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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
Postemployment Benefits [Abstract] |
Schedule of Benefit Plan Funded Status | A measurement date of December 31 has been used for the fiscal years ended December 31, 2020 and 2019.
In thousands | 2020 |  | 2019
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 34,534 |  |  | $ | 30,338 |
Service cost | 751 |  |  | 696 |
Interest cost | 1,080 |  |  | 1,213 |
Actuarial loss | 4,405 |  |  | 3,603 |
Benefits paid | (1,358) |  |  | (1,316) |
Projected benefit obligation at end of year | 39,412 |  |  | 34,534 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | 44,292 |  |  | 39,680 |
Actual return on plan assets | 2,403 |  |  | 5,928 |
Employer contribution | — |  |  | — |
Benefits paid | (1,358) |  |  | (1,316) |
Fair value of plan assets at end of year | 45,337 |  |  | 44,292 |
Funded Status, included in other assets | $ | 5,925 |  |  | $ | 9,758 |
Amounts recognized in accumulated other comprehensive loss: |  |  |
Total net actuarial loss | $ | 13,221 |  |  | $ | 9,147 |
Prior service cost | — |  |  | — |
Total included in accumulated other comprehensive loss (pretax) | $ | 13,221 |  |  | $ | 9,147 |
Components Of Net Periodic Benefit Costs (Income) | The components of net periodic benefit (income) cost related to the non-contributory, defined benefit pension plan for the years ended December 31 are as follows:
In thousands | 2020 |  | 2019
Components of net periodic benefit cost (income): |  |  |
Service cost | $ | 751 |  |  | $ | 696 |
Interest cost | 1,080 |  |  | 1,213 |
Expected return on plan assets | (2,746) |  |  | (2,549) |
Recognized net actuarial loss | 675 |  |  | 850 |
Amortization of prior service cost | — |  |  | — |
Net Periodic Benefit (Income) Cost | (240) |  |  | 210 |
Net loss | 4,749 |  |  | 224 |
Amortization of net loss | (675) |  |  | (850) |
Amortization of prior service cost | — |  |  | — |
Total recognized in other comprehensive loss (income) | $ | 4,074 |  |  | $ | (626) |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | $ | 3,834 |  |  | $ | (416) |
Assumptions Used To Determine The Benefit Obligation and Net Periodic Benefit Cost (Income) | For the years ended December 31, 2020 and 2019, the assumptions used to determine the benefit obligation are as follows:
| 2020 |  | 2019
Discount rate | 2.45 | % |  | 3.20 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | %
For the years ended December 31, 2020 and 2019, the assumptions used to determine the net periodic benefit cost (income) are as follows:
| 2020 |  | 2019
Discount rate | 3.20 | % |  | 4.10 | %
Expected long-term rate of return on plan assets | 6.75 | % |  | 6.75 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | %
Schedule of Accumulated and Projected Benefit Obligations | The Corporation’s comparison of obligations to plan assets at December 31, 2020 and 2019 are as follows:
In thousands | 2020 |  | 2019
Projected benefit obligation | $ | 39,412 |  |  | $ | 34,534 |
Accumulated benefit obligation | 37,522 |  |  | 33,080 |
Fair value of plan assets at measurement date | 45,337 |  |  | 44,292 |
Future Benefit Payments | Based on current data and assumptions, the following benefit payments, which reflect expected future service, as appropriate, are:
Years Ending | In thousands
2021 | $ | 1,730 |
2022 | 1,720 |
2023 | 1,840 |
2024 | 1,890 |
2025 | 1,920 |
2026 - 2030 | 9,800 |
Pension Plan Weighted-Average Assets' Allocations | The Corporation’s pension plan weighted-average assets’ allocations at December 31, 2020 and 2019, are as follows:
| 2020 |  | 2019
Equity securities | 45 | % |  | 45 | %
Debt securities | 42 | % |  | 42 | %
Real estate | 13 | % |  | 13 | %
| 100 | % |  | 100 | %
Fair Value Measurements | Fair value measurements at December 31, 2020, are as follows:
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Equity securities | $ | 24,542 |  |  | $ | 1,963 |  |  | $ | 22,579 |  |  | $ | — |
Debt securities | 14,568 |  |  | — |  |  | 14,568 |  |  | — |
Real estate | 6,227 |  |  | — |  |  | 6,227 |  |  | — |
Fair value measurements at December 31, 2019, are as follows:
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Equity securities | $ | 20,098 |  |  | $ | 2,854 |  |  | $ | 17,244 |  |  | $ | — |
Debt securities | 18,516 |  |  | — |  |  | 18,516 |  |  | — |
Real estate | 5,678 |  |  | — |  |  | 5,678 |  |  | — |

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