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PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

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)			2022						2021
Change in benefit obligation:
Benefit obligation at beginning of year			$	20,420					$	21,919
Interest cost			212						485
Actuarial gains			(1,766)						(427)
Benefits paid			(5,398)						(1,557)
Annuity purchase			(13,468)						—
Benefit obligation at end of the year			—						20,420
Change in plan assets, at fair value:
Fair value of plan assets at beginning of year			20,785						21,153
Actual return on plan assets			(1,969)						1,189
Employer contributions			50						—
Benefits paid			(5,398)						(1,557)
Annuity purchase			(13,468)						—
Fair value of plan assets at end of year			—						20,785
Funded status at end of year			$	—					$	365
Amounts recognized in AOCI:
Net actuarial losses			$	—					$	(4,699)
Benefit obligation actuarial assumptions:
Weighted-average discount rate			N/A						2.4		%

			Year Ended December 31,
(Dollars in thousands)			2022						2021						2020
Components of net periodic benefit cost:
Interest cost			$	212					$	485					$	641
Expected return on plan assets			(207)						(549)						(920)
Amortization of net actuarial losses			225						701						909
Settlement			4,884						—						—
Net periodic benefit cost			$	5,114					$	637					$	630
Net periodic cost actuarial assumptions:
Weighted-average discount rate			2.4		%				2.3		%				3.1		%
Expected long-term rate of return on plan assets			2.3		%				2.7		%				4.5		%

The following tables set forth information pertaining to the SERP:

			Year Ended December 31,
(Dollars in thousands)			2022						2021
Change in benefit obligation
Benefit obligation at beginning of year			$	12,297					$	12,740
Interest cost			301						264
Actuarial gains			(2,960)						(398)
Benefits paid			(418)						(309)
Benefit obligation at end of year			9,220						12,297
Change in plan assets
Fair value of plan assets at beginning of year			—						—
Employer contributions			418						309
Benefits paid			(418)						(309)
Fair value of plan assets at end of year			—						—
Funded status at end of year			$	(9,220)					$	(12,297)
Amounts recognized in AOCI
Net transition obligation			$	(7)					$	(26)
Net actuarial losses			701						(2,337)
Total amounts recognized in AOCI			$	694					$	(2,363)
Benefit obligation actuarial assumptions
Weighted-average discount rate			5.0		%				2.5		%

			Year Ended December 31,
(Dollars in thousands)			2022						2021						2020
Components of net periodic benefit cost
Interest cost			$	301					$	264					$	341
Amortization of net actuarial (gains) losses			79						335						251
Amortization of net transition obligation			18						18						18
Amortization of prior service cost			—						—						14
Net periodic benefit cost			$	398					$	617					$	624
Net periodic cost actuarial assumptions
Weighted-average discount rate			2.7		%				2.1		%				3.1		%

Schedule of asset allocations by asset category

The defined benefit retirement plan assets as of December 31, 2021 consisted of debt securities and money market funds. The asset allocations by asset category were as follows:

									December 31, 2021
Debt securities									85.9		%
Money market funds									14.1
Total									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 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
Corporate bonds and debentures			—						5,236						—						5,236
Total			$	13,650					$	7,135					$	—					$	20,785

Schedule of estimated future benefit payments

Estimated future benefit payments reflecting expected future service for the SERP in each of the next five years, in the aggregate for the five years and thereafter are as follows:

(Dollars in thousands)
Year Ending December 31:
2023			$	573
2024			570
2025			566
2026			561
2027			556
2028-2032			4,817
Thereafter			1,577
Total			$	9,220

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 information about the defined benefit pension plans or one or more other defined benefit postretirement 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
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