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PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Pension Plan

PENSION PLANS

Schedule of information pertaining to the defined benefit retirement plan

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

			Year Ended December 31,
(Dollars in thousands)			2021						2020
Change in benefit obligation:
Benefit obligation at beginning of year			$	21,919					$	21,603
Interest cost			485						641
Actuarial (gains) losses			(427)						1,288
Benefits paid			(1,557)						(1,613)
Benefit obligation at end of the year			20,420						21,919
Change in plan assets, at fair value:
Fair value of plan assets at beginning of year			21,153						21,309
Actual return on plan assets			1,189						1,457
Benefits paid			(1,557)						(1,613)
Fair value of plan assets at end of year			20,785						21,153
Funded status at end of year			$	365					$	(766)
Amounts recognized in AOCI:
Net actuarial losses			$	(4,699)					$	(6,467)
Benefit obligation actuarial assumptions:
Weighted-average discount rate			2.4 % (*)						2.3		%
* Plan termination assumptions were utilized, including combination of lump sum values and estimated annuity purchase rates for other participants not electing or eligible to take lump sum.

			Year Ended December 31,
(Dollars in thousands)			2021						2020						2019
Components of net periodic benefit cost:
Interest cost			$	485					$	641					$	828
Expected return on plan assets			(549)						(920)						(996)
Amortization of net actuarial losses			701						909						1,101
Net periodic benefit cost			$	637					$	630					$	933
Net periodic cost actuarial assumptions:
Weighted-average discount rate			2.3		%				3.1		%				4.2		%
Expected long-term rate of return on plan assets			2.7		%				4.5		%				5.3		%

Schedule of asset allocations by asset category

The defined benefit retirement plan assets consist of equity and debt securities and money market funds. Our asset allocations by asset category were as follows:

			December 31,
			2021						2020
Equity securities			—		%				39.5		%
Debt securities			85.9						56.1
Money market funds			14.1						4.4
Total			100.0		%				100.0		%

Schedule of fair values of the defined benefit retirement plan by asset category

The fair values of the defined benefit retirement plan as of December 31, 2021 and 2020 by asset category were as follows:

(Dollars in thousands)			Quoted Prices in Active  Markets for  Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
December 31, 2021
Money market funds			$	2,938					$	—					$	—					$	2,938
Exchange traded funds			10,712						—						—						10,712
Government obligations			—						1,899						—						1,899
Common stocks			—						—						—						—
Preferred stocks			—						—						—						—
Corporate bonds and debentures			—						5,236						—						5,236
Total			$	13,650					$	7,135					$	—					$	20,785

(Dollars in thousands)			Quoted Prices in Active  Markets for  Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
December 31, 2020
Money market funds			$	928					$	—					$	—					$	928
Exchange traded funds			13,462						—						—						13,462
Government obligations			—						2,334						—						2,334
Common stocks			1,993						—						—						1,993
Preferred stocks			260						—						—						260
Corporate bonds and debentures			—						2,176						—						2,176
Total			$	16,643					$	4,510					$	—					$	21,153

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:
2022			$	20,672
2023			—
2024			—
2025			—
2026			—
2027-2031			—
Total			$	20,672

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,
(Dollars in thousands)			2021						2020
Change in benefit obligation
Benefit obligation at beginning of year			$	12,740					$	11,971
Interest cost			264						341
Actuarial (gains) losses			(398)						737
Benefits paid			(309)						(309)
Benefit obligation at end of year			12,297						12,740
Change in plan assets
Fair value of plan assets at beginning of year			—						—
Employer contributions			309						309
Benefits paid			(309)						(309)
Fair value of plan assets at end of year			—						—
Funded status at end of year			$	(12,297)					$	(12,740)
Amounts recognized in AOCI
Net transition obligation			$	(26)					$	(44)
Prior service cost			—						—
Net actuarial losses			(2,337)						(3,070)
Total amounts recognized in AOCI			$	(2,363)					$	(3,114)
Benefit obligation actuarial assumptions
Weighted-average discount rate			2.5		%				2.1		%

			Year Ended December 31,
(Dollars in thousands)			2021						2020						2019
Components of net periodic benefit cost
Interest cost			$	264					$	341					$	430
Amortization of net actuarial (gains) losses			335						251						16
Amortization of net transition obligation			18						18						18
Amortization of prior service cost			—						14						18
Net periodic benefit cost			$	617					$	624					$	482
Net periodic cost actuarial assumptions
Weighted-average discount rate			2.1		%				3.1		%				4.2		%

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:
2022			$	481
2023			649
2024			638
2025			626
2026			612
2027-2031			4,699
Total			$	7,705

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+ References

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