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EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

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.