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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
EMPLOYEE RETIREMENT PLANS |
Schedule of pension plan weighted average assets allocation | Our pension plan’s weighted average asset allocation at December 31, 2022 and 2021, by asset category, was as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Plan Assets at December 31, |
​ |  | 2022 |  | 2021 |
Asset Category: |  |  |  |  | ​
Equity Securities |  | 57 | % | 60 | %
Fixed Income Securities |  | 31 | % | 30 | %
Other |  | 12 | % | 10 | %
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, 2022 and 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan | ​ | Supplemental Pension Plan |
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
Discount rate for determining funded status |  | 5.41 | % | 2.83 | % | 5.44 | % | 2.86 | %
​
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, 2022 and 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan | ​ | Supplemental Pension Plan
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | (Dollars in thousands)
Change in projected benefit obligation |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Projected benefit obligation, beginning of year | ​ | $ | 52,507 | ​ | $ | 56,026 | ​ | $ | 20,343 | ​ | $ | 21,125
Service cost | ​ |  | 445 | ​ |  | 382 | ​ |  | — | ​ |  | —
Interest cost | ​ |  | 1,243 | ​ |  | 1,047 | ​ |  | 511 | ​ |  | 440
Plan settlement | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,276) | ​ | ​ | —
Actuarial gain | ​ |  | (12,028) | ​ |  | (2,366) | ​ |  | (3,864) | ​ |  | (840)
Benefits paid | ​ |  | (2,558) | ​ |  | (2,582) | ​ |  | (342) | ​ |  | (382)
Projected benefit obligation, end of year | ​ | $ | 39,609 | ​ | $ | 52,507 | ​ | $ | 12,372 | ​ | $ | 20,343
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Fair value of plan assets, beginning of year | ​ | $ | 44,582 | ​ | $ | 43,144 | ​ | $ | — | ​ | $ | —
Actual return on plan assets | ​ |  | (5,652) | ​ |  | 4,402 | ​ |  | — | ​ |  | —
Administrative expenses | ​ |  | (445) | ​ |  | (382) | ​ |  | — | ​ |  | —
Contributions | ​ |  | — | ​ |  | — | ​ |  | 4,618 | ​ |  | 382
Plan settlement | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,276) | ​ | ​ | —
Benefits paid | ​ |  | (2,558) | ​ |  | (2,582) | ​ |  | (342) | ​ |  | (382)
Fair value of plan assets, end of year | ​ | $ | 35,927 | ​ | $ | 44,582 | ​ | $ | — | ​ | $ | —
Funded status of plan | ​ | $ | (3,682) | ​ | $ | (7,925) | ​ | $ | (12,372) | ​ | $ | (20,343)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the consolidated balance sheets consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Accrued liabilities - other | ​ | $ | — | ​ | $ | — | ​ | $ | (531) | ​ | $ | (492)
Long-term pension liability | ​ |  | (3,682) | ​ |  | (7,925) | ​ |  | (11,841) | ​ |  | (19,851)
Net amount recognized | ​ | $ | (3,682) | ​ | $ | (7,925) | ​ | $ | (12,372) | ​ | $ | (20,343)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive loss consist of: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Accumulated loss, net of income tax benefit of $3,382, $4,331, $672, and $1,976, respectively | ​ | $ | 9,629 | ​ | $ | 12,328 | ​ | $ | 1,914 | ​ | $ | 5,624
Prior service cost net of income tax benefit of $0, $0, $19 and $20, respectively | ​ |  | — | ​ |  | — | ​ |  | 54 | ​ |  | 59
Net amount recognized | ​ | $ | 9,629 | ​ | $ | 12,328 | ​ | $ | 1,968 | ​ | $ | 5,683
​
Schedule of net periodic pension cost | Assumptions used in determining pension expense for the years ended December 31, 2022 and 2021 were:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Defined Benefit Pension Plan |  | Supplemental Pension Plan |
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Discount rate for projected benefit obligation |  | 2.83 | % | 2.47 | % | 2.86 | % | 2.51 | %
Discount rate for determining interest cost |  | 2.39 | % | 1.91 | % | 2.54 | % | 2.10 | %
Long-term rate of return on plan assets |  | 6.75 | % | 7.00 | % | — |  | — | ​
​
Schedule of company's pension expense | The components of pension expense (benefit) for the years ended December 31, 2022 and 2021, were:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (Dollars in thousands)
Service cost | ​ | $ | 445 | ​ | $ | 382
Interest cost | ​ |  | 1,754 | ​ |  | 1,487
Expected return on plan assets | ​ |  | (2,896) | ​ |  | (2,907)
Pension settlement charge | ​ | ​ | 894 | ​ | ​ | —
Net amortization and deferral | ​ |  | 875 | ​ |  | 1,012
Pension expense (benefit) | ​ | $ | 1,072 | ​ | $ | (26)
​
Schedule of projected benefit payments for the plans | Projected benefit payments for the plans at December 31, 2022, were estimated as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Defined Benefit |  | Supplemental
​ | ​ | Pension Plan | ​ | Pension Plan
​ | ​ | (Dollars in thousands)
2023 | ​ | $ | 2,996 | ​ | $ | 531
2024 | ​ | $ | 2,999 | ​ | $ | 601
2025 | ​ | $ | 2,979 | ​ | $ | 724
2026 | ​ | $ | 2,967 | ​ | $ | 782
2027 | ​ | $ | 3,005 | ​ | $ | 837
2028 - 2032 | ​ | $ | 14,425 | ​ | $ | 5,024
​
Schedule of fair value hierarchy | The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 4):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Quoted Prices | ​ | Significant | ​ | Significant | ​ | ​ | ​
​ | ​ | in Active Markets | ​ | Observable Inputs | ​ | Unobservable Inputs | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (Dollars in thousands)
Common stocks | ​ | $ | 14,170 | ​ | $ | 1,567 | ​ | $ | — | ​ | $ | 15,737
Preferred stocks | ​ |  | 235 | ​ |  | 3 | ​ |  | — | ​ |  | 238
Exchange traded funds | ​ |  | 4,656 | ​ |  | — | ​ |  | — | ​ |  | 4,656
Corporate obligations | ​ |  | — | ​ |  | 4,778 | ​ |  | — | ​ |  | 4,778
State and municipal obligations | ​ |  | — | ​ |  | 250 | ​ |  | — | ​ |  | 250
Pooled fixed income funds | ​ |  | 5,541 | ​ |  | — | ​ |  | — | ​ |  | 5,541
U.S. government securities | ​ |  | — | ​ |  | 158 | ​ |  | — | ​ |  | 158
Cash and cash equivalents | ​ |  | 4,488 | ​ |  | — | ​ |  | — | ​ |  | 4,488
Subtotal | ​ | $ | 29,090 | ​ | $ | 6,756 | ​ | $ | — | ​ | $ | 35,846
Other assets (1) | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  | 81
Total | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ | $ | 35,927
​ (1) This category represents trust receivables that are not leveled. ​ The following table summarizes the fair value of 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 trust receivables that are not leveled. ​

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