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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

EMPLOYEE BENEFIT PLANS

Schedule of funded status of the Retirement Income Plan

​

​	​	​	​	​	​	​
December 31,		2019			2018
(in thousands)		​			​
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR	​	$	6,433	​	$	5,833
​	​	​	​	​	​	​
CHANGE IN PROJECTED BENEFIT OBLIGATION:	​			​
Benefit obligation at beginning of year	​	$	5,833	​	$	6,379
Service cost	​		—	​		—
Interest cost	​		255	​		251
Actuarial loss	​		570	​		(554)
Benefits paid	​		(225)	​		(243)
Projected benefit obligation at end of year	​	$	6,433	​	$	5,833
CHANGE IN PLAN ASSETS:	​			​
Fair value of plan assets at beginning of year	​	$	6,802	​	$	6,722
Actual return on plan assets	​		737	​		(447)
Employer contributions	​		—	​		770
Benefits paid	​		(225)	​		(243)
Fair value of plan assets at end of year	​	$	7,314	​	$	6,802
Funded status at end of year	​	$	881	​	$	969

​

​	​	​	​	​	​	​
December 31,		2019			2018
(in thousands)	​	​	​	​	​	​
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:	​	​	​	​	​	​
Noncurrent assets	​	$	881	​	$	969
Current liabilities	​		—	​		—
Noncurrent liabilities	​		—	​		—
​	​	$	881	​	$	969

​

​	​	​	​	​	​	​
December 31,		2019			2018
(in thousands)		​			​
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:		​			​
Net loss	​	$	3,524	​	$	3,311
Prior service cost (credit)	​		—	​		—
Net transition obligation (asset)	​		—	​		—
​	​	$	3,524	​	$	3,311

Schedule of amounts recorded in the consolidated balance sheet as pension liabilities

​

​	​	​	​	​	​	​
December 31,		2019			2018
(in thousands)		​			​
SERP liability	​	$	(9,980)	​	$	(7,045)
Funded status of Retirement Income Plan	​		—	​		—
Pension liabilities	​	$	(9,980)	​	$	(7,045)

Schedule of net periodic benefit cost

​

​	​	​	​	​	​	​	​	​	​
Years ended December 31,		2019			2018			2017
(in thousands)		​			​			​
Service cost for benefits earned during the period	​	$	—	​	$	—	​	$	—
Interest cost on projected benefit obligation	​		255	​		251	​		266
Expected return on plan assets	​		(468)	​		(501)	​		(415)
Amortization of net loss	​		87	​		81	​		91
​	​	$	(126)	​	$	(169)	​	$	(58)

Schedule of amounts recognized in other comprehensive income

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2019			2018			2017
Net loss (gain)	​	$	300	​	$	395	​	$	(243)
Amortization of net loss	​		(87)	​		(81)	​		(91)
Net transition obligation (asset)	​		—	​		—	​		—
Amount recognized in accumulated other comprehensive income	​	$	213	​	$	314	​	$	(334)

Schedule of components of net periodic benefit cost

​

​	​	​	​
(in thousands)		2020
Amortization of net loss	​	$	98
Prior service cost (credit)	​		—
Net transition obligation (asset)	​		—
Estimated net periodic cost	​	$	98

Schedule of weighted average assumptions

​

​	​	​	​	​	​	​	​
December 31,		2019		2018		2017
PROJECTED BENEFIT OBLIGATION:							​
Discount rate		3.70	%	4.65	%	4.05	%
Rate of compensation increase		N/A		N/A		N/A
NET BENEFIT COST:
Discount rate		4.65	%	4.05	%	4.50	%
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

​

​	​	​	​	​	​	​	​
​	​	​	​	Percentage of	​	Percentage of
​	​	​	​	Plan Assets as of	​	Plan Assets as of
​	​	Target Allocation	​	December 31,	​	December 31,
Asset Category		for 2020		2019		2018
Cash and Cash Equivalents		0% - 5%	​	1.3	%	3.0	%
Domestic Equity Securities		0% - 40%	​	—		39.5	​
International Equity Securities		0% - 20%	​	—		19.0	​
Fixed Income Securities		15% - 100%	​	91.7		29.1	​
Investments measured at net asset value		0% - 12%	​	7.0		9.4	​
Total		100.0%	​	100.0	%	100.0	%

Schedule of plan assets using the fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments (in thousands)

​

​

Total

Level 1

Level 2

Cash and Cash Equivalents

​

(1)

​

$

92

​

$

92

​

$

—

Fixed Income Securities

​

(2)

​

6,708

​

—

​

6,708

Domestic Equity Securities

​

(3)

​

—

​

—

​

​

International Equity Securities

​

(4)

​

—

​

—

​

​

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

6,800

​

$

92

​

$

6,708

Investments Measured at Net Asset Value

​

​

​

​

514

​

​

Investments at Fair Value

​

​

​

​

$

7,314

​

​

​

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

​

​

​

(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)			​
2020	​	$	271
2021	​		276
2022	​		291
2023	​		299
2024	​		308
2025-2029	​	$	1,713

Schedule of summary of the changes in non-vested restricted shares

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	​	​	Grant-Date Fair
​		Shares		Value
Non-vested shares at January 1, 2019		947,710	​	$	9.41
Granted		141,600	​	​	17.21
Vested		(260,770)	​	​	7.65
Forfeited		(13,000)	​	​	11.68
Non-vested shares at December 31, 2019		815,540	​	$	11.29

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	​	​	Grant-Date Fair
​		Shares		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

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