PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Defined Benefit Retirement Plan

	2013			2012
	(Dollars in thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	36,139		$	34,091
Interest cost	1,370			1,585
Actuarial (gains) losses	(2,969		)	2,923
Benefits paid	(2,357		)	(2,460		)
Benefit obligation at end of the year	32,183			36,139

Change in plan assets
Fair value of plan assets at beginning of year	23,780			22,559
Actual return on plan assets	4,712			2,235
Employer contributions	1,647			1,446
Benefits paid	(2,357		)	(2,460		)
Fair value of plan assets at end of year	27,782			23,780

Funded status at end of year	$	(4,401	)	$	(12,359	)

Amounts recognized in AOCI
Net actuarial losses	$	(10,895	)	$	(19,205	)

Benefit obligation actuarial assumptions
Weighted average discount rate	4.7		%	4.0		%

	2013			2012			2011
	(Dollars in thousands)
Components of net periodic benefit cost
Interest cost	$	1,370		$	1,585		$	1,668
Expected return on plan assets	(1,762		)	(1,791		)	(1,821		)
Amortization of net actuarial losses	2,390			2,385			2,263
Net periodic benefit cost	$	1,998		$	2,179		$	2,110

Net periodic cost actuarial assumptions
Weighted average discount rate	4.0		%	4.8		%	5.1		%
Expected long-term rate of return on plan assets	7.5		%	8.0		%	8.0		%

	Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
December 31, 2013
Money market accounts	$	1,841	$	—	$	—	$	1,841
Mutual funds	9,795		—		—		9,795
Government obligations	—		3,450		—		3,450
Common stocks	8,744		—		—		8,744
Preferred stocks	255		—		—		255
Corporate bonds and debentures	—		3,697		—		3,697
	$	20,635	$	7,147	$	—	$	27,782

December 31, 2012
Money market accounts	$	1,022	$	—	$	—	$	1,022
Mutual funds	9,524		—		—		9,524
Government obligations	—		3,317		—		3,317
Common stocks	6,213		—		—		6,213
Preferred stocks	279		—		—		279
Corporate bonds and debentures	—		3,425		—		3,425
	$	17,038	$	6,742	$	—	$	23,780

Estimated future benefit payments are as follows (in thousands):

SERP

	2013			2012
	(Dollars in thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	9,944		$	8,558
Interest cost	411			426
Actuarial (gains) losses	(1,033		)	1,175
Benefits paid	(215		)	(215		)
Benefit obligation at end of year	9,107			9,944

Change in plan assets
Fair value of plan assets at beginning of year	—			—
Employer contributions	215			215
Benefits paid	(215		)	(215		)
Fair value of plan assets at end of year	—			—

Funded status at end of year	$	(9,107	)	$	(9,944	)

Amounts recognized in AOCI
Net transition obligation	$	(164	)	$	(181	)
Prior service cost	(119		)	(137		)
Net actuarial losses	(379		)	(1,482		)
Total amounts recognized in AOCI	$	(662	)	$	(1,800	)

Benefit obligation actuarial assumptions
Weighted average discount rate	5.0		%	4.2		%

	2013			2012			2011
	(Dollars in thousands)
Components of net periodic benefit cost
Interest cost	$	411		$	426		$	412
Amortization of net transition obligation	17			17			17
Amortization of prior service cost	18			18			18
Amortization of net actuarial (gains) losses	71			(4		)	(17		)
Net periodic benefit cost	$	517		$	457		$	430

Net periodic cost actuarial assumptions
Weighted average discount rate	4.2		%	5.0		%	5.0		%

The estimated amortization of components included in AOCI that will be recognized into net periodic cost for 2014 is as follows (in thousands):

Amortization of net transition obligation	$	17
Amortization of prior service cost	18
Amortization of net actuarial losses	2

Estimated future benefit payments reflecting expected future service for the SERP are as follows (in thousands):