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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
EMPLOYEE RETIREMENT PLANS |
Schedule of pension plan weighted average assets allocation | The Company’s pension plan’s weighted average asset allocation at December 31, 2019 and 2018, by asset category, was as follows:
|  | Plan Assets at December 31, |
|  | 2019 |  | 2018 |
Asset Category: |  |  |  |  |
Equity Securities |  | 55 | % | 53 | %
Fixed Income Securities |  | 36 | % | 40 | %
Other |  | 9 | % | 7 | %
Total |  | 100 | % | 100 | %
Schedule of change in benefit obligation and plan assets | The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2019 and 2018:
|  | Defined Benefit Pension Plan |  | Supplemental Pension Plan
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (Dollars in thousands)
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 45,010 |  | $ | 49,375 |  | $ | 15,891 |  | $ | 17,176
Service cost |  |  | 463 |  |  | 360 |  |  | — |  |  | 209
Interest cost |  |  | 1,801 |  |  | 1,608 |  |  | 659 |  |  | 595
Actuarial loss (gain) |  |  | 5,660 |  |  | (4,039) |  |  | 2,355 |  |  | (1,601)
Benefits paid |  |  | (2,382) |  |  | (2,294) |  |  | (445) |  |  | (488)
Projected benefit obligation, end of year |  | $ | 50,552 |  | $ | 45,010 |  | $ | 18,460 |  | $ | 15,891
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 37,353 |  | $ | 38,369 |  | $ | — |  | $ | —
Actual return on plan assets |  |  | 6,528 |  |  | (1,362) |  |  | — |  |  | —
Administrative expenses |  |  | (463) |  |  | (360) |  |  | — |  |  | —
Contributions |  |  | — |  |  | 3,000 |  |  | 445 |  |  | 488
Benefits paid |  |  | (2,382) |  |  | (2,294) |  |  | (445) |  |  | (488)
Fair value of plan assets, end of year |  | $ | 41,036 |  | $ | 37,353 |  | $ | — |  | $ | —
Funded status of plan |  | $ | (9,516) |  | $ | (7,657) |  | $ | (18,460) |  | $ | (15,891)
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities - other |  | $ | — |  | $ | — |  | $ | (453) |  | $ | (436)
Long-term pension liability |  |  | (9,516) |  |  | (7,657) |  |  | (18,007) |  |  | (15,455)
Net amount recognized |  | $ | (9,516) |  | $ | (7,657) |  | $ | (18,460) |  | $ | (15,891)
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |  |
Accumulated loss, net of income tax benefit of $4,478, $4,082, $1,684 and $1,102, respectively |  | $ | 12,745 |  | $ | 11,616 |  | $ | 4,792 |  | $ | 3,136
Prior service cost, net of income tax liability of $0, $0, ($12) and ($28), respectively |  |  | — |  |  | — |  |  | (34) |  |  | (81)
Net amount recognized |  | $ | 12,745 |  | $ | 11,616 |  | $ | 4,758 |  | $ | 3,055
Schedule of net periodic pension cost | Assumptions used in determining net periodic pension cost for the years ended December 31, 2019 and 2018 were:
|  | Defined Benefit Pension Plan |  | Supplemental Pension Plan |
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Discount rate for determining projected benefit obligation |  | 4.38 | % | 3.70 | % | 4.42 | % | 3.75 | %
Discount rate in effect for determining service cost |  | — |  | — |  | — |  | 3.83 | %
Discount rate in effect for determining interest cost |  | 4.05 | % | 3.33 | % | 4.19 | % | 3.51 | %
Long-term rate of return on plan assets |  | 7.00 | % | 7.00 | % | — |  | — |
Schedule of Company's net periodic pension cost | The components of net periodic pension cost for the years ended December 31, 2019 and 2018, were:
|  | 2019 |  | 2018
|  | (Dollars in thousands)
Service cost |  | $ | 463 |  | $ | 569
Interest cost |  |  | 2,460 |  |  | 2,204
Expected return on plan assets |  |  | (2,502) |  |  | (2,711)
Net amortization and deferral |  |  | 626 |  |  | 634
Net periodic pension cost |  | $ | 1,047 |  | $ | 696
Schedule of projected benefit payments for the plans | Projected benefit payments for the plans at December 31, 2019, were estimated as follows:
|  | Defined Benefit |  | Supplemental
|  | Pension Plan |  | Pension Plan
|  | (Dollars in thousands)
2020 |  | $ | 2,786 |  | $ | 453
2021 |  | $ | 2,802 |  | $ | 489
2022 |  | $ | 2,785 |  | $ | 538
2023 |  | $ | 2,833 |  | $ | 699
2024 |  | $ | 2,847 |  | $ | 767
2025 - 2029 |  | $ | 14,245 |  | $ | 5,196
Schedule of fair value hierarchy | The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2019, by asset category within the fair value hierarchy (for further level information, see Note 4):
|  | December 31, 2019
|  | Quoted Prices |  | Significant |  | Significant |  |  |
|  | in Active Markets |  | Observable Inputs |  | Unobservable Inputs |  |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (Dollars in thousands)
Common stocks |  | $ | 15,464 |  | $ | 2,026 |  | $ | — |  | $ | 17,490
Preferred stocks |  |  | 287 |  |  | 29 |  |  | — |  |  | 316
Exchange traded funds |  |  | 5,213 |  |  | — |  |  | — |  |  | 5,213
Corporate obligations |  |  | — |  |  | 4,626 |  |  | — |  |  | 4,626
State and municipal obligations |  |  | — |  |  | 1,062 |  |  | — |  |  | 1,062
Pooled fixed income funds |  |  | 7,598 |  |  | — |  |  | — |  |  | 7,598
U.S. government securities |  |  | — |  |  | 364 |  |  | — |  |  | 364
Marketable CD’s |  |  | — |  |  | 806 |  |  | — |  |  | 806
Cash and cash equivalents |  |  | 3,470 |  |  | — |  |  | — |  |  | 3,470
Subtotal |  | $ | 32,032 |  | $ | 8,913 |  | $ | — |  | $ | 40,945
Other assets (1) |  |  |  |  |  |  |  |  |  |  |  | 91
Total |  |  |  |  |  |  |  |  |  |  | $ | 41,036
(1) This category represents trust receivables that are not leveled. The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2018, by asset category within the fair value hierarchy (for further level information, see Note 4):
|  | December 31, 2018
|  | Quoted Prices |  | Significant |  | Significant |  |  |
|  | in Active Markets |  | Observable Inputs |  | Unobservable Inputs |  |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (Dollars in thousands)
Common stocks |  | $ | 13,556 |  | $ | 1,604 |  | $ | — |  | $ | 15,160
Preferred stocks |  |  | 279 |  |  | 28 |  |  | — |  |  | 307
Exchange traded funds |  |  | 4,454 |  |  | — |  |  | — |  |  | 4,454
Corporate obligations |  |  | — |  |  | 4,568 |  |  | — |  |  | 4,568
State and municipal obligations |  |  | — |  |  | 1,046 |  |  | — |  |  | 1,046
Pooled fixed income funds |  |  | 7,767 |  |  | — |  |  | — |  |  | 7,767
U.S. government securities |  |  | — |  |  | 286 |  |  | — |  |  | 286
Marketable CD’s |  |  | — |  |  | 911 |  |  | — |  |  | 911
Cash and cash equivalents |  |  | 2,748 |  |  | — |  |  | — |  |  | 2,748
Subtotal |  | $ | 28,804 |  | $ | 8,443 |  | $ | — |  | $ | 37,247
Other assets (1) |  |  |  |  |  |  |  |  |  |  |  | 106
Total |  |  |  |  |  |  |  |  |  |  | $ | 37,353
(1) This category represents trust receivables that are not leveled.

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