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PENSION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2018
Pension Plan |
PENSION PLANS |
Schedule of information pertaining to the defined benefit retirement plan |
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (Dollars in thousands)
Components of net periodic benefit cost: |  |  |  |  |  |  |  |
Interest cost | $ | 796 |  |  | $ | 926 |  |  | $ | 1,374 |
Expected return on plan assets | (1,206 | ) |  | (1,036 | ) |  | (1,542 | )
Amortization of net actuarial losses | 979 |  |  | 1,191 |  |  | 1,548 |
Settlement | — |  |  | — |  |  | 3,847 |
Net periodic benefit cost | $ | 569 |  |  | $ | 1,081 |  |  | $ | 5,227 |
Net periodic cost actuarial assumptions: |  |  |  |  |  |  |  |
Weighted average discount rate | 3.6 | % |  | 4.1 | % |  | 4.3 | %
Expected long-term rate of return on plan assets | 5.5 | % |  | 5.5 | % |  | 6.0 | %
The following tables set forth information pertaining to the defined benefit retirement plan:
| Year Ended December 31,
| 2018 |  | 2017
| (Dollars in thousands)
Change in benefit obligation: |  |  |  |  |
Benefit obligation at beginning of year | $ | 23,471 |  |  | $ | 23,677 |
Interest cost | 796 |  |  | 926 |
Actuarial (gains) losses | (1,714 | ) |  | 752 |
Benefits paid | (1,807 | ) |  | (1,884 | )
Benefit obligation at end of the year | 20,746 |  |  | 23,471 |
Change in plan assets, at fair value: |  |  |  |  |
Fair value of plan assets at beginning of year | 22,832 |  |  | 18,539 |
Actual return on plan assets | (1,151 | ) |  | 2,177 |
Employer contributions | — |  |  | 4,000 |
Benefits paid | (1,807 | ) |  | (1,884 | )
Fair value of plan assets at end of year | 19,874 |  |  | 22,832 |
Funded status at end of year | $ | (872 | ) |  | $ | (639 | )
Amounts recognized in AOCI: |  |  |  |  |
Net actuarial losses | $ | (8,137 | ) |  | $ | (8,472 | )
Benefit obligation actuarial assumptions: |  |  |  |  |
Weighted average discount rate | 4.2 | % |  | 3.6 | %
Schedule of asset allocations by asset category | The defined benefit retirement plan assets consist primarily of equity and debt securities. Our asset allocations by asset category were as follows:
| December 31,
| 2018 |  | 2017
Equity securities | 48.4 | % |  | 53.9 | %
Debt securities | 46.9 |  |  | 42.3 |
Other | 4.7 |  |  | 3.8 |
Total | 100.0 | % |  | 100.0 | %
Schedule of fair values of the defined benefit retirement plan by asset category |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (Dollars in thousands)
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Money market accounts | $ | 858 |  |  | $ | — |  |  | $ | — |  |  | $ | 858 |
Mutual funds | 12,258 |  |  | — |  |  | — |  |  | 12,258 |
Government obligations | — |  |  | 1,942 |  |  | — |  |  | 1,942 |
Common stocks | 5,509 |  |  | — |  |  | — |  |  | 5,509 |
Preferred stocks | 176 |  |  | — |  |  | — |  |  | 176 |
Corporate bonds and debentures | — |  |  | 2,089 |  |  | — |  |  | 2,089 |
Total | $ | 18,801 |  |  | $ | 4,031 |  |  | $ | — |  |  | $ | 22,832 |
The fair values of the defined benefit retirement plan as of December 31, 2018 and 2017 by asset category were as follows:
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (Dollars in thousands)
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Money market accounts | $ | 931 |  |  | $ | — |  |  | $ | — |  |  | $ | 931 |
Mutual funds | 10,537 |  |  | — |  |  | — |  |  | 10,537 |
Government obligations | — |  |  | 2,192 |  |  | — |  |  | 2,192 |
Common stocks | 4,122 |  |  | — |  |  | — |  |  | 4,122 |
Preferred stocks | 146 |  |  | — |  |  | — |  |  | 146 |
Corporate bonds and debentures | — |  |  | 1,946 |  |  | — |  |  | 1,946 |
Total | $ | 15,736 |  |  | $ | 4,138 |  |  | $ | — |  |  | $ | 19,874 |
Schedule of estimated future benefit payments | Estimated future benefit payments in each of the next five years and in the aggregate for the five years thereafter are as follows (in thousands):
Year Ending December 31: |
2019 | $ | 1,791 |
2020 | 1,759 |
2021 | 1,713 |
2022 | 1,651 |
2023 | 1,606 |
2024-2028 | 6,997 |
Total | $ | 15,517 |
SERPs |
PENSION PLANS |
Schedule of information pertaining to the defined benefit retirement plan | The following tables set forth information pertaining to the SERP:
| Year Ended December 31,
| 2018 |  | 2017
| (Dollars in thousands)
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 11,219 |  |  | $ | 10,292 |
Interest cost | 389 |  |  | 429 |
Actuarial (gains) losses | (907 | ) |  | 1,708 |
Benefits paid | (346 | ) |  | (1,210 | )
Benefit obligation at end of year | 10,355 |  |  | 11,219 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |
Employer contributions | 346 |  |  | 1,209 |
Benefits paid | (346 | ) |  | (1,209 | )
Fair value of plan assets at end of year | — |  |  | — |
Funded status at end of year | $ | (10,355 | ) |  | $ | (11,219 | )
Amounts recognized in AOCI |  |  |  |
Net transition obligation | $ | (82 | ) |  | $ | (100 | )
Prior service cost | (31 | ) |  | (49 | )
Net actuarial losses | (1,082 | ) |  | (2,163 | )
Total amounts recognized in AOCI | $ | (1,195 | ) |  | $ | (2,312 | )
Benefit obligation actuarial assumptions |  |  |  |  |
Weighted average discount rate | 4.2 | % |  | 3.5 | %
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (Dollars in thousands)
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost | $ | 389 |  |  | $ | 429 |  |  | $ | 465 |
Amortization of net actuarial (gains) losses | 174 |  |  | 102 |  |  | 51 |
Amortization of net transition obligation | 18 |  |  | 18 |  |  | 17 |
Amortization of prior service cost | 18 |  |  | 18 |  |  | 18 |
Settlement | — |  |  | 138 |  |  | — |
Net periodic benefit cost | $ | 599 |  |  | $ | 705 |  |  | $ | 551 |
Net periodic cost actuarial assumptions |  |  |  |  |  |  |  |
Weighted average discount rate | 3.5 | % |  | 4.1 | % |  | 4.4 | %
Schedule of estimated amortization of components included in AOCI that will be recognized into net periodic cost in the next fiscal year | The estimated amortization of components included in AOCI that will be recognized into net periodic benefit cost for 2019 is as follows (in thousands):
Amortization of net actuarial losses | $ | 174 |
Amortization of net transition obligation | 18 |
Amortization of prior service cost | 18 |
Schedule of estimated future benefit payments | Estimated future benefit payments reflecting expected future service for the SERP in each of the next five years and in the aggregate for the five years thereafter are as follows (in thousands):
Year Ending December 31: |
2019 | $ | 330 |
2020 | 325 |
2021 | 314 |
2022 | 307 |
2023 | 299 |
2024-2028 | 3,621 |
Total | $ | 5,196 |

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