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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2021
EMPLOYEE BENEFIT PLANS  
Schedule of funded status of the Retirement Income Plan

​

​

​

​

​

​

​

​

December 31, 

    

2021

    

2020

(in thousands)

 

​

  

 

​

  

ACCUMULATED BENEFIT OBLIGATION, END OF YEAR

​

$

5,832

​

$

5,576

​

​

​

​

​

​

​

CHANGE IN PROJECTED BENEFIT OBLIGATION:

​

 

​

​

 

  

Benefit obligation at beginning of year

​

$

5,576

​

$

6,433

Service cost

​

 

—

​

 

—

Interest cost

​

 

147

​

 

230

Actuarial loss

​

 

347

​

 

622

Benefits paid

​

 

(238)

​

 

(264)

Settlement

​

​

—

​

​

(1,445)

Projected benefit obligation at end of year

​

$

5,832

​

$

5,576

CHANGE IN PLAN ASSETS:

​

 

​

​

 

  

Fair value of plan assets at beginning of year

​

$

7,351

​

$

7,314

Actual return on plan assets

​

 

(243)

​

 

1,196

Employer contributions

​

 

—

​

 

550

Benefits paid

​

 

(238)

​

 

(264)

Settlements

​

​

—

​

​

(1,445)

Fair value of plan assets at end of year

​

$

6,870

​

$

7,351

Funded status at end of year

​

$

1,038

​

$

1,775

​

​

​

​

​

​

​

​

December 31, 

    

2021

    

2020

(in thousands)

​

​

​

​

​

​

AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:

​

​

​

​

​

​

Noncurrent assets

​

$

1,038

​

$

1,775

Current liabilities

​

 

—

​

 

—

Noncurrent liabilities

​

 

—

​

 

—

​

​

$

1,038

​

$

1,775

​

​

​

​

​

​

​

​

December 31, 

    

2021

    

2020

(in thousands)

 

​

  

 

​

  

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

 

​

  

 

​

  

Net loss

​

$

3,303

​

$

2,496

Prior service cost (credit)

​

 

—

​

 

—

Net transition obligation (asset)

​

 

—

​

 

—

​

​

$

3,303

​

$

2,496

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

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​

​

​

​

​

​

​

December 31, 

    

2021

    

2020

(in thousands)

 

​

  

 

​

  

SERP liability

​

$

(15,564)

​

$

(12,524)

Funded status of Retirement Income Plan

​

 

—

​

 

—

Pension liabilities

​

$

(15,564)

​

$

(12,524)

Schedule of net periodic cost (benefit)

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31, 

​

2021

​

2020

​

2019

(in thousands)

    

​

​

​

​

​

​

​

​

Service cost for benefits earned during the period

​

$

—

​

$

—

​

$

—

Interest cost

​

 

147

​

 

230

​

 

255

Expected return on plan assets

​

 

(289)

​

 

(292)

​

 

(468)

Amortization of net losses

​

 

73

​

 

98

​

 

87

Settlement loss

​

​

—

​

​

647

​

​

—

Net periodic (benefit) cost

​

$

(69)

​

$

683

​

$

(126)

Schedule of amounts recognized in other comprehensive income

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

    

2021

    

2020

    

2019

Net loss (gain)

​

$

879

​

$

(154)

​

$

300

Amortization of net loss

​

 

(73)

​

 

(98)

​

 

(87)

Net transition obligation (asset)

​

 

—

​

 

—

​

 

—

Settlement loss

​

​

—

​

​

(647)

​

​

—

Amount recognized in accumulated other comprehensive income (loss)

​

$

806

​

$

(899)

​

$

213

Schedule of weighted average assumptions

​

​

​

​

​

​

​

​

​

December 31, 

    

2021

    

2020

    

2019

 

PROJECTED BENEFIT OBLIGATION:

 

  

 

  

 

  

​

Discount rate

 

N/A

(1)

2.70

%  

3.70

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

NET BENEFIT COST:

 

  

 

  

 

  

 

Discount rate

 

2.70

%  

3.70

%  

4.65

%  

Expected return on plan assets

 

4.00

%  

4.00

%  

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 2022

    

2021

    

2020

 

Cash and Cash Equivalents

 

0

%

-

5.0

%  

1.4

%  

2.0

%

Fixed Income Securities

 

15.0

%

-

100.0

%  

98.6

 

98.0

​

Total

 

​

​

​

​

​

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)

​

$

87

​

$

87

​

$

—

Fixed Income Securities

 

​

(2)

​

 

6,783

​

 

—

​

 

6,783

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

6,870

​

$

87

​

$

6,783

​

Fair Value Hierarchy as of December 31, 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

(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)

    

  

​

2022

​

$

1,829

2023

​

 

4,192

2024

​

 

—

2025

​

 

—

2026

​

 

—

2027-2031

​

$

—

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

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Grant-Date Fair

​

    

Shares

    

Value

Non-vested shares at January 1, 2021

 

678,220

​

$

12.89

Granted

 

189,750

​

​

16.55

Vested

 

(194,800)

​

​

10.25

Forfeited

 

(1,800)

​

​

11.76

Non-vested shares at December 31, 2021

 

671,370

​

$

14.70

​

​

​

​

​

​

​

​

​

​

​

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