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PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Pension Plan

PENSION PLANS

Schedule of information pertaining to the defined benefit retirement plan

	Year Ended December 31,
	2019				2018				2017
	(Dollars in thousands)
Components of net periodic benefit cost:
Interest cost	$	828			$	796			$	926
Expected return on plan assets	(996		)		(1,206		)		(1,036		)
Amortization of net actuarial losses	1,101				979				1,191
Net periodic benefit cost	$	933			$	569			$	1,081
Net periodic cost actuarial assumptions:
Weighted average discount rate	4.2		%		3.6		%		4.1		%
Expected long-term rate of return on plan assets	5.3		%		5.5		%		5.5		%

The following tables set forth information pertaining to the defined benefit retirement plan:

	Year Ended December 31,
	2019				2018
	(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	20,746			$	23,471
Interest cost	828				796
Actuarial (gains) losses	1,677				(1,714		)
Benefits paid	(1,648		)		(1,807		)
Benefit obligation at end of the year	21,603				20,746
Change in plan assets, at fair value:
Fair value of plan assets at beginning of year	19,874				22,832
Actual return on plan assets	3,083				(1,151		)
Benefits paid	(1,648		)		(1,807		)
Fair value of plan assets at end of year	21,309				19,874
Funded status at end of year	$	(294	)		$	(872	)
Amounts recognized in AOCI:
Net actuarial losses	$	(6,625	)		$	(8,137	)
Benefit obligation actuarial assumptions:
Weighted average discount rate	3.1		%		4.2		%

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,
	2019			2018
Equity securities	39.1	%		48.4	%
Debt securities	57.5			46.9
Other	3.4			4.7
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, 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

The fair values of the defined benefit retirement plan as of December 31, 2019 and 2018 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, 2019
Money market accounts	$	727			$	—			$	—			$	727
Mutual funds	13,434				—				—				13,434
Government obligations	—				2,587				—				2,587
Common stocks	2,475				—				—				2,475
Preferred stocks	173				—				—				173
Corporate bonds and debentures	—				1,913				—				1,913
Total	$	16,809			$	4,500			$	—			$	21,309

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 (dollars in thousands):

Year Ending December 31:
2020	$	1,769
2021	1,718
2022	1,652
2023	1,606
2024	1,541
2025-2029	6,617
Total	$	14,903

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,
	2019				2018
	(Dollars in thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	10,355			$	11,219
Interest cost	430				389
Actuarial (gains) losses	1,517				(907		)
Benefits paid	(331		)		(346		)
Benefit obligation at end of year	11,971				10,355
Change in plan assets
Fair value of plan assets at beginning of year	—				—
Employer contributions	331				346
Benefits paid	(331		)		(346		)
Fair value of plan assets at end of year	—				—
Funded status at end of year	$	(11,971	)		$	(10,355	)
Amounts recognized in AOCI
Net transition obligation	$	(64	)		$	(82	)
Prior service cost	(14		)		(31		)
Net actuarial losses	(2,583		)		(1,082		)
Total amounts recognized in AOCI	$	(2,661	)		$	(1,195	)
Benefit obligation actuarial assumptions
Weighted average discount rate	3.0		%		4.2		%

	Year Ended December 31,
	2019				2018				2017
	(Dollars in thousands)
Components of net periodic benefit cost
Interest cost	$	430			$	389			$	429
Amortization of net actuarial (gains) losses	16				174				102
Amortization of net transition obligation	18				18				18
Amortization of prior service cost	18				18				18
Settlement	—				—				138
Net periodic benefit cost	$	482			$	599			$	705
Net periodic cost actuarial assumptions
Weighted average discount rate	4.2		%		3.5		%		4.1		%

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 2020 is as follows (dollars in thousands):

Amortization of net actuarial losses	$	16
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 (dollars in thousands):

Year Ending December 31:
2020	$	329
2021	320
2022	490
2023	661
2024	653
2025-2029	4,051
Total	$	6,504

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