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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
EMPLOYEE RETIREMENT PLANS |
Schedule of pension plan weighted average assets allocation | 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 | %
Schedule of funded status of pension plans | 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 | %
​
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, 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
Schedule of net periodic pension cost | 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 | % | — |  | — | ​
Schedule of Company's net periodic pension cost | 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
Schedule of projected benefit payments for the plans | 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
Schedule of fair value hierarchy | 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.

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