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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2019
EMPLOYEE BENEFIT PLANS  
Schedule of funded status of the Retirement Income Plan

​

​

​

​

​

​

​

​

December 31, 

    

2019

    

2018

(in thousands)

 

​

  

 

​

  

ACCUMULATED BENEFIT OBLIGATION, END OF YEAR

​

$

6,433

​

$

5,833

​

​

​

​

​

​

​

CHANGE IN PROJECTED BENEFIT OBLIGATION:

​

 

  

​

 

  

Benefit obligation at beginning of year

​

$

5,833

​

$

6,379

Service cost

​

 

—

​

 

—

Interest cost

​

 

255

​

 

251

Actuarial loss

​

 

570

​

 

(554)

Benefits paid

​

 

(225)

​

 

(243)

Projected benefit obligation at end of year

​

$

6,433

​

$

5,833

CHANGE IN PLAN ASSETS:

​

 

  

​

 

  

Fair value of plan assets at beginning of year

​

$

6,802

​

$

6,722

Actual return on plan assets

​

 

737

​

 

(447)

Employer contributions

​

 

—

​

 

770

Benefits paid

​

 

(225)

​

 

(243)

Fair value of plan assets at end of year

​

$

7,314

​

$

6,802

Funded status at end of year

​

$

881

​

$

969

​

​

​

​

​

​

​

​

December 31, 

    

2019

    

2018

(in thousands)

​

​

​

​

​

​

AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:

​

​

​

​

​

​

Noncurrent assets

​

$

881

​

$

969

Current liabilities

​

 

—

​

 

—

Noncurrent liabilities

​

 

—

​

 

—

​

​

$

881

​

$

969

​

​

​

​

​

​

​

​

December 31, 

    

2019

    

2018

(in thousands)

 

​

  

 

​

  

AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:

 

​

  

 

​

  

Net loss

​

$

3,524

​

$

3,311

Prior service cost (credit)

​

 

—

​

 

—

Net transition obligation (asset)

​

 

—

​

 

—

​

​

$

3,524

​

$

3,311

Schedule of amounts recorded in the consolidated balance sheet as pension liabilities

​

​

​

​

​

​

​

​

December 31, 

    

2019

    

2018

(in thousands)

 

​

  

 

​

  

SERP liability

​

$

(9,980)

​

$

(7,045)

Funded status of Retirement Income Plan

​

 

—

​

 

—

Pension liabilities

​

$

(9,980)

​

$

(7,045)

Schedule of net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31, 

    

2019

    

2018

    

2017

(in thousands)

 

​

  

 

​

  

 

​

  

Service cost for benefits earned during the period

​

$

—

​

$

—

​

$

—

Interest cost on projected benefit obligation

​

 

255

​

 

251

​

 

266

Expected return on plan assets

​

 

(468)

​

 

(501)

​

 

(415)

Amortization of net loss

​

 

87

​

 

81

​

 

91

​

​

$

(126)

​

$

(169)

​

$

(58)

Schedule of amounts recognized in other comprehensive income

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

    

2019

    

2018

    

2017

Net loss (gain)

​

$

300

​

$

395

​

$

(243)

Amortization of net loss

​

 

(87)

​

 

(81)

​

 

(91)

Net transition obligation (asset)

​

 

—

​

 

—

​

 

—

Amount recognized in accumulated other comprehensive income

​

$

213

​

$

314

​

$

(334)

Schedule of components of net periodic benefit cost

​

​

​

​

​

(in thousands)

    

2020

Amortization of net loss

​

$

98

Prior service cost (credit)

​

 

—

Net transition obligation (asset)

​

 

—

Estimated net periodic cost

​

$

98

Schedule of weighted average assumptions

​

​

​

​

​

​

​

​

​

December 31, 

    

2019

    

2018

    

2017

 

PROJECTED BENEFIT OBLIGATION:

 

  

 

  

 

  

​

Discount rate

 

3.70

%  

4.65

%  

4.05

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

NET BENEFIT COST:

 

  

 

  

 

  

 

Discount rate

 

4.65

%  

4.05

%  

4.50

%  

Expected return on plan assets

 

7.00

%  

7.00

%  

7.00

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

Schedule of allocation of plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of

​

Percentage of

 

​

​

​

​

Plan Assets as of

​

Plan Assets as of

 

​

​

Target Allocation

​

December 31, 

​

December 31, 

 

Asset Category

    

for 2020

    

2019

    

2018

 

Cash and Cash Equivalents

 

0% - 5%

​

1.3

%  

3.0

%

Domestic Equity Securities

 

0% - 40%

​

—

 

39.5

​

International Equity Securities

 

0% - 20%

​

—

 

19.0

​

Fixed Income Securities

 

15% - 100%

​

91.7

 

29.1

​

Investments measured at net asset value

 

0% - 12%

​

7.0

 

9.4

​

Total

 

100.0%

​

100.0

%  

100.0

%

Schedule of plan assets using the fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments (in thousands)

    

​

​

    

Total

    

Level 1

    

Level 2

Cash and Cash Equivalents

 

​

(1)

​

$

92

​

$

92

​

$

—

Fixed Income Securities

 

​

(2)

​

 

6,708

​

 

—

​

 

6,708

Domestic Equity Securities

 

​

(3)

​

 

—

​

 

—

​

 

​

International Equity Securities

 

​

(4)

​

 

—

​

 

—

​

 

​

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

6,800

​

$

92

​

$

6,708

Investments Measured at Net Asset Value

​

​

​

​

 

514

​

 

  

​

 

  

Investments at Fair Value

​

​

​

​

$

7,314

​

 

  

​

 

  

​

Fair Value Hierarchy as of December 31, 2018:

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments (in thousands)

    

​

​

    

Total

    

Level 1

    

Level 2

Cash and Cash Equivalents

 

​

(1)

​

$

202

​

$

202

​

$

—

Fixed Income Securities

 

​

(2)

​

 

1,979

​

 

—

​

 

1,979

Domestic Equity Securities

 

​

(3)

​

 

2,693

​

 

993

​

 

1,700

International Equity Securities

 

​

(4)

​

 

1,290

​

 

—

​

 

1,290

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

6,164

​

$

1,195

​

$

4,969

Investments Measured at Net Asset Value

​

​

​

​

 

638

​

 

  

​

 

  

Investments at Fair Value

​

​

​

​

$

6,802

​

 

  

​

 

  

​

(1)Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
(2)Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
(3)Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
(4)International equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
Schedule of future benefits payable for the Retirement Income Plan over the next ten years

​

​

​

​

​

(in thousands)

    

  

​

2020

​

$

271

2021

​

 

276

2022

​

 

291

2023

​

 

299

2024

​

 

308

2025-2029

​

$

1,713

Schedule of summary of the changes in non-vested restricted shares

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Grant-Date Fair

​

    

Shares

    

Value

Non-vested shares at January 1, 2019

 

947,710

​

$

9.41

Granted

 

141,600

​

​

17.21

Vested

 

(260,770)

​

​

7.65

Forfeited

 

(13,000)

​

​

11.68

Non-vested shares at December 31, 2019

 

815,540

​

$

11.29

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Grant-Date Fair

​

    

Shares

    

Value

Non-vested shares at January 1, 2018

 

1,040,800

​

$

7.76

Granted

 

193,500

​

​

13.97

Vested

 

(283,790)

​

​

6.45

Forfeited

 

(2,800)

​

​

8.54

Non-vested shares at December 31, 2018

 

947,710

​

$

9.41