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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

EMPLOYEE BENEFIT PLANS

Schedule of funded status of the Retirement Income Plan

​

​	​	​	​	​	​	​
December 31,		2022			2021
(in thousands)		​			​
Accumulated benefit obligation at end of year	​	$	3,146	​	$	5,832
​	​	​	​	​	​	​
Change in projected benefit obligation:	​		​	​
Benefit obligation at beginning of year	​	$	5,832	​	$	5,576
Service cost	​		—	​		—
Interest cost	​		133	​		147
Actuarial loss	​		(1,045)	​		347
Benefits paid	​		(322)	​		(238)
Settlement	​	​	(1,452)	​	​	—
Projected benefit obligation at end of year	​	$	3,146	​	$	5,832
Change in plan assets:	​		​	​
Fair value of plan assets at beginning of year	​	$	6,870	​	$	7,351
Actual return on plan assets	​		(1,594)	​		(243)
Benefits paid	​		(322)	​		(238)
Settlements	​	​	(1,452)	​	​	—
Fair value of plan assets at end of year	​	$	3,502	​	$	6,870
Funded status at end of year	​	$	356	​	$	1,038

​

​	​	​	​	​	​	​
December 31,		2022			2021
(in thousands)	​	​	​	​	​	​
Amounts recognized in the consolidated balance sheets consist of:	​	​	​	​	​	​
Pension plan assets	​	$	356	​	$	—
Noncurrent other assets	​		—	​		1,038
​	​	$	356	​	$	1,038

​

​

​	​	​	​	​	​	​
December 31,		2022			2021
(in thousands)		​			​
Amounts (pre-tax) recognized in accumulated other comprehensive loss consist of:		​			​
Net loss	​	$	2,558	​	$	3,303
Prior service cost (credit)	​		—	​		—
​	​	$	2,558	​	$	3,303

​

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

​

​	​	​	​	​	​	​
December 31,		2022			2021
(in thousands)		​			​
SERP liability	​	$	(14,440)	​	$	(15,564)

​

Schedule of net periodic cost (benefit)

​

​	​	​	​	​	​	​	​	​	​
(in thousands)	​	2022		​	2021		​	2020
Service cost for benefits earned during the period	​	$	—	​	$	—	​	$	—
Interest cost	​		133	​		147	​		230
Expected return on plan assets	​		—	​		(289)	​		(292)
Amortization of net losses	​		113	​		73	​		98
Settlement loss	​	​	1,180	​	​	—	​	​	647
Net periodic cost (benefit)	​	$	1,426	​	$	(69)	​	$	683

​

Schedule of amounts recognized in other comprehensive income

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2022			2021			2020
Net loss (gain)	​	$	549	​	$	879	​	$	(154)
Amortization of net loss	​		(113)	​		(73)	​		(98)
Settlement loss	​	​	(1,180)	​	​	—	​	​	(647)
Amount recognized in accumulated other comprehensive income (loss)	​	$	(744)	​	$	806	​	$	(899)

​

Schedule of weighted average assumptions

​

​	​	​	​	​	​	​	​
December 31,		2022		2021		2020
Projected benefit obligation:							​
Discount rate		Note (1)	​	Note (1)	​	2.70	%
Rate of compensation increase		N/A		N/A		N/A
Net benefit cost:
Discount rate		Note (1)	​	2.70	%	3.70	%
Expected return on plan assets		—	%	4.00	%	4.00	%
Rate of compensation increase		N/A		N/A		N/A

⁽¹⁾ Projected benefit obligation as of December 31, 2022 reflects proposed termination of the Plan and is calculated based on various assumptions in accordance with the Plan agreement.

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 2023					2022		2021
Cash and Cash Equivalents		0	%	-	5.0	%	3.7	%	1.4	%
Fixed Income Securities		15.0	%	-	100.0	%	96.3		98.6	​
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)

​

$

129

​

$

129

​

$

—

Fixed Income Securities

​

(2)

​

3,373

​

—

​

3,373

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

3,502

​

$

129

​

$

3,373

​

Fair Value Hierarchy as of December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

(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. Subsequent to December, 31, 2022, these securities were liquidated to fund the annuity purchase.

​

Schedule of future benefits payable for the Retirement Income Plan over the next ten years

​

​	​	​	​
(in thousands)			​
2023	​	$	3,171

​

Schedule Of Nonvested Restricted Stock Units Activity

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	​	​	Grant-Date Fair
​		Shares		Value
Non-vested shares at January 1, 2022		671,370	​	$	14.70
Granted		311,703	​	​	11.61
Vested		(193,403)	​	​	11.96
Forfeited		(25,500)	​	​	14.11
Non-vested shares at December 31, 2022		764,170	​	$	14.15

​

​

​	​	​	​	​	​
​	​	​	​	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

​

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