RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Summary of Costs of Retirement Plans

Funding and administrative costs of the qualified noncontributory defined benefit retirement plan and 401(k) plan charged to salaries and employee benefits in the Consolidated Statements of Income for the years ended December 31 were as follows (in thousands):

	2020		2019	2018
Qualified noncontributory defined benefit retirement plan	$	1,111	1,039	1,048
401(k) plan	590		524	457

Components of Net Benefit Costs

The components of net periodic pension cost of the nonqualified defined benefit retirement plan for the years ended December 31 are summarized as follows (in thousands):

	2020		2019	2018
Service cost	$	—	—	—
Interest cost	63		77	69
Amortization of unrecognized (gain) loss	2		—	16
Net periodic pension cost	$	65	77	85

Reconciliation of Changes in Projected Benefit Obligations

A reconciliation of changes in the projected benefit obligation of the nonqualified defined benefit retirement plan at December 31 follows (in thousands):

	2020		2019	2018
Projected benefit obligation at beginning of year	$	2,045	1,900	1,971
Service cost	—		—	—
Interest cost	63		77	69
Actuarial (gain) or loss	155		122	(86)
Benefits paid	(139)		(54)	(54)
Projected benefit obligation at end of year	$	2,124	2,045	1,900

Amount Recognized in OCI

Amounts recognized in accumulated other comprehensive income, net of tax, at December 31 for the nonqualified defined benefit retirement plan consists of (in thousands):

	2020		2019	2018
Net actuarial loss	$	122	184	88

Schedule of Key Assumptions Used

Key weighted-average assumptions used to determine the benefit obligation and net periodic pension costs for the nonqualified defined benefit retirement plan for the years ended December 31 were as follows:

	2020		2019		2018
Benefit obligation:
Discount rate	2.52	%	3.22	%	4.22	%
Salary increase rate	—	%	—	%	2.00	%
Net periodic pension cost:
Discount rate	3.22	%	4.22	%	3.60	%
Salary increase rate	—	%	2.00	%	2.00	%
Amortization period in years	21.24		1.00		1.00

Expected Benefit Payments

Estimated future benefit payments reflecting expected future service for the years ended after December 31, 2020 are (in thousands):

2021	$	144
2022	144
2023	144
2024	143
2025	143
2026-2030	682