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EMPLOYEE RETIREMENT PLANS | 12 Months Ended
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Dec. 31, 2020
EMPLOYEE RETIREMENT PLANS |
EMPLOYEE RETIREMENT PLANS | 11. EMPLOYEE RETIREMENT PLANS The Company has a defined benefit pension plan covering substantially all employees, as well as an unfunded supplemental pension plan for key executives. Retirement benefits are provided based on employees’ years of credited service and average earnings or stated amounts for years of service. Normal retirement age is 65 with provisions for earlier retirement. The plan also has provisions for disability and death benefits. The plan closed to new participants as of August 1, 2011 and benefit accruals under the plan were frozen effective December 31, 2016. The Company’s funding policy for the defined benefit pension plan is to make contributions to the plan such that all employees’ benefits will be fully provided by the time they retire. Plan assets are stated at fair value and consist primarily of equity securities and fixed income securities, mainly U.S. government and corporate obligations. The Company follows ASC 715, Compensation – Retirement Benefits, which requires employers to recognize the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability in their statements of financial position and to recognize changes in the funded status in the year in which the changes occur as a component of comprehensive income (loss). In addition, ASC 715 requires employers to measure the funded status of their plans as of the date of their year-end statements of financial position. ASC 715 also requires additional disclosures regarding amounts included in accumulated other comprehensive loss. The Company’s pension plan’s weighted average asset allocation at December 31, 2020 and 2019, by asset category, was as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Plan Assets at December 31, |
​ |  | 2020 |  | 2019 |
Asset Category: |  |  |  |  | ​
Equity Securities |  | 59 | % | 55 | %
Fixed Income Securities |  | 32 | % | 36 | %
Other |  | 9 | % | 9 | %
Total |  | 100 | % | 100 | %
​ The Company has a Retirement Plan Committee, consisting of the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, to manage the operations and administration of all benefit plans and related trusts. The committee has an investment policy for the pension plan assets that establishes target asset allocation ranges for the above listed asset classes as follows: equity securities: 20% - 80%; fixed income securities: 20% - 80%; and other, principally cash: 0% - 20%. On a semi-annual basis, the committee reviews progress towards achieving the pension plan’s performance objectives. To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This resulted in the selection of the 7.00%long-term rate of return on assets assumption for both 2020 and 2019. The following discount rates were used to determine the funded status of the pension plans as of December 31, 2020 and 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan | ​ | Supplemental Pension Plan |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 | ​
Discount rate for determining funded status |  | 2.47 | % | 3.35 | % | 2.51 | % | 3.38 | %
​ 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, 2020 and 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan | ​ | Supplemental Pension Plan
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Change in projected benefit obligation |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Projected benefit obligation, beginning of year | ​ | $ | 50,552 | ​ | $ | 45,010 | ​ | $ | 18,460 | ​ | $ | 15,891
Service cost | ​ |  | 383 | ​ |  | 463 | ​ |  | — | ​ |  | —
Interest cost | ​ |  | 1,450 | ​ |  | 1,801 | ​ |  | 562 | ​ |  | 659
Actuarial loss | ​ |  | 6,067 | ​ |  | 5,660 | ​ |  | 2,485 | ​ |  | 2,355
Benefits paid | ​ |  | (2,426) | ​ |  | (2,382) | ​ |  | (382) | ​ |  | (445)
Projected benefit obligation, end of year | ​ | $ | 56,026 | ​ | $ | 50,552 | ​ | $ | 21,125 | ​ | $ | 18,460
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Fair value of plan assets, beginning of year | ​ | $ | 41,036 | ​ | $ | 37,353 | ​ | $ | — | ​ | $ | —
Actual return on plan assets | ​ |  | 4,917 | ​ |  | 6,528 | ​ |  | — | ​ |  | —
Administrative expenses | ​ |  | (383) | ​ |  | (463) | ​ |  | — | ​ |  | —
Contributions | ​ |  | — | ​ |  | — | ​ |  | 382 | ​ |  | 445
Benefits paid | ​ |  | (2,426) | ​ |  | (2,382) | ​ |  | (382) | ​ |  | (445)
Fair value of plan assets, end of year | ​ | $ | 43,144 | ​ | $ | 41,036 | ​ | $ | — | ​ | $ | —
Funded status of plan | ​ | $ | (12,882) | ​ | $ | (9,516) | ​ | $ | (21,125) | ​ | $ | (18,460)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the consolidated balance sheets consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Accrued liabilities - other | ​ | $ | — | ​ | $ | — | ​ | $ | (473) | ​ | $ | (453)
Long-term pension liability | ​ |  | (12,882) | ​ |  | (9,516) | ​ |  | (20,652) | ​ |  | (18,007)
Net amount recognized | ​ | $ | (12,882) | ​ | $ | (9,516) | ​ | $ | (21,125) | ​ | $ | (18,460)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive loss consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Accumulated loss, net of income tax benefit of $5,435, $4,478, $2,275 and $1,684, respectively | ​ | $ | 15,468 | ​ | $ | 12,745 | ​ | $ | 6,475 | ​ | $ | 4,792
Prior service cost (credit) net of income tax liability of $0, $0, $4 and ($12), respectively | ​ |  | — | ​ |  | — | ​ |  | 12 | ​ |  | (34)
Net amount recognized | ​ | $ | 15,468 | ​ | $ | 12,745 | ​ | $ | 6,487 | ​ | $ | 4,758
​ As noted above, benefit accruals under the pension plan were frozen, effective December 31, 2016. Therefore, the accumulated benefit obligation of the defined benefit pension plan and supplemental pension plan were equal to the respective plans’ projected benefit obligations, as shown in the above table, at December 31, 2020 and 2019. The increase in the projected benefit obligations in 2020 was primarily due to a decrease in the discount rates. Assumptions used in determining pension expense for the years ended December 31, 2020 and 2019 were:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan |  | Supplemental Pension Plan |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Discount rate for projected benefit obligation |  | 3.35 | % | 4.38 | % | 3.38 | % | 4.42 | %
Discount rate for determining interest cost |  | 2.92 | % | 4.05 | % | 3.07 | % | 4.19 | %
Long-term rate of return on plan assets |  | 7.00 | % | 7.00 | % | — |  | — | ​
​ The components of pension expense for the years ended December 31, 2020 and 2019, were:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Service cost | ​ | $ | 383 | ​ | $ | 463
Interest cost | ​ |  | 2,012 | ​ |  | 2,460
Expected return on plan assets | ​ |  | (2,761) | ​ |  | (2,502)
Net amortization and deferral | ​ |  | 763 | ​ |  | 626
Pension expense | ​ | $ | 397 | ​ | $ | 1,047
​ The components of pension expense other than the service cost component were included in “other income (expense), net” in the Consolidated Statements of Earnings. It is the Company’s intention to satisfy the minimum funding requirements and maintain at least an 80% funding percentage in its defined benefit retirement plan in future years. At this time, the Company expects that any cash contributions necessary to satisfy these requirements in 2021 would not be material. Projected benefit payments for the plans at December 31, 2020, were estimated as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Defined Benefit |  | Supplemental
​ | ​ | Pension Plan | ​ | Pension Plan
​ | ​ | (Dollars in thousands)
2021 | ​ | $ | 2,835 | ​ | $ | 473
2022 | ​ | $ | 2,826 | ​ | $ | 525
2023 | ​ | $ | 2,878 | ​ | $ | 695
2024 | ​ | $ | 2,892 | ​ | $ | 766
2025 | ​ | $ | 2,885 | ​ | $ | 899
2026 - 2030 | ​ | $ | 14,376 | ​ | $ | 5,580
​ The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2020, by asset category within the fair value hierarchy (for further level information, see Note 3):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Quoted Prices | ​ | Significant | ​ | Significant | ​ | ​ | ​
​ | ​ | in Active Markets | ​ | Observable Inputs | ​ | Unobservable Inputs | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (Dollars in thousands)
Common stocks | ​ | $ | 17,194 | ​ | $ | 2,196 | ​ | $ | — | ​ | $ | 19,390
Preferred stocks | ​ |  | 245 | ​ |  | 27 | ​ |  | — | ​ |  | 272
Exchange traded funds | ​ |  | 6,033 | ​ |  | — | ​ |  | — | ​ |  | 6,033
Corporate obligations | ​ |  | — | ​ |  | 4,349 | ​ |  | — | ​ |  | 4,349
State and municipal obligations | ​ |  | — | ​ |  | 821 | ​ |  | — | ​ |  | 821
Pooled fixed income funds | ​ |  | 7,117 | ​ |  | — | ​ |  | — | ​ |  | 7,117
U.S. government securities | ​ |  | — | ​ |  | 763 | ​ |  | — | ​ |  | 763
Marketable CD’s | ​ |  | — | ​ |  | 513 | ​ |  | — | ​ |  | 513
Cash and cash equivalents | ​ |  | 3,817 | ​ |  | — | ​ |  | — | ​ |  | 3,817
Subtotal | ​ | $ | 34,406 | ​ | $ | 8,669 | ​ | $ | — | ​ | $ | 43,075
Other assets (1) | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  | 69
Total | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | $ | 43,144
​
(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, 2019, by asset category within the fair value hierarchy (for further level information, see Note 3):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 Company also has a defined contribution plan covering substantially all employees. The Company contributed $875,000 and $941,000 to the plan in 2020 and 2019, respectively.

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