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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
EMPLOYEE BENEFIT PLANS |
Schedule of funded status of the Retirement Income Plan | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2020 |  | 2019
(in thousands) |  | ​ |  |  | ​ |
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR | ​ | $ | 5,576 | ​ | $ | 6,433
​ | ​ | ​ | ​ | ​ | ​ | ​
CHANGE IN PROJECTED BENEFIT OBLIGATION: | ​ |  | ​ | ​ |  |
Benefit obligation at beginning of year | ​ | $ | 6,433 | ​ | $ | 5,833
Service cost | ​ |  | — | ​ |  | —
Interest cost | ​ |  | 230 | ​ |  | 255
Actuarial loss | ​ |  | 622 | ​ |  | 570
Benefits paid | ​ |  | (264) | ​ |  | (225)
Settlement | ​ | ​ | (1,445) | ​ | ​ | —
Projected benefit obligation at end of year | ​ | $ | 5,576 | ​ | $ | 6,433
CHANGE IN PLAN ASSETS: | ​ |  | ​ | ​ |  |
Fair value of plan assets at beginning of year | ​ | $ | 7,314 | ​ | $ | 6,802
Actual return on plan assets | ​ |  | 1,196 | ​ |  | 737
Employer contributions | ​ |  | 550 | ​ |  | —
Benefits paid | ​ |  | (264) | ​ |  | (225)
Settlements | ​ | ​ | (1,445) | ​ | ​ | —
Fair value of plan assets at end of year | ​ | $ | 7,351 | ​ | $ | 7,314
Funded status at end of year | ​ | $ | 1,775 | ​ | $ | 881
​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2020 |  | 2019
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: | ​ | ​ | ​ | ​ | ​ | ​
Noncurrent assets | ​ | $ | 1,775 | ​ | $ | 881
Current liabilities | ​ |  | — | ​ |  | —
Noncurrent liabilities | ​ |  | — | ​ |  | —
​ | ​ | $ | 1,775 | ​ | $ | 881
​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2020 |  | 2019
(in thousands) |  | ​ |  |  | ​ |
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: |  | ​ |  |  | ​ |
Net loss | ​ | $ | 2,496 | ​ | $ | 3,524
Prior service cost (credit) | ​ |  | — | ​ |  | —
Net transition obligation (asset) | ​ |  | — | ​ |  | —
​ | ​ | $ | 2,496 | ​ | $ | 3,524
Schedule of amounts recorded in the consolidated balance sheet as pension liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2020 |  | 2019
(in thousands) |  | ​ |  |  | ​ |
SERP liability | ​ | $ | (12,524) | ​ | $ | (9,980)
Funded status of Retirement Income Plan | ​ |  | — | ​ |  | —
Pension liabilities | ​ | $ | (12,524) | ​ | $ | (9,980)
Schedule of net periodic cost (benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, |  | 2020 |  | 2019 |  | 2018
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost for benefits earned during the period | ​ | $ | — | ​ | $ | — | ​ | $ | —
Interest cost on projected benefit obligation | ​ |  | 230 | ​ |  | 255 | ​ |  | 251
Expected return on plan assets | ​ |  | (292) | ​ |  | (468) | ​ |  | (501)
Amortization of net loss | ​ |  | 98 | ​ |  | 87 | ​ |  | 81
Settlement loss | ​ | ​ | 647 | ​ | ​ | — | ​ | ​ | —
​ | ​ | $ | 683 | ​ | $ | (126) | ​ | $ | (169)
Schedule of amounts recognized in other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2020 |  | 2019 |  | 2018
Net loss (gain) | ​ | $ | (154) | ​ | $ | 300 | ​ | $ | 395
Amortization of net loss | ​ |  | (98) | ​ |  | (87) | ​ |  | (81)
Net transition obligation (asset) | ​ |  | — | ​ |  | — | ​ |  | —
Settlement loss | ​ | ​ | (647) | ​ | ​ | — | ​ | ​ | —
Amount recognized in accumulated other comprehensive (loss) income | ​ | $ | (899) | ​ | $ | 213 | ​ | $ | 314
Schedule of weighted average assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2020 |  | 2019 |  | 2018 |
PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  | ​
Discount rate |  | 2.70 | % | 3.70 | % | 4.65 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A |
NET BENEFIT COST: |  |  |  |  |  |  |
Discount rate |  | 3.70 | % | 4.65 | % | 4.05 | %
Expected return on plan assets |  | 4.00 | % | 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 2021 |  | 2020 |  | 2019 |
Cash and Cash Equivalents |  | 0 | % | - | 5 | % | 2.0 | % | 1.3 | %
Fixed Income Securities |  | 15 | % | - | 100 | % | 98.0 |  | 91.7 | ​
Investments measured at net asset value |  | — | % | — |  | 7.0 | ​
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) | ​ | $ | 138 | ​ | $ | 138 | ​ | $ | —
Fixed Income Securities |  | ​ | (2) | ​ |  | 7,213 | ​ |  | — | ​ |  | 7,213
Total Assets in the Fair Value Hierarchy | ​ | ​ | ​ | ​ | $ | 7,351 | ​ | $ | 138 | ​ | $ | 7,213
Investments Measured at Net Asset Value | ​ | ​ | ​ | ​ |  | — | ​ |  |  | ​ |  |
Investments at Fair Value | ​ | ​ | ​ | ​ | $ | 7,351 | ​ |  |  | ​ |  |
​ Fair Value Hierarchy as of December 31, 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments (in thousands) |  | ​ | ​ |  | Total |  | Level 1 |  | Level 2
Cash and Cash Equivalents |  | ​ | (1) | ​ | $ | 92 | ​ | $ | 92 | ​ | $ | —
Fixed Income Securities |  | ​ | (2) | ​ |  | 6,708 | ​ |  | — | ​ |  | 6,708
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 | ​ |  |  | ​ |  |
​
(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.
Schedule of future benefits payable for the Retirement Income Plan over the next ten years | ​
​ | ​ | ​ | ​
(in thousands) |  |  | ​
2021 | ​ | $ | 264
2022 | ​ |  | 264
2023 | ​ |  | 266
2024 | ​ |  | 266
2025 | ​ |  | 264
2026-2030 | ​ | $ | 1,384
Schedule of summary of the changes in non-vested restricted shares | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | Grant-Date Fair
​ |  | Shares |  | Value
Non-vested shares at January 1, 2020 |  | 815,540 | ​ | $ | 11.29
Granted |  | 179,000 | ​ | ​ | 15.00
Vested |  | (310,520) | ​ | ​ | 9.91
Forfeited |  | (5,800) | ​ | ​ | 13.09
Non-vested shares at December 31, 2020 |  | 678,220 | ​ | $ | 12.89
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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

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