XML 44 R31.htm IDEA: XBRL DOCUMENT v3.20.4
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2020
EMPLOYEE BENEFIT PLANS  
Schedule of funded status of the Retirement Income Plan

​

​

​

​

​

​

​

​

December 31, 

    

2020

    

2019

(in thousands)

 

​

  

 

​

  

ACCUMULATED BENEFIT OBLIGATION, END OF YEAR

​

$

5,576

​

$

6,433

​

​

​

​

​

​

​

CHANGE IN PROJECTED BENEFIT OBLIGATION:

​

 

​

​

 

  

Benefit obligation at beginning of year

​

$

6,433

​

$

5,833

Service cost

​

 

—

​

 

—

Interest cost

​

 

230

​

 

255

Actuarial loss

​

 

622

​

 

570

Benefits paid

​

 

(264)

​

 

(225)

Settlement

​

​

(1,445)

​

​

—

Projected benefit obligation at end of year

​

$

5,576

​

$

6,433

CHANGE IN PLAN ASSETS:

​

 

​

​

 

  

Fair value of plan assets at beginning of year

​

$

7,314

​

$

6,802

Actual return on plan assets

​

 

1,196

​

 

737

Employer contributions

​

 

550

​

 

—

Benefits paid

​

 

(264)

​

 

(225)

Settlements

​

​

(1,445)

​

​

—

Fair value of plan assets at end of year

​

$

7,351

​

$

7,314

Funded status at end of year

​

$

1,775

​

$

881

​

​

​

​

​

​

​

​

December 31, 

    

2020

    

2019

(in thousands)

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​

​

​

​

​

AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:

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​

​

​

​

​

Noncurrent assets

​

$

1,775

​

$

881

Current liabilities

​

 

—

​

 

—

Noncurrent liabilities

​

 

—

​

 

—

​

​

$

1,775

​

$

881

​

​

​

​

​

​

​

​

December 31, 

    

2020

    

2019

(in thousands)

 

​

  

 

​

  

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

 

​

  

 

​

  

Net loss

​

$

2,496

​

$

3,524

Prior service cost (credit)

​

 

—

​

 

—

Net transition obligation (asset)

​

 

—

​

 

—

​

​

$

2,496

​

$

3,524

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

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​

​

​

​

​

​

​

December 31, 

    

2020

    

2019

(in thousands)

 

​

  

 

​

  

SERP liability

​

$

(12,524)

​

$

(9,980)

Funded status of Retirement Income Plan

​

 

—

​

 

—

Pension liabilities

​

$

(12,524)

​

$

(9,980)

Schedule of net periodic cost (benefit)

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

 

2020

    

2019

    

2018

(in thousands)

​

​

​

​

​

​

​

​

​

Service cost for benefits earned during the period

​

$

—

​

$

—

​

$

—

Interest cost on projected benefit obligation

​

 

230

​

 

255

​

 

251

Expected return on plan assets

​

 

(292)

​

 

(468)

​

 

(501)

Amortization of net loss

​

 

98

​

 

87

​

 

81

Settlement loss

​

​

647

​

​

—

​

​

—

​

​

$

683

​

$

(126)

​

$

(169)

Schedule of amounts recognized in other comprehensive income

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​

​

​

​

​

​

​

​

​

​

(in thousands)

    

2020

    

2019

    

2018

Net loss (gain)

​

$

(154)

​

$

300

​

$

395

Amortization of net loss

​

 

(98)

​

 

(87)

​

 

(81)

Net transition obligation (asset)

​

 

—

​

 

—

​

 

—

Settlement loss

​

​

(647)

​

​

—

​

​

—

Amount recognized in accumulated other comprehensive (loss) income

​

$

(899)

​

$

213

​

$

314

Schedule of weighted average assumptions

​

​

​

​

​

​

​

​

​

December 31, 

    

2020

    

2019

    

2018

 

PROJECTED BENEFIT OBLIGATION:

 

  

 

  

 

  

​

Discount rate

 

2.70

%  

3.70

%  

4.65

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

NET BENEFIT COST:

 

  

 

  

 

  

 

Discount rate

 

3.70

%  

4.65

%  

4.05

%  

Expected return on plan assets

 

4.00

%  

7.00

%  

7.00

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

Schedule of allocation of plan assets

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​

Percentage of

​

Percentage of

 

​

​

​

​

​

​

​

Plan Assets as of

​

Plan Assets as of

 

​

​

Target Allocation

​

December 31, 

​

December 31, 

 

Asset Category

    

for 2021

    

2020

    

2019

 

Cash and Cash Equivalents

 

0

%

-

5

%  

2.0

%  

1.3

%

Fixed Income Securities

 

15

%

-

100

%  

98.0

 

91.7

​

Investments measured at net asset value

 

—

%  

—

 

7.0

​

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)

​

$

138

​

$

138

​

$

—

Fixed Income Securities

 

​

(2)

​

 

7,213

​

 

—

​

 

7,213

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

7,351

​

$

138

​

$

7,213

Investments Measured at Net Asset Value

​

​

​

​

 

—

​

 

  

​

 

  

Investments at Fair Value

​

​

​

​

$

7,351

​

 

  

​

 

  

​

Fair Value Hierarchy as of December 31, 2019:

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments (in thousands)

    

​

​

    

Total

    

Level 1

    

Level 2

Cash and Cash Equivalents

 

​

(1)

​

$

92

​

$

92

​

$

—

Fixed Income Securities

 

​

(2)

​

 

6,708

​

 

—

​

 

6,708

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

​

 

  

​

 

  

​

(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.
Schedule of future benefits payable for the Retirement Income Plan over the next ten years

​

​

​

​

​

(in thousands)

    

  

​

2021

​

$

264

2022

​

 

264

2023

​

 

266

2024

​

 

266

2025

​

 

264

2026-2030

​

$

1,384

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

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Grant-Date Fair

​

    

Shares

    

Value

Non-vested shares at January 1, 2020

 

815,540

​

$

11.29

Granted

 

179,000

​

​

15.00

Vested

 

(310,520)

​

​

9.91

Forfeited

 

(5,800)

​

​

13.09

Non-vested shares at December 31, 2020

 

678,220

​

$

12.89

​

​

​

​

​

​

​

​

​

​

​

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