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PENSION PLAN (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Defined Benefit Plan Activity | Information pertaining to the activity in our defined benefit plan, using the latest available actuarial valuations with a measurement date of December 31, 2021 and 2020 is as follows:
(Dollars in thousands) |  | 2021 |  | 2020
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 12,715 |  |  | $ | 11,435 |
Interest cost |  | 313 |  |  | 365 |
Actuarial loss |  | 143 |  |  | (54) |
Assumption changes |  | (649) |  |  | 1,255 |
Benefits paid |  | (292) |  |  | (286) |
Benefit obligation at end of year |  | $ | 12,230 |  |  | $ | 12,715 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 7,096 |  |  | $ | 6,165 |
Actual return on plan assets |  | 952 |  |  | 511 |
Employer contribution |  | 3,835 |  |  | 706 |
Benefits paid |  | (292) |  |  | (286) |
Fair value of plan assets at end of year |  | $ | 11,591 |  |  | $ | 7,096 |
Funded status |  | $ | (639) |  |  | $ | (5,619) |
Unrecognized net actuarial loss |  | 5,314 |  |  | 6,591 |
Prepaid pension cost recognized |  | $ | 4,675 |  |  | $ | 972 |
Accumulated benefit obligation |  | $ | 12,230 |  |  | $ | 12,715 |
Weighted Average Assumptions Used | At December 31, 2021, 2020 and 2019, the weighted-average assumptions used to determine the benefit obligation are as follows:
|  | 2021 |  | 2020 |  | 2019
Discount rate |  | 2.83 | % |  | 2.50 | % |  | 3.24 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A
For the years December 31, 2021, 2020 and 2019, the weighted-average assumptions used to determine net periodic pension cost are as follows:
|  | 2021 |  | 2020 |  | 2019
Discount rate |  | 2.83 | % |  | 2.50 | % |  | 3.24 | %
Expected long-term rate of return on plan assets |  | 6.75 | % |  | 6.75 | % |  | 6.75 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A
Components of Net Periodic Pension Cost | The components of net periodic pension cost are as follows:
(Dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Interest cost |  | $ | 313 |  |  | $ | 365 |  |  | $ | 392 |
Expected return on plan assets |  | (689) |  |  | (438) |  |  | (407) |
Amortization of net actuarial loss |  | 507 |  |  | 420 |  |  | 271 |
Net periodic pension cost |  | $ | 131 |  |  | $ | 347 |  |  | $ | 256 |
Pension Plan Asset Allocations | Our pension plan asset allocations at December 31, 2021 and 2020 are as follows:
|  | 2021 |  | 2020
Plan Assets |  |  |  |
Cash |  | 3 | % |  | 9 | %
Fixed income |  | 25 | % |  | 20 | %
Alternative investments |  | 29 | % |  | 19 | %
Domestic equities |  | 25 | % |  | 27 | %
Foreign equities |  | 18 | % |  | 24 | %
Real estate investment trusts |  | — | % |  | 1 | %
Total |  | 100 | % |  | 100 | %
Plan Assets at Fair Value by Level | The following table sets forth by level within the fair value hierarchy, as defined in Note 18 – Fair Value Measurements, the Pension Plan’s assets at fair value as of December 31, 2021:
(Dollars in thousands) |  | Level I |  | Level II |  | Level III |  | Total
Assets: |  |  |  |  |  |  |  |
Cash |  | $ | 348 |  |  | $ | — |  |  | $ | — |  |  | $ | 348 |
Fixed income |  | 2,898 |  |  | — |  |  | — |  |  | 2,898 |
Alternative investments |  | — |  |  | — |  |  | 3,361 |  |  | 3,361 |
Domestic equities |  | 2,898 |  |  | — |  |  | — |  |  | 2,898 |
Foreign equities |  | 2,086 |  |  | — |  |  | — |  |  | 2,086 |
Total assets at fair value |  | $ | 8,230 |  |  | $ | — |  |  | $ | 3,361 |  |  | $ | 11,591 |
The following table sets forth by level, within the fair value hierarchy, as defined in Note 18 – Fair Value Measurements, the Pension Plan’s assets at fair value as of December 31, 2020:
(Dollars in thousands) |  | Level I |  | Level II |  | Level III |  | Total
Assets: |  |  |  |  |  |  |  |
Cash |  | $ | 639 |  |  | $ | — |  |  | $ | — |  |  | $ | 639 |
Fixed income |  | 1,419 |  |  | — |  |  | — |  |  | 1,419 |
Alternative investments |  | — |  |  | — |  |  | 1,348 |  |  | 1,348 |
Domestic equities |  | 1,916 |  |  | — |  |  | — |  |  | 1,916 |
Foreign equities |  | 1,703 |  |  | — |  |  | — |  |  | 1,703 |
Real estate investment trusts |  | — |  |  | — |  |  | 71 |  |  | 71 |
Total assets at fair value |  | $ | 5,677 |  |  | $ | — |  |  | $ | 1,419 |  |  | $ | 7,096 |
Estimate of Plan Contributions in Future Years | The following table includes our best estimate of the plan contribution for next fiscal year and the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
(Dollars in thousands) |  | Cash Flow
Contributions for the period of January 1, 2022 through December 31, 2022 |  | $ | — |
Estimated future benefit payments reflecting expected future service |  |
2022 |  | $ | 343 |
2023 |  | $ | 405 |
2024 |  | $ | 426 |
2025 |  | $ | 453 |
2026 |  | $ | 523 |
2027 through 2031 |  | $ | 2,718 |

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