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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
Pension Plans |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables set forth information about the plan for the year ended December 31, 2019 and 2018:
(in thousands) |  | 2019 |  | 2018
Change in projected benefit obligation: |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 8,009 |  |  | $ | 9,020 |
Service cost |  | — |  |  | — |
Interest cost |  | 331 |  |  | 315 |
Actuarial loss (gain) |  | 1,068 |  |  | (771 | )
Benefits paid |  | (300 | ) |  | (291 | )
Settlements |  | (182 | ) |  | (264 | )
Projected benefit obligation at end of year |  | 8,926 |  |  | 8,009 |
Change in fair value of plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | 9,990 |  |  | 11,026 |
Expected return on plan assets |  | 1,570 |  |  | (481 | )
Contributions by employer |  | — |  |  | — |
Benefits paid |  | (300 | ) |  | (291 | )
Settlements |  | (182 | ) |  | (264 | )
Fair value of plan assets at end of year |  | 11,078 |  |  | 9,990 |
Overfunded status |  | $ | (2,152 | ) |  | $ | (1,981 | )
Amounts recognized in consolidated balance sheet: |  |  |  |
Other assets |  | $ | 2,152 |  |  | $ | 1,981 |
Schedule of Net Benefit Costs | Net periodic pension cost is comprised of the following for the year ended December 31, 2019 and 2018:
(in thousands) |  | 2019 |  | 2018
Interest cost |  | $ | 331 |  |  | $ | 315 |
Expected return on plan assets |  | (638 | ) |  | (706 | )
Settlement Charge |  | — |  |  | — |
Net periodic pension benefit credit |  | $ | (307 | ) |  | $ | (391 | )
(in thousands) |  | 2019 |  | 2018
Net actuarial loss |  | $ | 145 |  |  | $ | 415 |
Settlement charge |  | — |  |  | — |
Net period pension benefit credit |  | (307 | ) |  | (391 | )
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss |  | $ | (162 | ) |  | $ | 24 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Change in plan assets and benefit obligations recognized in accumulated other comprehensive income as of December 31, 2019 and 2018 are as follows:
(in thousands) |  | 2019 |  | 2018
Net actuarial loss |  | $ | 145 |  |  | $ | 415 |
Settlement charge |  | — |  |  | — |
Prior service cost |  | 748 |  |  | 333 |
Total accumulated other comprehensive loss (pre-tax) |  | $ | 893 |  |  | $ | 748 |
Schedule of Assumptions Used | The principal actuarial assumptions used at December 31, 2019 and 2018 were as follows:
|  | 2019 |  | 2018
Projected benefit obligation |  |  |  |
Discount rate |  | 3.23 | % |  | 4.23 | %
Net periodic pension cost |  |  |  |
Discount rate |  | 4.23 | % |  | 3.56 | %
Long-term rate of return on plan assets |  | 6.50 |  |  | 6.50 |
Schedule of Allocation of Plan Assets | The fair value of the Plan's assets by category and level within fair value hierarchy are as follows at December 31, 2019 and 2018:
|  | 2019
(in thousands) |  | Total |  | Level 1 |  | Level 2
Asset Category |  |  |  |  |  |
Equity mutual funds: |  |  |  |  |  |
Large-cap |  | $ | 2,144 |  |  | $ | 2,144 |  |  | $ | — |
Mid-cap |  | 590 |  |  | 590 |  |  | — |
Small-cap |  | 557 |  |  | 557 |  |  | — |
International |  | 1,009 |  |  | 1,009 |  |  |
Fixed income funds: |  |  |  |  |  |
Fixed-income - core plus |  | 4,028 |  |  | 4,028 |  |  | — |
Intermediate duration |  | 1,371 |  |  | 1,371 |  |  | — |
Common stock |  | 574 |  |  | 574 |  |  | — |
Common/collective trusts - large-cap |  | 566 |  |  | — |  |  | 566 |
Cash equivalents - money market |  | 230 |  |  | 230 |  |  | — |
Total |  | $ | 11,069 |  |  | $ | 10,503 |  |  | $ | 566 |
|  | 2018
(in thousands) |  | Total |  | Level 1 |  | Level 2
Asset Category |  |  |  |  |  |
Equity mutual funds: |  |  |  |  |  |
Large-cap |  | $ | 1,730 |  |  | $ | 1,730 |  |  | $ | — |
Mid-cap |  | 477 |  |  | 477 |  |  | — |
Small-cap |  | 469 |  |  | 469 |  |  | — |
International |  | 845 |  |  | 845 |  |  |
Fixed income funds: |  |  |  |  |  |
Fixed-income - core plus |  | 3,945 |  |  | 3,945 |  |  | — |
Intermediate duration |  | 1,321 |  |  | 1,321 |  |  | — |
Common stock |  | 506 |  |  | 506 |  |  | — |
Common/collective trusts - large-cap |  | 469 |  |  | — |  |  | 469 |
Cash equivalents - money market |  | 228 |  |  | 228 |  |  | — |
Total |  | $ | 9,990 |  |  | $ | 9,521 |  |  | $ | 469 |
Schedule of Expected Benefit Payments | Estimated benefit payments under the Company's pension plan over the next 10 years at December 31, 2019 are as follows:
Year |  | Payments in Thousands
2020 |  | $ | 365 |
2021 |  | 364 |
2022 |  | 383 |
2023 |  | 379 |
2024 |  | 394 |
2025-2029 |  | 2,262 |
Non-qualified Supplemental Executive Retirement Plan |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the plan as of and for the years ended December 31, 2019 and December 31, 2018:
(in thousands) |  | 2019 |  | 2018
Change in benefit obligation: |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 3,033 |  |  | $ | 3,451 |
Service cost |  | — |  |  | — |
Interest cost |  | 103 |  |  | 102 |
Actuarial loss/(gain) |  | 221 |  |  | (142 | )
Benefits paid |  | (378 | ) |  | (378 | )
Projected benefit obligation at end of year |  | $ | 2,979 |  |  | $ | 3,033 |
Change in fair value of plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Expected return on plan assets |  | — |  |  | — |
Contributions by employer |  | 378 |  |  | 378 |
Benefits paid |  | (378 | ) |  | (378 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Underfunded status |  | $ | 2,979 |  |  | $ | 3,033 |
Amounts recognized in consolidated balance sheet |  |  |  |
Other liabilities |  | $ | 2,979 |  |  | $ | 3,033 |
Schedule of Net Benefit Costs | Net periodic benefit cost is comprised of the following for the years ended December 31, 2019 and 2018:
(in thousands) |  | 2019 |  | 2018
Interest cost |  | $ | 103 |  |  | $ | 102 |
Expected return on plan assets |  | — |  |  | — |
Amortization of unrecognized actuarial loss |  | 15 |  |  | 29 |
Net periodic benefit cost |  | $ | 118 |  |  | $ | 131 |
(in thousands) |  | 2019 |  | 2018
Net actuarial loss (gain) |  | $ | 220 |  |  | $ | (142 | )
Amortization of unrecognized actuarial loss |  | (15 | ) |  | (29 | )
Total recognized in net periodic benefit cost and other comprehensive loss |  | $ | 205 |  |  | $ | (171 | )
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Change in plan assets and benefit obligations recognized in accumulated other comprehensive income in 2019 and 2018 are as follows:
(in thousands) |  | 2019 |  | 2018
Accumulated other comprehensive income at beginning of the year (pre-tax) |  | $ | 414 |  |  | $ | 585 |
Actuarial loss (gain) |  | 220 |  |  | (142 | )
Amortization of actuarial loss |  | (15 | ) |  | (29 | )
Accumulated other comprehensive income at end of year (pre-tax) |  | $ | 619 |  |  | $ | 414 |
Schedule of Assumptions Used | The principal actuarial assumptions used at December 31, 2019 and December 31, 2018 were as follows:
|  | 2019 |  | 2018
Discount rate beginning of year |  | 3.83 | % |  | 3.13 | %
Discount rate end of year |  | 2.65 |  |  | 3.83 |
Schedule of Expected Benefit Payments | The Company expects to contribute the following amounts to fund benefit payments under the supplemental executive retirement plans:
(in thousands) |  | Payments
2020 |  | $ | 293 |
2021 |  | 260 |
2022 |  | 260 |
2023 |  | 260 |
2024 |  | 260 |
2025-2036 |  | 2,027 |

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