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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

EMPLOYEE BENEFIT PLANS

Schedule of funded status of the Retirement Income Plan

​

​	​	​	​	​	​	​
December 31,		2021			2020
(in thousands)		​			​
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR	​	$	5,832	​	$	5,576
​	​	​	​	​	​	​
CHANGE IN PROJECTED BENEFIT OBLIGATION:	​		​	​
Benefit obligation at beginning of year	​	$	5,576	​	$	6,433
Service cost	​		—	​		—
Interest cost	​		147	​		230
Actuarial loss	​		347	​		622
Benefits paid	​		(238)	​		(264)
Settlement	​	​	—	​	​	(1,445)
Projected benefit obligation at end of year	​	$	5,832	​	$	5,576
CHANGE IN PLAN ASSETS:	​		​	​
Fair value of plan assets at beginning of year	​	$	7,351	​	$	7,314
Actual return on plan assets	​		(243)	​		1,196
Employer contributions	​		—	​		550
Benefits paid	​		(238)	​		(264)
Settlements	​	​	—	​	​	(1,445)
Fair value of plan assets at end of year	​	$	6,870	​	$	7,351
Funded status at end of year	​	$	1,038	​	$	1,775

​

​	​	​	​	​	​	​
December 31,		2021			2020
(in thousands)	​	​	​	​	​	​
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:	​	​	​	​	​	​
Noncurrent assets	​	$	1,038	​	$	1,775
Current liabilities	​		—	​		—
Noncurrent liabilities	​		—	​		—
​	​	$	1,038	​	$	1,775

​

​	​	​	​	​	​	​
December 31,		2021			2020
(in thousands)		​			​
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:		​			​
Net loss	​	$	3,303	​	$	2,496
Prior service cost (credit)	​		—	​		—
Net transition obligation (asset)	​		—	​		—
​	​	$	3,303	​	$	2,496

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

​

​	​	​	​	​	​	​
December 31,		2021			2020
(in thousands)		​			​
SERP liability	​	$	(15,564)	​	$	(12,524)
Funded status of Retirement Income Plan	​		—	​		—
Pension liabilities	​	$	(15,564)	​	$	(12,524)

Schedule of net periodic cost (benefit)

​

​	​	​	​	​	​	​	​	​	​
Years ended December 31,	​	2021		​	2020		​	2019
(in thousands)		​	​	​	​	​	​	​	​
Service cost for benefits earned during the period	​	$	—	​	$	—	​	$	—
Interest cost	​		147	​		230	​		255
Expected return on plan assets	​		(289)	​		(292)	​		(468)
Amortization of net losses	​		73	​		98	​		87
Settlement loss	​	​	—	​	​	647	​	​	—
Net periodic (benefit) cost	​	$	(69)	​	$	683	​	$	(126)

Schedule of amounts recognized in other comprehensive income

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2021			2020			2019
Net loss (gain)	​	$	879	​	$	(154)	​	$	300
Amortization of net loss	​		(73)	​		(98)	​		(87)
Net transition obligation (asset)	​		—	​		—	​		—
Settlement loss	​	​	—	​	​	(647)	​	​	—
Amount recognized in accumulated other comprehensive income (loss)	​	$	806	​	$	(899)	​	$	213

Schedule of weighted average assumptions

​

​	​	​	​	​	​	​	​
December 31,		2021		2020		2019
PROJECTED BENEFIT OBLIGATION:							​
Discount rate		N/A	(1)	2.70	%	3.70	%
Rate of compensation increase		N/A		N/A		N/A
NET BENEFIT COST:
Discount rate		2.70	%	3.70	%	4.65	%
Expected return on plan assets		4.00	%	4.00	%	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 2022					2021		2020
Cash and Cash Equivalents		0	%	-	5.0	%	1.4	%	2.0	%
Fixed Income Securities		15.0	%	-	100.0	%	98.6		98.0	​
Total		​	​	​	​	​	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)

​

$

87

​

$

87

​

$

—

Fixed Income Securities

​

(2)

​

6,783

​

—

​

6,783

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

6,870

​

$

87

​

$

6,783

​

Fair Value Hierarchy as of December 31, 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

(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)			​
2022	​	$	1,829
2023	​		4,192
2024	​		—
2025	​		—
2026	​		—
2027-2031	​	$	—

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

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	​	​	Grant-Date Fair
​		Shares		Value
Non-vested shares at January 1, 2021		678,220	​	$	12.89
Granted		189,750	​	​	16.55
Vested		(194,800)	​	​	10.25
Forfeited		(1,800)	​	​	11.76
Non-vested shares at December 31, 2021		671,370	​	$	14.70

​

​	​	​	​	​	​
​	​	​	​	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

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