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BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2016
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) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at the beginning of year |  | $ | 127,134 |  |  | $ | 127,513 |  |  | $ | 1,918 |  |  | $ | 2,256 |
Service cost |  |  | 4,106 |  |  |  | 3,324 |  |  |  | 0 |  |  |  | 0 |
Interest cost |  |  | 5,624 |  |  |  | 5,506 |  |  |  | 82 |  |  |  | 87 |
Plan amendment / acquisition |  |  | 22 |  |  |  | 2,395 |  |  |  | 0 |  |  |  | 0 |
Participant contributions |  |  | 0 |  |  |  | 0 |  |  |  | 516 |  |  |  | 509 |
Deferred actuarial (gain)/loss |  |  | (1,628 | ) |  |  | (2,091 | ) |  |  | 174 |  |  |  | (45 | )
Benefits paid |  |  | (8,174 | ) |  |  | (9,513 | ) |  |  | (884 | ) |  |  | (889 | )
Benefit obligation at end of year |  |  | 127,084 |  |  |  | 127,134 |  |  |  | 1,806 |  |  |  | 1,918 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 172,026 |  |  |  | 177,865 |  |  |  | 0 |  |  |  | 0 |
Actual return of plan assets |  |  | 14,402 |  |  |  | 1,125 |  |  |  | 0 |  |  |  | 0 |
Participant contributions |  |  | 0 |  |  |  | 0 |  |  |  | 516 |  |  |  | 509 |
Employer contributions |  |  | 2,146 |  |  |  | 616 |  |  |  | 368 |  |  |  | 380 |
Plan acquisition |  |  | 0 |  |  |  | 1,933 |  |  |  | 0 |  |  |  | 0 |
Benefits paid |  |  | (8,174 | ) |  |  | (9,513 | ) |  |  | (884 | ) |  |  | (889 | )
Fair value of plan assets at end of year |  |  | 180,400 |  |  |  | 172,026 |  |  |  | 0 |  |  |  | 0 |
Over/(Under) funded status at year end |  | $ | 53,316 |  |  | $ | 44,892 |  |  | $ | (1,806 | ) |  | $ | (1,918 | )
Amounts recognized in the consolidated statement of condition were: |
Other assets |  | $ | 64,709 |  |  | $ | 56,361 |  |  | $ | 0 |  |  | $ | 0 |
Other liabilities |  |  | (11,393 | ) |  |  | (11,469 | ) |  |  | (1,806 | ) |  |  | (1,918 | )
Amounts recognized in accumulated other comprehensive income (loss) (“AOCI”) were: |
Net loss |  | $ | 28,323 |  |  | $ | 34,016 |  |  | $ | 183 |  |  | $ | 4 |
Net prior service cost (credit) |  |  | 2,264 |  |  |  | 2,307 |  |  |  | (1,801 | ) |  |  | (1,980 | )
Pre-tax AOCI |  |  | 30,587 |  |  |  | 36,323 |  |  |  | (1,618 | ) |  |  | (1,976 | )
Taxes |  |  | (11,622 | ) |  |  | (13,815 | ) |  |  | 614 |  |  |  | 751 |
AOCI at year end |  | $ | 18,965 |  |  | $ | 22,508 |  |  | $ | (1,004 | ) |  | $ | (1,225 | )
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) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Prior service (credit)/cost |  | $ | (26 | ) |  | $ | (5 | ) |  | $ | 110 |  |  | $ | 110 |
Net (gain) loss |  |  | (3,517 | ) |  |  | 4,482 |  |  |  | 111 |  |  |  | (20 | )
Total |  | $ | (3,543 | ) |  | $ | 4,477 |  |  | $ | 221 |  |  | $ | 90 |
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:
(000's omitted) |  | Pension Benefits |  |  | Post-retirement Benefits |
Prior service cost/(credit) |  | $ | 55 |  |  | $ | (179 | )
Net loss |  |  | 1,010 |  |  |  | 6 |
Total |  | $ | 1,065 |  |  | $ | (173 | )
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 |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Discount rate |  |  | 4.50 | % |  |  | 4.70 | % |  |  | 4.40 | % |  |  | 4.70 | %
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) |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | 4,106 |  |  | $ | 3,324 |  |  | $ | 3,530 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Interest cost |  |  | 5,624 |  |  |  | 5,506 |  |  |  | 5,271 |  |  |  | 82 |  |  |  | 87 |  |  |  | 102 |
Expected return on plan assets |  |  | (11,842 | ) |  |  | (12,169 | ) |  |  | (11,922 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Plan amendment |  |  | 20 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Amortization of unrecognized net loss/(gain) |  |  | 1,508 |  |  |  | 1,466 |  |  |  | (307 | ) |  |  | (5 | ) |  |  | (13 | ) |  |  | (7 | )
Amortization of prior service cost |  |  | 43 |  |  |  | 8 |  |  |  | 5 |  |  |  | (179 | ) |  |  | (179 | ) |  |  | (179 | )
Net periodic (benefit) |  | $ | (541 | ) |  | $ | (1,865 | ) |  | $ | (3,423 | ) |  | $ | (102 | ) |  | $ | (105 | ) |  | $ | (84 | )
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 |
|  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Discount rate |  |  | 4.70 | % |  |  | 4.50 | % |  |  | 5.00 | % |  |  | 4.70 | % |  |  | 4.50 | % |  |  | 4.80 | %
Expected return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.00 | % |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Rate of compensation increase |  |  | 3.50 | % |  |  | 3.50 | % |  |  | 3.50 | % |  |  | 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:
(000's omitted) |  | Pension Benefits |  |  | Post-retirement Benefits |
2017 |  | $ | 7,225 |  |  | $ | 145 |
2018 |  |  | 7,320 |  |  |  | 143 |
2019 |  |  | 7,504 |  |  |  | 141 |
2020 |  |  | 7,752 |  |  |  | 138 |
2021 |  |  | 7,914 |  |  |  | 136 |
2022-2026 |  |  | 41,823 |  |  |  | 636 |
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, 2016 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 |  | $ | 103 |  |  | $ | 8,048 |  |  | $ | 0 |  |  | $ | 8,151 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap |  |  | 43,235 |  |  |  | 0 |  |  |  | 0 |  |  |  | 43,235 |
U.S mid/small cap |  |  | 19,032 |  |  |  | 0 |  |  |  | 0 |  |  |  | 19,032 |
CBSI stock |  |  | 7,417 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,417 |
International |  |  | 27,064 |  |  |  | 0 |  |  |  | 0 |  |  |  | 27,064 |
|  |  | 96,748 |  |  |  | 0 |  |  |  | 0 |  |  |  | 96,748 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities |  |  | 25,375 |  |  |  | 5,863 |  |  |  | 0 |  |  |  | 31,238 |
Investment grade bonds |  |  | 15,253 |  |  |  | 0 |  |  |  | 0 |  |  |  | 15,253 |
High yield(a) |  |  | 16,615 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,615 |
|  |  | 57,243 |  |  |  | 5,863 |  |  |  | 0 |  |  |  | 63,106 |
Other investments (b) |  |  | 12,023 |  |  |  | 58 |  |  |  | 0 |  |  |  | 12,081 |
Total (c) |  | $ | 166,117 |  |  | $ | 13,969 |  |  | $ | 0 |  |  | $ | 180,086 |
The fair values of the Company’s defined benefit pension plan assets at December 31, 2015 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 |  | $ | 2,240 |  |  | $ | 5,750 |  |  | $ | 0 |  |  | $ | 7,990 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap |  |  | 34,985 |  |  |  | 0 |  |  |  | 0 |  |  |  | 34,985 |
U.S mid/small cap |  |  | 12,354 |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,354 |
CBSI stock |  |  | 8,393 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,393 |
International |  |  | 28,136 |  |  |  | 0 |  |  |  | 0 |  |  |  | 28,136 |
|  |  | 83,868 |  |  |  | 0 |  |  |  | 0 |  |  |  | 83,868 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities |  |  | 31,397 |  |  |  | 6,488 |  |  |  | 0 |  |  |  | 37,885 |
Investment grade bonds |  |  | 14,517 |  |  |  | 0 |  |  |  | 0 |  |  |  | 14,517 |
High yield(a) |  |  | 17,365 |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,365 |
|  |  | 63,279 |  |  |  | 6,488 |  |  |  | 0 |  |  |  | 69,767 |
Other investments (b) |  |  | 9,937 |  |  |  | 63 |  |  |  | 0 |  |  |  | 10,000 |
Total (c) |  | $ | 159,324 |  |  | $ | 12,301 |  |  | $ | 0 |  |  | $ | 171,625 |
(a) | This category is exchange-traded funds representing a diversified index of high yield corporate bonds.
(b) | This category is comprised of exchange-traded funds and mutual funds holding non-traditional investment classes including private equity funds and alternative exchange funds.
(c) | Excludes dividends and interest receivable totaling $0.3 million and $0.4 million at December 31, 2016 and 2015, respectively.

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