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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2018
EMPLOYEE BENEFIT PLANS |
Schedule of funded status of the retirement income plan |
December 31, |  | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |  |  |  |
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR |  | $ | 5,833 |  |  | $ | 6,379 |
CHANGE IN PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 6,379 |  |  | $ | 6,083 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 251 |  |  |  | 266 |
Actuarial loss |  |  | (554 | ) |  |  | 273 |
Benefits paid |  |  | (243 | ) |  |  | (243 | )
Projected benefit obligation at end of year |  | $ | 5,833 |  |  | $ | 6,379 |
CHANGE IN PLAN ASSETS: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 6,722 |  |  | $ | 6,032 |
Actual return on plan assets |  |  | (447 | ) |  |  | 933 |
Employer contributions |  |  | 770 |  |  |  | — |
Benefits paid |  |  | (243 | ) |  |  | (243 | )
Fair value of plan assets at end of year |  | $ | 6,802 |  |  | $ | 6,722 |
Funded status at end of year |  | $ | 969 |  |  | $ | 343 |
December 31, |  | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |  |  |  |
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | 969 |  |  | $ | 343 |
Current liabilities |  |  | — |  |  |  | — |
Noncurrent liabilities |  |  | — |  |  |  | — |
|  | $ | 969 |  |  | $ | 343 |
December 31, |  | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |  |  |  |
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: |  |  |  |  |  |  |  |
Net loss |  | $ | 3,311 |  |  | $ | 2,997 |
Prior service cost (credit) |  |  | — |  |  |  | — |
Net transition obligation (asset) |  |  | — |  |  |  | — |
|  | $ | 3,311 |  |  | $ | 2,997 |
Schedule of amounts recorded in the consolidated balance sheets |
December 31, |  | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |  |  |  |
SERP liability |  | $ | (7,045 | ) |  | $ | (6,732 | )
Funded status of Retirement Income Plan |  |  | — |  |  |  | — |
Pension liabilities |  | $ | (7,045 | ) |  | $ | (6,732 | )
Schedule of net periodic benefit cost |
Years ended December 31, |  | 2018 |  |  | 2017 |  |  | 2016 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Service cost for benefits earned during the period |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation |  |  | 251 |  |  |  | 266 |  |  |  | 274 |
Expected return on plan assets |  |  | (501 | ) |  |  | (415 | ) |  |  | (406 | )
Amortization of net loss |  |  | 81 |  |  |  | 91 |  |  |  | 84 |
|  | $ | (169 | ) |  | $ | (58 | ) |  | $ | (48 | )
Schedule of amounts recognized in other comprehensive loss |
(in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Net loss (gain) |  | $ | 395 |  |  | $ | (243 | ) |  | $ | 474 |
Amortization of net loss |  |  | (81 | ) |  |  | (91 | ) |  |  | (84 | )
Net transition obligation (asset) |  |  | — |  |  |  | — |  |  |  | — |
Amount recognized in accumulated other comprehensive income |  | $ | 314 |  |  | $ | (334 | ) |  | $ | 390 |
Schedule of components of net periodic benefit |
(in thousands) |  | 2019 |
Amortization of net loss |  | $ | 94 |
Prior service cost (credit) |  |  | — |
Net transition obligation (asset) |  |  | — |
Estimated net periodic cost |  | $ | 94 |
Schedule of weighted average assumptions |
December 31, |  | 2018 |  |  | 2017 |  |  | 2016 |
PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.65 | % |  |  | 4.05 | % |  |  | 4.50 | %
Rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
NET BENEFIT COST: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.05 | % |  |  | 4.50 | % |  |  | 4.75 | %
Expected return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.00 | %
Rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Schedule of allocation of plan assets |
Asset Category |  | Target Allocation for 2019 |  |  | Percentage of Plan Assets as of December 31, 2018 |  |  | Percentage of Plan Assets as of December 31, 2017 |
Cash and Cash Equivalents |  |  | 0% - 3% |  |  |  | 3.0 | % |  |  | 2.9 | %
Domestic Equity Securities |  |  | 0% - 40% |  |  |  | 39.5 |  |  |  | 42.3 |
International Equity Securities |  |  | 0% - 30% |  |  |  | 19.0 |  |  |  | 20.7 |
Fixed Income Securities |  |  | 15% - 100% |  |  |  | 29.1 |  |  |  | 23.8 |
Investments measured at net asset value |  |  | 0% - 12% |  |  |  | 9.4 |  |  |  | 10.3 |
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
Schedule of plan assets using the fair value hierarchy | Fair Value Hierarchy as of December 31, 2018:
Investments (in thousands) |  |  |  |  | Total |  |  | Level 1 |  |  | Level 2 |
Cash and Cash Equivalents |  |  | (1 | ) |  | $ | 202 |  |  | $ | 202 |  |  | $ | — |
Fixed Income Securities |  |  | (2 | ) |  |  | 1,979 |  |  |  | — |  |  |  | 1,979 |
Domestic Equity Securities |  |  | (3 | ) |  |  | 2,693 |  |  |  | 993 |  |  |  | 1,700 |
International Equity Securities |  |  | (4 | ) |  |  | 1,290 |  |  |  | — |  |  |  | 1,290 |
Total Assets in the Fair Value Hierarchy |  |  |  |  |  | $ | 6,164 |  |  | $ | 1,195 |  |  | $ | 4,969 |
Investments Measured at Net Asset Value |  |  |  |  |  |  | 638 |  |  |  |  |  |  |  |  |
Investments at Fair Value |  |  |  |  |  | $ | 6,802 |  |  |  |  |  |  |  |  |
Fair Value Hierarchy as of December 31, 2017:
Investments (in thousands) |  |  |  |  | Total |  |  | Level 1 |  |  | Level 2 |
Cash and Cash Equivalents |  |  | (1 | ) |  | $ | 192 |  |  | $ | 192 |  |  | $ | — |
Fixed Income Securities |  |  | (2 | ) |  |  | 1,601 |  |  |  | — |  |  |  | 1,601 |
Domestic Equity Securities |  |  | (3 | ) |  |  | 2,844 |  |  |  | 1,047 |  |  |  | 1,797 |
International Equity Securities |  |  | (4 | ) |  |  | 1,394 |  |  |  | — |  |  |  | 1,394 |
Total Assets in the Fair Value Hierarchy |  |  |  |  |  | $ | 6,031 |  |  | $ | 1,239 |  |  | $ | 4,792 |
Investments Measured at Net Asset Value |  |  |  |  |  |  | 691 |  |  |  |  |  |  |  |  |
Investments at Fair Value |  |  |  |  |  | $ | 6,722 |  |  |  |  |  |  |  |  |
| (1) | Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
| (2) | Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
| (3) | Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
| (4) | International equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
Schedule of future benefits payable for the retirement income plan over the next ten years |
(in thousands) |  |
2019 |  | $ | 301 |
2020 |  |  | 294 |
2021 |  |  | 298 |
2022 |  |  | 295 |
2023 |  |  | 309 |
2024-2028 |  | $ | 1,704 |
Schedule of summary of the changes in non-vested restricted shares |
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested shares at January 1, 2018 |  |  | 1,040,800 |  |  | $ | 7.76 |
Granted |  |  | 193,500 |  |  |  | 13.97 |
Vested |  |  | (283,790 | ) |  |  | 6.45 |
Forfeited |  |  | (2,800 | ) |  |  | 8.54 |
Non-vested shares at December 31, 2018 |  |  | 947,710 |  |  | $ | 9.41 |
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested shares at January 1, 2017 |  |  | 1,200,900 |  |  | $ | 6.58 |
Granted |  |  | 202,400 |  |  |  | 13.39 |
Vested |  |  | (344,250 | ) |  |  | 6.92 |
Forfeited |  |  | (18,250 | ) |  |  | 8.47 |
Non-vested shares at December 31, 2017 |  |  | 1,040,800 |  |  |  | 7.76 |

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