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PENSION PLANS (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of the actual allocation by major categories of plan assets of pension plans and/or other employee benefit plans.

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (s)
-URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
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