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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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