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PENSION PLAN (Tables)

12 Months Ended

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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