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PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | Information as to the Company’s employee benefit plans at December 31, 2021 and 2020 is as follows:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |  |  |  |
Beginning benefit obligation | $ | 2,710 |  |  | $ | 2,715 |  |  | $ | 968 |  |  | $ | 991 |
Interest cost | 52 |  |  | 75 |  |  | 18 |  |  | 27 |
Actuarial (gain) loss | (153) |  |  | 276 |  |  | 13 |  |  | 84 |
Benefits paid | (311) |  |  | (356) |  |  | (132) |  |  | (134) |
Ending benefit obligation | 2,298 |  |  | 2,710 |  |  | 867 |  |  | 968 |
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: |  |  |  |  |  |  |
Beginning plan assets | 2,349 |  |  | 2,472 |  |  | 879 |  |  | 914 |
Actual return | 265 |  |  | 233 |  |  | 101 |  |  | 99 |
Employer contribution | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Benefits paid | (311) |  |  | (356) |  |  | (132) |  |  | (134) |
Ending plan assets | 2,303 |  |  | 2,349 |  |  | 848 |  |  | 879 |
Funded status at end of year | $ | 5 |  |  | $ | (361) |  |  | $ | (19) |  |  | $ | (89) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Funded status included in other liabilities | $ | 5 |  |  | $ | (361) |  |  | $ | (19) |  |  | $ | (89) |
Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income consist of:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Net actuarial loss | $ | 852 |  |  | $ | 1,362 |  |  | $ | 431 |  |  | $ | 553 |
Schedule of Components of Net Periodic Benefit Cost | Net period benefit cost and other amounts recognized in other comprehensive income (loss) include the following:
| Pension Benefits |  | SERP Benefits
(dollars in thousands) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Net pension expense: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Interest cost | 52 |  |  | 75 |  |  | 87 |  |  | 18 |  |  | 27 |  |  | 37 |
Expected return on plan assets | (133) |  |  | (140) |  |  | (137) |  |  | (47) |  |  | (51) |  |  | (55) |
Recognized net actuarial (gain) loss | 160 |  |  | 171 |  |  | 132 |  |  | 82 |  |  | 80 |  |  | 73 |
Settlement cost | 65 |  |  | 115 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Net pension expense | $ | 144 |  |  | $ | 221 |  |  | $ | 82 |  |  | $ | 53 |  |  | $ | 56 |  |  | $ | 55 |
Net (gain) loss | $ | (350) |  |  | $ | 69 |  |  | $ | 353 |  |  | $ | (40) |  |  | $ | 36 |  |  | $ | 56 |
Amortization of net loss | (160) |  |  | (171) |  |  | (132) |  |  | (82) |  |  | (80) |  |  | (73) |
Total recognized in other comprehensive income (loss) | (510) |  |  | (102) |  |  | 221 |  |  | (122) |  |  | (44) |  |  | (17) |
Total recognized in net pension expense and other comprehensive income (loss) | $ | (366) |  |  | $ | 119 |  |  | $ | 303 |  |  | $ | (69) |  |  | $ | 12 |  |  | $ | 38 |
Schedule of Assumptions Used in Calculating the Net Benefit Obligation |
| Pension Benefits |  | SERP Benefits
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
The following assumptions were used in calculating the net benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Weighted average discount rate | 2.49 | % |  | 2.08 | % |  | 2.98 | % |  | 2.49 | % |  | 2.08 | % |  | 2.98 | %
Rate of increase in future compensation | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Lump sum assumed interest rates First 5 years | 0.87 | % |  | 0.53 | % |  | 2.01 | % |  | N/A |  | N/A |  | N/A
Next 15 years | 2.74 | % |  | 2.31 | % |  | 3.06 | % |  | N/A |  | N/A |  | N/A
All future years | 3.16 | % |  | 3.09 | % |  | 3.65 | % |  | N/A |  | N/A |  | N/A
The following assumptions were used in calculating the net pension expense: |  |  |  |  |  |  |  |  |  |  |
Weighted average discount rate | 2.08 | % |  | 2.98 | % |  | 4.08 | % |  | 2.08 | % |  | 2.98 | % |  | 4.08 | %
Rate of increase in future compensation | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Expected long-term rate of return | 6.50 | % |  | 6.50 | % |  | 6.50 | % |  | 6.50 | % |  | 6.50 | % |  | 6.50 | %
Schedule of Allocation of Plan Assets | The Company’s pension plan asset allocation at year end 2021 and 2020, target allocation for 2021, and expected long-term rate of return by asset category are as follows: NOTE 11 – PENSION AND OTHER POSTRETIREMENT PLANS (continued)
| Target Allocation |  | Percentage of Plan Assets at Year End |  | Weighted Average Expected Long-Term Rate of Return
Asset Category | 2022 |  | 2021 |  | 2020 |
Equity securities | 55 |  | - | 65 | % |  | 61 | % |  | 65 | % |  | 8.85 | %
Debt securities | 35 |  | - | 45 | % |  | 37 | % |  | 31 | % |  | 3.00 | %
Other | 5 |  | - | 10 | % |  | 2 | % |  | 4 | % |  | 0.10 | %
Total |  |  |  |  | 100 | % |  | 100 | % |  | 6.50 | %
The Company’s SERP plan asset allocation at year end 2021 and 2020, target allocation for 2021, and expected long-term rate of return by asset category are as follows:
| Target Allocation |  | Percentage of Plan Assets at Year End |  | Weighted Average Expected Long-Term Rate of Return
Asset Category | 2022 |  | 2021 |  | 2020 |
Equity securities | 55 |  | - | 65 | % |  | 59 | % |  | 64 | % |  | 8.85 | %
Debt securities | 35 |  | - | 45 | % |  | 36 | % |  | 34 | % |  | 3.00 | %
Other | 5 |  | - | 10 | % |  | 5 | % |  | 2 | % |  | 0.10 | %
Total |  |  |  |  | 100 | % |  | 100 | % |  | 6.50 | %
Schedule Of Fair Values Of Pension Plan and Postretirement Plan Assets By Asset Category | The fair values of the Company’s pension plan assets at December 31, 2021, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 923 |  |  | $ | 923 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 104 |  |  | 104 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 106 |  |  | 106 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 193 |  |  | 193 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 73 |  |  | 73 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 273 |  |  | 273 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 572 |  |  | 572 |  |  | 0 |  |  | 0 |
Cash - money market account | 59 |  |  | 59 |  |  | 0 |  |  | 0 |
Total | $ | 2,303 |  |  | $ | 2,303 |  |  | $ | 0 |  |  | $ | 0 |
The fair values of the Company’s pension plan assets at December 31, 2020, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2 ) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 962 |  |  | $ | 962 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 124 |  |  | 124 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 129 |  |  | 129 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 202 |  |  | 202 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 105 |  |  | 105 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 526 |  |  | 526 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 205 |  |  | 205 |  |  | 0 |  |  | 0 |
Cash - money market account | 93 |  |  | 93 |  |  | 0 |  |  | 0 |
Total | $ | 2,346 |  |  | $ | 2,346 |  |  | $ | 0 |  |  | $ | 0 |
The fair values of the Company’s SERP assets at December 31, 2021, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 327 |  |  | $ | 327 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 38 |  |  | 38 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 38 |  |  | 38 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 27 |  |  | 27 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 71 |  |  | 71 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 85 |  |  | 85 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 222 |  |  | 222 |  |  | 0 |  |  | 0 |
Cash - money market account | 40 |  |  | 40 |  |  | 0 |  |  | 0 |
Total | $ | 848 |  |  | $ | 848 |  |  | $ | 0 |  |  | $ | 0 |
The fair values of the Company’s SERP assets at December 31, 2020, by asset category are as follows:
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(dollars in thousands) |  |  |  |  |  |  |
Equity securities - US large cap common stocks | $ | 360 |  |  | $ | 360 |  |  | $ | 0 |  |  | $ | 0 |
Equity securities - US mid cap stock mutual funds | 23 |  |  | 23 |  |  | 0 |  |  | 0 |
Equity securities - US small cap stock mutual funds | 72 |  |  | 72 |  |  | 0 |  |  | 0 |
Equity securities - emerging markets stock mutual funds | 37 |  |  | 37 |  |  | 0 |  |  | 0 |
Equity securities - international stock mutual funds | 72 |  |  | 72 |  |  | 0 |  |  | 0 |
Debt securities - intermediate term bond mutual funds | 216 |  |  | 216 |  |  | 0 |  |  | 0 |
Debt securities - short term bond mutual funds | 82 |  |  | 82 |  |  | 0 |  |  | 0 |
Cash - money market account | 16 |  |  | 16 |  |  | 0 |  |  | 0 |
Total | $ | 878 |  |  | $ | 878 |  |  | $ | 0 |  |  | $ | 0 |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid over the next ten years:
Plan Year | Pension Benefits |  | SERP Benefits
(dollars in thousands) |  |  |
2022 | $ | 193 |  |  | $ | 130 |
2023 | 209 |  |  | 123 |
2024 | 182 |  |  | 115 |
2025 | 190 |  |  | 105 |
2026 | 191 |  |  | 94 |
2027-2031 | 703 |  |  | 294 |

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