | (11,085 | ) |  |  | (11,548 | ) |  |  | (2,256 | ) |  |  | (2,340 | )
Amounts recognized in accumulated other comprehensive income (loss) (“AOCI”) were: |
Net loss (gain) |  | $ | 26,748 |  |  | $ | 12,905 |  |  | $ | 36 |  |  | $ | (25 | )
Net prior service cost (credit) |  |  | 2,316 |  |  |  | 797 |  |  |  | (2,159 | ) |  |  | (2,338 | )
Pre-tax AOCI |  |  | 29,064 |  |  |  | 13,702 |  |  |  | (2,123 | ) |  |  | (2,363 | )
Taxes |  |  | (11,033 | ) |  |  | (5,095 | ) |  |  | 808 |  |  |  | 901 |
AOCI at year end |  | $ | 18,031 |  |  | $ | 8,607 |  |  | $ | (1,315 | ) |  | $ | (1,462 | )
Amounts Recognized in Accumulated Other Comprehensive Income, Net of Tax | Amounts recognized in accumulated other comprehensive income, net of tax, for the year ended December 31, are as follows:
|  | Pension Benefits |  |  | Post-retirement Benefits |
(000's omitted) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Prior service cost |  | $ | 932 |  |  | $ | (46 | ) |  | $ | 109 |  |  | $ | 109 |
Net (gain) loss |  |  | 8,492 |  |  |  | (20,513 | ) |  |  | 38 |  |  |  | (190 | )
Total |  | $ | 9,424 |  |  | $ | (20,559 | ) |  | $ | 147 |  |  | $ | (81 | )
Estimated Costs, Net of Tax, That Will Be Amortized from Accumulated Other Comprehensive (Income) Loss into Net Periodic (Income) Cost over Next Fiscal Year | The estimated costs, net of tax, that will be amortized from accumulated other comprehensive (income) loss into net periodic (income) cost over the next fiscal year are as follows:
|  | Pension |  |  | Post-retirement |
(000's omitted) |  | Benefits |  |  | Benefits |
Prior service credit |  | $ | 9 |  |  | $ | (179 | )
Net loss |  |  | 1,447 |  |  |  | 5 |
Total |  | $ | 1,456 |  |  | $ | (174 | )
Weighted-Average Assumptions Used to Determine Benefit Obligations | The weighted-average assumptions used to determine the benefit obligations as of December 31 are as follows:
|  | Pension Benefits |  |  | Post-retirement Benefits |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Discount rate |  |  | 4.50 | % |  |  | 5.00 | % |  |  | 4.50 | % |  |  | 4.80 | %
Expected return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | N/ | A |  |  | N/ | A
Rate of compensation increase |  |  | 3.50 | % |  |  | 3.50 | % |  |  | N/ | A |  |  | N/ | A
Net Periodic Benefit Cost | The net periodic benefit cost as of December 31 is as follows:
|  | Pension Benefits |  |  | Post-retirement Benefits |
(000's omitted) |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 3,530 |  |  | $ | 3,988 |  |  | $ | 3,392 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Interest cost |  |  | 5,271 |  |  |  | 4,120 |  |  |  | 4,393 |  |  |  | 102 |  |  |  | 88 |  |  |  | 114 |
Expected return on plan assets |  |  | (11,922 | ) |  |  | (10,149 | ) |  |  | (9,196 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Amortization of unrecognized net (gain) loss |  |  | (307 | ) |  |  | 4,028 |  |  |  | 3,687 |  |  |  | (7 | ) |  |  | 12 |  |  |  | 11 |
Amortization of prior service cost |  |  | 5 |  |  |  | 75 |  |  |  | (147 | ) |  |  | (179 | ) |  |  | (179 | ) |  |  | (822 | )
Net periodic benefit cost |  | $ | (3,423 | ) |  | $ | 2,062 |  |  | $ | 2,129 |  |  | $ | (84 | ) |  | $ | (79 | ) |  | $ | (697 | )
Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost | The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31 are as follows:
|  | Pension Benefits |  |  | Post-retirement Benefits |
|  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Discount rate |  |  | 5.00 | % |  |  | 3.40 | % |  |  | 4.10 | % |  |  | 4.80 | % |  |  | 3.20 | % |  |  | 3.90 | %
Expected return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.50 | % |  |  | N/ | A |  |  | N/ | A |  |  | N/ | A
Rate of compensation increase |  |  | 3.50 | % |  |  | 3.50 | % |  |  | 4.00 | % |  |  | N/ | A |  |  | N/ | A |  |  | N/ | A
Amount of Expected Benefit Payments | The amount of benefit payments that are expected to be paid over the next ten years are as follows:
|  | Pension |  |  | Post-retirement |
(000's omitted) |  | Benefits |  |  | Benefits |
2015 |  | $ | 6,619 |  |  | $ | 197 |
2016 |  |  | 6,851 |  |  |  | 180 |
2017 |  |  | 7,236 |  |  |  | 178 |
2018 |  |  | 7,589 |  |  |  | 177 |
2019 |  |  | 8,092 |  |  |  | 165 |
2020-2024 |  |  | 45,520 |  |  |  | 749 |
Fair Value of Defined Benefit Plan Assets by Asset Category | The fair values of the Company’s defined benefit pension plan assets at December 31, 2014 by asset category are as follows:
Asset category (000’s omitted) |  | Quoted Prices in Active Markets for Identical Assets Level 1 |  |  | Significant Observable Inputs Level 2 |  |  | Significant Unobservable Inputs Level 3 |  |  | Total |
Money Market Accounts |  | $ | 431 |  |  | $ | 12,470 |  |  | $ | 0 |  |  | $ | 12,901 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap |  |  | 51,197 |  |  |  | 0 |  |  |  | 0 |  |  |  | 51,197 |
U.S mid/small cap |  |  | 14,026 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,026 |
CBSI stock |  |  | 15,354 |  |  |  | 0 |  |  |  | 0 |  |  |  | 15,354 |
International |  |  | 28,891 |  |  |  | 0 |  |  |  | 0 |  |  |  | 28,891 |
|  |  | 109,468 |  |  |  | 0 |  |  |  | 0 |  |  |  | 109,468 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities |  |  | 6,491 |  |  |  | 6,646 |  |  |  | 0 |  |  |  | 13,137 |
Investment grade bonds |  |  | 21,539 |  |  |  | 0 |  |  |  | 0 |  |  |  | 21,539 |
International bonds |  |  | 5,085 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,085 |
High yield(a) |  |  | 7,197 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,197 |
|  |  | 40,312 |  |  |  | 6,646 |  |  |  | 0 |  |  |  | 46,958 |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments (b) |  |  | 8,154 |  |  |  | 70 |  |  |  | 0 |  |  |  | 8,224 |
Total (c) |  | $ | 158,365 |  |  | $ | 19,186 |  |  | $ | 0 |  |  | $ | 177,551 |
The fair values of the Company’s defined benefit pension plan assets at December 31, 2013 by asset category are as follows:
Asset category (000’s omitted) |  | Quoted Prices in Active Markets for Identical Assets Level 1 |  |  | Significant Observable Inputs Level 2 |  |  | Significant Unobservable Inputs Level 3 |  |  | Total |
Money Market Accounts |  | $ | 709 |  |  | $ | 10,231 |  |  | $ | 0 |  |  | $ | 10,940 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap |  |  | 50,513 |  |  |  | 0 |  |  |  | 0 |  |  |  | 50,513 |
U.S mid/small cap |  |  | 19,308 |  |  |  | 0 |  |  |  | 0 |  |  |  | 19,308 |
CBSI stock |  |  | 9,913 |  |  |  | 0 |  |  |  | 0 |  |  |  | 9,913 |
International |  |  | 33,485 |  |  |  | 0 |  |  |  | 0 |  |  |  | 33,485 |
|  |  | 113,219 |  |  |  | 0 |  |  |  | 0 |  |  |  | 113,219 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities |  |  | 7,676 |  |  |  | 6,814 |  |  |  | 0 |  |  |  | 14,490 |
Investment grade bonds |  |  | 17,400 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,400 |
International bonds |  |  | 2,712 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,712 |
High yield(a) |  |  | 14,243 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,243 |
|  |  | 42,031 |  |  |  | 6,814 |  |  |  | 0 |  |  |  | 48,845 |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments (b) |  |  | 0 |  |  |  | 77 |  |  |  | 0 |  |  |  | 77 |
Total (c) |  | $ | 155,959 |  |  | $ | 17,122 |  |  | $ | 0 |  |  | $ | 173,081 |
(a) | This category is exchange-traded funds representing a diversified index of high yield corporate bonds.
(b) | This category is comprised of non-traditional investment classes including private equity funds and alternative exchange funds.
(c) | Excludes dividends and interest receivable totaling $314,000 and $335,000 at December 31, 2014 and 2013, respectively.

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