Schedule of pension plan weighted average assets allocation

The Company’s pension plan’s weighted average asset allocation at December 31, 2021 and 2020, by asset category, was as follows:


	Plan Assets at December 31,
	2021		2020
Asset Category:
Equity Securities	60	%	59	%
Fixed Income Securities	30	%	32	%
Other	10	%	9	%
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, 2021 and 2020:


	Defined Benefit Pension Plan				Supplemental Pension Plan
	2021		2020		2021		2020

	(Dollars in thousands)
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	56,026	$	50,552	$	21,125	$	18,460
Service cost		382		383		—		—
Interest cost		1,047		1,450		440		562
Actuarial (gain) loss		(2,366)		6,067		(840)		2,485
Benefits paid		(2,582)		(2,426)		(382)		(382)
Projected benefit obligation, end of year	$	52,507	$	56,026	$	20,343	$	21,125

Change in plan assets
Fair value of plan assets, beginning of year	$	43,144	$	41,036	$	—	$	—
Actual return on plan assets		4,402		4,917		—		—
Administrative expenses		(382)		(383)		—		—
Contributions		—		—		382		382
Benefits paid		(2,582)		(2,426)		(382)		(382)
Fair value of plan assets, end of year	$	44,582	$	43,144	$	—	$	—
Funded status of plan	$	(7,925)	$	(12,882)	$	(20,343)	$	(21,125)

Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities - other	$	—	$	—	$	(492)	$	(473)
Long-term pension liability		(7,925)		(12,882)		(19,851)		(20,652)
Net amount recognized	$	(7,925)	$	(12,882)	$	(20,343)	$	(21,125)

Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $4,331, $5,435, $1,976, and $2,275, respectively	$	12,328	$	15,468	$	5,624	$	6,475
Prior service cost net of income tax benefit of $0, $0, $20 and $4, respectively		—		—		59		12
Net amount recognized	$	12,328	$	15,468	$	5,683	$	6,487

Schedule of Company's pension (benefit) expense

The components of pension (benefit) expense for the years ended December 31, 2021 and 2020, were:


	2021		2020

	(Dollars in thousands)
Service cost	$	382	$	383
Interest cost		1,487		2,012
Expected return on plan assets		(2,907)		(2,761)
Net amortization and deferral		1,012		763
Pension (benefit) expense	$	(26)	$	397

Schedule of fair value hierarchy

The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2021, by asset category within the fair value hierarchy (for further level information, see Note 4):


	December 31, 2021
	Quoted Prices		Significant		Significant
	in Active Markets		Observable Inputs		Unobservable Inputs
	Level 1		Level 2		Level 3		Total

	(Dollars in thousands)
Common stocks	$	18,493	$	1,934	$	—	$	20,427
Preferred stocks		247		31		—		278
Exchange traded funds		6,324		—		—		6,324
Corporate obligations		—		4,795		—		4,795
State and municipal obligations		—		512		—		512
Pooled fixed income funds		6,953		—		—		6,953
U.S. government securities		—		659		—		659
Cash and cash equivalents		4,573		—		—		4,573
Subtotal	$	36,590	$	7,931	$	—	$	44,521
Other assets ⁽¹⁾								61
Total							$	44,582

⁽¹⁾ This category represents trustreceivables thatarenotleveled.

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 4):


	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